APY |
Account Type |
Account Name |
Compare Rates from Similar Accounts |
||
---|---|---|---|---|---|
0.10% |
Savings |
American Bank Statement Savings |
1.90% |
American Express National Bank High Yield Savings Account |
on American Express National Bank’s secure website Member FDIC |
1.01% |
CD Rates |
American Bank 12 Month CD |
2.55% |
Goldman Sachs Bank USA High-yield 12 Month CD |
on Goldman Sachs Bank USA’s secure website Member FDIC |
1.80% |
CD Rates |
American Bank 36 Month CD |
2.85% |
Synchrony Bank 36 Month CD |
on Synchrony Bank’s secure website Member FDIC |
2.35% |
CD Rates |
American Bank 60 Month CD |
3.10% |
Goldman Sachs Bank USA High-yield 5 Year CD |
on Goldman Sachs Bank USA’s secure website Member FDIC |
Unfortunately, American Bank doesn’t offer the best interest rates out there on its checking accounts. While it may be competitive in the local Allentown market, you’ll need to check one of these online checking accounts if you want to earn an even higher rate with your deposit.
If you’re looking to earn a high interest rate, this is not the account for you. It offers a very low interest rate, especially when compared to the top online savings accounts out there.
We suggest skipping this account or — if you really want to bank with American Bank — looking at its money market accounts instead, which offer higher interest rates and perform the same function as a savings account.
American Bank doesn’t offer some of the uber-low rates that many big banks pay out on their CDs. Nevertheless, it still doesn’t offer top-dollar rates. For those, you’ll need to consider one of these top-performing CDs instead.
Furthermore, we don’t like the fact that you can’t make partial early withdrawals with these CDs. Forcing you to withdraw the full amount — and pay stiff penalties on this amount — seems more like a cash grab than anything else, since most banks don’t have this policy.
Unfortunately, American Bank offers relatively poor rates on both of its money market accounts, especially when compared to the rates being offered by the current top money market accounts. We also don’t like the fact that you have to choose if you want either check-writing capabilities or debit/ATM card access. You can’t have both, which is unusual for money market accounts.
Unfortunately, American Bank doesn’t really offer particularly great CD rates. The bank’s policy of not allowing partial withdrawals and forcing you to withdraw the full amount in the event you need the cash is also not very consumer-friendly. Instead, we recommend checking out our current top IRA CD picks if you really want to maximize the interest rate you get for less hassle.
2.02%
APY
Details
1.90%
APY
Details
2.05%
APY
Details
* Sponsors listed are Member FDIC or NCUA insured.
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Source: https://www.magnifymoney.com/blog/reviews/american-bank/