How American Bank’s savings account compares

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.

How American Bank’s CD rates compare

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.

How American Bank’s money market accounts compare

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.

How American Bank’s IRA CD rates compare

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.