American Express High Yield Savings Account Review
Written by
Karen Doyle
Edited by
Melanie Grafil
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
GOBankingRates Score
Quick Take: The American Express® High Yield Savings account is a good place to park some money that you won't need right away. The annual percentage yield (APY) is higher than most — in some cases, much higher. However, you might face a challenge if you need your money and don't have a linked account set up, but the interest rate and APY might make that slight inconvenience worth it.
All information about American Express High Yield Savings offers has been collected independently by GOBankingRates and has not been reviewed or approved by American Express. American Express High Yield Savings is not available through GOBankingRates.
Pros
- High APY on any balance
- No minimum balance
- No monthly fees
- FDIC insured
Cons
- No debit card
- No physical branches
American Express High Yield Savings Account Overview
The High Yield Savings account from American Express National Bank, Member FDIC, is a stand-alone savings account that pays a high rate of interest on any balance. In order to use this account, you need to transfer funds from a linked account at another financial institution.
American Express® Savings: Key Features
When you think of American Express, your mind might go to credit cards, yet the bank offers many account options, such as the Rewards Checking account and CD accounts. However, when it comes to savings, here are some of the most important features of the American Express High Yield Savings account GOBankingRates used for this review.
- APY
- Fees
- Perks and benefits
- Ease of use
1. APY
The American Express High Yield Savings account pays a annual percentage yield. As this is a variable rate of interest, keep in mind that account rates are subject to change, so it can go up or down at any time as interest rates fluctuate. There’s no minimum balance required to earn this rate, and there is no higher rate for larger balances.
2. Fees
The American Express High Yield Savings account has no monthly maintenance fees. There is no minimum balance requirement, so you won’t face a fee for not having enough money in the account. There is also no minimum opening deposit requirement.
3. Perks and Benefits
The biggest perk of this account is the interest rate and annual percentage yield once your savings account is opened. You can transfer money between linked accounts and set up automatic transfers to help you reach your savings goals. You can opt for either electronic or paper statements.
It’s nice to have an account where you can sit back and have your money grow as the interest compounds daily. This is then deposited into your account monthly.
4. Ease of Use
The American Express High Yield Savings account does not provide a debit card, so you cannot access your funds via ATM. And there are no branches, so you cannot walk in and make a withdrawal. You can only transfer money to a linked account at another bank, and the process to set this up can take several days. If you want to deposit a check, you can mail it to American Express or make a mobile check deposit via the bank’s app.
Some people may consider this inability to easily access your funds to be an advantage, as it inhibits you from using your savings impulsively — to pay for a dinner out or those cute shoes, for example.
How the American Express High Yield Savings Account Stands Out
The American Express High Yield Savings account is a standout due to its high interest rate and flexibility. You earn APY on any balance, and you can move your money freely in and out of the account once you get your linked accounts set up.
Comparable High-Yield Savings Account Options
Choosing a high-yield savings account is smart, but you want to be sure you’re getting the best one for your specific savings goals. So it makes sense to compare. Here are some other options to consider.
Salem Five Direct
Salem Five Direct has a high-yield savings account called eOne Savings that pays APY. In addition to this account, Salem Five Direct also offers checking accounts and CDs, so you could have all your accounts in one place. It also offers a mobile app, so you can easily check your balance and transfer funds.
Marcus by Goldman Sachs
The Marcus Online Savings account offered by Marcus by Goldman Sachs, Member FDIC, pays APY, and there are no fees or minimum deposit requirements. There is also a banking app to make transfers easier.
How To Apply
Applying for an account is easy and can be done in a few minutes. You can apply online by going to the American Express High Yield Savings page and clicking “Open an Account.”
You need to be 18 years old or older and a U.S. citizen or resident alien with your home address in the U.S. You’ll need some personal information, like your name, address, email address and phone number, as well as your Social Security number or individual taxpayer identification number. You’ll also need the routing and account numbers for any outside accounts you would want to link to your new savings account. Linking your account would allow you to transfer money in and out with ease.
Who Is the American Express High Yield Savings Account Best For?
If you’re looking for a high interest rate on your savings, and you don’t necessarily want immediate, easy access to your funds, consider the American Express High Yield Savings account. The interest rate is among the best available, even for low balances, and the automatic transfer feature may help you save more. Since it’s a little more difficult to get at your funds, you may think twice before dipping into your hard-earned savings.
Final Take To GO
The American Express High Yield Savings account is a good place to stash some cash — you’ll get a high rate of interest and will be less likely to pull money out without thinking about it.
FAQ
Here are the answers to some commonly asked questions about the High Yield Savings account from American Express.- Are American Express High Yield Saving accounts FDIC insured?
- Yes, your accounts through American Express National Bank are FDIC insured, which means you are covered up to $250,000.
- Is the American Express High Yield Savings account worth it?
- There are no monthly fees or minimum balance requirements for the American Express High Yield Savings account, and you earn 3.60% APY, no matter what your balance is. It's a great place to put some money that you want to earn interest on but won't need to use anytime soon.
- What is the interest rate on the American Express High Yield Savings account?
- The American Express High Yield Savings account is paying 3.60% APY. This rate is variable, so it will change as overall interest rates go up or down.
- What is the downside of a high-yield savings account?
- Some high-yield savings accounts have minimum balance requirements or limits on the number of transactions in a statement period. Read the fine print to be sure you understand any requirements before you open the account.
Caitlyn Moorhead contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Oct. 24, 2024.
Editorial Note: This content is not provided by American Express. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by American Express. American Express credit card products are not available through GOBankingRates.com.
