American Express® Savings Rate: What You Need To Know for 2025
Written by
Sarah Sharkey
Edited by
Melanie Grafil
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When it comes to saving money, where you stash your funds can make a world of difference. Opening a savings account with a lackluster interest rate can cause your progress toward savings goals to falter. However, opting for a high-yield savings account with American Express National Bank, Member FDIC — which offers a competitive interest rate and other account benefits– can help you move your finances in the right direction.
What Is the Current American Express Savings Rate?
American Express offers a high-yield savings account with the following features:
- annual percentage yield (APY)
- No monthly fees
- No minimum balance requirements
- The interest attached to your account compounds daily and is credited to your account on a monthly basis.
Like all high-yield savings accounts, you can tap into the funds at any time. While you won’t receive an ATM card with this account, you will be able to transfer funds between accounts.
Overview of the American Express® High-Yield Savings Account (HYSA)
Below is a closer look at the details of this account:
| Item | Details |
|---|---|
| APY | APY |
| Monthly fee | None |
| Minimum balance requirement | None |
| Compounding schedule | Daily, credited monthly |
American Express High-Yield Savings Account Benefits: Is It Worth It?
One of the obvious benefits to American Express’ high-yield savings account is the interest rate, which is relatively competitive. While it’s possible to find slightly higher APYs elsewhere, you won’t be missing out on much if you go with American Express. When compared to big brick-and-mortar banks, the rates offered by American Express are especially attractive.
American Express also gives customers the added benefits of no monthly fees or minimum balance requirements, which is great for those starting out on their savings journey who don’t have much to add to the account yet. Plus, American Express banking products are FDIC-insured, meaning your money in the account is insured up to $250,000 if anything happens to it.
How To Open an American Express High-Yield Savings Account
Opening an American Express high-yield savings account is fairly straightforward. To do so, you can follow these simple steps:
- Go to the American Express website homepage.
- Click on “High Yield Savings,” underneath Credit Cards.
- Tap the blue button for “Open an Account.”
- Follow the prompts.
FAQs on American Express Savings Rate
Not sure if the American Express savings rate is worth it? These answers might help you find what you're looking for.- How often does American Express update its high-yield savings account (HYSA) rates?
- Unlike a CD rate, which is locked in for the term of the CD, your savings account APY can change whenever the bank sees fit to update it. Sometimes rates stay locked in for months, but big changes like the Fed cutting the federal funds rate can lead to HYSA rate fluctuations. Typically, when the federal funds rate is higher, so will HYSA rates, and when it's lowered, they often follow accordingly.
- Is the American Express savings account FDIC-insured?
- Yes, American Express is a member of the FDIC, which means your savings are federally insured and protected against loss for up to $250,000 per depositor.
- Can I withdraw money anytime from the American Express HYSA?
- Yes -- there are no limits to withdrawals or transfers.
- Are there fees associated with the American Express high-yield savings account?
- No. There are no minimum balance requirements or monthly fees.
Caitlyn Moorhead contributed to the reporting for this article.
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.
