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American Express High Yield Savings Account (HYSA) basics
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| Annual percentage yield (APY) | 3.50%1 <p>The Annual Percentage Yield (APY) as advertised is accurate as of July 23, 2025. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened. Interest Rate and APY of a Certificate of Deposit account is fixed once the account is funded.</p> 4 <p class="">The product and annual percentage yield (APY) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your area. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. Always verify account details and availability with the financial institution before opening an account.<br></p> |
| Minimum balance to earn APY | $02 <p class="">There is no minimum balance required to open your Account, to avoid being charged a fee, or to obtain the Annual Percentage Yield (APY) disclosed to you.</p> |
| Minimum deposit to open | $0 |
| Monthly maintenance fees | $0 |
| ATM access | None |
| Cash deposits | Not permitted |
| Customer support | American Express offers 24/7 customer service when you call 1-800-446-6307 |
| Amex mobile app ratings |
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| FDIC insured | Yes, American Express National Bank is a Member FDIC (Cert. #27471) |
| Visit American Express |
American Express, founded in 1850, has long been a trusted name in financial services. While it's best known for its credit cards, it's expanded into online banking with products like the High Yield Savings Account.
Who is the Amex high-yield savings account good for?
The American Express High Yield Savings account could be good for you if:
- You're a saver focused on earning high interest rates and avoiding monthly fees.
- You're comfortable with online-only banking.
- You're an American Express cardholder who wants to keep your accounts under one roof.
- You place a lot of value on customer service.
The standout feature of this account is undoubtedly its high APY. At 3.50%, it's significantly higher than what you'd find at most traditional banks and the national average of 0.40% (as of 9/15/25), according to the FDIC.5 <p>The national rate referenced is from the FDIC's published Monthly Rate Cap Information for Savings deposit products. Visit the <a href="https://www.fdic.gov/resources/bankers/national-rates/">FDIC website </a>for details.</p> This rate applies to all balance tiers, so you don't need a large deposit to start earning. You do need to be comfortable with online-only banking, but many of the best savings accounts are digital.
It's also a good choice if you're already part of the American Express ecosystem as a cardholder. You can access both your bank account info and your credit card info in the Amex mobile app.6 <p>For purposes of transferring funds to or from an external bank, business days are Monday through Friday, excluding federal holidays. Transfers can be initiated 24/7 via the website or phone, but any transfers initiated after 7:00 PM Eastern Time or on non-business days will begin processing on the next business day. Funds deposited into your account may be subject to holds. See the Funds Availability section of your Consumer Deposit Account Agreement and Savings Schedules for more information.</p>
I appreciate that Amex keeps things simple with a $0 minimum balance to earn APY and no monthly fees. This makes it accessible to savers at all levels, whether you're just starting out or have a substantial nest egg.
And it has 24/7 customer support by phone, which is unusual for an online HYSA. But that's one of the advantages of banking with a large institution like American Express.
American Express HYSA disadvantages
No cash deposits or access
You cannot deposit cash directly into this account, which could be a pain if you frequently deal with physical money. The best workaround is to deposit funds into an external bank account and transfer the funds from there to Amex.
You can also deposit funds by sending a paper check to Amex.
If you're looking for online banks that accept cash deposits, check with institutions like Capital One. You can also find many savings accounts with debit or ATM cards, if you need easy access to cash.
American Express HYSA alternatives
SoFi Checking and Savings vs. Amex High Yield Savings
SoFi® provides both a checking and savings account in one package, making it ideal if you need both. You can earn up to 3.60% APY on savings balances with qualifying direct deposits.7 <p>Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 1/24/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at <a href="https://www.sofi.com/legal/banking-rate-sheet">https://www.sofi.com/legal/banking-rate-sheet</a></p>
There's no minimum balance requirement, and you don't have to worry about monthly maintenance or overdraft fees.8 <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p> While it's another online-only option, it comes with features Amex lacks, like early paycheck access with direct deposit.9 <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p> Member FDIC.10 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
Visit SoFi or read our full SoFi Checking and Savings review.
Capital One 360 Performance Savings vs. Amex High Yield Savings
Another bank known for its credit cards, Capital One offers a high-yield savings account similar to American Express. The rate for the Capital One 360 Performance Savings account is typically on par with Amex's high-yield savings option, and it's also pretty basic. It doesn't provide ATM access or the option to make cash deposits, but it earns a respectable APY of 3.40% (as of 10/01/25).
If you already have Capital One credit cards, you might find it more convenient to open a savings account with Capital One 360 than with American Express. But if you already have Amex cards, stick with Amex.
Read our full Capital One 360 review.
Another great savings account to consider
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American Express customer service
American Express customer service is available 24 hours a day, seven days a week. You can call them at 1-800-446-6307.
You can also send them mail at:
American Express National Bank
P.O. Box 30384
Salt Lake City, Utah 84130
Today's Top Financial Offers
Make your money work harder with top picks for savings, checking, investing, and more
| Bank/Institution | APY
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Bonus Offer | Open Account | Bonus Offer |
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2025 award winner
Best Checking and Savings Combo
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5.0
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4.30
With $0 min. balance
%
APY
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Limited-Time Offer: +0.70% boost to 4.30% APY on Savings for up to 6 months14 <p>Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p> + up to $300 Bonus with direct deposit.15 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="https://www.sofi.com/banking/" >sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>.</p> Terms apply. | ||
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4.6
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4.20
With $500 min. balance16 <p>Interest Rates and Annual Percentage Yields (APYs) are accurate as of 12:01 AM ET September 23, 2025. The products and rates we offer may vary between locations, are available in select markets only, and are subject to change without notice. Rate for this product will be based on the residential ZIP code entered when account is opened within online application process. This is a variable-rate account and the rate applicable may change at our discretion any time without notice. A minimum deposit of $500 is required to open a Openbank High Yield Savings account. Personal accounts only.</p>
<p>Openbank is a division of Santander Bank, N.A. Member FDIC. There is a maximum of $250,000 of deposit insurance from the FDIC per depositor for each category of account ownership. Visit FDIC.gov for details. Deposits at Santander Bank, N.A., and Openbank are combined for the purposes of calculating FDIC insurance limits (FDIC Cert #29950) and are not separately insured.</p>
%
APY
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4.9
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3.40
With $0 min. balance17 <p>Annual Percentage Yield (APY). Advertised Online Savings Account APY is accurate as of 09/30/25. Applies to personal accounts only. APY may change before or after the account is opened. No minimum deposit to open.</p>
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APY
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Amex savings bonus offers
Like many banks, American Express offers incentives from time to time to entice you to open a new account. Sometimes it's cash, and other times it's a higher APY. In fact, based on my research, it looks like the most recent offer was for a higher APY for those who had the American Express Platinum Card®.
At the time, the rate for the Platinum Card® cardholders was 0.25% higher than the regular APY. But the terms noted that the APY could change at any time, and it wasn't guaranteed to stay that much higher than the standard APY.
FAQs
Is the American Express High Yield Savings Account safe?
Account holders can rest easy with Amex. Your American Express High Yield Savings Account is FDIC-insured up to $250,000 per depositor, and you can increase your coverage amount by adding beneficiaries to your account. The FDIC certificate number for American Express National Bank, Member FDIC, is 27471.
It's a good idea when choosing to open an account with a new financial institution to see if their website or documentation says "member FDIC." In the case of a credit union, you want to look for NCUA insurance, which is similar.
Should I get an American Express savings account or a CD?
CDs, or certificates of deposit, can earn you a good interest rate, as can a high-yield savings account. However, CD rates are higher because you are giving up access to that money for a predetermined amount of time. For example, you might get a 12-month or 60-month CD.
A savings account is best for someone who wants the option of moving that money around or adding more money to the account. A CD is best for someone who knows they won't need that money or who wants to keep themselves from raiding their savings.
Can you transfer money to a bank account from a credit card?
You may be wondering if you have an American Express credit card, if that means you will be able to transfer money from that card's credit line to your American Express High Yield Savings Account.
While many credit card issuers do allow for you to do this, you will likely be charged either a cash advance or balance transfer fee and will probably pay a higher interest rate on that charge to your card as well. It is generally not considered the best way to create cash flow for yourself.
Bottom line
The American Express High Yield Savings Account offers an attractive combination of high interest rates, no fees, and the backing of a trusted financial brand. Its 3.50% APY is significantly higher than what you'll find at most traditional banks, making it an excellent option for growing your savings.
If you're comfortable with online banking and want to maximize your interest earnings without worrying about fees or minimum balances, the American Express High Yield Savings Account is worth considering. It's a solid choice for building an emergency fund or saving for long-term goals, as long as you don't need frequent access to your money.
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AAdvantage® Aviator® Red World Elite Mastercard®
Current Offer
Earn 50,000 bonus miles after you make your first purchase and pay the annual fee in the first 90 days
Annual Fee
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2X miles per dollar spent on eligible American Airlines purchases, and 1X mile per dollar spent on all other purchases
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