American Express^® High Yield Savings Review [2026]: Above-Average APY + Service

American Express High Yield Savings Account (HYSA) basics

Annual percentage yield (APY)	3.20%1 <p>The Annual Percentage Yield (APY) as advertised is accurate as of March 18, 2026. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened.&nbsp;Interest Rate and APY of a Certificate of&nbsp;Deposit account is fixed once the account is funded.</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 ratings3 <p>iOS and Android only. See app store listings for operating system&nbsp;info.</p>	4.9/5 stars on the App Store (iOS) 4.9/5 stars on Google Play (Android)3 <p>iOS and Android only. See app store listings for operating system&nbsp;info.</p>
FDIC insured	Yes, American Express National Bank is a Member FDIC (Cert. #27471)

American Express, founded in 1850, has long been a trusted name in financial services. While it's well known for its credit cards, it's expanded into online banking with products like the High Yield Savings Account. 

Is the Amex high-yield savings account good for you?

I'd recommend the American Express High Yield Savings account as a good option if:

• You're a current American Express cardholder who wants to keep your accounts under one roof.
• You want 24/7 phone access to customer service.
• You're a saver who wants to earn high interest rates and avoid monthly fees.
• You're comfortable with online-only banking.

The American Express savings account is a solid option for current Amex customers who want to simplify their banking. You can manage all your Amex accounts from one app, access a high APY and 24/7 human customer service, and there are no strings to maximize your interest earnings.

When you should consider another savings account

The American Express HYSA might not be the best option for you if:

• You want the highest APY available.
• You currently bank with a different financial institution with a similar APY on savings.
• You need to deposit cash.

While the American Express High Yield Savings account offers an impressive 3.2% APY, it's not the highest out there. If you want to earn the highest yield possible on your savings, I'd suggest looking elsewhere.

For example, Openbank by Santander offers a savings account that earns up to 4.20% (as of 1/08/26) APY, EverBank Performance Savings earns up to 3.90% (as of 02/20/26) APY, and CIT Bank Platinum Savings⁴ <p class="">For complete list of account details and fees, see our <a href="https://www.cit.com/cit-bank/resources/forms">Personal Account disclosures</a>.</p> earns up to up to 4.10% APY.⁵ <p>Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of Jan. 09 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.</p> But all of these accounts and companies come with caveats, like deposit requirements or mixed customer reviews.

American Express HYSA features and benefits

Simplicity for existing Amex customers

The American Express High Yield Savings account is a great choice if you're already part of the American Express ecosystem as a cardholder. As someone who appreciates simplicity, I like that 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&nbsp;Monday through Friday, excluding federal holidays. Transfers can be initiated 24/7 via the&nbsp;website or phone, but any transfers initiated after 7:00 PM Eastern Time or on non-business&nbsp;days will begin processing on the next business day. Funds deposited into your account may be&nbsp;subject to holds. See the Funds Availability section of your Consumer Deposit Account&nbsp;Agreement and Savings Schedules for more information.</p> This means you don't have to keep track of multiple logins for all your accounts.

24/7 customer service

I also like that American Express offers 24/7 phone customer support, which is unusual for an online HYSA. But that's one of the advantages of banking with a large institution like American Express. If you've ever been frustrated by AI chatbots or automated responses, this will be a huge plus for you.

You can earn a competitive APY

Another of my favorite features of this account is undoubtedly its high APY. At 3.20%, it's significantly higher than what you'd find at most traditional banks and the national average of 0.38% (as of 4/20/26), according to the FDIC.⁷ <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> Even better? This rate applies to all balance tiers, so you don't need a large deposit to start earning, as you do with some savings accounts. You do need to be comfortable with online-only banking, but since many of the best savings accounts are digital-only, this isn't a deal-breaker.

There are no strings to earn the top APY

Finally, 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.

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Synchrony Bank High Yield Savings - 3.40% APY

Let your money work for you with great rates: count on it. Open a High Yield Savings account with Synchrony today. Member FDIC.⁸ <p>Annual Percentage Yield (APY) is subject to change at any time without notice. Rate accurate as of 4/21/2026. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchrony.com/banking for current rates, terms and account requirements. Member FDIC.</p>

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AWARD WINNER Best Online Checking

SoFi Checking & Savings - Earn Up to $400 When You Set Up Direct Deposit

Limited-Time Offer: Earn a $50 or $400 bonus with eligible direct deposit and up to 4.00% APY on Savings (3.30% APY⁹ <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&nbsp;received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct&nbsp;Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in&nbsp;your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at&nbsp;<a href="https://www.sofi.com/banking/checking-offer/">sofi.com/banking/checking-offer/</a></p><p>SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct&nbsp;Deposit amount required to qualify for the 3.30% 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&nbsp;checking balances. Interest rates are variable and subject to change at any time.&nbsp;These rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. 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> with +0.70% APY Boost) for up to 6 Months on new accounts. Terms Apply.¹⁰ <p>Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.70% APY Boost (added to the 3.30% APY as of 3/31/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at&nbsp;<a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p> FDIC Insured.¹¹ <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, 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.&nbsp;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&nbsp;<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>

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Use Cash App As Your All-in-One Financial Services Platform

Bank¹² <p>Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Savings provided by Cash App, a Block, Inc. brand.</p><p class="">Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Direct Deposit provided by Cash App, a Block, Inc. brand.</p> without all the fees—save, send, and spend your money the way you want.¹³ <p class="">Your balance is eligible for FDIC pass-through insurance through our Program Banks Wells Fargo Bank, N.A. and/or Sutton Bank, Members FDIC for up to $250,000 per customer when aggregated with all other deposits held in the same legal capacity at each Program Bank above, if certain conditions are met. Cash App is a financial services platform, and not an FDIC-insured bank. Prepaid debit cards issued by Sutton Bank, Member FDIC. See <a href="https://cash.app/legal/us/en-us/card-agreement">terms and conditions</a>. </p> Get paid up to 2 days early – up to 2 days earlier than most banks¹⁴ <p>Your first deposit may take longer depending on your employer.</p>

Download Cash App

American Express HYSA disadvantages

You can't make cash deposits

If you frequently deal with physical cash, I'd recommend looking for another savings account. You can't deposit cash directly into the American Express High Yield Savings account — you'll need to find a workaround, like depositing cash into another account and transferring it to your Amex account, or sending a paper check by mail.

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.

You can often find a higher APY elsewhere

I don't recommend choosing a savings account solely for its high rate, because that's not the only important feature, and savings rates are variable anyway (meaning they can change without warning). But if you're determined to let this be your north star, then you'll have to go with another HYSA, not from American Express. Some of the best savings accounts offer an APY of 4% or higher.

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 3.30% APY on savings balances with qualifying direct deposits.¹⁵ <p>Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at&nbsp;<a href="https://www.sofi.com/legal/banking-rate-sheet">https://www.sofi.com/legal/banking-rate-sheet</a></p>

I like that there's no minimum balance requirement, and you don't have to worry about monthly maintenance or overdraft fees.¹⁶ <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 Bank 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.¹⁷ <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.¹¹ <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, 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.&nbsp;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&nbsp;<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's. 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 offer ATM access or cash deposit capabilities, but it earns a respectable APY of 3.10% (as of 05/04/2026).¹⁸ <span>A rate of 3.10% Annual Percentage Yield (APY) applies to all account balances. Advertised rates are variable and effective as of 05/04/2026. Rates are subject to change at any time before or after account opening. The 360 Performance Savings account has no monthly cycle service charge and no minimum balance required to open or maintain the account.</span>

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, I'd recommend sticking with Amex.

Read our full Capital One 360 review.

Customer experience and user sentiment

Reviews and complaints

American Express earned the top spot in J.D. Power's 2025 U.S. Credit Card Satisfaction Survey for the sixth consecutive year, showing the company's commitment to top-notch customer service. But the full story is more complex.

For example, American Express has a "bad" rating on Trustpilot, with a score of 1.3 out of 5. Reviewers mention long wait times for customer service and language barriers with reps.

Amex also has a poor 1.1 out of 5 rating on the Better Business Bureau (BBB). Reviewers note the lack of fee flexibility, even for long-term customers.

It's important to note that most reviews and complaints are specifically about Amex's credit card products, so I'd advise taking them with a grain of salt when considering a savings account.

Customer support

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

Mobile banking app

Amex's highly rated mobile banking app lets you manage your checking, savings, and credit card accounts from one place — no need to switch between apps. The app has a 4.9 out of 5 rating on both Google Play and the Apple App Store.

Grow your savings with less effort

An interest-earning account allows your money to build over time by adding returns on top of your contributions. Use our savings calculator below to plug in your own starting balance, interest rate, and timeline to see how different account types could impact your earnings.

Rather than sitting unused, your savings can gain momentum and help you reach your financial goals more efficiently.

FAQs

Bottom line

I recommend the American Express High Yield Savings Account for anyone looking for a combination of high interest rates, 24/7 phone support, and the backing of a trusted financial brand. Its 3.20% APY is significantly higher than that of most traditional banks, making it an excellent option for growing your savings.

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5.0

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

AWARD WINNER Best Online Checking

High APY of up to 4.00% on Savings (3.30% APY⁹ <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&nbsp;received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct&nbsp;Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in&nbsp;your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at&nbsp;<a href="https://www.sofi.com/banking/checking-offer/">sofi.com/banking/checking-offer/</a></p><p>SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct&nbsp;Deposit amount required to qualify for the 3.30% 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&nbsp;checking balances. Interest rates are variable and subject to change at any time.&nbsp;These rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. 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> with +0.70% APY Boost) for up to 6 Months on new accounts. Terms Apply.¹⁰ <p>Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.70% APY Boost (added to the 3.30% APY as of 3/31/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at&nbsp;<a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p>

Paycheck access up to 2 days early with direct deposit¹⁷ <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>

No monthly maintenance or overdraft fees¹⁶ <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 Bank Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a>.</p>

Streamlined savings and savings goals with Vaults

Access to a large ATM network¹⁹ <p>We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.</p>