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American Express High Yield Savings Account basics
| Annual Percentage Yield (APY) | 3.80% (as of December 17, 2024) |
| Minimum balance to earn APY | $0 |
| Minimum deposit to open account | $0 |
| Monthly maintenance fees | $0 |
| ATM access | None |
| FDIC insured | Yes |
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. This account is offered through American Express National Bank, which is FDIC-insured.
The standout feature of this account is undoubtedly its high APY. At 3.80% (as of December 17, 2024), it's significantly higher than what you'd find at most traditional banks. This rate applies to all balance tiers, so you don't need a large deposit to start earning.
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.
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High Yield Savings Account. No Minimum Required Deposit or Balance.2 <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> Terms Apply.
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 Platinum Card® from American Express.
The rate for Amex Platinum cardholders was 0.25% higher than the regular APY as of April 25, 2024. But the terms note that the APY could change at any time, and it’s not guaranteed to stay that much higher than the standard APY.
Potential drawbacks
Limited access to funds
Since it’s an online-only account, access is relatively limited. You can easily move funds to and from a connected Amex Rewards Checking account. If you link it to an external checking account, it could potentially take as long as three or more business days for the transfer to go through.
American Express recommends initiating external transfers from the HYSA, as you may be able to qualify for express transfers that appear as soon as the same day. If you initiate from an external account, that will likely take longer.
No cash deposits
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.
Who is American Express High Yield Savings best for?
This account is ideal for:
- Savers who prioritize high interest rates over immediate access to funds
- Those comfortable with online-only banking
- Existing American Express credit card holders who want to keep their accounts under one roof
- People looking for a place to stash their emergency fund or save for long-term goals
If you need frequent access to your money or prefer in-person banking, this account won’t be the best fit.
How to open an American Express High Yield Savings Account
American Expresses requirements for opening an account are pretty standard:
- You need to be age 18 or older
- You need to be a U.S. citizen or a resident alien with a valid Social Security number or Individual Taxpayer Identification Number with a home address in the U.S.
To open an account, you can apply online or by phone, then, if you’re approved, connect an account.
Once you’ve done that, American Express will send you test deposits to verify your account. These two small credits, which will be less than $0.99 each, will appear in your external account within two to four business days of linking your account. They will be labeled AXP TEST. You’ll need to verify these test deposits.
Alternatively, you can mail a live check made payable to American Express National Bank. Should you choose this option, make sure to write your savings account number on the memo line of the check.
Once your account is set up, you'll be able to set up direct deposit and take advantage of online banking features.
High Yield Savings Account. No Minimum Required Deposit or Balance.2 <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> Terms Apply.
How to withdraw money from an Amex Savings account
Since the Amex High Yield Savings Account does not come with a debit card or ATM card, the primary way to withdraw your money will be by executing an electronic transfer to a different account, like a checking account.
You can make internal transfers to another Amex account, send money to an external bank account, or wire a transfer.
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
Alternatives to American Express High Yield Savings
SoFi Checking and Savings
SoFi® provides both a checking and savings account in one package, making it ideal if you need both. You can earn up to 4.00% APY on savings balances with qualifying direct deposits.3 <p>SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Dec. 3, 2024. 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>
There's no minimum balance requirement, and you don't have to worry about monthly maintenance or overdraft fees.4 <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.5 <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.6 <p><b>SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance 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 $2M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/terms">SoFi.com/banking/fdic/terms</a> See list of participating banks at <a href="http://sofi.com/banking/fdic/receivingbanks">SoFi.com/banking/fdic/receivingbanks</a></b></p>
Visit SoFi or read our full SoFi Checking and Savings review.
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Earn up to 4.00% APY7 <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 Direct Deposits received during the Direct Deposit Bonus Period) <b>OR</b> $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="http://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 Direct Deposit can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.00% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% 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 Dec. 3, 2024. 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> and collect up to a $300 cash bonus with direct deposit or $5,000 or more in qualifying deposits.3 <p>SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Dec. 3, 2024. 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> FDIC Insured.6 <p><b>SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance 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 $2M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/terms">SoFi.com/banking/fdic/terms</a> See list of participating banks at <a href="http://sofi.com/banking/fdic/receivingbanks">SoFi.com/banking/fdic/receivingbanks</a></b></p>
High Yield Savings Account from Customers Bank
The High Yield Savings Account from Customers Bank currently outperforms Amex with a 4.16% APY.8 <p>APY means Annual Percentage Yield. APY is accurate as of November 8, 2024. This is a variable rate account, Interest rate and APY may change after initial deposit. Minimum initial deposit to open account and earn interest is $1.00.</p> Like Amex, it has no monthly maintenance fees. It also only requires a $1 minimum deposit.
What sets it apart is that Customers Bank has physical locations in a few states. This makes it a better option if you prefer a bank you can visit in person and happen to live near one of their branches. It offers a nice balance between high online savings rates and traditional banking services.
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High-yield savings account. $1 minimum deposit. FDIC insured. Limited Time Bonus: Earn up to $2,000 when you refer friends and family to Raisin. Visit site to learn more.
FAQ
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 3.80% (as of December 17, 2024) APY is significantly higher than what you'll find at most traditional banks, making it an excellent option for growing your savings.
However, the lack of ATM access might be a dealbreaker for some.
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.
For more options, check out our picks for the best savings accounts.
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Western Alliance Bank High-Yield Savings Premier Benefits
- Earn 4.46% APY9 <p>The annual percentage yield (APY) is accurate as of 11/7/2024 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.</p> from a top-rated U.S. bank with $70B+ in assets10 <p>Ranked among the top U.S. banks in 2022 and 2023 by American Banker and Bank Director.</p>
- Enjoy 24/7 online access to your account and funds
- Interest is compounded daily and posted to your account monthly
- No fees,11 <p>No account activity or maintenance fees.</p> $500 minimum deposit, $0.01 minimum balance to earn APY
- Enhanced security and FDIC insured
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