Grow your savings faster with the best high-yield savings accounts from our partners, offering up to 10x higher APY (annual percentage yield) than traditional savings accounts.1
Select Your Initial Deposit Amount Below:
Compare Today's Top Savings Accounts
Bottom Line: Why We Like the American Express® High Yield Savings Account
If you’re looking for a high-yield savings account that offers a competitive annual percentage yield (APY), consumer-friendly features, and top-of-the-line customer service, then it’s hard to beat the American Express® High Yield Savings account. Open an account today, and on top of no monthly fees, enjoy the following benefits:
- Above-Average, Easy-To-Obtain APY:2 With no minimum deposit or balance required,7 you can enjoy a high 4.00% (as of October 24, 2024) APY to supercharge your savings.
- Banking Your Way: Seamless account access online and via the Amex® App, simple transfers and auto-deposits, and your choice of online or paper statements.
- Leading Customer Service: With “office hours” that never end, you can get in touch with an actual human 24 hours a day, 7 days a week.
- Save With Confidence: Member FDIC and backed by the service and reliability of American Express. Terms Apply.
Click here to open an American Express® High Yield Savings account
Frequently Asked Questions
When picking a new savings account, there are a few key things to consider, like the APY (annual percentage yield) they offer or the fees they charge. And remember, you don’t have to stick with just one account — opening different accounts can help you get the best rates and ensure your money is protected up to the legal limit.
Money in an online savings account is covered by protections as long as the account provider is FDIC insured, and virtually all major banks are. You'll typically see it stated as "member FDIC."
FDIC stands for Federal Deposit Insurance Corporation. The FDIC insurance covers accounts up to $250,000 accounts up to $250,000, so if your bank goes under financially, you will still get back all your money, up to that amount. The National Credit Union Administration provides similar insurance for credit unions.
Savings account interest rates vary from bank to bank and over time. The FDIC indicates the national average interest rate for savings accounts is 0.45% (as of 10/21/24) APY. That means if you see an account with a higher interest rate, it would allow you to beat the average.
Requirements to open an online savings account vary by the financial institution. You generally need to provide your full name, address, contact details, and a Social Security number. Some banks also require you to provide your driver's license information. If you are planning to fund the new account with money from a different bank or credit union, you will also need that account information.
The process for depositing and withdrawing money from online savings accounts varies by bank or credit union. Generally, you can fund an online savings account via electronic transfer from another bank account, by direct deposit, or by depositing a check. Withdrawals can generally also be completed by bank-to-bank transfer, or you may be able to request a check or use a debit card if your bank allows it.
High Yield Savings Account. No Minimum Required Deposit or Balance.7 Terms Apply.
Earn up to 4.20% APY8 and collect up to a $300 cash bonus with direct deposit or $5,000 or more in qualifying deposits.15 FDIC Insured.11
Western Alliance Bank offers a powerful 4.46% APY to help grow your money. FDIC insured, no fees,13$500 minimum deposit, $0.01 minimum balance to earn APY.
Axos ONE® offers up to a powerful 4.86% APY on savings and 0.51% APY5on checking to help you grow your money. No monthly maintenance, minimum balance, account opening, or overdraft fees. FDIC insured.
High-yield savings account. Earn up to 4.80% APY with a minimum balance of $250,000 or more.
How we chose these products
FinanceBuzz evaluated a selection of bank accounts offered by our partners, looking at various criteria including interest rates, minimum deposit requirements, and more. We did not review all products in the category and compensation was considered when evaluating and ordering the products.