The American Express® High Yield Savings Account offers a good savings account rate compared to traditional banks. That said, Business Insider's personal finance team found it still ranks just under the best high-yield savings accounts and a standard offering overall.
A few other online banks pay more than American Express National Bank (Member FDIC) for high-yield savings account rates. You still might want to choose the American Express® High Yield Savings Account for other standout features, though, like its low minimum opening requirements or fees.
It's also a good choice if you want to get other American Express products, like American Express credit cards, and if you're primarily banking with one financial institution to keep things simple.
Current American Express High Yield Savings Rate
The American Express® High Yield Savings Account pays 3.80% (as of 12/17/24) APY (annual percentage yield). The average savings account interest rate earns 0.41%APY, according to the FDIC.
There are no monthly service fees or minimum opening deposit requirements, and you can earn the rate on any account balance up to $5 million. (Although keep in mind that accounts are only insured by the FDIC for up to $250,000, or $500,000 for joint accounts.)
no monthly service fee
3.80% (as of 12/17/24)
$0
- Competitive APY
- No monthly service fees
- No minimum opening deposit or minimum account balance
- 24/7 phone support
- No excess transaction fee
- No mobile app for banking customers
- You must make a deposit within the first 60 days
- No live online chat
American Express Savings Accounts Overview
How the American Express High Yield Savings Account Works
The American Express High Yield Savings Account can be opened and managed online and mobile banking.
Something else to keep in mind is that American Express National Bank (Member FDIC) also offers other banking products and services. It offers an American Express® Rewards Checking Account, American Express® Business Checking Account, American Express® CDs, an American Express Personal Loan, and many credit cards.
American Express High Yield Savings Account User Experience and Accessibility
American Express National Bank (Member FDIC) offers 24/7 customer service for its high-yield savings account.
The Better Business Bureau gives American Express National Bank an NR (No Rating) because American Express National Bank is in the process of responding to customer complaints that had previously been closed.
American Express National Bank has been involved in one recent public controversy.
In 2022, American Express paid $430,500 in a settlement with the United States Department of the Treasury's Office of Foreign Assets Control (OFAC). In the settlement, OFAC accused the bank of processing transactions on an account where the supplemental card holder was linked to illegal drug distribution and money laundering.
American Express Savings Account Security
When we review savings accounts we also take into consideration the bank's security and stability. We see if a bank has experienced any recent data breaches, and how its rated in regards to Bauer Financial, Moody, and Fitch ratings.
American Express National Bank (Member FDIC) received 5 stars on Bauer Financial. It also ranks on the higher end for Moody and Fitch ratings.
American Express High Yield Savings Account Pros and Cons
American Express High Yield Savings Account Pros
- Good Annual Percentage Yield (APY)
- Interest compounds daily
- No minimum opening deposit or account balance to earn the APY
- No monthly service fee
- No excess transaction fee
- 24/7 customer support
American Express High Yield Savings Account Cons
- Higher rates available at some other online banks
- No physical branch locations
- Doesn't come with an ATM card
American Express High Yield Savings Account Alternatives
American Express High Yield Savings Account vs. Discover Savings
Discover® Online Savings Account pays 3.75% (as of 12/18/24) APY. Interest compounds daily on both accounts, and there are no monthly bank maintenance fees, minimum opening deposits, or excess transaction fees (some banks charge a fee of about $10 if you make more than six monthly withdrawals).
One notable difference involves mobile check deposits. With American Express National Bank, you can deposit up to six checks totaling $50,000 within any seven-day period, with a $25,000 individual check limit. This is a more generous limit than many online banks offer.
Discover doesn't specify limits in its online disclosures, however, a call to customer support revealed that new customers might start with a monthly limit of about $500.
Choosing between the two accounts might be tricky unless you want more flexibility regarding mobile deposits — in which case American Express National Bank is the clear winner.
Discover® Bank (Member FDIC) Review
American Express High Yield Savings Account vs. Capital One 360 Savings
While Capital One is primarily an online bank, it has branches in a handful of states and cafés in more than a dozen states (the cafés are a cross between a bank branch and a coffee shop). American Express National Bank doesn't have any branches.
Capital One 360 Performance Savings pays 3.70% (rate as of 02/06/25) APY on all balance tiers. The interest in a Capital One account compounds monthly, while American Express National Bank's interest compounds daily. Depending on how much is in your account, this may or may not make a significant difference.
Neither account has monthly fees, initial deposit requirements, or a minimum balance to earn the APY. Capital One offers live support Sunday to Saturday from 8 a.m. to 11 p.m. ET. You can reach live customer support 24/7 with American Express National Bank.
The two banks offer similar rates, fees, and features, so choosing one can be difficult. Ultimately, customers who live near a Capital One branch or café might choose it over American Express National Bank for the convenience of in-person help and the option to make cash deposits. American Express National Bank may be a better choice if you prefer 24/7 customer support.
How to Open an American Express High Yield Savings Account
The American Express® High Yield Savings Account can be opened online. You can open an account from anywhere in the United States, but you must be at least 18 years old and a U.S. citizen or U.S. resident with a Social Security number or individual taxpayer identification number.
The savings account has a $0 minimum opening deposit. That said, you'll need to deposit money into your savings account in the first 60 days, or it will be closed. To deposit money into the savings account, you can link an external bank account and transfer money.
Is an American Express Savings Account Right for You?
The American Express® High Yield Savings Account lets you earn 3.80% (as of 12/17/24) APY while paying zero monthly fees, making it a decent option overall. With no opening deposit or minimum balance requirements to earn the APY, the account may be especially attractive to new savers. Still, consider looking elsewhere if you want higher returns — some online banks are paying up to 6.17% APY right now.
Why You Should Trust Us: How We Reviewed American Express High Yield Savings Account
We rated the American Express® High Yield Savings Account using Business Insider's bank account methodology. For savings accounts, we consider minimum opening deposits, monthly service fees, interest rates, customer support, mobile apps, miscellaneous features, security, and ethics.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
American Express Savings FAQs
Opening an American Express® High Yield Savings Account is easy since it has a $0 minimum opening deposit. However, you'll need to eventually deposit any amount in the first 60 days of account opening.
The American Express® High Yield Savings Account pays 3.80% (as of 12/17/24) APY. In comparison, average savings account interest rates in traditional banks are often around 0.01% to 0.50% APY if you don't have a specific checking account/savings account combination.
Yes, American Express National Bank is an online bank and it doesn't have any physical branches. Your banking experience is fully online.
Yes, American Express Savings is FDIC insured. FDIC insurance on American Express Savings covers up to $250,000 per depositor.
Interest compounds daily on the American Express High Yield Savings Account.
