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American Express® High Yield Savings Account review

This online-only account has no fees and a solid APY but limited ways of moving funds in and out.’s rating: 4.6 / 5.0


You’ll get no monthly fees and a high APY with the American Express® High Yield Savings Account. However, you can’t bank in person or deposit checks via Amex’s mobile app.






Minimum deposit to open


Annual percentage yield (APY)1.0% APY (annual percentage yield) as of 29 June 2022
Minimum deposit to open$0
New account fee$0
Minimum balance to earn interest$1
Interest compoundingDaily
Monthly transaction limit9
Fee per transaction over the limit$0
More infoGo to site

Review by

Shannon Terrell is an editor for Finder who has written over 400 personal finance guides. With a focus on investments and personal finance, she breaks down jargon-laden topics to help others make informed financial decisions. She studied communications and English literature at the University of Toronto.

Expert review

American Express might be known for its credit cards, but it also offers savings products backed by its trusted brand. American Express® High Yield Savings Account is for those looking to grow their savings with no monthly fees and a competitive interest rate of 1.0%. The APY is higher than the national average, and there’s no minimum balance requirement to earn interest.

However, there’s no way to deposit paper checks using Amex’s app. This savings account works best if you have another bank account that supports multiple deposit methods. If you’re looking for a high-yield savings account that helps you limit access to your money, this account is worth considering.

But if you want to deposit checks using your smartphone, check out Discover Online Savings, which offers a similar APY as this account and supports mobile deposits.

How do I open an American Express® High Yield Savings Account?

Opening an American Express® High Yield Savings Account only takes a few minutes, and you don’t need to have an Amex credit card to apply.

  1. Select Apply now.
  2. Select Open an account, then choose Open a new account.
  3. Confirm that you meet the eligibility requirements, and select Continue to open a new account.
  4. Enter and verify your personal and financial details, selecting Continue when prompted.
  5. Choose to add a joint owner or select Account will have one owner.
  6. Review the terms and conditions, then select Accept all and continue.
  7. Choose the W9 or withholding status that applies to you, and select Continue.
  8. Choose whether you’d like to receive a paper or electronic statement, and select Continue.
  9. Fund the account by adding the routing and account numbers of an external account, then select Continue.
  10. Set up online access by creating a username and password for your account.


To qualify for an American Express® High Yield Savings Account, you must meet the following criteria.

  • US citizen or resident alien
  • At least 18 years old
  • US residential address
  • Valid bank account
  • Agree to use this account only for personal and household purposes

Required information

Be prepared to provide the following details during the application process.

  • Social Security number or Individual Taxpayer Identification Number (ITIN)
  • Date of birth
  • Contact info including email address, primary home address and phone number
  • Bank account number and routing number of the account you plan to use to fund your savings account

What are the benefits of an American Express savings account?

An American Express High Yield Savings Account comes with attractive perks like no fees and a high APY for a savings account. What we like about this account:

  • Competitive APY. Any balance in this account earns 1.00% APY, which is higher than the national interest rate.
  • No fees or minimum balance. No associated monthly or other fees mean you can grow your funds unhindered. You also won’t have to worry about how much you keep in the account.
  • Trusted brand. Unlike competitors, American Express serves millions of customers with its credit cards and other financial products. It’s also insured by the FDIC for up to $250,000.
  • 24/7 customer support. You can reach customer service by phone 24/7 at 1-800-446-6307.

What should I look out for?

Similar to most savings accounts, American Express® High Yield Savings Account lacks ATM access. Otherwise, there are only two major drawbacks associated with this account.

  • No in-person support. You can’t visit a branch location for face-to-face help, but its customer service lines are open around the clock.
  • No mobile deposits. You can’t deposit checks into your account via American Express’s mobile app, a feature you can find with some competitors.

Compare American Express® High Yield Savings Account to similar accounts

We gathered a quick comparison of similar accounts to help you decide if American Express® High Yield Savings Account is right for you. For more options, select Compare accounts to compare even more savings accounts.

American Express® High Yield Savings Account

Axos Bank High Yield Savings


Finder rating 4.6 / 5


Finder rating 4 / 5

Go to site
on American Express's secure site
Go to site
on Axos Bank's secure site








0.61% 0.25% 0.15%

Minimum deposit to open


Minimum deposit to open


Minimum balance to earn interest


Minimum balance to earn interest


Case study: Rachel’s experience – April 2019

profile pic

Rachel Dix-Kessler
Public Relations Manager

After letting money sit in a regular savings account for years, I decided it would be smart to switch to an account with a higher interest rate. I moved it to the American Express High Yield Savings Account mainly because there are no monthly fees or minimum balance requirements. So far, I’m happy with my decision.

The platform is extremely easy to use, and I trust that my money is safe with a trusted bank. Moving money in and out of the account is seamless — two clicks, and you’re done. I really like how accessible my money is, should I need to withdraw it.

If you’re looking for an account with ATM access or mobile deposits, keep looking. As always, compare your options when looking for a savings account.

How do I deposit or withdraw money?

The American Express High Yield Savings Account is an online account, which means that your deposit and withdrawal options are limited.


The main way to put funds into your American Express savings account is by linking other accounts and transferring money into it. What to know about making deposits:

  • Online transfer. Transfer funds electronically to and from an externally linked bank account. American Express National Bank’s routing number is 124085066, and its SWIFT code is AETCUS55.
  • Mail a check. Deposit a check by mail by making the check payable to American Express National Bank and including your Amex savings account number on the memo line.


Withdraw funds in the same ways that you can deposit into your American Express savings account.

  • Online transfer. The main way to use your funds with American Express is to transfer them to your American Express or external checking account.
  • Request a check. Request Amex to cut a check with your available funds by calling 1-800-446-6307.

    How can I get in touch with customer service?

    There are two ways you can get in touch with American Express customer service for this account:

    1. Phone. Call 800-446-6307 for 24/7 support.
    2. Mail. If snail mail is what you prefer, you can send a letter to: American Express National Bank, PO Box 30384, Salt Lake City, Utah 84130. A typical response time is at least one business week.

    Savings account ratings

    ★★★★★ — Excellent

    ★★★★★ — Good

    ★★★★★ — Average

    ★★★★★ — Subpar

    ★★★★★ — Poor

    We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

    Read the full methodology of how we rate savings accounts.

    Any opinions, analyses, reviews or recommendations expressed in this article are those of the authors alone, and have not been reviewed, approved or otherwise endorsed by any brand.

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