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American Express® Personal Savings High Yield Savings account review
Enjoy no monthly fees and a competitive annual percentage yield (APY) with this online-only savings account.
finder.com’s rating: 4.6 / 5.0
If you’re ready to tuck some money away for a rainy day, a high-yield savings account can be a solid option.
American Express might be most known for its credit cards, but it also offers savings products like the American Express® Personal Savings High Yield Savings account. You’ll get no monthly fees and a high APY, but be ready for no ATM access or in-person customer support.
Shannon Terrell is a writer for finder.com who studied communications and English literature at the University of Toronto. On any given day, you can find her researching everything from equine financing and business loans to student debt refinancing and how to start a trust. She loves hot coffee, the smell of fresh books and discovering new ways to save her pennies.
What are the benefits of a savings account with American Express?
In addition to around the clock phone support and the convenience of an online-only account, an American Express savings account comes with several attractive perks:
APY. Grow your savings with a competitive APY.
No fees. No associated monthly or other fees means your funds can grow unhindered.
No minimum balance requirement. Amex doesn’t impose any balance requirement to maintain your APY.
Security. Deposits of up to $250,000 are FDIC insured.
What should I look out for?
No ATM access. This is an online account, which means you can’t withdraw funds at a bank branch or ATM.
No in-person support. Customer support is only available by phone and email.
Case study: Rachel’s experience
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 Personal Savings High Yield Savings account, mainly because it didn’t come with monthly fees and no minimum balance. 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 — it takes two clicks, and you’re done. I really like how accessible my money is, should need to withdraw it.
Compare with other savings accounts
How do I open an account?
Go to the American Express website and click Apply Now.
Click Confirm & Proceed.
Indicate whether you’d like to apply for an individual or a joint account.
Enter your email address, Social Security number and date of birth. Click Next.
Let American Express know which account you’re interested in applying for. You can apply for more than one savings product at a time. Click Next.
Tell American Express a little more about yourself, including your full name, your US citizenship status and your phone number. Then, select a security question and enter the answer in the provided box. Click Next.
Enter your home address and employment information, including your employer’s name, your job title and annual income. Click Next.
Review the information you’ve submitted and make any necessary changes. Review the American Express savings account terms and conditions. Click Next to submit your application.
Once your application is approved, Amex notifies you by email. You’ll be provided with your account number and can log in to your account from the American Express site. You’ll need to fund your new account within 60 days or it will be closed.
Be a US citizen.
Be at least 18 years old.
Have a US residential address.
Have a Social Security number.
Have a valid bank account.
Social Security number.
Date of birth.
Contact info including email address, primary home address and phone number.
US driver’s license or valid state ID.
Bank account number and routing number of the account you plan to use to fund your savings account.
How do I deposit or withdraw money?
The American Express high-yield savings account is an online account, which means your deposit and withdrawal options are limited to the following:
Online deposit. Transfer funds electronically to and from an externally linked bank account up to six times monthly.
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.
How can I get in touch with customer service?
There are three ways you can get in touch with American Express customer service:
Phone. Call 800-446-6307 for 24/7 support.
Email. Submit an online form from your personal account on the Amex website for an email reply from customer service within one business day.
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.
American Express’ High Yield Savings account is for those looking to grow their savings with no monthly fees and a competitive interest rate of 1.9%.
Given that it’s a savings account, you may not mind that there’s no ATM access. However, if you’re planning on withdrawing funds, you may want to compare other savings accounts that offer more withdrawal options.
Frequently asked questions
American Express’ routing number is 124085066 and its SWIFT code is AETCUS55.
No, the American Express® Personal Savings High Yield Savings account is a strictly online account, which means you won’t be able to access your funds at an ATM or write personal checks from your account.
Yes, you can open a joint savings account with American Express. When you fill out your online application, indicate that you’re interested in a joint account. You’ll be asked to provide personal information for both yourself and the additional account holder.
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.
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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