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American Express® High Yield Savings account review

Enjoy no monthly fees and a competitive annual percentage yield (APY) with this online-only savings account.’s rating: 4.6 / 5.0


American Express might be most known for its credit cards, but it also offers savings products like the American Express® High Yield Savings account. You’ll get no monthly fees and a high APY, but you can only contact a support specialist over the phone, and you can’t use Amex’s mobile app to deposit checks into this account.






Minimum deposit to open


Annual percentage yield (APY)0.4% APY (annual percentage yield) as of 11 March 2021
Minimum deposit to open$0
New account fee$0
Minimum balance to earn interest$1
Interest compoundingDaily
Monthly transaction limit6
Fee per transaction over the limit$0
More infoGo to site

More Info

Review by

Shannon Terrell is a senior writer 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’ High Yield Savings account is for those looking to grow their savings with no monthly fees and a competitive interest rate of 0.4%. The APY is 10-times the national average, and there’s no minimum balance requirement to earn interest. However, there’s no way to directly deposit paper checks into this account using Amex’s mobile app. If you’re looking for a basic savings account that strictly supports online transfers, this account is worth considering. But if you want to deposit checks using your smartphone, check out Discover Online Savings, which offers the same 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 only takes a few minutes, and you don’t need to have an Amex credit card to apply.

  1. Click 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 your email address, Social Security number and date of birth, then select Continue.
  5. Enter your full name and phone number, then select Continue.
  6. Enter your home address and employment status, then select Continue.
  7. Verify your personal information, and select Save and continue.
  8. Choose to add a joint owner or select Account will have one owner.
  9. Review the terms and conditions, then select Accept all and continue.
  10. Choose the W9 or withholding status that applies to you, and select Continue.
  11. Choose whether you’d like to receive a paper or electronic statement, and select Continue.
  12. Fund the account by adding the routing and account numbers of an external account, then select Continue.
  13. Set up online access by creating a username and password for your account.


To qualify for an American Express® High Yield Savings, 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?

In addition to around-the-clock phone support, FDIC insurance of up to $250,000 and the convenience of an online-only account, an American Express High Yield Savings account comes with several attractive perks:

  • Competitive APY. Any balance in this account earns 0.40% APY, which is 10-times the national interest rate.
  • No fees. No associated monthly or other fees means your funds can grow unhindered.

What should I look out for?

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

  • No in-person support. Customer support for this account is only available by calling 800-446-6307, but lines are open 24/7.
  • No mobile deposit. You can’t deposit checks into this account via American Express’s mobile app.

Compare American Express® High Yield Savings to similar accounts

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

Axos Bank High Yield Savings


Finder Rating: 4 / 5

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0.61% on $0 to $24,999
0.25% on $25,000 to $99,999
0.15% on $100,000+

Minimum deposit to open


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 — it takes 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, you’ll want to 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 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. 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.

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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