American Express High Yield Savings Account review |

American Express Personal Savings High Yield Savings account review November 2018

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Enjoy no monthly fees and a competitive APY with this online-only savings account.

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.

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

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:

  • 2% 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.

Compare with other savings accounts

Name Product Fee Minimum deposit to open Minimum balance to earn interest APY
Enjoy no monthly fees and a competitive APY with this online-only savings account.
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank.
Earn one of the highest interest rates without the fees.
The most common services and transactions are free with Ally Bank.
$15 per month
(can be waived)
Earn one of the highest interest rates if you have at least $10,000 in savings, and access your money by ATM, check or bill pay.
CIBC Agility Savings
CIBC Agility Savings
With no maintenance fees, it's easy to grow your savings. Put your money to work with an online account from CIBC Bank USA.

Compare up to 4 providers

How do I open an account?

  1. Go to the American Express website and click Apply Now.
  2. Click Confirm & Proceed.
  3. Indicate whether you’d like to apply for an individual or a joint account.
  4. Enter your email address, Social Security number and date of birth. Click Next.
  5. 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.
  6. 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.
  7. Enter your home address and employment information, including your employer’s name, your job title and annual income. Click Next.
  8. 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.

Required information

  • 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:

  1. Phone. Call 800-446-6307 for 24/7 support.
  2. Email. Submit an online form from your personal account on the Amex website for an email reply from customer service within one business day.
  3. 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.

Bottom line

If you’re looking for a simple high-yield savings account, the American Express online savings account could be a good option. This straightforward account offers a competitive 2% APY, no fees or balance requirements and 24/7 customer support by phone.

Review your options with other providers before applying to make sure you get the savings account that best fits your needs.

Frequently asked questions

Shannon Terrell

Shannon Terrell is a writer for 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.

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