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finder.com’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.
1.00%
APY
$0
Fee
$0
Minimum deposit to open
Annual percentage yield (APY) | 1.0% APY (annual percentage yield) as of 29 June 2022 |
---|---|
Fee | $0 |
Minimum deposit to open | $0 |
New account fee | $0 |
Minimum balance to earn interest | $1 |
Interest compounding | Daily |
Monthly transaction limit | 9 |
Fee per transaction over the limit | $0 |
More info | Go 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.
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.
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.
To qualify for an American Express® High Yield Savings Account, you must meet the following criteria.
Be prepared to provide the following details during the application process.
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:
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.
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 |
Aspiration Spend & Save Account |
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★★★★★ |
★★★★★ |
★★★★★ |
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|
|
Fee $0 |
Fee $0 |
Fee $0 |
APY 1.00% |
APY 0.61% 0.25% 0.15% |
APY 5.00% |
Minimum deposit to open $0 |
Minimum deposit to open $250 |
Minimum deposit to open $10 |
Minimum balance to earn interest $1 |
Minimum balance to earn interest $0 |
Minimum balance to earn interest $0 |
Compare even more savings accounts
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.
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:
Withdraw funds in the same ways that you can deposit into your American Express savings account.
There are two ways you can get in touch with American Express customer service for this account:
★★★★★ — 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.