Who is American Express High Yield Savings Account best for?

Amex’s high yield savings is best for anyone in need of a simple, low-maintenance savings account with a high APY from a trusted bank. With $0 opening deposit and a $0 monthly fee, it’s a no-fuss, straightforward account.

The lack of fees and balance requirements also make it a great fit for anyone just starting to save some cash and earn a high APY without the pressure of meeting a balance requirement.

However, some savings accounts have much higher APYs, such as Western Alliance and Varo. But Amex has a leg up on the competition since it’s a trusted and recognizable bank.

What we like about Amex’s High Yield Savings Account

Amex’s savings account’s biggest strength is its competitive 3.60% APY, which is more than nine times higher than the national average rate of 0.38% for savings accounts, according to the FDIC.

Also, most savings accounts have a six monthly transaction limit. But Amex allows for up to nine withdrawals and transfers per month. And like most mobile banking apps these days, you can now perform mobile check deposits.

This account doesn’t have an opening deposit requirement, balance requirements or monthly fees, making it free to open and maintain. Alongside that is the support and trust offered by a major brand like American Express®more info button. While it’s an online bank, you’ll get 24/7 customer support over the phone at 1-800-446-6307.

Where it falls short

Although you get 24/7 customer support over the phone, American Express has no physical branches so there’s no in-person support. This isn’t unusual for a digital account, though customers new to Amex might be surprised by their phone-focused support methods.

Compare Amex High Yield Savings Account to other savings accounts

Narrow down top savings accounts by APYs, opening deposits and minimum balances requirements. For a closer comparison, tick the Compare box to see accounts side by side.

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Product	Finder Score	Account type	Annual Percentage Yield (APY)	FDIC or NCUA insured amount	Minimum balance to earn interest	Minimum deposit to open	Bonus offer
Promoted Finder score 9.4 Excellent NexBank HYSA through Raisin	Finder score 9.4 Excellent	Traditional savings	4.31%	Up to $250,000	$0	$1	Top Offer Up to $500 bonus for new customers with qualifying deposits using promo code BOOST.	Go to site More info Compare product selection Compare	loading
Promoted Finder score 8.8 Great Uphold USD Interest Account	Finder score 8.8 Great	Savings app	Up to 4.50%	Up to $2.5 million	$1	$0	Go to site More info Compare product selection Compare	loading
Promoted Finder score 9.8 Excellent American Express® High Yield Savings Account	Finder score 9.8 Excellent	Traditional savings	3.60%	Up to $250,000	$0	$0	Go to site More info Compare product selection Compare	loading
Finder score 9.2 Excellent SoFi Checking and Savings	Finder score 9.2 Excellent	Traditional savings,Checking	Up to 3.80%	Up to $250,000	$0	$0	Top Offer Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until January 31, 2026.	Go to site More info Compare product selection Compare	loading
Finder score 9.4 Excellent Varo	Finder score 9.4 Excellent	Traditional savings	Up to 5.00%	Up to $250,000	$0	$0	Go to site More info Compare product selection Compare	loading
Finder score 9.2 Excellent Greenlight	Finder score 9.2 Excellent	Kids banking	Up to 6.00%	Up to $250,000	$0	$0	Go to site More info Compare product selection Compare	loading

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How we picked these

What is the Finder Score?

The Finder Score crunches over 250 savings accounts from hundreds of financial institutions. It takes into account the product's interest rate, fees, opening deposit and features - this gives you a simple score out of 10.

To provide a Score, Finder’s banking experts analyze hundreds of savings accounts against FDIC-reported national averages as a baseline. Accounts with rates well over the national average are scored the highest, while accounts with rates well below are scored low.

Read the full Finder Score breakdown

Customer experience

American Express is a long-standing, trusted bank by many. In business for over 170 years, it has credibility and a lot of reviews to sift through. It’s worth noting that the majority of customer reviews on BBB and Trustpilot are in reference to its flagship products: Amex credit cards. There’s little to no mention of its other banking products.

Unlike many other banks or fintechs, Amex is actually accredited by the Better Business Bureau (BBB). It also holds the highest BBB rating of A+, which is based on how well Amex interacts with customers and responds to complaints. That rating is impressive considering that Amex has had over 4,000 customer complaints in the last three years.

In terms of customer reviews and complaints, American Express doesn’t fare too well, but that’s not uncommon with large banks. As an online bank, one of Amex’s biggest weaknesses is its lack of in-person customer support, with the majority of negative reviews citing issues around contacting customer support to resolve account issues or fraud.

Finder Scores: What they mean

If you want peace of mind, this rating will give it to you. These products offer the best value and outcomes considering various product features, terms, conditions and price.

Well-balanced products that provide what you need, offering a healthy mix of competitive features at a good price. However, they're not quite the best in class.

Bottom line: You can find better, but these products still offer reasonable value and have the basics sorted.

These products may not offer much value in the long run, and there are better options available.