American Express High Yield Savings review August 2019 |

American Express® Personal Savings High Yield Savings account review

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

American Express® Personal Savings High Yield Savings
  • 2.10% APY as of 6/27/19
  • No monthly fee
  • No minimum balance
Find out more Go to site

Enjoy no monthly fees and a competitive annual percentage yield (APY) with this online-only savings account.’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.

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:

  • 2.10% 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

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 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

Name Product Interest rate (APY) Fee Minimum deposit to open
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank.
Enjoy no monthly fees and a competitive APY with this online-only savings account.
Betterment Everyday Savings
Betterment Everyday Savings
At a 2.44% APY if you join the waitlist for Betterment Everyday Checking or 2.19% if you don't, this is a high-interest FDIC-insured savings account seamlessly tied into Betterment's investment robo-advisor.
$5 per month
(can be waived)
Get a $150 bonus when you open a new Chase Savings account, deposit a total of $10,000 or more in new money within 10 business days and maintain a $10,000 balance for 90 days.
With an APY of up to 2.25%, it's UFB Direct's highest-yielding savings account.
$15 per month
(can be waived)
Earn one of the highest annual percentage yields (APYs) if you live in one of 42 eligible states, and access your money by ATM, check or bill pay.

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 2.1% 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

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.
Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site