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Compare American Express savings accounts

Go beyond credit cards with Amex CDs and high-yield savings accounts that earn up to 4.30% APY.

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You likely associate American Express with its credit cards, but it also offers several high-yield savings products. While American Express savings accounts don’t come with personal checks or debit cards, $0 monthly fees and competitive interest rates may outweigh the limited access to funds.

What savings products does American Express offer?

American Express offers two savings options:

Personal banking

What other products does American Express offer?

American Express has a full suite of financial products, including:

  • Personal credit cards. American Express has a number of credit cards to choose from, including the The Platinum Card® from American Express and the American Express® Gold Card.
  • Business credit cards. Amex has many credit cards for businesses, including the The American Express Blue Business Cash™ Card, The Business Platinum Card® from American Express, The Plum Card® from American Express and the Delta SkyMiles® Platinum Business American Express Card.
  • Personal checking account. American Express now offers an interest-bearing personal rewards checking account that American Express credit card holders can open.
  • Personal loans. Secure a personal loan with American Express of up to $40,000 with APRs from 5.91%.
  • Business loans. Borrow up to $75,000 with an Amex business loan, with terms of up to three years and APRs from 6.98% to 19.97%.

American Express savings account pros and cons

Amex savings accounts have these benefits and drawbacks:

Savings accounts

Pros

  • High APY. Amex’s savings account has a 4.30% APY, which is much higher than the current national average.
  • $0 monthly fee. You’l pay $0 on monthly service fees associated with the American Express® High Yield Savings Account.
  • $0 minimum deposit requirements. You can open an Amex savings account with as little or as much money as you’d like.

Cons

  • No ATM access. The American Express savings account doesn’t come with personal checks or an ATM card.
  • Few ways to access your money. American Express doesn’t have any retail locations, so the only way to access your money is by transferring it to an external account first.
  • Only one savings account. American Express doesn’t offer any other savings accounts besides its High Yield Savings account.

CDs

Pros

  • Accessible APY. You can have your interest transferred to your savings account, a different linked account or sent to you via US mail before your CD reaches maturity.
  • Low opening deposits. While some banks require opening CDs as high as $10,000, Amex lets you get started with a $0 opening deposit.
  • Many terms. American Express has CD terms that range from eleven months to five years.

Cons

  • No partial withdrawals. If you need to tap into your CD before it matures, you’ll have to withdraw your full account balance.
  • High withdrawal fees. Amex charges higher early withdrawal fees than other banks, so be prepared to pay a hefty fee if you need to withdraw funds early.

Are there any Amex savings account bonuses?

No. American Express was offering 25,000 membership rewards points to eligible Amex credit cardholders who opened a savings account, but this bonus expired in July 2020.

Is there an American Express savings account app?

No. American Express is in the process of connecting all its systems, but at this time you can’t access your savings account in the Amex mobile app. Instead, you’ll need to go to the webpage and log in using your credentials.

What do regulators and customers say?

American Express is an accredited business with the Better Business Bureau, from which it receives an A+ rating. It’s also insured by the FDIC, from which it receives an Outstanding rating from the CRA.

Unfortunately, American Express doesn’t receive a review from Trustpilot. It has a TrustScore of 3.1 out of 10, based on 225 customer reviews. Customers said that charge disputes were handled professionally but complained of long wait times to speak with customer service.

At the Consumer Financial Protection Bureau, a whopping 6,845 complaints were targeted at American Express’ credit cards. Only 60 complaints came in about Amex’s savings account and CDs, most of which came from customers saying their accounts had been closed without requesting it.

How does American Express compare to other banks?

American Express ranks 29th on the list of the top 50 bank holding companies by deposits in the US. With over $67 million in customer deposits, it’s flanked by BBVA with $70 million and Discover Financial with $63 million.

While Amex certainly holds its own on the list, it doesn’t quite compare to the nation’s leading financial provider, Bank of America, with over $1 billion in customer deposits and more than 4,000 branches nationwide.

This table shows how Amex’s banking experience compares to other institutions:

Overall banking

Pros

  • Competitive APY. With a 4.30% APY on its savings account and even better APYs on its long-term CDs, American Express offers competitive rates on its savings products.
  • Online banking. Monitor your funds and make transfers from your computer or mobile device using the American Express online banking platform.
  • 24/7 customer service. Amex customer support can be reached 24 hours a day, seven days a week by phone and email.

Cons

  • No in-person support. American Express is headquartered in New York City and has no other bank branches, so customer service is limited to phone and email support.

Compare American Express savings to the competition

If you’re looking for a bank that offers checking and savings accounts, use the table to compare your options.

$
Name Product Account type Annual Percentage Yield (APY) FDIC or NCUA insured amount Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
UFB Secure Savings
Finder Rating: 4.7 / 5: ★★★★★
UFB Secure Savings
Traditional savings,Custodial account

5.25%

Up to $250,000
$0
$0
$1,052.50
SoFi Checking and Savings
Finder Rating: 4.6 / 5: ★★★★★
Bonus
SoFi Checking and Savings
Traditional savings,Checking

4.60%

0.50%

1.20%

Up to $250,000
$0
$0
Earn up to $300 with a qualifying direct deposit, terms apply. This offer is available until December 31, 2023.
$1,046
American Express® High Yield Savings Account
Finder Rating: 4.9 / 5: ★★★★★
American Express® High Yield Savings Account
Traditional savings

4.30%

Up to $250,000
$1
$0
$1,043
Wealthfront Cash Account
Finder Rating: 4.6 / 5: ★★★★★
Wealthfront Cash Account

5.00%

Up to $8M FDIC insurance
$1
$1
$1,050
Valley Direct High Yield Savings Account
Finder Rating: 4.6 / 5: ★★★★★
Valley Direct High Yield Savings Account
Savings app

5.25%

$250,000
$0.01
$1
$1,052.50
Customers Bank High Yield Savings Through Raisin
Not rated yet
Customers Bank High Yield Savings Through Raisin
Traditional savings

5.30%

$0
$1
$1,053
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Bottom line

Opening a personal savings account with American Express comes with several perks, including $0 monthly fees, high interest rates, unlimited transactions and online banking. But be prepared for no ATM access and no in-person customer support. Before you make a decision about your next savings account, compare your online options.

Common questions about American Express

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2 Responses

    Default Gravatar
    LisaMay 13, 2019

    I am thinking of opening a savings account for my new granddaughter. I want to open it as a Uniform Transfers to Minors Act (UTMA). Is that possible via American Express?

      AvatarFinder
      JeniMay 13, 2019Finder

      Hi Lisa,

      Thank you for getting in touch with Finder.

      Kindly contact American Express about opening UTMA accounts. If you’re looking around, kindly visit this page to compare your options or use the page as a guide on opening up a kid’s savings account.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

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