American Express® High Yield Savings Account review
- APY
- 4.25%
- Fee
- $0
- Minimum deposit to open
- $0
Our verdict
An online-only savings account with $0 opening deposit and a competitive rate.
The American Express® High Yield Savings Account comes with a competitive 4.25% Annual Percentage Yield (APY), which is much higher than the national average for savings accounts. The account also allows for nine transactions per month, whereas most other savings accounts cap out at six. It also comes with $0 minimum balance and $0 monthly fees. However, as a digital bank, Amex® offers no in-person support.
Best for: Those who want a competitive savings account from a trusted brand.
Pros
-
High 4.25% APY
-
$0 opening deposit
-
24/7 customer service by phone
-
Up to nine withdrawals per month
Cons
-
No in-person support
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 4.25% APY, which is more than nine times higher than the national average rate of 0.46% 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®. 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.
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.
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.
Bethany Finder
Writer, Banking and Loans
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