American Express High Yield Savings Account Review
Quick Take: The American Express® High Yield Savings account is a good place to park some money that you won’t need right away. The APY rate is higher than most — in some cases, much higher. But you might face a challenge if you need your money and don’t have a linked account set up.
- Ease of Use
How did we calculate this?
- High APY interest on any balance
- No minimum balance
- No fees
- No debit card
- No mobile deposit of checks
American Express High Yield Savings Account Overview
The High Yield Savings account from American Express, Member FDIC, is a stand-alone savings account that pays a high rate of interest on any balance. In order to use this account, you need to transfer funds from a linked account at another financial institution.
Here are some of the most important features of the American Express High Yield Savings account.
The American Express High Yield Savings account pays a Annual Percentage Yield. This is a variable rate of interest, so it can change at any time as interest rates fluctuate. There’s no minimum balance required to earn this rate, and there is no higher rate for larger balances.
The American Express High Yield Savings account has no monthly maintenance fees. There’s also no minimum balance requirement so you won’t face a fee for not having enough money in the account.
The biggest perk of this account is the interest rate. You can transfer money between linked accounts and set up automatic transfers to help you reach your savings goals. You can opt for either electronic or paper statements.
American Express is known for its high level of customer service and, in 2022, it was ranked No. 1 in customer satisfaction for savings accounts from online-only banks by J.D. Power.
Ease of Use
The American Express High Yield Savings account does not provide a debit card, so you cannot access your funds via ATM. And there are no branches, so you cannot walk in and make a withdrawal. You can only transfer money to a linked account at another bank, and the process to set this up takes several days. If you want to deposit a check, you have to mail it to American Express.
Some people may consider this inability to easily access your funds to be an advantage, as it inhibits you from using your savings impulsively — to pay for a dinner out or those cute shoes, for example.
American Express is piloting a mobile app for access to the High Yield Savings account. For now, you will need to be an American Express® Card Member and use that to link to your savings account.
How the American Express High Yield Savings Account Stands Out
The American Express High Yield Savings account is a standout due to its high-interest rate and flexibility. You earn APY on any balance, and you can move your money freely in and out of the account once you get your linked accounts set up.
Comparable High-Yield Savings Account Options
Choosing a high-yield savings account is smart, but you want to be sure you’re getting the best one for your specific savings goals. So it makes sense to compare. Here are some other options to consider.
Salem 5 Direct
Salem 5 Direct has a high-yield savings account called eOne Savings that pays APY. In addition to this account, Salem 5 Direct also offers checking accounts, CDs and other banking services, so you could have all your accounts in one place. They also offer a mobile app so you can easily check your balance and transfer funds.
Marcus by Goldman Sachs
The Marcus Online Savings account offered by Marcus by Goldman Sachs, Member FDIC, pays Annual Percentage Yield, and there are no fees or minimum deposit requirements. There is also a banking app to make transfers easier.
How To Apply
Applying for an account is easy and can be done in a few minutes. You can apply online by going to the American Express High Yield Savings page and clicking “Open an Account.”
You need to be 18 years old or older and a U.S. citizen or resident alien with your home address in the U.S. You’ll need some personal information, like name, address, email address and phone number, as well as your Social Security number or Individual Taxpayer Identification Number. You’ll also need the routing and account numbers for any outside accounts you would want to link to your new savings account. Linking your account would allow you to transfer money in and out with ease.
Who the American Express High Yield Savings Account Is Best For
If you’re looking for a high-interest rate on your savings, and you don’t necessarily want immediate, easy access to your funds, consider the American Express High Yield Savings account. The interest rate is among the best available, even for low balances, and the automatic transfer feature may help you save more. Since it’s a little more difficult to get at your funds, you may think twice before dipping into your hard-earned savings.
The American Express High Yield savings account is a good place to stash some cash — you’ll get a high rate of interest and will be less likely to pull money out without thinking about it.
Here are the answers to some commonly asked questions about the High Yield Savings account from American Express.
- Is the American Express High Yield Savings account worth it?
- There are no fees or minimum balance requirements for the American Express High Yield Savings account, and you earn 3.30% APY, no matter what your balance is. It’s a great place to put some money that you want to earn interest on but won’t need to use any time soon.
- What is the interest rate on the American Express High Yield Savings account?
- As of Jan. 16, 2023, the American Express High Yield Savings account is paying 3.30% APY. This rate is variable, so it will change as overall interest rates go up or down.
- What is the downside of a high-yield savings account?
- Some high-yield savings accounts have minimum balance requirements or limits on the number of transactions in a statement period. Read the fine print to be sure you understand any requirements before you open the account.
- What is the highest paying high-yield savings account?
- Rates change all the time but as of Jan. 16, 2023, one of the highest rates on high-yield savings accounts can be found at Salem 5 Direct. Their eOne Savings account pays 4.10% APY.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Jan. 16, 2023.
Editorial Note: This content is not provided by American Express. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by American Express. American Express credit card products are not available through GOBankingRates.com.