American Express High Yield Savings Account Review 2024

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American Express High Yield Savings Account

9.0 rating

Expert Take

Overall, the American Express High Yield Saving account is a solid choice from one of the world's best-known financial service providers offering higher rates than the national average.


  • Top-earning HYSA
  • No monthly fees
  • No minimum deposit
  • No minimum balance requirements
  • 24/7 customer support


  • No physical locations
  • Doesn't support cash deposits
  • Some negative customer reviews

American Express High Yield Savings Account logo

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at American Express High Yield Savings Account

Looking for a high-yield savings account with no fees? The American Express® High Yield Savings account might be a good fit for you.

The account has no maintenance fees and allows more transfers and withdrawals than its competitors. But if you prefer banking in person, you won’t have any brick-and-mortar locations to visit with this online-only account.

Read our detailed review of American Express® High Yield Savings to see if it’s the right option for growing your savings.

American Express High Yield Savings Account

The American Express High Yield Savings Account is an FDIC-insured high-yield savings account (HYSA) that comes with no fees and has no minimum deposit requirement.

  • APY: By far, the most attractive feature of this account is the annual percentage yield (APY) of 4.25%, which puts this online savings account among the top-earning HYSAs.
  • Compounding: Interest compounds daily and deposits to your account at the end of each statement cycle.
  • Funding: When it’s time to fund your account, you can set up direct deposits, easily transfer funds from external bank accounts, or mail in a check.
  • Automating: If you want to automate your savings deposits, you can schedule recurring deposits from your external linked accounts.

American Express HYSA Features

Online Banking

Amex High Yield Savings Account is online-only, so all of your banking is done from your phone, desktop, or tablet. You’ll have 24/7 access to your account, and you can easily make transfers, set auto-deposits, and monitor your balance through the browser and the mobile app.

Amex’s mobile app has all-in-one functionality to track your checking and savings accounts, plus any credit cards you have.

Paper or eStatements

Amex suggests that you take advantage of eStatements, but if you prefer a hard copy, you’ll have the option to receive paper statements for free.

9 Monthly Withdrawals

While most savings accounts only allow 6 transactions per month, you can make as many as 9 with an Amex savings account. This includes both withdrawals and outgoing transfers.

Pricing & Fees

The Amex high-yield savings account has no monthly maintenance fee, and unlimited withdrawals and transfers with no fees attached.

Getting Started

Applying for an Amex savings account is easy. Simply head to the website, click “Apply” on the account that you want to open, and enter your personal information.

You can make your initial deposit via electronic transfer or check, but the ACH is probably your best bet if you don’t want to wait.

Before your account is fully active, you’ll notice two small credits from Amex in the bank account that you’re linking.

Don’t worry, these are just test deposits that Amex uses to verify that it’s pulling money from the right place.

Test deposits typically show up one to two business days after you apply. All you have to do is log into your Amex account and verify the amounts.

From there, you’re good to go.

If you're already an Amex credit cardholder, you should be able to save yourself some time by skipping the step of entering your personal information. Just make sure that you're logged in, and the process of opening your new account moves a little quicker.

Additional American Express Savings Product

American Express also offers certificates of deposits to help save money and earn interest. Check out the account options below.

American Express Certificates of Deposit (CDs)

If you have some funds on hand that you don’t need access to in the short term, you might want to consider a CD, where you can find the highest interest rates that Amex has to offer.

Terms range anywhere from six months to 60 months, and the fixed CD rates are tiered based on how long your term is.

Depositors don’t have to worry about any minimum balance requirements or maintenance fees.

Here’s a look at the current breakdown of available APYs:

Product APY Min Deposit
11 Month CD4.50% APY$0
1 Year CD4.35% APY$0
6 Month CD4.00% APY$0
2 Year CD4.00% APY$0
5 Year CD3.00% APY$0
4 Year CD1.20% APY$0
3 Year CD1.15% APY$0
18 Month CD1.00% APY$0

Keep in mind that if you have to withdraw your funds before the end of the term, you'll have to pay a fee based on how much you've earned so far in interest. This is pretty standard. The rule of thumb with a CD is to only allocate funds that you're sure you won't need for the length of your term.

American Express Savings Promotions

Here are some of the best American Express promotions going on right now:

1. Business Checking - 30,000 MR bonus points

Expires: Limited Time

Available nationwide with the ability to open online, Amex is offering a 30,000 MR Points welcome bonus when you open a new business checking account and make qualifying transactions. Previously, this was a cash offer (and about half as much), but Amex is now offering it as Membership Rewards points which means you can likely stretch it further if you redeem for travel. This is a rare offer from American Express and relatively easy to earn.

How to earn the bonus

The Business Checking sign up offer requires you to deposit and maintain a minimum balance and make purchases using the account's card in order to earn the 30,000 MR bonus points. Full requirements to receive this bonus are:

  1. Open a new business checking account.
  2. Within 20 days, deposit $5,000 into your account and maintain an average account balance of $5,000 for 60 days.
  3. Within 60 days, make 5 or more transactions (mobile deposits, and electronic/online transactions including ACH, Wire, and Bill Payments).
  4. Bonus will be deposited within 8-12 weeks after completing the requirements.

read the full terms


American Express credit cards are known for top-notch security and support, and its savings accounts are no different.

Amex constantly monitors account activity for potential fraud and requires multi-factor authentication for access on any device.

The personal savings website comes with Secure Socket Layer (SSL) encryption to protect your personal information, and if you end up the victim of fraud or identity theft, your liability is limited to $50 at a maximum.

All Amex accounts are also FDIC-insured, so any deposits are covered for up to $250,000.

Customer Service

Amex offers 24/7 customer support, so you’ll be able to speak with someone if you need a little help, no matter what time it is. The customer support line is 1-800-446-6307.

On top of that, there is a savings-specific online help center that has a ton of FAQs and useful tools to help answer your questions.

Overall, customers seem to be pretty happy with the level of customer support they are getting from Amex Savings, but it may not work for people who prefer in-person suport.

The fact that you have access to 24/7 phone support makes Amex savings stand out from any of its online-only savings account competitors.

Customer Reviews

Unfortunately, American Express doesn’t have the most flattering online reviews, but that doesn’t mean they don’t have a legacy of happy customers. Let’s look at a sampling of customer reviews, so you can get a better idea of real-life customer experiences.

I have been genuinely impressed with the customer service and the fraud prevention team! I recently had an experience where a friend accidentally used my card which was saved on their account and after I declined it from my end, I thought that was the end of it! I later received a call from the Fraud and Prevention team who showed genuine care and concern for my account & transaction such that they went out of their way to contact me to verify what had happened, whether my card was safe, and if I needed anything! Never before have I had such a wonderful experience where such care and concern has been shown! Excellent staff who were just so warm and welcoming!
Muhammad Trustpilot

Had a minor issue and took a while to get through to customer support, but sorted in the end. Other than that it seems all good.
Phillip Harrison Trustpilot

Great customer service, but I always find problems with the website e.g., slow, not working, doesn't load properly, etc. This is a constant problem that has happened over a long period of time with different computers in different locations when all other websites I am using are working, so this is a unique problem with American Express.
EA H Trustpilot

Pros & Cons


  • Top-earning HYSA
  • No monthly fees
  • No minimum deposit or minimum balance requirements
  • 24/7 customer support


  • No physical locations
  • Limited funding options compared to in-person banks

Alternatives to American Express Savings

When it comes to HYSAs, one of the most comparable alternatives is Marcus by Goldman Sachs.

There are a few reasons that Marcus stands out as a top alternative: a large brand name bank backs it, Marcus offers similar checking account options, and its 4.40% interest rate beats AMEX.

Other popular online-only HYSA alternatives include:

Ally is particularly competitive. Its high-yield savings account offers a 4.25% APY, but its stand-out feature is its saving buckets.

Instead of leaving a lump sum in one account, you can separate it into buckets so you can track your progress toward specific savings goals, like holiday gifts, vacations, and less exciting things like car maintenance.

Frequently Asked Questions

Is the Amex high yield savings account good?

The Amex high-yield savings account is a solid option mainly because it comes with a competitive APY, and there are no fees associated with it. This makes it a good account in my book, but whether or not it’s the right account for you completely depends on what you’re looking for.

What is American Express?

American Express is a publicly traded financial institution, known for its high rewards credit cards and exclusive membership perks.

However, it doesn’t only offer credit cards. It also has compelling savings accounts and loan options. For the purpose of this article, we’ll focus on the high-yield savings account options.

Is American Express National Bank legit?

Yes, it’s absolutely legit. Amex National Bank is owned by American Express, which is considered one of the world’s most valuable brands. All accounts with Amex are FDIC-insured, so your money is always protected.

What is the interest rate on American Express high-yield savings account?

At the moment, the high-yield savings account has an interest rate of 4.25% for any account balance.

How do I deposit money into an Amex savings account?

You can deposit funds into your Amex account via electronic transfer or by sending a check in the mail.

There’s no option to deposit checks digitally, and without retail locations, you won’t be able to stop into a branch to deposit cash.

The easiest way to fund your account is by linking it with an existing bank account, which you can do easily with just your account number and routing number.

Does Amex Savings use Zelle?

No, Amex does not utilize Zelle or any other instant transfer platform so your transfers may take a little longer (up to 24 hours) to come through.

Is American Express Savings Right For You?

American Express Savings accounts are solid, low-fee options from one of the world’s best-known financial service providers.

Its high-yield savings account and CD earn much higher rates than the national average.

As such, Amex’s foray into the online banking space looks promising. Plus, Amex tends to score well when it comes to customer loyalty.

If you’re already happy with one of its other products, there’s a good chance you’ll like what comes along with an Amex savings account.

That said, there are some drawbacks to consider. The limited options for quick transfers and deposits (especially without an in-house checking account) might be a headache.

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