Quick Take: The American Express® A High Yield Savings account is a good place to park some money you don’t need right away. The APY rate is higher than most – much higher in some cases. But you may face a challenge if you need your money and haven’t set up a linked account.
- Easy to use
How did we calculate this?
- High APY interest on every balance
- No minimum balance
- No surcharges
- FDIC insured
- No debit card
- No mobile check deposit
American Express High Yield Savings Account Overview
The American Express Member FDIC High Yield Savings Account is a standalone savings account that pays high interest on each balance. To use this account, you must transfer money from one linked account to another financial institution.
Most important features
Here are some of the key 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 interest rate, so it can change at any time interest fluctuates. There is 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 none monthly maintenance costs. There is also no minimum balance requirement, so you don’t have to pay if you don’t have enough money in the account.
The biggest advantage of this account is the interest. You can transfer money between linked accounts and set up automatic transfers to help you reach your savings goals. You can choose electronic or paper statements.
American Express is known for its high level of customer service and was ranked #1 in customer satisfaction for online-only bank savings accounts by JD Power in 2022.
Easy to use
The American Express High Yield Savings account does not offer a debit card, so you cannot access your money through an ATM. And there are no branches, so you can’t walk in and withdraw money. You can only transfer money to a linked account at another bank, and the process to set this up takes a few days. To deposit a check, you must mail it to American Express.
Some people consider this inability to easily access your money an advantage, as it keeps you from using your savings impulsively — to pay for a dinner party or those cute shoes, for example.
American Express is testing a mobile app to access the High Yield Savings account. For now you need one American Express® card Become a 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 and flexibility. You deserve APY on any balance, and you can freely move your money in and out of the account once you set up your linked accounts.
Similar options for high-yield savings accounts
Choosing a high-yield savings account is smart, but you want to make 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 off APY. In addition to this account, Salem 5 Direct also offers checking accounts, CDs and other banking services so you can have all your accounts in one place. They also offer a mobile app so you can easily check your balance and transfer money.
Marcus from Goldman Sachs
The Marcus Online Savings Account offered by Marcus from Goldman SachsMember FDIC, pays Annual percentage rate of return, 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 arranged within minutes. You can apply online by going to the American Express High Yield Savings page and clicking ‘Open an account’.
You must be 18 years of age or older and be a US citizen or resident alien with your home address in the US. You will need some personal information, such as name, address, email address, and phone number, as well as your Social Security number or Individual Taxpayer Identification Number. You will also need the routing and account numbers of any external accounts you want to link to your new savings account. By linking your account, you can easily transfer money in and out.
Who is the American Express High Yield Savings Account best suited for?
If you’re looking for a high interest rate on your savings and you don’t necessarily want instant, easy access to your money, consider the American Express High Yield Savings account. The interest is one of the best available, even for low balances, and its automatic transfer feature can help you save more. Since it’s a bit more difficult to access your money, you might think twice before diving 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 interest rate and you’re less likely to withdraw money without thinking about it.
Here are the answers to some frequently asked questions about the American Express High Yield Savings account.
- 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 up some money that you want to earn interest on but don’t need to use anytime soon.
- What is the interest rate on the American Express High Yield Savings Account?
- As of January 16, 2023, the American Express High Yield Savings account pays 3.30% APY. This rate is variable, so it will change as general interest rates rise or fall.
- What’s 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 make sure you understand all requirements before opening the account.
- What is the highest paying high interest savings account?
- Rates are constantly changing, but as of January 16, 2023, one of the highest rates on high-yield savings accounts can be found at Salem 5 Direct. Their eOne Savings Account pays off 4.10% APY.
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Rates are subject to change; unless otherwise stated, rates are updated periodically. All other account information is correct as of January 16, 2023.
Note to editors: This content is not provided by American Express. Any opinions, analysis, reviews, ratings or recommendations contained in this article are those of the author alone and have not been reviewed, endorsed or otherwise endorsed by American Express. American Express credit card products are not available through GOBankingRates.com.