American Express® High Yield Savings Review: High APY With No Fees

With a high annual percentage yield (APY) and no fees, American Express® High Yield Savings from American Express® National Bank (member FDIC) will appeal to many savers who don't require branch access. The account has no maintenance fees and offers unlimited transfers and withdrawals.

Our in-depth review of American Express® High Yield Savings will help you decide if it's the right tool to maximize your savings.

Here's what you need to know about opening and using an American Express® High Yield Savings account.

American Express® High Yield Savings interest rate

An APY of 4.25% makes this savings account one of the best options out there. The interest you earn on your saved cash compounds daily (and will be deposited monthly), so you'll accrue more money more quickly.

We tried it: Our team's firsthand experience

Here at The Ascent, we pride ourselves as real users of most of the products across our site. One of our Personal Finance Writers, Brittney Myers, uses the American Express® High Yield Savings account herself.

The American Express® High Yield Savings account has no maintenance fees or any required fees to earn the advertised APY.

Unlike some savings accounts, this Amex account doesn't require any minimum balance to open or benefit from the advertised APY. You can start with $0 and build your savings over time, benefitting from the high APY as your balance grows. No minimum balance requirement means this is a good account option for beginning savers.

There are no withdrawal limits on your Amex savings account. You won't be able to withdraw money from a bank branch, because American Express doesn't have them. It doesn't have ATMs either, and no ATM card is provided with the account. But you can transfer money to a linked checking account and withdraw that way. Online-only banks have a bit of a learning curve, but you're earning a higher APY thanks to the bank's lack of physical footprint.

The American Express mobile app is a standout -- you can check your account balance, move money around, and access Amex Offers. You can also manage Amex card accounts alongside your savings account and access help if you need it. Online banks need to rely even more heavily on mobile technology, and American Express has risen to the challenge.

While American Express® National Bank has no physical branches, you still have several options to access your money easily and quickly -- some of which are fee free.

Deposit options

There are multiple ways to deposit funds into your American Express® High Yield Savings, including:

• Mobile check deposit through the American Express app
• Electronic bank transfer from a linked bank account
• Wire transfer
• Mailing a physical check

You can initiate transfers online or via phone 24/7, but if it's after 7 p.m. EDT, American Express considers the transfer to have occurred on the next business day. You also have the choice of setting up a one-time transfer or recurring transfer. Recurring transfers make it easy to regularly contribute to your savings.

Withdrawal options

You can use the same methods to withdraw money as you would to deposit it:

• Electronic bank transfer
• Wire transfer
• Physical checks

One of the biggest downsides of the American Express® High Yield Savings is there's no way to access your money quickly. It takes one to three days for the funds to show up in your linked bank account after you make a withdrawal. But you can work around this by planning ahead and arranging to transfer funds several days before you'll need the money.

You can withdraw all the money in your account at any time. However, if your account maintains a zero balance for 180 days, American Express will automatically close it.

American Express® National Bank doesn't have many fans on Trustpilot -- the financial institution has an average rating of just 1.5 stars. And it doesn't fare any better on the BBB website, with an average of 1.08 out of 5. Most reviews ding Amex cards and related services, however -- and low ratings are common for banks and credit card issuers. The mobile app gets high marks (4.9 out of 5) on the App Store, and has a rating of 3.9 on Google Play.

4.25% APY as of April 25, 2024: When choosing a high-yield savings account, APY is one of the most important factors. The American Express® High Yield Savings offers one of the higher APYs we know of.

Ease of use: You can set up and start using your American Express® High Yield Savings in minutes. You can also have multiple linked accounts and move money between them. 

No maintenance fees: As an online bank, American Express® National Bank doesn't have the overhead costs of brick-and-mortar banks. As such, it can offer its American Express® High Yield Savings for free with no minimum account balance.

No minimum to open account: There's no minimum opening deposit or required balance for the American Express® High Yield Savings. Your money will earn the full APY, regardless of your balance.

24/7 customer support: If you need help, you can get support from a customer representative over the phone 24/7. American Express also has free educational tools and resources, including free credit scores and reports for its members.

No branches: American Express® National Bank has no physical branches, so you won't be able to bank in person or talk to a person face to face.

ATM access: ATM cards, debit cards, and checks are not provided, so you can't access your cash through an ATM.

Processing time: It takes one to two business days for transferred funds to appear in your linked bank account, not including the time it takes to link the account. That could be a problem if you need immediate access to your cash.

Requirements to open a American Express® High Yield Savings account

To open an American Express® High Yield Savings account, you must:

• Be at least 18 years old
• Be a U.S. citizen OR a resident alien with a valid Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) with a home address in the U.S.
• Use the account for personal use

American Express® National Bank is FDIC insured. This means that up to $250,000 per account holder per insured account type is safe in case of bank failure. If the bank goes under, your savings account funds will be returned to you.

If you're already an Amex cardholder and are looking for a new banking relationship, give American Express a closer look. The American Express® High Yield Savings account doesn't pay the top APY available among its peers, but its full suite of features makes it worthwhile anyway. And with no fees to eat away at your balance, your savings will be free to grow.

Keep reading about American Express

• American Express® National Bank Review
• American Express® National Bank Promotions
• American Express Rewards Checking Review
• American Express® National Bank CD Rates

Our savings account methodology

At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

• APY: 50%
• Brand and reputation: 20%
• Fees and minimums: 15%
• Other perks: 15%

Learn more about how The Motley Fool Ascent rates bank accounts.