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

Review Updated
Ashley Maready
Christy Bieber
By: Ashley Maready
Ashley Maready
Ashley Maready
Writer and Editor

Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

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 and  Christy Bieber
Christy Bieber
Christy Bieber
Writer

Christy Bieber is a full-time personal finance and legal writer with more than a decade of experience. She has a JD from UCLA as well as a degree in English, Media and Communications with a Certificate in Business Management from the University of Rochester. In addition to writing for The Ascent and The Motley Fool, her work has also been featured regularly on MSN Money, CNBC, and USA Today. She also ghost writes textbooks, serves as a subject matter expert for online course design, and is a former college instructor.

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Our Banking Experts

Nathan Alderman
Check IconFact Checked Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

Our quick take: The American Express® High Yield Savings account (member FDIC) could be right for you if you want a competitive APY and unlimited withdrawals and are OK without ATM access or local branches.

Key takeaways:

Ratings Methodology
Rates as of Jun 28, 2024

American Express® High Yield Savings

Open Account for American Express® High Yield Savings
Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Open Account for American Express® High Yield Savings
APY
4.25% Rate info Circle with letter I in it. 4.25% annual percentage yield as of June 28, 2024 $1 Minimum to earn APY
Min. To Earn APY
$1
  • Competitive APY
  • No account fees
  • $0 minimum opening deposit
  • Comfort of a well-known brand and reputation
  • Unlimited transfers and withdrawals
  • 24/7 customer support
  • FDIC insured
  • No ATM access
  • No branch access; online only

American Express High Yield Savings may not have the highest APY on our list, but it still offers a rate well above average and requires no minimum deposit to qualify for the highest APY. It's a good fit for those who want to save at a competitive rate while avoiding withdrawal limits or minimum balance requirements.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
up to 4.60%
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!
4.25%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A
4.25%
Rate info Circle with letter I in it. 4.25% annual percentage yield as of June 28, 2024
Min. to earn: $1
N/A

Full American Express® High Yield Savings review

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

Account APY Minimum Deposit
American Express® High Yield Savings 4.25% as of April 25, 2024 $0
Data source: American Express.

An APY of 4.25% as of April 25, 2024 makes this savings account competitive with other online banks. The interest you earn in your account compounds daily (although it's 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.

Here's Brittney's review:

I originally opened my Amex Personal Savings because it had a welcome bonus at the time. Since then, however, it's become my go-to short-term savings account thanks to the competitive APY and ease of use. I especially love the mobile app that makes it simple to manage my Amex cards and bank account all in one place.

Fees

The American Express® High Yield Savings account has no maintenance fees or fees charged if your balance drops below a certain level.

Minimum balance

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, earning a competitive return as your balance grows. This makes the account ideal for beginning savers.

Withdrawal limit

Amex imposes no withdrawal limits on your savings account. You can't withdraw money from a bank branch, because American Express® National Bank 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 to access it. 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.

Mobile app

The Amex 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 rely heavily on mobile technology, and American Express® National Bank has risen to the challenge.

How to access your money

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 Amex 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® National Bank 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 up to five days for 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 stays at a zero balance for 180 days, American Express® National Bank automatically closes it.

Online user reviews

American Express® National Bank doesn't have many fans on Trustpilot -- the financial institution has an average rating of just 2.4 stars. And it doesn't fare any better on the BBB website, with an average of 1.08 out of 5. Most reviews focus on Amex cards rather than its savings accounts though -- 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.

Top perks

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

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® National Bank also has free educational tools and resources, including free credit scores and reports for its members.

What could be improved

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 five 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

Is American Express® High Yield Savings FDIC insured?

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

American Express® High Yield Savings is right for you if:

If you're already an Amex cardholder and are looking for a new banking relationship, give American Express® National Bank 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® National Bank

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.

FAQs

  • The American Express® High Yield Savings account is worth considering if you're seeking a competitive APY and you don't need to bank at a brick-and-mortar location.

  • The American Express® High Yield Savings account interest compounds daily and is deposited to your account each month.

  • Nope -- no credit check is run when you open an American Express® High Yield Savings, or any other savings account.