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

Review Updated
Brendan Byrnes
Author: Brendan Byrnes
Brendan Byrnes
Brendan Byrnes

Currently Managing Director of Motley Fool Money, Brendan has worked full-time for The Motley Fool since 2011. He has written hundreds of articles for The Motley Fool and provided analysis on TV outlets including CNBC and Fox. He holds a degree in finance from Virginia Tech.

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Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has been a full-time Motley Fool employee 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 Motley Fool Money'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 that our product ratings are not 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.

Chosen as one of our top eight best high-yield savings accounts of 2024, American Express High Yield Savings (Member FDIC) is a good choice for Amex cardholders looking for a solid APY and no fees. In this review, we’ll break down the features, benefits, and potential drawbacks of this account to help you decide if it’s the right choice for your financial goals.

  • Our team of experts assessed 100+ banking institutions
  • We evaluate all banking institutions across the same 4 key criteria: annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks
  • Our bank ratings are never influenced by our advertising partners
  • We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased
American Express® High Yield Savings
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Dec 20, 2024
FEATURED OFFER

American Express® High Yield Savings

Open Account for American Express® High Yield Savings

On American Express's Secure Website.

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

On American Express's Secure Website.

APY
3.80% Rate info Circle with letter I in it. 3.80% annual percentage yield as of December 27, 2024. Terms apply.
Min. To Earn APY
$0
  • Competitive APY
  • No account fees
  • Comfort of a well-known brand and reputation
  • Unlimited number of external transfers (up to daily transaction limits)
  • 24/7 customer support
  • FDIC insured
  • No ATM access
  • No branch access; online only
  • No cash deposits

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.

  • At Motley Fool Money, 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 Motley Fool Money rates bank accounts.

Our American Express® High Yield Savings review

The American Express® High Yield Savings account pays a decent rate of interest, helping your savings grow faster than a traditional savings account. Below, I'll explain why it's among the best high-yield savings accounts.

Interest rate

Account APY Minimum Deposit
American Express® High Yield Savings 3.80% as of December 17, 2024 $0
Data source: American Express.

While an annual percent yield (APY) of 3.80% isn't the highest APY on the market, it's still one of the best rates you'll find from a popular brand with a proven track record of reliability and trust.

Fees

The American Express® High Yield Savings account stands out with no monthly or startup fees, meaning your funds won’t be chipped away by extra costs. Unlike some competitors that tack on hidden fees for things like wire transfers or account inactivity, American Express ensures these fees aren’t a concern for this account. It’s a straightforward, fee-free way to grow your savings.

Minimum balance

This account has no minimum balance requirement, making it an accessible option for all savers. Many savings accounts demand a minimum balance—sometimes as high as $5,000—to earn their best rates, but with this account, you get competitive rates without any conditions. It's a feature I appreciate, as it lets you earn more without having to worry about maintaining a large balance.

Withdrawal limit

There are no withdrawal limits for this account. This isn't a guaranteed feature with other high-yield savings accounts, so no limits on the American Express® High Yield Savings is a standout feature.

Mobile app

One of the perks of a well-known brand like American Express is the level of customer service and extra features you'll get with the app. You get 24/7 customer service support and the ability to make mobile check deposits at any time.

However, the app is aimed more at card users than banking users, and online reviews indicate the app isn't as user friendly as other big-name banks like Discover or Capital One.

  • Google Play Store Rating: 3.9 / 5.00 stars
  • Apple Store Rating: 4.9 / 5.00 stars

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
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of December 27, 2024. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 4.00%²
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!¹
3.80%
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 Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

Accessing your money

While the American Express® High Yield Savings account offers solid savings rates, accessing your cash could be more convenient. Since there are no physical branches, you'll need to manage everything online or through the mobile app. Unlike some other savings accounts, this one doesn’t offer ATM cards, debit cards, or checks for instant access to your funds.

Depositing money

There are a few simple ways to deposit money into your account, and none of them are complicated. You can:

  • Transfer funds from another account.
  • Use the mobile app’s check deposit feature.
  • Set up direct deposits from your job or other sources of income.
  • Mail a physical check to American Express in Utah.

Withdrawing money

To withdraw funds from your account, you’ll need to transfer them to a linked account, which can take up to three business days. You can also request a check to be mailed to you, but that could take even longer. This process might be a bit slow if you need access to your funds in a hurry.

Who will benefit from the American Express® High Yield Savings account?

  • Savers looking for high interest rates: If you want to grow your savings faster, this account offers competitive rates with no minimum balance required.
  • People who don’t need immediate access to cash: With no ATM card or checks, it’s ideal for those who can afford to keep their funds untouched for longer periods.
  • Those who prefer online banking: If you’re comfortable managing your finances online or via mobile, the American Express® High Yield Savings account will suit your needs.
  • Anyone seeking a fee-free savings account: This account has no monthly fees, making it a great option for those looking to avoid unnecessary charges.
  • Those with regular income: Direct deposit options make it easy to add funds automatically from your paycheck or other income sources.

Keep reading about American Express National Bank

FAQs

  • American Express National Bank is FDIC-insured, meaning your deposits are protected up to $250,000 per person, per bank, for each account ownership type.

  • Online-only banks are considered safe when they're insured by the FDIC. Since American Express National Bank is FDIC-insured and has a strong reputation and history for reliability, you can feel confident your money is safe.