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American Express offers one savings account option—its High-Yield Savings Account, which offers a 4.10% annual percentage yield (APY). Along with this competitive interest rate, it has no minimum deposit, no minimum balance, and no monthly fees. Learn how American Express Savings account compares to some of the best high-yield savings accounts.
| American Express Savings Account Rates | ||||
|---|---|---|---|---|
| Account Name | Interest Rate | APY | Minimum Deposit | Monthly Fee |
| High Yield Savings Account | 4.02% | 4.10% | $0 | $0 |
Compare American Express Savings Account Rate
American Express offers attractive rates on its high-yield savings account and some of its certificate of deposits (CDs). Compare Amex’s rate with some other savings accounts and find the one that’s best for you.
American Express Savings Accounts: Key Features
| American Express High Yield Savings Account Key Features | |
|---|---|
| APY | 4.10% |
| Minimum Deposit | $0 |
| Monthly Service Fee | $0 |
American Express’s savings account APY is nearly 10 times higher than the national average rate of 0.46%. And while it has a lower rate than several other major high-yield savings accounts on the market, it's still a competitive rate that can earn account holders a decent return on their savings.
American Express doesn’t require a minimum deposit to open an account, nor does it require a minimum monthly balance. There is no monthly fee, regardless of your balance and whether you make regular deposits.
Pros and Cons of American Express Savings Account
Competitive interest rate
Other services offered
No minimum deposit requirement
Potentially better interest rates elsewhere
No retail locations
Pros Explained
- Competitive interest rate: American Express' savings account offers a rate that's generally higher than what many other banks offer on their savings accounts.
- Other services offered: In addition to savings accounts, you can get a credit card, CD, checking account, and other financial products and services from American Express.
- No minimum deposit requirement: American Express does not have a minimum deposit requirement. It also does not charge maintenance fees.
Cons Explained
- Potentially better interest rates elsewhere: While American Express does offer competitive rates, you can likely find even better interest rates on savings accounts by shopping around.
- No retail locations: American Express does not have physical branches for those who like to conduct their banking in-person.
About American Express: Other Options
American Express is a major financial institution that offers credit cards, savings accounts, checking accounts, and personal loans. While the company is probably most well known for its credit cards, its savings accounts have become increasingly popular as well.
American Express also offers business financial services, including small business credit cards, business checking accounts, business lines of credit, and payment solutions.
In addition to its high-yield savings account, American Express also offers another way to earn interest on your savings: certificates of deposit (CDs).
You can earn between 3.00% and 4.50% on a CD with a term of your choice, up to five years. You’re able to lock in your rate for the entire term, so if rates decrease during your CD term, you’ll still earn the same interest rate as when you opened it. The table below shows the rates for each CD term:
| American Express CD Rates | |
|---|---|
| CD Term | APY |
| 60 months | 3.00% |
| 48 months | 3.00% |
| 36 months | 3.00% |
| 24 months | 3.50% |
| 18 months | 3.35% |
| 12 months | 3.85% |
| 11 months | 4.00% |
Alternatives to American Express Savings Account
- Credit unions: Credit unions are not-for-profit financial institutions that require you to become a member. But they may offer higher rates than local banks. See the best savings account rates available today, many of which are provided by credit unions.
- Online banks: Online banks may offer easier-to-meet deposit requirements to earn higher interest rates. Take a look at the best banks for savings accounts for more information.
- Investment brokerages: You could potentially earn more money by investing with a brokerage, but you’ll also have a higher potential for losses as well.
- U.S. Treasuries: You may be able to earn more than savings accounts offer with a Treasury bill or bond, but without as much risk as some other investments.
- Certificates of deposit (CDs): If you have a stash of cash you won’t be touching for a while, these timed deposit accounts offered by most banks and credit unions offer a very high potential for return without investing your money. The best CD rates today are similar to the top savings account rates.
Frequently Asked Questions (FAQs)
How Much Do You Need to Open an American Express Savings Account?
American Express doesn’t have a minimum deposit requirement, so you can open an account without depositing any money. However, you won’t start earning interest until you deposit money into your account.
How Does the American Express Savings Account Work?
The American Express High Yield Savings Account is an interest-bearing account, which means the bank pays you a certain percentage on the money you have in the account. This interest compounds daily and is deposited monthly—each day the interest you earn is added to your total balance and also begins to earn interest. The more money you have in the account and the longer you have it there, the more interest you’ll earn.
Does Opening an American Express Savings Account Affect Your Credit Score?
Opening a savings account doesn’t affect your credit score. However, if you rack up any banking fees that you fail to pay, American Express could report them to the credit bureaus, which would have a negative impact on your credit score.
Is It Safe to Open a Savings Account With American Express?
Yes, it’s safe to open an American Express savings account. First, the bank uses plenty of security features on its website, including multi-factor authentication, SSL encryption, and others. Additionally, funds in American Express bank accounts are FDIC-insured, which means that if American Express goes bankrupt or out of business, your deposits are protected up to $250,000 for each ownership category.