American Express is best known for its credit cards, but it also offers online banking services, including high-yield savings accounts.
Interest rates on high-yield savings accounts at American Express National Bank are well above the national average. The bank does not require a minimum deposit to open an account or charge a monthly service fee.
If you choose an AmEx savings account instead of a physical bank account, you will not be able to use personal banking. AmEx doesn’t offer checking accounts, so you may also need to open an account with another bank to transfer funds in and out of your AmEx High Yield Savings Account. American Express limits the number of withdrawals and transfers from savings accounts to nine a month, up from the six-withdrawal limit set by other banks.
AmEx received 3.9 stars out of 5 for the bank’s overall bank rate rating and 5 out of 5 for savings accounts.
AmEx Savings Account Interest Rate
Here are the details of the AmEx Savings Account:
| Account name | APY | Minimum deposit |
| High Yield Savings Account | 0.60% | No minimum deposit |
Comparison of American Express Savings Accounts and High Yield Banks
With an American Express High Yield Savings Account, you can get competitive rates, although some other banks offer similar returns.
For example, Vio Bank and Bread Savings (formerly Comenity Direct) offer some of the most competitive APYs on savings accounts in the country.
Before choosing a bank to increase your savings, compare options and find the best interest rate with Bankrate’s list of the best online savings accounts.
More ways to save at American Express
AmEx also offers CDs to boost your savings. There is no minimum deposit required to open a CD, terms range from six months to five years, and when you need a refund, you can choose the term that suits you best. The bank’s maximum CD rate applies to longer-term bonds.
AmEx CDs are priced competitively, but you can find other banks that offer higher returns, especially for short-term CDs.
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