American Express has more to offer than just credit cards — in fact, the American Express® High Yield Savings Account is worth checking out. With a generous yield of 4.30% and no monthly fees or minimums, this account should be on your radar if you’re interested in upgrading your savings.
Annual percentage yields (APYs) and account details are accurate as of November 30, 2023.
Are American Express savings account interest rates worth it?
An American Express savings account may be worth it if you prioritize competitive interest rates, unlimited transactions and no monthly fees. In terms of interest earnings, it’s worth switching to this account if your savings are currently earning less than 4.30%.
If you prioritize in-person banking, however, an American Express savings account won’t be the best fit. And if you’re after the very highest savings account interest rates, you can do a little better than 4.30%.
Overview of American Express interest rates
The American Express High Yield Savings Account is an online-only account with a competitive yield of 4.30%. While not the best savings rate we’ve seen, it far exceeds the current national average rate.
It has additional features and benefits for those looking to save as much as possible, including no minimum balance requirements, monthly fees or transaction limits.
Depending on your preferences, the lack of in-person banking might be a downside to this account. There’s no ATM access, but you can always open an AmEx checking account for more accessibility.
How much can you earn with an American Express savings account?
The amount you earn with an American Express savings account depends on your balance, interest rate and time in the account. But no matter your balance, you’ll earn a lot more with an American Express’s savings account than you would with the current average savings account interest rate.
The table below shows how much you would earn over five and 10 years with the American Express High Yield Savings Account vs. a savings account earning the national average rate (as of November 20, 2023). Assuming an initial deposit of $10,000 and no additional deposits.
How does American Express savings compare?
The APY and terms of the Amex High Yield Savings account is on par with its competitors and earns nearly 10 times that of the national average, according to the Federal Deposit Insurance Corporation, FDIC, as of November 20, 2023.
Comparing it to some top competitors, the Ally Bank Savings Account offers a slightly lower yield, 4.25% APY; the Capital One 360 Performance Savings is on par with APY; but the Synchrony Bank High Yield Savings currently takes the cake with 4.75% APY.
Other savings options at American Express
Aside from its online high-yield savings account, American Express has two other savings vehicles within its personal banking offerings: certificates of deposit (CDs) and IRA savings accounts.
IRA savings accounts are FDIC-insured, tax-advantaged accounts used to save for retirement. American Express offers an IRA High Yield Savings account and an IRA Certificate of Deposit. Neither account has a minimum balance requirement, but rates differ between the two.
CDs generally offer higher interest rates than savings accounts but have more restricted accessibility. The American Express® Certificates of Deposit earns anywhere from 1.00% to 5.25% APY, and terms range from 11 months to five years. Like the HYSA and IRA savings accounts, the American Express CD has no minimum balance requirement.
About American Express
Widely known for its personal and business credit card products, American Express is a large national financial institution providing personal banking, business banking and investment management services. The company has a reputation for good customer service, as evidenced by its top ranking in customer satisfaction in the J.D. Power 2023 Credit Card Customer Satisfaction survey.
While AmEx has no branches for in-person banking, checking account holders have free access to a network of more than 37,000 MoneyPass ATMs across the country. Plus, all AmEx customers can manage their accounts online or through the highly-rated Amex mobile app. They also have access to a 24/7 customer support phone line.
Frequently asked questions (FAQs)
As of November 15, 2023, the American Express High Yield Savings account earns 4.30% APY. Interest rates can change at any time, so check current rates before opening an account.
The American Express High Yield Savings account works like any other online savings account. You can open, fund and manage your account online from the American Express website or using the bank’s mobile app. While the account doesn’t come with checks or a debit card, you can make online transfers and deposit checks using the mobile app.
One of the biggest downsides to most high-yield savings accounts — American Express’s included — is that they may not allow in-person banking.
You can find high-yield savings accounts at some traditional banks and credit unions, but you’ll often find the highest rates at online-only banks. Depending on the account, there may be additional downsides, like transaction limits, fees and minimums.
It depends on your goals and preferences. If you’re looking for a free, online-only savings account that earns a generous interest rate, the American Express HYSA might be worth it — especially if your existing account earns less than the national average. But if in-person banking is important to you, a different savings account may suit you better.
