American Express High Yield Savings Account will appeal to many savers. Our in-depth review will help you decide if this is the right tool to maximize your savings.
American Express High Interest Savings Account
- When investing money in a high-yield savings account, APY is one of the most important factors. The American Express High Yield Savings Account offers one of the higher APYs on the market.
- Ease of use. You can set up and start using your American Express High Yield Savings Account in minutes. You can also have multiple accounts linked and move money between them.
- There is no monthly balance requirement. You don't need a minimum balance to open your account or avoid monthly fees. You need at least $ 1 in your account to earn APY. With no minimum balance requirements, you don't have to worry about money getting stuck in your American Express High Yield Savings Account.
- There are no maintenance costs. As an online bank, American Express has no physical store overhead. Thus, it can offer a High Yield Savings Account for free.
- FDIC insured. American Express is a member of the FDIC. This means, like a traditional bank account, you are protected up to $ 250,000 per depositor, per institution, in the event of a bank failure.
Related - American Express Credit Card
What can be improved
- ATM access. The biggest drawback of the American Express® High Yield Savings Account is that it doesn't have an ATM card, so you can't withdraw funds instantly from your ATM.
- Processing time. While it's easy and free to move money back and forth between an American Express® High Yield Savings Account and linked bank accounts, it can take several days for deposits and withdrawals to be processed. Also, you can't go to a local bank branch and get help with your account.
How to access your money
- Even though American Express does not have a physical branch, you still have many options for accessing your money easily and quickly - some of which are free.
There are several ways to deposit funds into your American Express® High Yield Savings Account, including:
- Electronic bank transfers from linked bank accounts
- Transfer account
- Send a physical exam
You can make transfers online or by phone 24/7, but if it's after 7:00 PM ET, American Express assumes the transfer has occurred on the following business day. You also have the option to set up one-time or recurring transfers. Recurring transfers make it easy to make regular contributions to your savings.
When you transfer funds, they are not immediately available. Due to the mandatory hold period, money is not added to your available balance until five working days after you make a deposit. Weekdays are Monday to Friday, excluding holidays.
You can use the same money withdrawal method as you did to deposit it:
- Electronic bank transfer
- Transfer account
- Physical examination
It can take one to three days for the funds to appear in your linked bank account after you make a withdrawal. One of the biggest drawbacks of the American Express High Interest Savings Account is that you don't have instant access to your money. But you can overcome this by planning ahead and arranging for a fund transfer a few days before you need the money.
Remember, because there is no minimum balance requirement, you can withdraw all the money in your account at any time without worrying about fees or account closure.