American express savings online accounts come with interest rates that far exceed the average US savings account interest rate. The bank does not require a minimum account balance or charge any fees to open or keep an account with it.
As with most online bank accounts, choosing an Amex savings account over a regular bank account means you lose access to direct banking. Since American Express doesn't offer checking accounts, you'll also need a bank at another institution where you can transfer money in and out of your Amex account.
American express savings online account rates
How do Amex savings accounts compare to the highest yielding banks
You'll get a competitive rate with an American Express high-yield savings account, although some banks offer higher yields.
For example, Vio Bank offers one of the highest APY in the country. It requires a minimum deposit of $100 to open an account, but does not charge a monthly service fee.
In addition, Citibank currently offers higher rates than American Express, although it is only available in certain states and markets. There is no minimum deposit required to open a high-yield savings account at Citi, but there are some monthly service fees associated with the account.
Before choosing a new bank to hold your savings in, you should compare options and find the best exchange rate with Bankrate's list of top online savings accounts.
More options American Express online savings.
American Express also offers CDs to help save and diversify your savings. The bank does not require a set minimum to open a CD and offers other savings terms ranging from six months to five years allowing you to choose the most suitable date when you need more money.
American Express CD prices are competitive with other banks, although you will find several other options that offer higher yields especially for short-term CDs. Amex's high-yield savings account pays a higher interest rate than a five-year CD.
Maximum American Express online deposit transactions
Up to 9 withdrawals or free transfers per billing cycle Limit of 6 withdrawals/billing cycles is waived during the pandemic.
The current APY is 0.40%. American Express High Yield Savings Account users can start earning interest right away, without requiring a minimum balance in their account.
American Express collects interest on your savings every day and deposits it into your account every month.
Access american express best online savings account
American express online savings accounts are not meant for everyday use, but customers can now make a maximum of nine withdrawals or transfers per monthly statement cycle. This maximum limit of nine is new, in response to the limit of six federal withdrawals/transfers waived under Regulation D in April 2020
There is no limit to the number of deposits Amex customers can make into their high-yield savings accounts.
Customers can easily make transfers and automate their deposits from their external bank accounts just by setting them up within minutes online. Once your external accounts are linked (which can take up to two days), transfers typically take less than 24 hours to complete. You can also receive your monthly statements either digitally or by mail at no additional cost to you.
American Express's High Yield Savings Account stands out for its highly rated 24/7 customer support.
Topics include how much you should save for retirement, how to get more out of your savings and how to be a better saver.
There is a minimum balance requirement of $0 and a monthly fee of $0 with an American Express High Yield Savings Account.
For those looking to save money with a reputable financial institution, the American Express High Yield Savings Account is a popular choice. This is a live account without any fees and the APY is higher than average.