Although American Express may be best known for its credit cards, the brand also offers several options for savers. Its savings account pays a competitive yield, which can help savers accomplish their financial goals more quickly. Plus, there is no minimum deposit required to open a savings account at Amex.
American Express earned a 4.0 out of 5 stars in Bankrate’s overall review of the bank.
Amex savings account rates
Let’s take a closer look at the savings accounts offered by Amex in the chart below.
|Account name||APY||Minimum deposit|
|High Yield Savings Account||1.30%||No minimum deposit|
Note: The APY (Annual Percentage Yield) shown is as of May 22, 2020. The APY may vary by region.
How Amex savings accounts compare to top-yielding banks
The High Yield Savings Account offered by American Express is a worthwhile option to consider. The account offers a competitive APY and it doesn’t charge monthly fees or require a minimum deposit.
If you already have a credit card with American Express, then the option for a convenient spot to stash your savings at the online bank may especially appeal. But you are missing out on some of the earning potential of your savings with that choice.
Other savings options at Amex
If you are looking for more options to build your savings, you can also consider American Express’ line up of CDs. The accounts available are relatively straightforward. There are no special types of CDs, but the good news is that you can open a CD with Amex with no minimum deposit. That means you can start growing your savings even if you don’t have a large nest egg yet. Plus, you’ll have the option to withdraw interest during the CD’s term. However, you can find higher APYs offered by other banks.