American Express is best known for its credit cards, but it also offers online banking options, including a high-yield savings account.

An American Express National Bank high-yield savings account comes with an interest rate that is well above the national average. The online-only bank requires no minimum deposit to open an account and charges no monthly service fees.

Choosing an AmEx savings account over one at a brick-and-mortar bank means you lose access to in-person banking. American Express doesn’t offer a checking account, so you might need to also have an account at another bank to transfer money into and out of your AmEx high-yield savings account. AmEx caps the number of withdrawals and transfers out of the savings account at nine a month, higher than the six-withdrawal limit that other banks impose.

American Express earned a 4.5 out of 5 stars in Bankrate’s overall review of the bank, and its savings account scored 4.4 out of 5 stars.

American Express savings account rates

Here are the details of the AmEx savings account.

Account name APY Minimum deposit
High Yield Savings Account 4.00% No minimum deposit

Note: The annual percentage yield (APY) shown is as of June 8, 2023, and may vary by region.

How AmEx savings accounts compare with top-yielding banks

You’ll earn a competitive rate with an American Express high-yield savings account, though there other banks that offer even higher yields.

Bask Bank, PNC Bank and Salem Five Direct for instance, are offering some of the most competitive APYs on savings accounts in the nation.

Before choosing a bank to grow your savings, compare options and find the best rate with Bankrate’s list of the top online savings accounts.

Other savings options at AmEx

American Express also offers CDs to help you expand your savings. There are no minimum deposits to open a CD and terms range from six months to five years, allowing you to choose a term that best matches when you will need the money again.

While the rates for some American Express CD terms are competitive, you can find other banks that offer consistently higher yields.