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American Express savings accounts rates

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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 bank doesn’t require a minimum deposit to open the account or charge 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 3.9 out of 5 stars in Bankrate’s overall review of the bank, and its savings account scored 5 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 0.60% No minimum deposit

Note: The annual percentage yield (APY) shown is as of April 28, 2022, 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, although a few other banks offer comparable yields.

Vio Bank and Bread Savings (formerly Comenity 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, you should 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. The bank’s highest CD rates are for longer terms.

The rates for an American Express CD are competitive, but you can find other banks that offer higher yields, especially for short-term CDs.

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Written by
René Bennett
Banking writer
René Bennett is a writer for Bankrate, reporting on banking products and personal finance.
Edited by
Wealth editor