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American Express offers above-average rates for savings accounts. Plus, there are no monthly fees and no minimum to earn the full APY. It's a good choice for funds you won't touch, like emergency savings or college funds.
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
Learn more about how Motley Fool Money rates bank accounts.
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
Learn more about how Motley Fool Money rates bank accounts.
American Express® High Yield Savings Account
On American Express's Secure Website.
On American Express's Secure Website.
American Express High Yield Savings may not have the highest APY on our list, but it still offers a rate well above average and requires no minimum deposit to qualify for the highest APY. It's a good fit for those who want to save at a competitive rate while avoiding withdrawal limits or minimum balance requirements.
American Express Rewards Checking
With Amex Rewards Checking, you can earn 1 Membership Rewards point for each $2 of eligible debit card purchase. There are no monthly fees or minimum balance requirements for the account. You can redeem your points for deposits into your Amex Rewards Checking account and there is no cap on how many points you can earn. The account offers a high annual percentage yield (APY), too.
APY = Annual Percentage Yield
American Express CDs don't offer particularly competitive rates across all terms, but for certain terms, the rates do stand out. There are no account minimums for Amex CDs, but withdrawal penalties are on the higher end, so be fairly sure you can leave your money alone for the full term.
11 Mo. APY | 1 Yr. APY | 1.5 Yr. APY | 2 Yr. APY | 3 Yr. APY | 4 Yr. APY | 5 Yr. APY |
---|---|---|---|---|---|---|
4.00% | 3.85% | 3.85% | 4.00% | 3.60% | 3.60% | 3.75% |
American Express National Bank (Member FDIC)'s mobile app is one of the best-rated in the industry, especially on the App Store, where it boasts an impressive 4.9 out of 5 stars. Users love its intuitive design, fast load times, and seamless money transfers between accounts. The biggest complaint? Occasionally, the app redirects users to the website for certain features, which can be frustrating.
Since Amex is a digital-first bank, its online banking features are well-developed and user-friendly. You can handle all the basics -- checking balances, making payments, and depositing checks -- but Amex goes a step further by offering additional tools like free FICO® Score access, spending insights, and Membership Rewards integration for card holders.
Amex is an almost entirely fee-free bank, meaning you won't lose money to annoying charges like monthly maintenance or overdraft fees. The only fee worth noting is a $20 outgoing wire transfer fee from the American Express Rewards Checking account, which is actually lower than what many competitors charge.
Fee | Charge |
---|---|
Overdraft fees | None |
Monthly maintenance fees | None |
ATM fees | None |
Wire transfers | $20 per outgoing transfer |
Since Amex is an online-only bank, you won't find any physical branches to visit, but that doesn't mean you're on your own. Amex offers 24/7 customer service, which is a big plus compared to some competitors that limit support hours. Anytime you need help, you can call 1-800-446-6307, and a real human will be available to help you. If you prefer digital support, Amex also provides live chat and a secure message center.
Amex is a well-known brand with a solid reputation, especially for its high-yield savings accounts. Customers frequently praise its competitive interest rates and lack of fees. However, it's not all five-star reviews -- according to J.D. Power's 2024 Direct Banking Satisfaction Study, Amex ranked below average among online banks for checking and savings providers.
The biggest complaint? The time it takes to resolve customer service issues. While support is available 24/7, some customers report delays in getting problems fully sorted out. If quick resolutions are a top priority for you, this might be something to keep in mind.
American Express National Bank (Member FDIC) has no physical branches, as it operates entirely online. However, they provide access to a large nationwide ATM network, so you can easily withdraw cash at thousands of locations without incurring fees.
We named Amex one of the safest national banks because of its long history of reliable security services. For starters, it's FDIC insured, meaning your deposits are protected up to $250,000 per account ownership category. But beyond that, Amex takes security seriously with two-factor authentication, real-time transaction alerts, and a fraud center to help you resolve any issues quickly. If safety is a top concern, Amex checks all the right boxes.
Bank of America is a full-service bank offering everything from checking accounts to loans and mortgages, making it a convenient choice for those who want all their banking in one place. Amex, while best known for its card products, also offers high-yield savings, CDs, and checking accounts but operates entirely online.
If you prefer in-person banking, Bank of America has the edge. But if you're looking for competitive savings rates and don't mind a digital-first experience, Amex is the better bet.
Capital One offers a mix of digital and in-person banking, with branches, Capital One Cafes, and a full suite of financial products, including checking accounts, savings accounts, and loans. American Express National Bank (Member FDIC) is fully online, focusing on premium cards, high-yield savings, and checking.
If you're after a seamless online banking experience with high savings rates, Amex is a solid choice. But if you prefer occasional branch access and more banking features, Capital One might be the better fit.
American Express National Bank (Member FDIC) is a great choice for those who are comfortable with online banking, appreciate a well-established brand, and want access to competitive savings rates. It's especially appealing to people who already have an Amex card or are considering getting one, as it offers a seamless experience across its financial products. Unless in-person service is a dealbreaker for you, Amex is a solid option for managing your money efficiently.
Since American Express National Bank (Member FDIC) is primarily a digital bank, there are no foreign transaction fees for its savings accounts. However, if you use an Amex card, foreign transaction fees may apply, depending on the card.
You can deposit checks through the Amex mobile app, which allows you to take pictures of the check and deposit it directly into your account, making it easy and convenient.
Yes, American Express National Bank (Member FDIC) is FDIC insured, meaning deposits are protected up to $250,000 per depositor, per account ownership category. The bank also offers additional security features like two-factor authentication and fraud monitoring.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.