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American Express® High Yield Savings Review: High APY With No Fees

Review Updated
Brendan Byrnes
Nathan Alderman
Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

Chosen as one of our best high-yield savings accounts of 2025, the American Express® High Yield Savings account (Member FDIC) offers a combination of solid APY and no fees that make it a standout option for anyone -- especially Amex cardholders -- looking to grow their savings. Whether you're looking to park your emergency fund or grow your savings with a reputable brand, Amex delivers both reliability and ease.

Ready to see if it's the right savings account for you? Let's break it down.

American Express® High Yield Savings
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Feb 16, 2025
  • At Motley Fool Money, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

    Our scores are weighted as:

    • APY: 50%
    • Brand and reputation: 20%
    • Fees and minimums: 15%
    • Other perks: 15%

    Learn more about how Motley Fool Money rates bank accounts.

What I like about the American Express® High Yield Savings account

No account fees or minimum balance

American Express doesn't charge any account fees or require a minimum balance for its high-yield savings account, making it an accessible option for all types of savers. There are no maintenance fees, withdrawal fees, or hidden charges, and you can open an account with as little as $1.

While Amex's 3.80% APY (as of February 16, 2025) isn't the highest on the market, it remains competitive, especially among banks that also offer no minimum balance, no minimum deposit, and no fees.

No withdrawal limits

A major perk of the Amex HYSA is the lack of withdrawal restrictions. Many high-yield savings accounts limit the number of withdrawals per month -- often capping them at six -- or impose limits on the amount you can take out at once. Amex doesn't have these restrictions, giving you full access to your money whenever you need it.

Amex ecosystem

While this account is a solid choice for almost anyone, it's particularly well-suited for existing Amex customers or those looking to integrate into the Amex ecosystem. The mobile app, which previously required separate logins for banking and Amex cards, now allows you to manage all your Amex accounts in one place. Coupled with Amex's strong reputation for security and reliability, keeping multiple accounts within the same system could be a smart move.

Daily compounding interest

Unlike many high-yield savings accounts that compound interest monthly, Amex compounds interest daily. This allows your balance to grow slightly faster over time. While the difference won't be huge for smaller balances, daily compounding can help maximize earnings if you're saving a significant amount.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of February 16, 2025. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 3.80%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
3.70%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Feb. 6, 2025. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

Downsides you should consider

No branch locations

As an online-only bank, American Express doesn't have any physical branches. That means no in-person customer service, no cash deposits, and no face-to-face interactions. While Amex has a strong reputation for customer support, if you prefer banking in person, this account won't be the right fit.

No ATM or debit card

Unlike some competitors, Amex doesn't offer an ATM or debit card for its high-yield savings account. That means you can't withdraw cash directly, making access to your funds a bit less convenient.

If you're using this account strictly for savings -- especially an emergency fund -- this may not be a major issue. But if you prefer quick, direct access to your money, the lack of a card is something to keep in mind. There are still ways to withdraw funds, which we'll cover below, but it does require extra steps.

Customer service

One advantage of banking with a well-known brand like American Express National Bank is the level of customer service, which is especially important for an online-only bank. Unlike some competitors, Amex provides 24/7 phone support -- a feature that's not as common as you might think among online high-yield savings accounts. Having access to a real person at any time can be a major plus, particularly if you run into issues outside of regular business hours.

For those who prefer chat support, Amex also offers 24/7 live chat, though it's only accessible when you're logged in and is limited to English.

The Amex help center is another resource, but it leans more toward card users than banking customers. If you need detailed information specific to the high-yield savings account, you may have to dig a bit or reach out to support directly.

Overall, Amex's customer service is solid for an online HYSA, offering multiple ways to get assistance.

Accessing your money

When it comes to accessibility, Amex offers some flexibility, but also a few hurdles. On the plus side, there are no withdrawal limits, so you can move your money when you need it. However, the absence of ATM or debit cards means getting your hands on physical cash is a bit trickier than with other accounts.

Depositing money

There are a few simple ways to deposit money into your account, and none of them are complicated. You can:

  • Transfer funds from another account.
  • Use the mobile app's check deposit feature.
  • Set up direct deposits from your job or other sources of income.
  • Mail a physical check to American Express in Utah.

Withdrawing money

To withdraw funds from your account, you'll need to transfer them to a linked account, which can take up to three business days. You can also request a check to be mailed to you, but that could take even longer. This process might be a bit slow if you need access to your funds in a hurry.

Security and reliability

The main draw of banking with Amex is its decades of experience in financial services. You can rest assured that your money is in a safe and reliable place, alongside millions of other users.

Most importantly for your HYSA, your Amex funds are FDIC insured up to $250,000 per depositor, so even in the worst-case scenario, your money is protected. And if something seems off, you can expect quick alerts and responsive customer support to help resolve issues.

For a smooth, worry-free banking experience, Amex is one of the more dependable options out there.

Who will benefit from the American Express® High Yield Savings account?

  • Savers looking for high interest rates: If you want to grow your savings faster, this account offers competitive rates with no minimum balance required.
  • People who don't need immediate access to cash: With no ATM card or checks, it's ideal for those who can afford to keep their funds untouched for longer periods.
  • Those who prefer online banking: If you're comfortable managing your finances online or via mobile, the American Express® High Yield Savings account will suit your needs.
  • Anyone seeking a fee-free savings account: This account has no monthly fees, making it a great option for those looking to avoid unnecessary charges.
  • Those with regular income: Direct deposit options make it easy to add funds automatically from your paycheck or other income sources.

Sound like you? Open an American Express® High Yield Savings account today and start growing your savings effortlessly.

Keep reading about American Express National Bank

FAQs

  • American Express National Bank is FDIC insured, meaning your deposits are protected up to $250,000 per person, for each account ownership category.

  • Online-only banks are considered safe when they're insured by the FDIC. Since American Express National Bank is FDIC insured and has a strong reputation and history for reliability, you can feel confident your money is safe.