This review was updated February 27th, 2017.
American Express Personal Savings account matches the criteria we value most in an online savings account, including a high APY and low fees. We're also enthusiastic that American Express is broadening its offerings beyond credit cards, where the bank has amassed a legion of fans. These are a few reasons why we picked it as one of the best high-yield savings accounts.
|Bank Name||APY||Min. Opening Deposit||Key Features|
American Express Personal Savings
-$0 monthly maintenance fees
-$0 opening deposit
-$0 withdrawal limit fees
What we like about American Express Personal Savings
- High APY -- 1.45% is among the highest APY's offered by major online providers and it far outpaces the national savings account average.
- $0 monthly balance requirement -- Many savings accounts require account minimums either to earn interest or to open a saving account. American Express Personal Savings doesn't require either.
- $0 monthly maintenance fees -- Online banks can reduce the overhead costs of maintaining a brick-and-mortar presence, which allows them to pass on the savings to customers, many times, in the form of no monthly maintenance fees.
What could be improved for American Express Personal Savings
- ATM card -- The savings account does not include an ATM card, which does limit withdrawal options, and is offered by some competing providers.
- Mobile app -- Some competing online savings accounts offer customers a mobile app experience that allows for mobile account use and electronic check deposits.
WANT YOUR SAVINGS TO EARN MORE? >> Check out current CD rates
How to fund an American Express Personal Savings Account
Account holders have the flexibility of funding their new account via electronic transfer between banks, wire, and mailing a physical check.
How to withdraw your money
Similar to funding options, account holders can withdraw funds for free via electronic transfer between banks, or a wire or mailing a physical check.
Other high-yield savings accounts to consider
American Express Personal Savings may be a slam dunk for you but we realize that not all savers have the same needs. We suggest you compare high-yield savings accounts and review a few hand-picked options below.
|Feature||American Express Personal Savings||Synchrony Bank High-Yield Savings||CIT Bank Premier High Yield Savings|
|Min. opening deposit||
|Monthly maintenance fee||$0||$0||$0|
|Withdrawal limit fee||$0||$0||$0|
|Free ATMs||N/A||$5 monthly rebate||N/A|
|Next steps||--||APPLY NOW||APPLY NOW|
|Bank review||--||Synchrony High-Yield Savings review||CIT Bank Premier Savings review|
American Express Personal Savings nails what we think are the essentials for an online savings account. The competitively high APY can help savers achieve their money goals faster and the fee-savvy nature of the account ensures that savers pocket the most interest earnings. The main downfall is the lack of a mobile app, which could be a deciding factor in whether this high-yield savings account is best for you.
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