American Express® Personal Savings Review

American Express® Personal Savings from American Express National Bank, Member FDIC matches the criteria we value most in an online savings account, including a high Annual Percentage Yield (APY) and no fees. I'm 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, some of which are from our partners.

Rates as of May 2, 2019
Offer APY Best For… Next Steps
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5.0 stars
APY: 2.10% Best For: High APY and no fees

What I like about American Express® Personal Savings

High APY -- 2.10% is among the highest APY's offered by major online savings accounts 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 account doesn't require either. Note, there is a $1 min. to earn the APY.

$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

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.

Funding options

Account holders have the flexibility of funding their new account via electronic transfer between banks, wire, and mailing a physical check.

Withdrawal options

Similar to funding options, account holders can withdraw funds for free via electronic transfer between banks, or a wire or mailing a physical check.

Online savings account comparison

Final take

American Express® Personal Savings account nails what I 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.