6 Min Read | Published: April 12, 2024
What Is an American Express® Savings Account?
Discover the features and benefits of an American Express® High Yield Savings Account, including mobile banking. Learn how to open an account.
At-A-Glance
American Express offers a High Yield Savings Account, which features a competitive Annual Percentage Yield (APY) that can be higher than some traditional savings accounts.
This account has no monthly fees or minimum balance requirements.1
You can open a new American Express Savings Account online in just a few minutes.
When you’re looking for ways to save, and even earn money from interest rates, a savings account could help you get there. An American Express High Yield Savings Account (HYSA) is an option that could provide the necessary benefits to help you meet your savings goals.
Read on to discover how a HYSA at with American Express could benefit you and help you earn more interest on your hard-earned money.
American Express Savings Account Overview
The American Express High Yield Savings Account, or HYSA, is an FDIC-insured savings account available from American Express. With a high yield savings account, customers are offered a competitive Annual Percentage Yield (APY) compared to some traditional savings accounts, which can help you to earn more on your money saved. It also includes no monthly fees, accessible customer service, and features that can make saving easier. As a result, a high yield savings account can work well for new and existing American Express customers alike.
American Express Savings: Features and Benefits
Here are some features and benefits an American Express HYSA offers:
- 24/7 access to your money: Log in to check your balance and manage your account anytime.
- Auto-deposits: Set up automated transfers to consistently save money in your account.
- Mobile app: Access your savings account from your smartphone or tablet with the American Express® App.2
- Monthly statements: Receive physical or online statements.
- FDIC insurance: Up to $250,000 of savings are FDIC insured.
- 24/7 customer service: Need help with your account? Amex customer service is available around the clock by phone at 1-800-446-6307.
American Express Savings Accounts: Interest Rates, Benefits, and Other Details
Since the American Express Savings Account is a HYSA, it offers a competitive interest rate that some traditional savings accounts won’t match - you’ll want to check the current rates by visiting this page. Interest compounds daily and is added to your balance monthly. The HYSA has no monthly fees or minimum balance requirements.
How to Open an American Express Savings Account
You can open an American Express Savings Account online within just a few minutes.
Here’s how:
- Navigate to the online American Express Savings Account application.
- Provide information such as contact information, proof of address, Social Security number, and date of birth.
- American Express verifies your identification with personal details affiliated with public records. This will not impact your credit.
- Receive a confirmation email.
- Register your online savings account.
- Sign into your online account.
- Fund your account by linking your current bank account or mailing a check. Linking your account may take up to two business days.
Frequently Asked Questions
The account’s APY is competitive and typically higher than a traditional savings account. However, APY can fluctuate over time as prime rates change. To learn more, check current HYSA APY.
The American Express HYSA has no minimum deposit or monthly minimum amount. It also has no monthly fees.
Like many savings accounts, the American Express HYSA does not come with an ATM or debit card. However, the American Express Rewards Checking Account offers a debit card that allows you to earn rewards.
The Takeaway
The American Express HYSA stands out as a good option for those looking to potentially earn more on savings while benefiting from convenience. The account’s competitive APY, lack of monthly fees, and mobile/online banking can make it an attractive option to new and experienced savers alike. If you’re interested in opening an account and enjoying these features, click here to apply.
Accounts offered by American Express National Bank. Member FDIC.
1 There is no minimum balance required to open your Account, to avoid being charged a fee, or to obtain the Annual Percentage Yield (APY) disclosed to you.
2 iOS and AndroidTM only. See app store listings for operating system info.
Bradley Schnitzer is a writer and email strategist who has covered personal finance and small business topics for over five years. He is passionate about personal finance and helping others understand their money.
All Credit Intel content is written by freelance authors and commissioned and paid for by American Express.
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