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  American Express High Yield Savings Account
American Express High Yield Savings Account
in Savings Accounts from American Express National Bank · Member FDIC
Claimed

American Express High Yield Savings Account

Claimed
in Savings Accounts from American Express National Bank · Member FDIC
SuperMoney Net Recommendation Score +22  

SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly recommended by SuperMoney users with a score of +22, equating to 3.4 on a 5 point rating scale.

+22

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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2 reviews
Highlights
Community Rating Mostly recommended
Monthly Fee $0
(Verified 12/16/2022)
APY (Annual Percentage Yield) 3.00%
(Verified 12/16/2022)
Minimum Balance to Earn APY $1
Number of Reviews 9

American Express High Yield Savings Account Review

American Express High Yield Savings Account is offered by American Express National Bank, a bank founded in 1850 and based in New York, NY. American Express High Yield Savings Account are available in 50 states (and Washington, DC).

Key Takeaways

  • Bonus offer. Open a new account and you can get
  • Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 3.00%, which is much higher than the average interest rate for a savings account. However, you must keep a minimum balance of $1 to earn that insterest rate.
  • $0 monthly fee. This account does not charge any monthly account fees.
  • No minimum initial deposit. There is no minimum balance required to open an account online.

American Express savings Pros & Cons

Pros Cons
  • Available in all 50 states.
  • High variable APY.
  • No signup bonus.
  • Does not offer mobile check deposits.
  • Does not provide access to a nationwide ATM network.
  • Does not come with a debit card

American Express savings FAQ

Are savings accounts from American Express National Bank federally insured?

Yes, your deposits are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC #27471). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

Does American Express National Bank offer a signup bonus?

American Express savings has a signup bonus of $0.

What is the minimum initial deposit for American Express savings?

There is no minimum deposit to open a American Express savings.
American Express High Yield Savings Account Minimums
Description
Minimum Balance to Avoid Monthly Fee Starting at $0
Minimum Balance to Earn APY $1
Minimum Direct Deposit to Avoid Monthly Fee Starting at $0
Minimum Opening Deposit Starting at $0

What APY does American Express High Yield Savings Account offer?

American Express savings offers an APY of 3.00% (APY stands for annual percentage yield, rates may change). This is higher than the typical APY for online-only savings accounts, which is around 1% APY.

The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually.

What fees does American Express savings charge?

American Express savings does not charge a monthly service fee. See the fee breakdown section below to view all fees.

What features and perks does American Express savings offer?

This savings account includes the following features:

  • Fraud monitoring - American Express savings monitors transactions for potentially fraudulent activity, such as when a debit card is unexpectedly used in a different location, or you make a sudden string of costly purchases.
  • Mobile Banking Services - American Express savings allows you to manage your money online or with a mobile app.

Can you set up a direct deposit to American Express savings?

Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.

What is the customer support email for American Express savings?

The customer support email for American Express savings is info@americanexpress.com.

How do people rate the customer service and user experience of American Express savings?

Overall, American Express savings is mostly recommended based on community reviews that rate customer service and user experience.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Contact

Hours of Operation

  • Sunday 7:00am - 12:00pm
  • Monday 7:00am - 12:00pm
  • Tuesday 7:00am - 12:00pm
  • Wednesday 7:00am - 12:00pm
  • Thursday 7:00am - 12:00pm
  • Friday 7:00am - 12:00pm
  • Saturday 7:00am - 12:00pm

Other Services by American Express National Bank

Availability

  Available in 50 states and Washington, D.C.
  • Alaska
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Massachusetts
  • Maryland
  • Maine
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • North Carolina
  • North Dakota
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • Nevada
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Vermont
  • Washington
  • Wisconsin
  • West Virginia
  • Wyoming

Feature Breakdown

Minimum Balance to Avoid Monthly Fee Starting at $0
Minimum Balance to Earn APY $1
Minimum Direct Deposit to Avoid Monthly Fee Starting at $0
Minimum Opening Deposit Starting at $0
Monthly Fee $0
(Verified 12/16/2022)
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Verification Documents Required
  • Driver License (or other photo ID)
  • Proof of Identity
  • Government Issued Photo ID
  • Social Security Number
Bauer Financial A+/A Rating
Account Features
  • No Monthly Maintenance Fee
  • Interest Bearing Account
  • Mobile Banking
  • Fraud Monitoring
  • Automatic Transfers
  • Bauer Financial A+/A Rating
  • Member FDIC
Signup Bonus Starting at $0
APY (Annual Percentage Yield) 3.00%
(Verified 12/16/2022)

American Express High Yield Savings Account Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly recommended by SuperMoney users with a score of +22, equating to 3.4 on a 5 point rating scale.

+22

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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