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Amex High-Yield Savings Account Interest Rate June 2024

  • American Express offers a high-yield savings account with a competitive interest rate of 4.25%.
  • The APY is much higher than the national average (0.45%) and on par with other online banks.
  • There is no minimum account balance required to unlock high interest rates.
  • These online savings accounts have no monthly maintenance fees.
  • You can open your Amex high-yield savings online and fund it through a linked checking account or a mailed check.
  • If a savings account doesn’t feel right, consider an American Express certificate of deposit (CD).

Saving for a rainy day is always a smart idea, but putting that money into a high-yield account, like one with a top-tier American Express savings rate, could be your most savvy move yet.

Signing up for a high-yield savings account makes your money work for you, actually generating extra income while your dollars and cents sit untouched under the watchful eye of American Express.

Here’s a quick preview of the topics covered in this guide:

  • American Express savings rate
  • How the American Express account savings rate compares
  • Is the American Express high-yield savings account right for you?

Open a new American Express High-Yield Savings Account

American Express savings rate

While the national average interest rate for savings accounts is just 0.45%, American Express offers a high-yield savings APY of 4.25%.?

This higher rate makes sense, given that an American Express high-yield savings account is designed to help consumers maximize their savings. The main feature of these accounts is a much higher-than-average APY, which can help you achieve a financial goal, like saving for retirement or a home renovation, faster than you would if you had to settle for a much lower interest rate.

In addition to a great savings account interest rate, American Express accounts have no minimum balance requirement, so you won’t be penalized for dipping below a certain threshold. There are no fees, either. Both of those features could eat into your savings, which is why it’s so important to compare account benefits before you choose a bank.

Another perk of Amex savings accounts is that they earn the same interest rate across all tiers. No matter how much money you have tucked away, you’ll get the most favorable APY associated with American Express’s high-yield accounts.

American Express High Yield Savings Account Interest Rate & Fees*

APY Monthly Fee Minimum Opening Deposit
4.25% $0 $0

*Figures are correct as of June 2024.

How much can I earn with the American Express High Yield Savings Account?

With an American Express high-yield savings account, you can earn more interest than you can with a traditional account or a high-yield account from another bank that might have a lower APY or exorbitant fees.

The main reason to sign up for an American Express high-yield account is to take advantage of the higher-than-average interest rates, so it’s important to understand how APY works. That way, you know exactly how fast your money will grow, and perhaps, you’ll even find more inspiration to funnel “extra” money into savings to reach your goals in record time.

American Express’s APY is compounded daily and credited monthly. You’re technically earning interest every day, and the interest is calculated based on the total amount in your account (initial deposit + interest) not just the opening account balance.

Ultimately, the amount you earn in interest depends on several factors, including:

Imagine you put $5,000 in a savings account. Here’s what your savings might look like at different intervals if you choose Amex’s high-yield offering.*

Term Length APY Interest Earned
12 months 4.25% $212.50
24 months 4.25% $434.03
36 months 4.25% $664.98
48 months 4.25% $905.74
60 months 4.25% $1,156.73

*The calculations shown are just a simple example. This example assumes you don’t make any additional deposits, don’t withdraw any of the initial deposit and that the interest rate tied to your account remains the same. Always seek advice from a qualified professional before making important financial decisions or long-term agreements.

Compare the interest earned above with what you’d get with a traditional savings account offering the national average APY. In one year at 0.45% APY, your $5,000 would generate just $22.50, almost $200 less than the high-interest account. At the five-year mark, your traditional savings account would accrue about $113.52 in interest, which is about $1,043 less than you’d earn with a high-yield account from Amex.

How the American Express savings account interest rate compares

The rate for an Amex high-yield savings account is much higher than typical savings accounts and on par with savings accounts from online banks with some of the best rates in the industry.

The national average interest rate for savings accounts in the United States is about 0.45%. Many brick-and-mortar banks with big names offer traditional savings accounts with APYs that sit at around the national average.?

Some banks may offer higher rates tied to certain thresholds. For instance, you’re only eligible for a higher APY if you maintain a certain (usually quite high) minimum balance or pay monthly maintenance fees that eat into the interest you’re earning.

American Express’s high-yield savings accounts are competitive because they:

Compare American Express to some of the savings account rates and requirements served up by other large banks in the United States.

Bank APY*
Ally Bank 4.20%
American Express 4.25%
Barclays 4.35%
Capital One 4.25%
Chase 0.01% (standard rate)
0.02% (relationship rate)
Discover 4.25%
Marcus 4.40%
SoFi Bank 1.20% (without qualifying monthly deposits)
4.60% (with qualifying monthly deposits)
Synchrony 4.75%
UFB Direct 5.25%
U.S. Bank 0.01%
USAA 0.01% (Savings rate)
0.05% to 1.60% (Performance First rate)
Western Alliance 5.22%

*Rates are correct as of June 2024. Rates may vary by location. Chase APYs are for California.

Remember, though, that interest rate isn’t everything. Even if there’s a low minimum balance required for top APY and that APY is attractive, the account might have other features that don’t line up with your needs. For instance, some people prefer a bank with name recognition, like Chase or U.S. Bank, and those banks tend to have stricter requirements and lower APY.

Online banks or online accounts from brick-and-mortar banks will almost always have better terms. But before you give them your money, be sure your account will be FDIC-insured and investigate other features and how the savings account works, like whether the bank offers a mobile app and the account-opening experience has to be done in person or if it’s possible to complete it online.

Is the American Express High Yield Savings Account right for you?

The only way to know whether an Amex high-yield account is right for you is to read through the fine print and know how the benefits and drawbacks match up with your own list of needs and wants.?

Before you decide whether to sign up for an American Express account or move on to another bank, consider these pros and cons.

Pros
  • The APY is competitive, especially compared to traditional (low-yield) savings accounts.
  • You don’t have to maintain a minimum balance to get the advertised APY.
  • You can access your Amex savings account through the bank’s mobile app, giving you the ability to check balances and make other changes on the go.
  • There are no monthly maintenance fees.
  • You can set up automatic deposits that funnel money to your savings account whenever you get paid.
  • Compounding interest earns you more money than an account with simple interest.
  • Accounts are insured by the FDIC for up to $250,000 per account, per depositor.
  • American Express offers 24/7 customer service.
  • You get the familiarity and trust that comes with banking with a big-name financial institution.
Cons
  • American Express does not offer ATM access or a debit card associated with their high-yield accounts.
  • To withdraw money, you’ll need to link your savings account to a separate checking account and initiate a transfer (this can take a couple of days to complete).
  • Interest rates may not be quite as high as those offered by online banks that don’t have to pay out the high overhead associated with brick-and-mortar chains.

Another notable perk of an American Express savings account is that customers can access the bank’s sizable resource library. This collection of tips and tricks is a wonderful way to expand your financial literacy. You can learn how to better save money for retirement or get information on daily changes that can help you build your savings faster.?

How to apply for an American Express savings account

Once you’re ready to sign up for a savings account, the last thing you want to deal with is a highly complicated process that interferes with your already busy schedule.

Luckily, the application process for an Amex savings account is pretty simple.

1

Be sure you meet the basic requirements.

You must be at least 18 years of age, be a United States citizen or a resident alien with a valid Social Security number (SSN) or individual taxpayer identification number (ITIN) and intend to reserve your account for personal use only.

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2

Head to the American Express website to open your account and enter your personal information.

You will need to provide your ID. Amex will verify this information against data gathered from public records to confirm your identity.

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3

Confirm your registration.

Look for a confirmation email from American Express and click on it to register your online savings account.

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4

Sign in your account.

Officially sign in to your new account and link it to your existing checking account.

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5

Fund your savings account.

Once the accounts are linked (this typically takes around two business days), you can make a transfer to fund your new savings account (you can also fund the account by sending a check, but that takes longer to process).

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Be sure to tweak your account settings to control things like getting a digital statement versus a paper statement or if you want to set up automatic checking-to-savings transfers at specific intervals.

Other savings options at American Express

Sometimes a savings account just isn’t quite right for your situation.?

Perhaps, you’re looking for an even higher interest rate. Or maybe you want to lock away your money until you really need to use it, keeping it safe from shopping sprees and avoiding those pricey nights out on the town. In those situations, you might prefer a certificate of deposit (CD).

A CD is a timed investment with strict guidelines. Follow those guidelines and you can get a pretty generous APY in return—but read everything closely because some CD terms offer interest rates far below what you’d get with high-yield savings.

American Express CD Options and Interest Rates

Term APY Minimum Deposit
11 months 5.25% $0
1 year 4.25% $0
18 months 1.00% $0
2 years 4.75% $0
3 years 1.15% $0
4 years 1.20% $0
5 years 3.00% $0

Keep in mind that unlike a savings account, which gives you the option to deposit and withdraw at will with little to no penalty, CDs are locked down for the duration of the agreed-upon term. You cannot access the money you deposited without facing a penalty.

Open a new American Express High-Yield Savings Account

FAQ: American Express savings rate

What is the current American Express savings rate?

The current American Express savings rate for a high-yield account is 4.25% APY. That’s exponentially more than the national average interest rate for a traditional savings account (just 0.45%) and on par with the rates offered by many online banks. But with Amex, you have the advantage of a well-known financial institution and you won’t have to maintain a certain minimum balance or pay monthly maintenance fees to score that high APY.

Is the American Express savings account worth it?

A high-yield American Express savings account is worth it if you’re interested in maximizing your interest rate and feel most comfortable banking with a financial institution that is well-known and has both brick-and-mortar locations and an online presence. Amex high-yield savings accounts are competitive, with few downsides unless you’re concerned about ATM access.

How much do you need to open an American Express savings account?

One of the biggest perks of an American Express savings account is that you don’t have to make a minimum deposit when you open the savings account. You don’t even have to maintain a certain balance to optimize your APY or avoid monthly maintenance fees, either. These benefits help set Amex apart from other banks that require depositors to keep high account balances if they want to avoid plummeting APY or rising fees.

Does opening an American Express savings account affect your credit score?

Opening an American Express savings account won’t impact your credit score. That’s because you’re funding the account with your own money rather than asking for a loan based on your financial history.?

That said, some lenders may look beyond your credit score when determining whether to extend you a loan in the future. In those cases, your savings account could be considered an asset that helps give a mortgage holder or another vendor insight into your financial well-being.

About the Author

Alana Luna (Musselman)
Alana Luna (Musselman) Writer & Content Strategist

Alana Luna (Musselman) is a versatile storyteller with over a decade of writing experience. She is passionate about helping people build their business through unique and engaging content.

Some examples of her current freelance projects include building content strategies for small businesses, completing industry research to build case studies, crafting buyer guides and more.

She has a passion and keen ability to simplify complex ideas through storytelling to make it easier for readers to understand hard-to-digest information. To accomplish this, Alana’s writing holds strong three principles – content that educates, engages and entertains.

About the Reviewer

Blake Esken
Blake Esken Los Angeles Times

Blake Esken has over 15 years of experience in product management and has been a member of the Los Angeles Times staff for over five years.

As part of his role at the Los Angeles Times Commerce Team, Blake acts as the in-house reviewer and fact checker for LA Times Compare. He supervises all content for compliance and accuracy and puts to use skills he has honed through years of experience managing high-stakes projects for a range of industry-leading companies.

He has a strong background in data analysis, compliance, and communication, which allows him to support LA Times Compare through fact-checking in an effort to provide up-to-date and factual information across our content.

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