“It’s hard for savers to know where to safely stash their cash these days,” says banking expert Ken Tumin. Rates available from FDIC-insured bank accounts could leap or plummet depending on inflation, the economy and the Federal Reserve’s actions.
“With all this uncertainty, it makes sense to find a high-yield savings account (HYSA) from an established bank that has a history of offering relatively stable rates,” suggests Ken Tumin. One surprise entry to consider: American Express. The iconic brand doesn’t just issue credit cards or operate a payment network. It is also an online bank that has offered a small, overlooked lineup of deposit accounts including high-yield savings accounts for nearly two decades.
We asked Tumin to analyze the American Express High Yield Savings account and compare it to top competitors…
What Is the American Express HYSA?
This deposit account from American Express National Bank is designed for savers who want more interest on their money than is available on a savings account at a brick-and-mortar bank…and who value simplicity over extensive features and services. “It’s a good fit if you’re looking for a decent yield from a trustworthy brand provider…and you don’t need quick, frequent access to your cash,” explains Tumin.
Key Features and Benefits
Interest rates and how they compare
The American Express HYSA pays a 3.2% annual percent yield (APY).* That is well above the national average of 0.39% and is competitive with other leading online banks. The big problem with HYSAs is that banks can change their APYs any time, often in response to movements of short-term interest rates. “The American Express HYSA rarely offers the best yields,” says Tumin, “but it does provide solid yields in a variety of different financial environments without unsettling swings.”
Fees and minimum balance requirements
There is no minimum balance required to open your account or obtain the advertised APY. And the American Express HYSA doesn’t charge any maintenance or withdrawal fees, bank-to-bank transfer fees or hidden charges. Balances that remain at zero for more than 180 days are closed automatically.
Account accessibility and user experience
The American Express HYSA does not come with checks or an ATM debit card, and there are no physical branches. But there are multiple ways to deposit money…
- Transfer funds from another linked bank account
- Use the AmEx mobile app’s check-deposit feature
- Set up direct deposits from your paycheck or other source of income
- Mail a physical check to American Express in Utah.
To withdraw money: You can transfer money from a linked bank account or request that a check be mailed to you. Unlike many online banks, the American Express HYSA does not limit the number of withdrawals you can make each month or the amount you can take out at one time.
Security
Deposits are FDIC insured up to $250,000—that is the same federal protection you receive at all federally-chartered banks and savings institutions.
Related AmEx bank deposit accounts
If you need an online checking account, the American Express Rewards Checking account is a fee-free account that offers a 1% APY and a debit card. You earn one membership rewards point for every $2 spent using the debit card. To qualify: You need to be an existing AmEx card member or have an existing American Express HYSA.
Alternative: If you are comfortable locking up your savings for a fixed period, American Express offers a 14-month Certificate of Deposit (CD) with a 4% APY and a 22-month CD with a 4% APY. You don’t have to have a prior relationship with American Express to purchase a CD.
How to Open an Amex HYSA
You needn’t be an American Express credit card holder to apply for the Amex HYSA. Just go to the American Express website (AmericanExpress.com)…click on “Banking,” then “High Yield Savings,” then “Open an Account.” The application takes about 10 minutes to complete. You supply basic information including your Social Security number, address, e-mail address and phone number. AmEx will verify your identity and approve you within a few minutes. Once approved, you create an online account using your laptop or the mobile American Express app on your smartphone. Link an existing checking account to your new AmEx account to transfer money and fund the account.
Pros of the American Express HYSA
Convenience
If you have an American Express credit card, you can oversee all your spending and saving through the AmEx app or website.
Customer service
American Express National Bank has a strong reputation for reliability and customer service. Unlike some competitors, it provides 24/7 live phone support.
Daily compounding
American Express compounds interest daily, so your balance will grow slightly faster over time than money in competitors’ accounts, which typically compound only monthly.
Cons of the AmEx HYSA
No-frills app and website
Customers describe the design of the website and the app as “very basic with limited types of accounts and features,” says Tumin. You won’t find fancy budgeting tools, calculators and personal-finance tutorials that some online banks offer.
Inconvenient to access your money
Because there is no debit card, you must rely on bank-to-bank transfers, which take a standard one to three business days to fully process before your funds are available. “This isn’t an ideal savings account if you need immediate or emergency access to your cash or you plan to move money in and out frequently,” says Tumin. But you can make an outgoing wire-transfer withdrawal, which typically takes one business day, for a $20 fee.
How American Express HYSA Compares to Others
If you are looking for a solid name-brand alternative, consider…
Marcus by Goldman Sachs, an online-only banking platform that provides HYSAs and CDs. Its saving account offers a 3.65% APY with no minimum balance…no fees…and daily compounding interest. No debit card or ATMs are available. Marcus.com/US/en
Advantage over American Express: Better CD deals—Marcus offers a no-penalty 12-month CD with a 4.05% APY. “If interest rates fall in the next year, you are locked in at a relatively high rate,” explains Tumin. “If they rise, you can break the CD and reinvest elsewhere.”
If you are looking for a higher yield, consider…
CIT Bank Platinum Savings, which offers a 3.75% APY that compounds daily. There are no fees, but you need a $100 minimum to open the account and must maintain a $5,000 minimum to earn the advertised yield. (Below that threshold, you earn 0.25%. APY). No debit cards or checks. Online banking only. CIT.com
If you want access to physical branches, consider…
Capital One 360 Performance Savings, with a 3.2% APY. There are no fees or balance minimums, and your money compounds monthly. Advantage: In addition to electronic transfers, you can make deposits and withdrawals at more than 300 Capital One physical branches and mini “cafés.” There are branches and cafés in Arizona, California, Colorado, Delaware, Florida, Georgia, Illinois, Louisiana, Massachusetts, Michigan, Minnesota, Missouri, Maryland, Nevada, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Texas, Virginia and Washington, DC. You also can bank at more than 70,000 fee-free ATM machines. CapitalOne.com
*Rates are current as of April 22, 2026. Terms, conditions and rates may change.
