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American Express High Yield Savings Account (HYSA) basics
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| Annual Percentage Yield (APY) | 3.50%1 <p>The Annual Percentage Yield (APY) as advertised is accurate as of July 23, 2025. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened. </p> 3 <p class="">The product and annual percentage yield (APY) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your area. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. Always verify account details and availability with the financial institution before opening an account.<br></p> |
| Minimum balance to earn APY | $02 <p class="">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.</p> |
| Minimum deposit to open account | $0 |
| Monthly maintenance fees | $0 |
| ATM access | None |
| FDIC insured | Yes, American Express National Bank is a Member FDIC (Cert. #27471) |
| Visit American Express |
American Express, founded in 1850, has long been a trusted name in financial services. While it's best known for its credit cards, it's expanded into online banking with products like the High Yield Savings Account.
Who is American Express High Yield Savings best for?
The American Express High Yield Savings account is ideal for:
- Savers who prioritize high interest rates and no monthly fees
- Those comfortable with online-only banking
- Existing American Express credit card holders who want to keep their accounts under one roof
- Those who prioritize customer service
The standout feature of this account is undoubtedly its high APY. At 3.50%, it's significantly higher than what you'd find at most traditional banks. This rate applies to all balance tiers, so you don't need a large deposit to start earning. You do need to be comfortable with online-only banking, but those are often the accounts with the highest APYs.
It's also a good choice if you're already part of the American Express ecosystem as a cardholder. You can access both your bank account info and your credit card info in the mobile app.
I appreciate that Amex keeps things simple with a $0 minimum balance to earn APY and no monthly fees. This makes it accessible to savers at all levels, whether you're just starting out or have a substantial nest egg.
And it has 24/7 customer support by phone, which is unusual for an online HYSA. But that's one of the advantages of banking with a large institution like American Express.
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Bonus offers
Like many banks, American Express offers incentives from time to time to entice you to open a new account. Sometimes it's cash, and other times it's a higher APY. In fact, based on my research it looks like the most recent offer was for a higher APY for those who had the American Express Platinum Card®.
At the time, the rate for the Platinum Card® cardholders was 0.25% higher than the regular APY. But the terms noted that the APY could change at any time, and it wasn't guaranteed to stay that much higher than the standard APY.
American Express HYSA disadvantages
No cash deposits or access
You cannot deposit cash directly into this account, which could be a pain if you frequently deal with physical money. The best workaround is to deposit funds into an external bank account and transfer the funds from there to Amex.
You can also deposit funds by sending a paper check to Amex.
If you're looking for online banks that accept cash deposits, check with institutions like Capital One. You can also find many savings accounts with debit or ATM cards, if you need easy access to cash.
American Express HYSA alternatives
SoFi Checking and Savings
SoFi® provides both a checking and savings account in one package, making it ideal if you need both. You can earn up to 3.80% APY on savings balances with qualifying direct deposits.4 <p>SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p>
There's no minimum balance requirement, and you don't have to worry about monthly maintenance or overdraft fees.5 <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p> While it's another online-only option, it comes with features Amex lacks, like early paycheck access.6 <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p> Member FDIC.7 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
Visit SoFi or read our full SoFi Checking and Savings review.
High Yield Savings Account from Customers Bank
The High Yield Savings Account from Customers Bank currently outperforms Amex with a 3.76% APY.8 <p>APY means Annual Percentage Yield. APY is accurate as of September 29, 2025. This is a variable rate account, Interest rate and APY may change after initial deposit. Minimum initial deposit to open account and earn interest is $1.00.</p> Like Amex, it has no monthly maintenance fees. It also only requires a $1 minimum deposit.
What sets it apart is that Customers Bank has physical locations in a few states. This makes it a better option if you prefer a bank you can visit in person and happen to live near one of their branches. It offers a nice balance between high online savings rates and traditional banking services.
Another great savings account to consider
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American Express customer service
American Express customer service is available 24 hours a day, seven days a week. You can call them at 1-800-446-6307.
You can also send them mail at:
American Express National Bank
P.O. Box 30384
Salt Lake City, Utah 84130
Today's Top Financial Offers
Make your money work harder with top picks for savings, checking, investing, and more
| Bank/Institution | APY
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Bonus Offer | Open Account | Bonus Offer |
|---|---|---|---|---|
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2025 award winner
Best Checking and Savings Combo
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5.0
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4.50
With $0 min. balance
%
APY
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Limited-Time Offer: +0.70% boost to 4.50% APY on Savings for up to 6 months12 <p>Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p> + up to $300 Bonus with direct deposit.13 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> Terms apply. | ||
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2025 award winner
Best for Customer Service
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5.0
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3.50
With $0 min. balance1 <p>The Annual Percentage Yield (APY) as advertised is accurate as of July 23, 2025. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened. </p>
%
APY
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- | ||
/images/2024/08/01/wa_logo_-_cropped.png){kind=logo}
4.3
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4.10
With $1 min. balance14 <p>APY means Annual Percentage Yield. APY is accurate as of 09/30/25. Interest rate and APY may change after initial deposit depending on the terms of the specific product selected. Minimum opening deposit is $1.00.</p>
%
APY
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Limited-Time Offer: Use code EASY to earn $75 for $10,000, $250 for $25,000, $500 for $50,000, or $1,000 for $100,000+ deposited15 <p>New customers only. Earn a cash bonus when you deposit and maintain funds with partner banks on the Raisin platform. Customers will receive $75 for depositing between $10,000 and $24,499, $250 for depositing between $25,000 and $49,999, $500 for depositing between $50,000 and $99,999, and $1,000 for depositing $100,000 or more. To qualify for the bonus, your first deposit must be initiated between August 1, 2025, and November 30, 2025, by 11:59 PM ET, and the promo code EASY must be entered at the time of sign-up. Only funds deposited within 14 days of the initial deposit date and maintained with partner banks on the Raisin platform for 90 days will be eligible for this bonus. Bonus cash will be deposited by Raisin into the customer’s linked external bank account within 30 days of meeting all qualifying terms. This offer is available to new customers only and may not be combined with any other bonus offers. Raisin reserves the right to modify or terminate this offer at any time.</p> | ||
FAQs
Is the American Express High Yield Savings Account safe?
Account holders can rest easy with Amex. Your American Express High Yield Savings Account is FDIC-insured up to $250,000 per depositor, and you can increase your coverage amount by adding beneficiaries to your account. The FDIC certificate number for American Express National Bank, Member FDIC, is 27471.
It's a good idea when choosing to open an account with a new financial institution to see if their website or documentation says "member FDIC." In the case of a credit union, you want to look for NCUA insurance, which is similar.
Should I get an American Express savings account or a CD?
CDs, or certificates of deposit, can earn you a good interest rate, as can a high-yield savings account. However, CD rates are higher because you are giving up access to that money for a predetermined amount of time. For example, you might get a 12-month or 60-month CD.
A savings account is best for someone who wants the option of moving that money around or adding more money to the account. A CD is best for someone who knows they won't need that money or who wants to keep themselves from raiding their savings.
Can you transfer money to a bank account from a credit card?
You may be wondering if you have an American Express credit card, if that means you will be able to transfer money from that card's credit line to your American Express High Yield Savings Account.
While many credit card issuers do allow for you to do this, you will likely be charged either a cash advance or balance transfer fee and will probably pay a higher interest rate on that charge to your card as well. It is generally not considered the best way to create cash flow for yourself.
Bottom line
The American Express High Yield Savings Account offers an attractive combination of high interest rates, no fees, and the backing of a trusted financial brand. Its 3.50% APY is significantly higher than what you'll find at most traditional banks, making it an excellent option for growing your savings.
If you're comfortable with online banking and want to maximize your interest earnings without worrying about fees or minimum balances, the American Express High Yield Savings Account is worth considering. It's a solid choice for building an emergency fund or saving for long-term goals, as long as you don't need frequent access to your money.
For more options, check out our picks for the best savings accounts.
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AAdvantage® Aviator® Red World Elite Mastercard®
Current Offer
Earn 50,000 bonus miles after you make your first purchase and pay the annual fee in the first 90 days
Annual Fee
$99
Rewards Rate
2X miles per dollar spent on eligible American Airlines purchases, and 1X mile per dollar spent on all other purchases
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