Advertiser Disclosure

Conor Keenan

Reviewed by Conor Keenan, AWMA®

Accredited Wealth Management Advisor® designee · Updated November 13, 2026

Editorial Independence: Our recommendations and reviews are our own. Partner commissions may help keep our site free and do not influence our editorial content.

CompareAccounts™ Savings Spotlight

You know American Express. Did you know they have a savings account?

  • No monthly fees
  • No minimum balance requirement
  • 24/7 support
★ 4.5/5 Reviewed by CompareAccounts™
The Savings Account Test

What should a good savings account actually offer?

We look beyond the headline rate. Here are five things we think matter when deciding where to keep your savings.

Competitive savings APY?
✓ Yes
No monthly fees?
✓ Yes
No minimum balance requirement?
✓ Yes
Interest compounded daily?
✓ Yes
24/7 customer support?
✓ Yes
American Express checks the savings basics
✓ All 5
Put The Rate In Dollars

What could your savings actually earn?

At the current 3.20% APY , even money you're simply keeping in savings can generate meaningful interest.

$10,000 balance — estimated interest in one year*
$25,000 balance — estimated interest in one year*
$50,000 balance — estimated interest in one year*
Why we show it this way: APYs are useful for comparison, but the real question is what your idle savings could be earning over time.

*Illustrations assume the displayed APY remains unchanged for one year and the balance remains constant. APY is variable and subject to change. Actual earnings may vary.
Why American Express?

Is the highest APY always the best savings account?

Not necessarily. Savings rates change, and another bank may offer a higher APY at a given time. We like American Express for the combination of yield, straightforward account terms, support and familiarity.

1

Straightforward savings

No monthly fees and no minimum balance requirement to open the account or earn the disclosed APY.

2

24/7 support

American Express provides Savings customer support around the clock by phone.

3

A familiar financial name

You don't have to choose an unfamiliar bank simply because you want your savings to earn interest.

A Simple Way To Start

You don't have to switch banks.

Keep the checking account you already use. American Express® Savings can simply become another place to keep money you don't need for everyday spending.

1

Open your savings account

There's no minimum deposit required to open the account.

2

Link your current bank

Connect an external bank account so you can move money between your existing bank and American Express Savings.4

3

Move what makes sense

Your checking account can stay exactly where it is. Move only the savings you want earning interest here.

Already use American Express?

That's another reason this account may feel familiar. Eligible American Express personal Card and bank accounts can be managed through the American Express app3, giving existing Amex customers another way to keep more of their financial life in one familiar ecosystem.

Is It Right For You?

Who we think American Express High Yield Savings is best for

This account isn't automatically the right choice for every saver. Here's where we think it fits best.

A strong fit if you…

  • Want your savings earning a competitive APY
  • Want no monthly savings-account fees
  • Don't want to maintain a minimum balance
  • Prefer online and mobile account management
  • Value 24/7 customer support
  • Feel more comfortable with a familiar financial brand
  • Already use American Express products

Another account may fit better if you…

  • Only care about finding the highest APY available today
  • Want traditional branch-based banking
  • Want an ATM or debit card attached to your savings
  • Want checks for your savings account
  • Prefer to keep all banking at your existing institution
CompareAccounts™ Verdict

The rate isn't the whole reason we like it.

You may find savings accounts offering higher APYs at different points in time. If maximizing every last fraction of a percentage point is your only goal, it makes sense to compare the market.

American Express High Yield Savings appeals to us for a different reason: it combines a competitive savings yield with no monthly fees, no minimum balance requirement, 24/7 support and a financial name many consumers already know.

For savers who value simplicity, familiarity and service alongside yield, we rate it 4.5 out of 5.

Important information

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