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American Express High Yield Savings Account Review
Our take: A simple savings account with no requirements from a household name, with no minimums, no fees and support by phone around the clock. The rate is solid but not the highest, and there is no ATM or debit card.
Pros
- No minimum deposit, no minimum balance and no monthly fee
- One rate on every balance with no monthly rules
- 24/7 phone support
- Managed in one of the best rated banking apps we track
Cons
- 3.20% APY is below the top accounts on our list
- No ATM card, debit card or checks
- Money pulled in from another bank can take up to five business days to become available
Key facts
- APY
- 3.20%
- Requirements
- None
- Minimum to open
- $0
- Minimum to earn APY
- None
- Monthly fee
- No monthly fee
- ATM access
- None, transfers only
- Current offer
- None right now
- Insurance
- FDIC insured up to $250,000 per depositor, per ownership category
- FDIC certificate
- 27471 (American Express National Bank, Sandy, UT)
- Who can open
- US citizens and resident aliens 18 or older with an SSN or TIN and a US address; individual or joint
- Mobile app
- Amex app: 4.9 on the App Store, 4.8 on Google Play (Sep 28, 2026)
- Customer service
- 1-800-446-6307, 24/7
Source: American Express website, checked Oct 27, 2026. Insurance details from the FDIC BankFind database.
The American Express High Yield Savings Account pays 3.20% APY, as of Oct 27, 2026. One rate applies to every balance, with no minimum and no monthly fee. That is well above the national average savings rate of 0.38%, but below the top account we track, Pibank Savings at 4.40% APY. Checked against American Express’s website on Oct 27, 2026.
American Express savings rate today
| APY | Interest on $10,000 in a year | |
|---|---|---|
| American Express High Yield Savings | 3.20% | $320 |
| Best rate with no requirements we track: Pibank Savings | 4.40% | $440 |
| National average savings rate (FDIC) | 0.38% | $38 |
Amex rate as of Oct 27, 2026. National average from the FDIC, as of Oct 19, 2026. Yearly figures assume the rate stays the same; savings rates are variable. American Express also offers CDs at up to 4.40% APY with terms up to five years (as of Oct 28, 2026).
Compare every account we track on our best high yield savings accounts page, or see American Express vs. Capital One and Peak Bank vs. American Express.
Our verdict
The American Express High Yield Savings Account is a clean, simple account from one of the best known names in finance. It pays 3.20% APY on every balance with no minimums, no monthly fees and no rules to track, and you can reach a person by phone 24 hours a day.
The rate is solid but trails the top accounts in our ranking, and there is no ATM or debit card. It suits savers who value simplicity and service over squeezing out the highest rate.
How the American Express savings rate compares
Amex pays the same rate on every balance with no rules, but other accounts with no monthly rules pay more. At our latest checks, the gap between Amex (3.20% as of Oct 22, 2026) and one of the top no rules accounts we track (Peak Bank, 4.27% as of Oct 1, 2026) was about $107 a year on $10,000.
| Account | APY | Minimum to open | Interest on $10,000 in a year |
|---|---|---|---|
| Peak Bank Envision | 4.27% | $100 | $427 |
| EverBank Performance Savings | 4.20% | $0 | $420 |
| Newtek Bank High Yield Savings | 4.20% | $100 | $420 |
| Always.bank High Yield Savings | 4.10% | $0 | $410 |
| Bread Savings High Yield Savings | 4.05% | $100 | $405 |
| American Express High Yield Savings | 3.20% | $0 | $320 |
| Capital One 360 Performance Savings | 3.20% | $0 | $320 |
Live rates from our weekly checks at each bank; each review shows the bank’s as of date. EverBank and Peak quote their rates for new accounts.
Why people still pick Amex: 24/7 phone support, a well known name, no minimum and Amex CDs at the same bank. If a higher rate matters more, see the best high yield savings accounts, or compare Amex vs. Capital One 360.
Has American Express changed its savings rate?
Yes. Amex raised its High Yield Savings rate from 3.10% to 3.20% APY, as of Oct 17, 2026. Every change we have logged is in the rate history table on this page and on our rate change tracker.
How the rate works
One rate applies to your whole balance, with no tiers and no requirements. American Express says the APY was accurate as of Oct 27, 2026 and is variable. Interest compounds daily and is credited monthly.
What $10,000 earns: about $320 in a year, assuming the rate does not change.
Fees and minimums
There is no minimum opening deposit, no minimum balance and no monthly fee. You need to fund the account within 60 days of opening, and the maximum balance is $5 million.
Access to your money
You move money by transfer to or from a linked bank account or Amex Rewards Checking. Transfers usually take 1 to 2 business days, and American Express offers same day express transfers in many cases. Money you pull in from another bank is available by the fifth business day. There is no ATM card, debit card or checkbook.
Is American Express National Bank safe?
American Express National Bank, based in Sandy, Utah, is FDIC insured under certificate 27471, which we confirmed in the FDIC BankFind database. Deposits are insured up to $250,000 per depositor, per ownership category.
Who it is best for
- Savers who want no rules and no fees at all
- Anyone who values 24/7 phone support
- Existing Amex customers who want everything in one app
Who should look elsewhere
- Rate chasers; Peak Bank pays more with no rules
- People who want ATM access; see Happen Bank or Axos ONE
Thinking about locking in a rate? See American Express CD rates for every term and penalty.
How we rated it
The Amex High Yield Savings Account scores 4.3 out of 5. It earns top marks for fees, requirements and app and support, and loses points on rate and on access, since money moves only by transfer. Read the full methodology.
How American Express compares
| Account | Rating | APY | Min to open | ATM card |
|---|---|---|---|---|
| Elevault High Yield Savings | 4.6 | 4.34% | $0 | No |
| EverBank Performance Savings Account | 4.6 | 4.20% | $0 | No |
| Happen Bank LevelUp Savings | 4.6 | 4.20% | $0 | Yes |
| Bread Savings High Yield Savings Account | 4.6 | 4.05% | $100 | No |
| Peak Bank Envision High Yield Savings | 4.5 | 4.27% | $100 | No |
| Newtek Bank Personal High Yield Savings Account | 4.5 | 4.20% | $100 | No |
| Openbank High Yield Savings Account | 4.5 | 4.00% | $500 | No |
| E*TRADE Premium Savings | 4.5 | 3.75% | $0 | No |
| Axos ONE Savings | 4.4 | 4.21% | $0 | Yes |
| Always.bank High Yield Savings Account | 4.4 | 4.10% | $0 | No |
| Barclays Tiered Savings | 4.4 | 3.50% | $0 | No |
| Capital One 360 Performance Savings | 4.4 | 3.20% | $0 | No |
| Valley Direct High Yield Savings | 4.3 | 3.30% | $1,000 | No |
| Ally Bank Savings Account | 4.3 | 3.20% | $0 | No |
| American Express High Yield Savings Account | 4.3 | 3.20% | $0 | No |
| Pibank Savings | 4.2 | 4.40% | $0 | No |
| Western Alliance Bank High Yield Savings Premier | 4.2 | 3.80% | $500 | No |
| Ivy Bank High Yield Savings Account | 4.1 | 4.00% | $2,500 | No |
| SoFi Checking and Savings | 4.1 | 3.30% | $0 | Yes |
| Alto Online Savings (BMO) | 4.0 | 3.00% | $0 | No |
American Express savings FAQ
What is the American Express High Yield Savings rate?
American Express advertises 3.20% APY on all balances, accurate as of Oct 27, 2026. The rate is variable.
Does the Amex savings account have a minimum deposit?
No. There is no minimum deposit, no minimum balance and no monthly fee. The account must be funded within 60 days of opening.
Is American Express National Bank FDIC insured?
Yes. American Express National Bank is FDIC insured under certificate 27471 and is based in Sandy, Utah.
Can I get a debit card with Amex High Yield Savings?
No. The account has no ATM card, debit card or checks. You move money by transfer to a linked bank account or to Amex Rewards Checking.
Is Amex savings customer service available 24/7?
Yes. American Express lists phone support at 1-800-446-6307, 24 hours a day, 7 days a week.
Is the American Express savings rate good?
It pays 3.20% APY, several times the FDIC national average savings rate, but some accounts we track pay more. It stands out for simplicity: no minimum, no fees, no requirements and 24/7 phone support.
Does American Express offer CDs?
Yes. American Express lists CDs at up to 4.40% APY with terms up to five years, as of Oct 13, 2026.
Has American Express raised its savings rate?
Yes. Amex raised its High Yield Savings rate from 3.10% to 3.20% APY, as of Oct 17, 2026, according to our checks of its website.
How does the Amex savings rate compare with the best savings accounts?
At our latest checks, one of the top savings accounts we track with no monthly rules, Peak Bank, paid 4.27% APY (as of Oct 1, 2026), about $107 more a year on $10,000 than Amex at 3.20%.
Ready to open American Express High Yield Savings Account?
Rates as of Oct 27, 2026. Confirm the current rate and terms on the provider’s site before you apply.
American Express High Yield Savings Account rate history
Every change we found to this account’s rates in our checks of the bank’s website, newest first, with the date the bank gives for each rate. See every bank on our rate change tracker.
| Rate as of | Account | Term | Change | Direction |
|---|---|---|---|---|
| Oct 17, 2026 | High Yield Savings | Standard rate | 3.10% to 3.20% APY | Raised |