American Express Savings Account Rates
When it comes to savings accounts, American Express offers a standout option—the High Yield Savings Account. This account boasts a competitive interest rate and comes with no minimum deposit, no minimum balance requirements, and no monthly fees.
| Account Name | Interest Rate | APY | Minimum Deposit | Monthly Fee |
|---|---|---|---|---|
| High Yield Savings Account | 4.16% | 4.25% | $0 | $0 |
For a comprehensive overview of savings account rates today, explore the following categories:
- Best High-Yield Savings Accounts
- Best Banks for Savings Accounts
- Best Free Savings Accounts
- Best Savings Accounts for Kids
- Best Savings Account Bonuses
American Express Savings Accounts: Key Features
The High Yield Savings Account by American Express offers an impressive 4.25% APY with no minimum deposit and no monthly service fee.
Compared to the national average rate of 0.46%, American Express’s APY is nearly 10 times higher. While it may trail behind some other high-yield savings accounts in terms of rate, it is still a competitive option that can yield a respectable return for account holders.
About American Express: Other Savings Options
American Express is a renowned financial institution widely recognized for its credit cards. However, its offering also extends to savings accounts, checking accounts, and personal loans, among others.
Additionally, American Express provides a range of business financial services, including small business credit cards, business checking accounts, lines of credit, and payment solutions.
Beyond the High Yield Savings Account, American Express presents another avenue for interest accumulation through certificates of deposit (CDs).
With CD terms up to five years, customers can earn attractive rates ranging from 3.00% to 4.50%. By locking in the rate for the entire term, account holders are shielded from potential interest rate fluctuations.
Compare Savings Account Rates
American Express’s High Yield Savings Account and CD offerings come with appealing rates. By comparing them with rates from other institutions, you can identify the savings account that best aligns with your financial goals.
How Much Do You Need to Open an American Express Savings Account?
Opening an American Express savings account requires no minimum deposit, allowing you to commence your account without an initial investment. However, to start earning interest, you must make a deposit.
How Does the American Express Savings Account Work?
The American Express High Yield Savings Account operates as an interest-bearing account where the bank pays interest on your deposited funds. This interest compounds daily and is credited monthly. The more funds you maintain and the longer they remain in the account, the greater your interest earnings.
Does Opening an American Express Savings Account Affect Your Credit Score?
Your credit score remains unaffected by opening a savings account. However, failure to address any accrued banking fees reported by American Express to the credit bureaus can have adverse credit score implications.
Is It Safe to Open a Savings Account With American Express?
Ensuring a secure banking experience, American Express employs robust security measures on its platform, including multi-factor authentication and SSL encryption. Furthermore, funds held in American Express accounts are FDIC-insured, safeguarding deposits up to $250,000 per ownership category in the event of the bank’s insolvency.