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American Express National Bank (Member FDIC) offers an excellent savings account rate compared to traditional banks.
The best online banks (including American Express National Bank) are able to offer high savings rates because they have fewer overhead costs than their brick-and-mortar counterparts. As a result, online banks can pass those savings on to customers with better rates and lower fees.
The American Express® High Yield Savings Account pays a competitive 4.25% (as of 6/17/24) APY (annual percentage yield), which is significantly higher than the average savings account interest rate.
There are no monthly service fees or minimum opening deposit requirements, and you can earn the rate on any account balance up to $5 million. (Although keep in mind that accounts are only insured by the FDIC for up to $250,000, or $500,000 for joint accounts.)
American Express® High Yield Savings Account American Express National Bank, Member FDIC Insider’s Rating A five pointed starA five pointed star
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Icon of check mark inside a promo stamp It indicates a confirmed selection. Perks Rate as of 6/17/24Earn 4.25% Annual Percentage Yield (APY) with no account opening minimums, minimum balance requirement or monthly fees.
Fees no monthly service fee Annual Percentage Yield (APY) 4.25% (as of 6/17/24) Minimum Opening DepositThe American Express® High Yield Savings Account can be opened online. You can open an account from anywhere in the United States, but you must be at least 18 years old and a U.S. citizen or U.S. resident with a social security number or individual taxpayer identification number.
The savings account has a $0 to open minimum opening deposit. That said, you'll need to deposit money into your savings account in the first 60 days, or it will be closed. To deposit money into the savings account, you can link an external bank account and transfer money.
The best high-yield savings accounts offer competitive rates and low fees, and the American Express® High Yield Savings Account delivers on both counts: You can earn 4.25% (as of 6/17/24) APY while paying zero monthly fees. With no opening deposit or minimum balance requirements to earn the APY, the account may be especially attractive to new savers. Still, consider looking elsewhere if you want higher returns — some online banks are paying up to 6.17% APY right now.
Featured Nationally Available High-Yield Savings Account
| Account Name | APY (Annual Percentage Yield) Accurate as of 8/12/2024 | Minimum Account Opening Balance |
| Capital One 360 Performance Savings | 4.25% | $0 |
| Western Alliance Bank High-Yield Savings Premier | 5.31% | $500 |
| BrioDirect High-Yield Savings Account | 5.30% | $5,000 |
| Bread Savings High-Yield Savings Account | 5.15% | $100 |
Discover® Online Savings Account pays 4.25% (as of 3/14/24) APY. Interest compounds daily on both accounts, and there are no monthly bank maintenance fees, minimum opening deposits, or excess transaction fees (some banks charge a fee of about $10 if you make more than six monthly withdrawals).
One notable difference involves mobile check deposits. With American Express National Bank, you can deposit up to six checks totaling $50,000 within any seven-day period, with a $25,000 individual check limit. This is a more generous limit than many online banks offer. Discover doesn't specify limits in its online disclosures, however, a call to customer support revealed that new customers might start with a monthly limit of about $500.
Choosing between the two accounts might be tricky unless you want more flexibility regarding mobile deposits — in which case American Express National Bank is the clear winner.
While Capital One is primarily an online bank, it has branches in a handful of states and cafés in more than a dozen states (the cafés are a cross between a bank branch and a coffee shop). American Express National Bank doesn't have any branches.
Capital One 360 Performance Savings pays 4.25% APY on all balance tiers. The interest in a Capital One account compounds monthly, while American Express National Bank's interest compounds daily. Depending on how much is in your account, this may or may not make a significant difference.
Neither account has monthly fees, initial deposit requirements, or a minimum balance to earn the APY. Capital One offers live support Sunday to Saturday from 8 a.m. to 11 p.m. ET. You can reach live customer support 24/7 with American Express National Bank (Member FDIC).
The two banks offer similar rates, fees, and features, so choosing one can be difficult. Ultimately, customers who live near a Capital One branch or café might choose it over American Express National Bank for the convenience of in-person help and the option to make cash deposits. American Express National Bank may be a better choice if you prefer 24/7 customer support.
We rated the American Express® High Yield Savings Account using Business Insider's bank account methodology. For savings accounts, we consider minimum opening deposits, monthly service fees, interest rates, customer support, mobile apps, and ethics.
Is there a minimum deposit required to open an American Express Savings account? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Opening an American Express® High Yield Savings Account is easy since it has a $0 to open minimum opening deposit. However, you'll need to eventually deposit any amount in the first 60 days of account opening.
How does the interest rate on American Express Savings accounts compare to traditional banks? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
The American Express® High Yield Savings Account offers a significantly higher interest rate than the average savings account. You can earn 4.25% (as of 6/17/24) APY on American Express® High Yield Savings Account. In comparison, average savings account interest rates in traditional banks are often around 0.01% to 0.50% APY if you don't have a specific checking account/savings account combination.
Can I access my American Express Savings account online? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Yes, American Express National Bank (Member FDIC) is an online bank and it doesn't have any physical branches. Your banking experience is fully online.
Are American Express Savings accounts FDIC insured? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Yes, American Express Savings is FDIC insured. FDIC insurance on American Express Savings covers up to $250,000 per depositor.
How often is interest compounded on American Express Savings accounts? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Interest compounds daily on the American Express High Yield Savings Account.
Jean FolgerJean Folger has 15+ years of experience as a financial writer covering real estate, investing, active trading, retirement planning, and retiring abroad. She is co-founder of PowerZone Trading, a company that has provided programming, consulting, and strategy development services to active traders and investors since 2004. Previously, Jean was a real estate broker, an English teacher, and a trip leader for an adventure travel company.