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- American Express High Yield Savings
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- PopularityEditor: 75%
- RatesEditor: 75%
American Express offers a High Yield Online Savings Account with a 1.05% APY rate.
Since the purpose of this account is to save money over time, American Express does not provide checks or an ATM/Debit card to personal savings accounts. It’s an online-only account available to everyone nationwide, so you’ll need to link another external Checking account in order to make easy online cash transfers.
About The American Express Savings Account
American Express Company (NYSE: AXP) or AmEx, is an American financial services corporation headquartered in Three World Financial Center, Manhattan, New York City, New York, United States. Founded in 1850, it is one of the 30 components of the Dow Jones Industrial Average. American Express credit cards account for approximately 24% of the total dollar volume of credit card transactions in the US, the highest of any card issuer.
Fortune listed Amex as one of the top 20 Most Admired Companies in the World. I bring this up only as a reminder you can be confident about where your money is going.
Like any other trusted online account, the American Express High Yield Savings Account is fully protected by the Federal Deposit Insurance Corporation (FDIC). The maximum insured amount is $250,000 per depositor.
Online Savings Account Features
- Simple and quick application process with no minimum balance requirement
- Earns interest daily
- Access to your account online or by phone 24/7
- No maintenance fees
- Can be linked to three bank accounts
- Total maximum balance is $5M (you can save a lot!)
- The account is FDIC insured
- Clients can set up automatic transfers to/from external accounts
- They can also set direct deposit schedules
There are no limits to how many deposits one can make per statement cycle. People who want to add money to their savings on a weekly or even daily basis have the option to do so. There is no minimum initial deposit required. Clients must make a deposit within 60 days of their savings application being approved to activate their accounts or else it will be closed.
As with all savings accounts, the more you put away to save, the more interest you stand to gain.
Opening An Amex Online Savings Account
Savings accounts can be applied for online or by phone. To get started, you’ll need to have the following information:
- SSN and date of birth
- Account and routing numbers (primary applicants)
- Home address, email and phone number
Next, select the High Yield Savings Account and submit your application. Once your application has been approved, you’ll get an email or online confirmation as well as an American Express Savings welcome kit in the mail. Then all there is left to do is to add funds to your account. You can either link an external Checking account and transfer funds that way, or send American Express a check by mail. From then on, you’ll start earning interest on your account.
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- Online Savings account that offers convenience, low fees, and good rates.
- Well known bank with great longstanding reputation
- While rates are good, many other online banks have higher, with all the same standard features