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High Yield Savings
Simple, no-fee online savings.
3.10% APY · $0 minimum · No monthly fees
- Variable APY on every dollar
- No minimum opening deposit
- No monthly maintenance fees
- FDIC insured up to $250,000
Best Trusted Brand
American Express® High Yield Savings Review: A household name with a real online-savings account.
American Express National Bank pays a competitive APY with no monthly fees, no minimums, and the back-office of one of the most recognized financial brands in the world.
PickYourBank Rating
9.3/ 10
Excellent
9.3
Overall
9.6
APY
9.6
Fees
9.0
App
9.1
Service
3.10%
APY
$0
Minimum
$0
Monthly fees
$250K
FDIC coverage
What is Amex Savings?
Online savings from a brand most people already trust.
American Express National Bank has offered a no-fee, no-minimum High Yield Savings account since 2008 — long before most fintechs entered the space.
It's a simple, no-frills account: link your external bank, set up automated transfers, and let interest compound monthly. There's no debit card and no ATM access by design.
Founded
1850 (Amex)
HQ
Salt Lake City, UT
Charter
National bank
Reach
Nationwide
FDIC insured
Up to $250K per depositor, per ownership category
Bank-grade security
256-bit encryption + multi-factor login
Top-rated mobile app
Deposit checks, transfer, freeze your card instantly
Competitive APY
Designed to keep up with the highest online rates
The American Express lineup
Built around what matters most.
Here's what American Express offers and who each product is best for.
Certificates of Deposit (CDs)
Lock in a fixed rate for 11–60 months.
Terms from 11 to 60 months
- Fixed APY guaranteed for the full term
- $0 to open — no minimum deposit
- Early withdrawal penalty applies
- Auto-renews at maturity unless changed
The honest verdict
Pros & cons — no spin
What we love
- Strong, recognizable brand backed by Amex
- No monthly fees, no minimums, no surprise charges
- Easy ACH transfers in and out
- FDIC-insured up to $250K per depositor
Worth knowing
- APY trails the very top online banks by ~0.5–1%
- No checking account, debit card or ATM access
- Mobile app is functional but basic
Getting started
Open a American Express account in under 5 minutes
Step 1
Apply online
Takes about 5 minutes — no hard credit pull for deposit accounts.
Step 2
Verify identity
Standard ID verification, usually instant.
Step 3
Fund your account
Link an existing bank or transfer any amount via ACH.
Step 4
Start earning
Interest compounds and posts every month — no minimums to keep.
American Express FAQ
Common questions, clear answers
Is American Express a safe bank?
Yes. American Express is FDIC-insured (directly or through partner banks), with deposits insured up to $250,000 per depositor, per ownership category.
Are there monthly fees?
No monthly maintenance fees on the core account. Standard third-party fees may apply for things like out-of-network ATMs or wire transfers.
Is there a minimum deposit?
No. You can open the account with any amount and there's no minimum balance required to keep it open.
How do I move money in?
Link an external bank to ACH transfer in, set up direct deposit, mobile-deposit a check, or do a wire transfer.
Can I close anytime?
Yes. You can close the account at any time with no penalty. Move your balance via ACH or wire to your new bank.
A safe, no-friction place to park cash
If you want a recognizable brand and a no-frills savings experience, American Express is one of the most boring (in a good way) banks you can pick.
Advertiser disclosure: PickYourBank.com may receive compensation when you open an account through our links. This never influences our ratings or recommendations.
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Morning Sarah ☀️ Your Chase savings is still at 0.01% — want me to find better?
Yes please, no fees though 🙏
Got you. Based on your $12k balance, you'd earn +$580/yr switching to Marcus at 4.85% APY ✨