The American Express® High Yield Savings account (member FDIC) could be right for you if you want a competitive APY and unlimited withdrawals and are OK without ATM access or local branches.
CONTENTS AVAILABLE AT THIS PAGE
- 1 American Express® High Yield Savings
- 2 Compare savings rates
- 3 American Express® High Yield Savings interest rate
- 4 How do you access your cash?
- 5 User reviews on the internet.
- 6 Top perks
- 7 What could be improved
- 8 Requirements to open a American Express® High Yield Savings account
- 9 Is American Express® High Yield Savings FDIC insured?
- 10 American Express® High Yield Savings is right for you if:
American Express® High Yield Savings
| Account Name | American Express® High Yield Savings |
|---|---|
| Account Opening | Open Account for American Express® High Yield Savings on American Express’s Secure Website. |
| FDIC Insured | Yes |
| Rating | 4.00 out of 5 stars |
| APY | 4.25% |
| Minimum to Earn APY | $0 |
| Pros | – Competitive APY – No account fees – $0 minimum opening deposit – Comfort of a well-known brand and reputation – Unlimited transfers and withdrawals – 24/7 customer support – FDIC insured |
| Cons | – No ATM access – No branch access; online only |
Ratings Explanation:
- 5 stars equals Best
- 4 stars equals Excellent
- 3 stars equals Good
- 2 stars equals Fair
- 1 star equals Poor
Compare savings rates
Here’s the information in a table format:
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
| Up to 4.50%² | New customers can earn up to a $300 bonus with qualifying direct deposits!¹ | Open Account for SoFi Checking and Savings on SoFi’s Secure Website. | |
| Rating | 4.50 out of 5 | ||
| Ratings Explanation | – 5 stars equals Best – 4 stars equals Excellent – 3 stars equals Good – 2 stars equals Fair – 1 star equals Poor | ||
| 4.83% | N/A | Open Account for UFB Portfolio Savings Account on UFB’s Secure Website. | |
| Rating | 4.00 out of 5 | ||
| Ratings Explanation | – 5 stars equals Best – 4 stars equals Excellent – 3 stars equals Good – 2 stars equals Fair – 1 star equals Poor | ||
| 4.25% | N/A | Open Account for Capital One 360 Performance Savings on Capital One’s Secure Website. | |
| Rating | 4.50 out of 5 | ||
| Ratings Explanation | – 5 stars equals Best – 4 stars equals Excellent – 3 stars equals Good – 2 stars equals Fair – 1 star equals Poor |
Related Read:- 5 Top Rated Banks For Small Business in India
American Express® High Yield Savings interest rate
| Account | APY | Minimum Deposit |
|---|---|---|
| American Express® High Yield Savings | 4.25% as of April 25, 2024 | $0 |
An APR of 4.25 percent as of April 25, 2024, makes the savings account competitive with other banks online. The interest that you earn on the account is compounded every day (although it’s deducted monthly) which means you’ll earn additional funds faster.
Fees
The account of American Express(r) High Yield Savings account does not have maintenance fees or charges if your balance falls below a specific amount.
Minimum amount
In contrast to other savings accounts, unlike other savings accounts, this Amex account doesn’t need a minimum balance to be opened or earn the APR.
Start with a minimum of minimum amount of $0, and then build up your savings as you go and earn a profit when your balance increases. This is why this account is ideal for those who are just beginning to save.
The withdrawal limit
Amex does not impose any withdrawal restrictions on your savings account. It is not possible to withdraw funds from the branch of a bank, as Amex Express(r) National Bank doesn’t offer them.
The account doesn’t come with ATMs as well, and no ATM card comes to the customer with the account. You can however transfer money into a linked account to use it. The banks that operate online aren’t without an education curve, however, you’ll get a higher rate of APR due to their inability to establish a physical location.
Mobile app
The Amex mobile application stands outYou can view the balance of your account, transfer funds around, and even access Amex Special Offers.
It is also possible to manage your Amex account with your savings account. You can also access benefit should you need help. The majority of online banks are dependent on mobile technologies, and Amex Express(r) National Bank has responded to the need.
How do you access your cash?
Even though the American Express(r) National Bank has no branches in physical locations, you can gain access to your funds easily and fast — many of them are free.
Optional deposit options
There are several methods to transfer funds in the American Express(r) High Yield Savings, including:
- Mobile check deposit using the Amex application
- Electronic bank transfer made from an account linked to a bank
- Wire transfer
- Posting a physical check
It is possible to initiate the transfer through the internet or by calling at any time, but if the transfer is at or after seven p.m. (EDT), the American Express(r) National Bank considers the transfer as having occurred at the time of the next day’s business. There is also the option of establishing a single transfer or recurring. With recurring transfers, it is easy for you to make regular contributions to savings.
Option to withdraw
The same procedures to withdraw funds the same way you put it in:
- Electronic bank transfer
- Wire transfer
- Physical checks
One of the major drawbacks that comes with America’s Express(r) High Yield Savings is the inability to get your funds quickly. It can take up to 5 days to see funds be deposited into the bank account linked to it following a withdrawal. You can get around this problem by making a plan in advance and making arrangements for transfers to be made several days before the time you’ll need it.
You can withdraw the entire cash you have in the account at any moment. If your account is in a negative balance for more than 180 days, then The American Express(r) National Bank automatically will close it.
User reviews on the internet.
American Express(r) National Bank doesn’t enjoy much popularity on Trustpilot The banking institution’s average score of 2.4 stars. The bank doesn’t do much higher on the BBB website, where it has an average score of 1.08 out of five. A majority of the reviews concentrate on Amex cards, not its savings accounts, however, low ratings are typical among credit card and bank issuers.
The mobile application gets excellent ratings (4.9 out five) from the App Store and also has a score that is 3.9 in Google Play.
Top perks
- 4.25% APY as of April 25, 2024: APY is one of the most important factors when choosing a high-yield savings account. The American Express(r) High Yield Savings offers one of the higher APYs we’ve found.
- Ease of use: You can set up and start using your American Express(r) High Yield Savings in minutes. You can also have multiple linked accounts and move money between them.
- No maintenance fees: As an online bank, American Express(r) National Bank doesn’t have the overhead costs of brick-and-mortar banks. As such, it can offer its American Express(r) High Yield Savings for free with no minimum account balance.
- No minimum to open account: There’s no minimum opening deposit or required balance for the American Express(r) High Yield Savings. Your money will earn the full APY, regardless of your balance.
- 24/7 customer support: If you need help, you can get support from a customer representative over the phone 24/7. American Express(r) National Bank also has free educational tools and resources, including free credit scores and reports for its members.
What could be improved
- No branches: American Express® National Bank has no physical branches, so you won’t be able to bank in person or talk to a person face to face.
- ATM access: ATM cards, debit cards, and checks are not provided, so you can’t access your cash through an ATM.
- Processing time: It takes five business days for transferred funds to appear in your linked bank account, not including the time it takes to link the account. That could be a problem if you need immediate access to your cash.
Requirements to open a American Express® High Yield Savings account
To open an American Express® High Yield Savings account, you must:
- Be at least 18 years old
- Be a U.S. citizen OR a resident alien with a valid Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) with a home address in the U.S.
- Use the account for personal use
Is American Express® High Yield Savings FDIC insured?
American Express® National Bank is FDIC insured. This means that up to $250,000 per depositor, per ownership category is safe in case of bank failure. If the bank goes under, your savings account funds will be returned to you.
American Express® High Yield Savings is right for you if:
If you’re already an Amex cardholder and are looking for a new banking relationship, give American Express® National Bank a closer look. The American Express® High Yield Savings account doesn’t pay the top APY available among its peers, but its full suite of features makes it worthwhile anyway. And with no fees to eat away at your balance, your savings will be free to grow.
Related Read:- Top 8 Best Banks for Small Business in the USA
Final Thought:
The American Express(r) High Yield Savings account offers a great choice to those looking for a high APY, as well as the ease of no-limit withdrawals secured by the security of a brand that is well-known. Though it doesn’t have any physical branches as well as ATM accessibility, its user-friendly mobile application and 24-hour customer service ensure an easy bank experience. There is no minimum deposit for opening and no monthly fees on account the account can be particularly attractive to novice savers. If you’re trying to increase your savings, without having to worry about more charges, then this American Express(r) High Yield Savings account could be a good option.
Frequently asked questions:
1. What is the APY for American Express® High Yield Savings?
4.25% as of April 25, 2024.
2. Is there a minimum deposit required?
No, there’s no minimum deposit to open the account.
3. Are there any account fees?
No, there are no maintenance fees or account fees.
4. Can I access my funds via ATM?
No, there’s no ATM access for this account.
5. Is the account FDIC insured?
Yes, up to $250,000 per depositor.
