Amex Savings Account Interest Rates: July 2024

Vault’s Viewpoint on Amex

• Amex offers a competitive high-yield savings account with a 4.25% APY.
• There’s no minimum balance requirement to open or maintain the account.
• It’s not the best APY on the market, but with no fees and an easy sign-up, it’s very competitive.

Overview of Amex Savings Account(s)

American Express offers one high-yield savings account with a 4.25% APY. The Amex High Yield Savings account doesn’t require a minimum deposit to open or maintain your account, which is good news for folks who want to start a savings account but don’t have too much to get started.

You can also enjoy no monthly fees and interest that’s compounded daily and deposited into your account monthly. While signing up takes minutes, it could take a couple of days for your external bank account to get linked. So be prepared to wait to make a deposit into your new account until this happens.

Pros of an Amex Savings Account

A high-yield savings account lets you grow your money with an APY higher than the national average that you can access anytime.

• No minimum amount to open account
• No monthly fees
• Earn interest the same day your deposit comes in
• Higher APY than the national average

Cons of an Amex Savings Account

The American Express savings account has a couple of downsides.

• APY not as high as some competitors
• Takes a couple of days to link outside bank accounts

How Much Can You Earn With an Amex Savings Account?

An American Express savings account offers a 4.25% APY with interest earned daily. Here’s what that looks like in the short-term and long-term after an initial deposit of $10,000.

Keep in mind that interest rates on high-yield savings accounts are variable. That means the rate you have now may not be what you have in one, two or five years from now.

How much you regularly deposit also matters. For instance, depositing $200 a month to add to that starting $10,000 could get you $3,676.13 in interest earned over five years instead of the $2,343.02 noted above. If you deposit $50 every month, you’ll earn $2,676.30 in the same time frame.

How to Open a Savings Account with Amex

You can open an American Express savings account within a few minutes. If you’re already an Amex customer, it could take even less time. 

1. Make sure you’re eligible. You’ll need to be at least 18 years of age and a U.S. citizen. You can also be a resident alien with a valid Social Security number (or individual taxpayer identification number) with a U.S.-based home address.
2. Choose your account. If you already have an American Express account, you can log into your current account and add a new savings account. Select if it’s a joint account or just yourself and then complete the form, including your name, date of birth and Social Security number.
3. Add contact and employment information. This will include your email, phone number and home address. You need these details so American Express can verify your account is really with you (and isn’t a scam). Then you’ll add employment information and your estimated annual income.
4. Add money. Once you agree to your terms, you can link an external bank account to add money to your Amex high-yield savings account. It could take a couple of days for your account to get approved. Once you’re cleared, your funds will start earning interest right away.

Alternatives to a Savings Account with Amex

American Express Certificate of Deposit

If you want to stick with American Express, you can open a certificate of deposit (CD). These are another type of savings account that earns a high yield similar to the high-yield savings account—upward of 4.50% right now.

CDs have high yields because you can’t touch those funds until maturity without facing a fee. Only take this route if you have a large lump sum to deposit and don’t mind leaving your money alone for a few months (or years).

Wealthfront High-Yield Savings

A high-yield savings account from Wealthfront is 5.00% right now—more than you’d get with an Amex one. You can take advantage of unlimited transfers and withdrawals from your account the same day you make them, rather than waiting a few days for transfers to go through. There’s no minimum balance requirement to earn the 5.00%, and all you need to start earning is $1.

SoFi High-Yield Savings

SoFi is a leader in online banking, offering various types of loans, investments, insurance, credit cards and banking products. That includes a high-yield savings account. Right now, you can get one with a 4.60% APY.

You can also earn a little bit more with the SoFi promotion right now. Get anywhere from $50 to $300 when you sign up for a savings and checking account and set up direct deposit. To get the full $300, your direct deposit needs to be $5,000 or more.