Amex Savings Rates

Amex Savings Rates

American Express Savings Account: A High-Yield Option for Savvy Savers

At a time when traditional banks are offering lackluster savings account rates, American Express Bank is bucking the trend with an excellent savings account rate that stands out from the crowd. How are they able to do this? The answer lies in their online platform, which allows them to pass savings on to customers with better rates and lower fees.

The American Express High Yield Savings Account

No monthly service fees, no minimum deposit requirements, and a competitive 4.15% APY (as of 8/1/23) make the American Express High Yield Savings Account an attractive option for savers. What sets this account apart is that you can earn the high rate on any account balance up to $5 million. Keep in mind, though, that accounts are only insured by the FDIC for up to $250,000, or $500,000 for joint accounts.

Pros and Cons of American Express Savings Rates

When comparing rates, the Discover Online Savings Account, with a 4.30% APY (as of 7/27/23), might seem like a slightly higher paying option. However, the difference is so small that it may only result in a few extra dollars per year, depending on your balance. Both American Express and Discover offer daily compounding interest and have no monthly fees, minimum opening deposits, or excess transaction fees.

One notable difference between the two accounts is the mobile check deposit limit. American Express allows you to deposit up to six checks totaling $50,000 within any seven-day period, with a $25,000 individual check limit. This generous limit is not commonly found among online banks. On the other hand, Discover does not specify limits in its online disclosures, but customer support reveals that new customers might have a monthly limit of about $500. If you prioritize mobile deposits, American Express is the clear winner.

When comparing American Express to Capital One 360 Savings, the decision becomes even more challenging. Capital One offers a slightly higher 4.30% APY (as of 7/21/23) and has the advantage of having branches and cafes in several states. American Express, however, does not have any physical branches. The interest in a Capital One account compounds monthly, while American Express’s interest compounds daily. Depending on your account balance, this difference may or may not make a significant impact. Both banks offer similar rates, fees, and features, so choosing between the two will depend on personal preferences, such as whether you prefer the convenience of in-person help and cash deposits at a branch or the availability of 24/7 customer support.

• Ancient whale skeleton suggests it could have weighed as much as a ...
• Starbucks’ hottest cold drink contains little coffee.
• What is a callable CD and is it a good idea to open one?

The Bottom Line

For savvy savers looking for a high-yield savings account, the American Express High Yield Savings Account offers a competitive rate of 4.15% APY (as of 8/1/23) with zero monthly fees. Furthermore, there are no opening deposit requirements or minimum balance requirements, making it especially attractive to new savers. However, if you’re looking for even higher returns, it may be worth exploring other online banks that are currently offering rates of up to 5.50% APY.

Why You Should Trust Us: Our Review Process

At Insider, we strive to provide trustworthy and unbiased information. When evaluating the American Express High Yield Savings Account, we followed our rigorous bank account methodology. This includes considering factors such as minimum deposits, monthly service fees, interest rates, customer support, mobile apps, and ethics. So you can trust that our assessment is reliable and based on thorough research.

Don’t settle for lackluster savings account rates. Take advantage of the high-yield options like the American Express High Yield Savings Account and watch your savings grow.

• American Express Personal Savings
• Personal Finance Insider
• pfi