American Express^® High Yield Savings Review [2025]: Above-Average APY + Service

American Express High Yield Savings Account (HYSA) basics

Annual percentage yield (APY)	3.50%1 <p>The Annual Percentage Yield (APY) as advertised is accurate as of July 23, 2025. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened.&nbsp;Interest Rate and APY of a Certificate of&nbsp;Deposit account is fixed once the account is funded.</p>
Minimum balance to earn APY	$02 <p class="">There is no minimum balance required to open your Account, to avoid being charged a fee, or to obtain the Annual Percentage Yield (APY) disclosed to you.</p>
Minimum deposit to open	$0
Monthly maintenance fees	$0
ATM access	None
Cash deposits	Not permitted
Customer support	American Express offers 24/7 customer service when you call 1-800-446-6307
Amex mobile app ratings3 <p>iOS and Android only. See app store listings for operating system&nbsp;info.</p>	4.9/5 stars on the App Store (iOS) 3.6/5 stars on Google Play (Android)3 <p>iOS and Android only. See app store listings for operating system&nbsp;info.</p>
FDIC insured	Yes, American Express National Bank is a Member FDIC (Cert. #27471)
	Visit American Express

American Express, founded in 1850, has long been a trusted name in financial services. While it's best known for its credit cards, it's expanded into online banking with products like the High Yield Savings Account. 

Who is the Amex high-yield savings account good for?

The American Express High Yield Savings account could be good for you if: 

• You're a saver focused on earning high interest rates and avoiding monthly fees.
• You're comfortable with online-only banking.
• You're an American Express cardholder who wants to keep your accounts under one roof.
• You place a lot of value on customer service.

The standout feature of this account is undoubtedly its high APY. At 3.50%, it's significantly higher than what you'd find at most traditional banks and the national average of 0.40% (as of 9/15/25), according to the FDIC.⁴ <p>The national rate referenced is from the FDIC's published Monthly Rate Cap Information for Savings deposit products. Visit the <a href="https://www.fdic.gov/resources/bankers/national-rates/">FDIC website </a>for details.</p> This rate applies to all balance tiers, so you don't need a large deposit to start earning. You do need to be comfortable with online-only banking, but many of the best savings accounts are digital.

It's also a good choice if you're already part of the American Express ecosystem as a cardholder. You can access both your bank account info and your credit card info in the Amex mobile app.⁵ <p>For purposes of transferring funds to or from an external bank, business days are&nbsp;Monday through Friday, excluding federal holidays. Transfers can be initiated 24/7 via the&nbsp;website or phone, but any transfers initiated after 7:00 PM Eastern Time or on non-business&nbsp;days will begin processing on the next business day. Funds deposited into your account may be&nbsp;subject to holds. See the Funds Availability section of your Consumer Deposit Account&nbsp;Agreement and Savings Schedules for more information.</p>

I appreciate that Amex keeps things simple with a $0 minimum balance to earn APY and no monthly fees. This makes it accessible to savers at all levels, whether you're just starting out or have a substantial nest egg.

And it has 24/7 customer support by phone, which is unusual for an online HYSA. But that's one of the advantages of banking with a large institution like American Express.

American Express HYSA disadvantages

No cash deposits or access

You cannot deposit cash directly into this account, which could be a pain if you frequently deal with physical money. The best workaround is to deposit funds into an external bank account and transfer the funds from there to Amex.

You can also deposit funds by sending a paper check to Amex. 

If you're looking for online banks that accept cash deposits, check with institutions like Capital One. You can also find many savings accounts with debit or ATM cards, if you need easy access to cash.

5.0

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

2025 award winner Best Checking and Savings Combo

SoFi Checking & Savings - Earn Up to $300 When You Set Up Direct Deposit

Limited-Time Offer: Earn up to a $300 bonus and up to 4.30% APY on Savings (3.60% APY⁶ <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="https://www.sofi.com/banking/" >sofi.com/banking</a>. SoFi Checking and Savings is offered through&nbsp;SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.⁷ <p>Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Open a new SoFi Checking &amp; Savings account and enroll in SoFi Plus by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p> FDIC Insured.⁸ <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.&nbsp;Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at&nbsp;<a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>

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4.2

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Use Cash App As Your All-in-One Financial Services Platform

Bank⁹ <p>Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Savings provided by Cash App, a Block, Inc. brand.</p><p class="">Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Direct Deposit provided by Cash App, a Block, Inc. brand.</p> without all the fees—save, send, and spend your money the way you want.¹⁰ <p class="">Your balance is eligible for FDIC pass-through insurance through our Program Banks Wells Fargo Bank, N.A. and/or Sutton Bank, Members FDIC for up to $250,000 per customer when aggregated with all other deposits held in the same legal capacity at each Program Bank above, if certain conditions are met. Cash App is a financial services platform, and not an FDIC-insured bank. Prepaid debit cards issued by Sutton Bank, Member FDIC. See <a href="https://cash.app/legal/us/en-us/card-agreement">terms and conditions</a>. </p> Get paid up to 2 days early – up to 2 days earlier than most banks¹¹ <p>Your first deposit may take longer depending on your employer.</p>

Download Cash App

4.7

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Openbank High Yield Savings - 4.20% APY¹² <p>Interest Rates and Annual Percentage Yields (APYs) are accurate as of 12:01 AM ET September 23, 2025. The products and rates we offer may vary between locations, are available in select markets only, and are subject to change without notice. Rate for this product will be based on the residential ZIP code entered when account is opened within online application process. This is a variable-rate account and the rate applicable may change at our discretion any time without notice. A minimum deposit of $500 is required to open a Openbank High Yield Savings account. Personal accounts only.</p> <p>Openbank is a division of Santander Bank, N.A. Member FDIC. There is a maximum of $250,000 of deposit insurance from the FDIC per depositor for each category of account ownership. Visit FDIC.gov for details. Deposits at Santander Bank, N.A., and Openbank are combined for the purposes of calculating FDIC insurance limits (FDIC Cert #29950) and are not separately insured.</p>

Earn 10x the national savings average for Savings deposit products as published on FDIC.gov.

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American Express HYSA alternatives

SoFi Checking and Savings vs. Amex High Yield Savings

SoFi® provides both a checking and savings account in one package, making it ideal if you need both. You can earn up to 3.60% APY on savings balances with qualifying direct deposits.¹³ <p>Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 1/24/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and&nbsp;information can be found at <a href="https://www.sofi.com/legal/banking-rate-sheet">https://www.sofi.com/legal/banking-rate-sheet</a></p>

There's no minimum balance requirement, and you don't have to worry about monthly maintenance or overdraft fees.¹⁴ <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p> While it's another online-only option, it comes with features Amex lacks, like early paycheck access with direct deposit.¹⁵ <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p> Member FDIC.⁸ <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.&nbsp;Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at&nbsp;<a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>

Visit SoFi or read our full SoFi Checking and Savings review.

Capital One 360 Performance Savings vs. Amex High Yield Savings

Another bank known for its credit cards, Capital One offers a high-yield savings account similar to American Express. The rate for the Capital One 360 Performance Savings account is typically on par with Amex's high-yield savings option, and it's also pretty basic. It doesn't provide ATM access or the option to make cash deposits, but it earns a respectable APY of 3.40% (as of 10/01/25).

If you already have Capital One credit cards, you might find it more convenient to open a savings account with Capital One 360 than with American Express. But if you already have Amex cards, stick with Amex.

Read our full Capital One 360 review.

American Express customer service

American Express customer service is available 24 hours a day, seven days a week. You can call them at 1-800-446-6307.

You can also send them mail at:

American Express National Bank
P.O. Box 30384
Salt Lake City, Utah 84130

Amex savings bonus offers

Like many banks, American Express offers incentives from time to time to entice you to open a new account. Sometimes it's cash, and other times it's a higher APY. In fact, based on my research, it looks like the most recent offer was for a higher APY for those who had the American Express Platinum Card^®.

At the time, the rate for the Platinum Card® cardholders was 0.25% higher than the regular APY. But the terms noted that the APY could change at any time, and it wasn't guaranteed to stay that much higher than the standard APY.

FAQs

Bottom line

The American Express High Yield Savings Account offers an attractive combination of high interest rates, no fees, and the backing of a trusted financial brand. Its 3.50% APY is significantly higher than what you'll find at most traditional banks, making it an excellent option for growing your savings.

If you're comfortable with online banking and want to maximize your interest earnings without worrying about fees or minimum balances, the American Express High Yield Savings Account is worth considering. It's a solid choice for building an emergency fund or saving for long-term goals, as long as you don't need frequent access to your money.

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5.0

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

2025 award winner Best Checking and Savings Combo

High APY of up to 4.30% on Savings (3.60% APY⁶ <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="https://www.sofi.com/banking/" >sofi.com/banking</a>. SoFi Checking and Savings is offered through&nbsp;SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.⁷ <p>Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Open a new SoFi Checking &amp; Savings account and enroll in SoFi Plus by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p>

Paycheck access up to 2 days early with direct deposit¹⁵ <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>

No monthly maintenance or overdraft fees¹⁴ <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>

Streamlined savings and savings goals with Vaults

Access to a large ATM network¹⁶ <p>We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.</p>