Grow your savings faster with the best high-yield savings accounts from our partners, offering up to 10x higher APY (annual percentage yield) than traditional savings accounts.1
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Bottom Line: Why We Like the American Express® High Yield Savings Account
If you’re looking for a high-yield savings account that offers a competitive annual percentage yield (APY), consumer-friendly features, and top-of-the-line customer service, then it’s hard to beat the American Express® High Yield Savings account. Open an account today, and on top of no monthly fees, enjoy the following benefits:
- Above-Average, Easy-To-Obtain APY:2 With no minimum deposit or balance required,7 you can enjoy a high 4.00% (as of October 24, 2024) APY to supercharge your savings.
- Banking Your Way: Seamless account access online and via the Amex® App, simple transfers and auto-deposits, and your choice of online or paper statements.
- Leading Customer Service: With “office hours” that never end, you can get in touch with an actual human 24 hours a day, 7 days a week.
- Save With Confidence: Member FDIC and backed by the service and reliability of American Express. Terms Apply.
Click here to open an American Express® High Yield Savings account
FAQs
Is my money safe in an online savings account?
Money in an online savings account is covered by protections as long as the account provider is FDIC insured, and virtually all major banks are. You'll typically see it stated as "member FDIC."
FDIC stands for Federal Deposit Insurance Corporation. The FDIC insurance covers accounts up to $250,000 accounts up to $250,000, so if your bank goes under financially, you will still get back all your money, up to that amount. The National Credit Union Administration provides similar insurance for credit unions.
What is a good interest rate for an online savings account?
Savings account interest rates vary from bank to bank and over time. The FDIC indicates the national average interest rate for savings accounts is 0.46% (as of 9/16/24) APY. That means if you see an account with a higher interest rate, it would allow you to beat the average.
What do I need to have to open an online savings account?
Requirements to open an online savings account vary by the financial institution. You generally need to provide your full name, address, contact details, and a Social Security number. Some banks also require you to provide your driver's license information. If you are planning to fund the new account with money from a different bank or credit union, you will also need that account information.
How do I deposit or withdraw money from an online savings account?
The process for depositing and withdrawing money from online savings accounts varies by bank or credit union. Generally, you can fund an online savings account via electronic transfer from another bank account, by direct deposit, or by depositing a check. Withdrawals can generally also be completed by bank-to-bank transfer, or you may be able to request a check or use a debit card if your bank allows it.
High Yield Savings Account. No Minimum Required Deposit or Balance.7 Terms Apply.
Earn up to 4.30% APY8 and collect up to a $300 cash bonus with direct deposit or $5,000 or more in qualifying deposits.14 FDIC Insured.11
High-yield savings account. Earn up to 4.80% APY with a minimum balance of $250,000 or more.
High Yield Savings Account. $5,000 minimum balance. FDIC Insured.
Western Alliance Bank offers a powerful 4.81% APY to help grow your money. FDIC insured, no fees,13$500 minimum deposit, $0.01 minimum balance to earn APY.
How we chose these products
FinanceBuzz evaluated a selection of bank accounts offered by our partners, looking at various criteria including interest rates, minimum deposit requirements, and more. We did not review all products in the category and compensation was considered when evaluating and ordering the products.