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American Express Savings Account Rates for 2024

Learn about the American Express savings account and the rates it offers

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Erin Gobler
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Erin Gobler is personal finance coach and a writer with over decade of experience. She specializes in writing about investing, cryptocurrency, stocks, and more. Her work has been published on major financial websites including Bankrate, Fox Business, Credit Karma, The Simple Dollar, and more.
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Updated April 09, 2024
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Samantha (Sam) Silberstein, CFP®, CSLP®, EA, is an experienced financial consultant. She has a demonstrated history of working in both institutional and retail environments, from broker-dealers to RIAs. She is a current CFA level 3 candidate and also has her FINRA Series 7 and 63 licenses. Throughout her career, Samantha has used her expertise and various licenses and certifications to provide in-depth advice about household and business-specific financial planning, investing, credit cards, debt, student loans, taxes, retirement, and income strategies.
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With nearly 15 years of experience as a writer and editor in personal finance and small business, Lars Peterson has written and edited for The Balance, Wise Bread, US News, and Amex OPENForum, among others. His 20+ years as an editor and writer have included roles in book publishing, marketing, technical writing, travel, and personal finance. Lars Peterson joined Investopedia in 2023 after four years as an editor with The Balance.
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American Express Savings Account Rates

American Express offers one savings account option—its High Yield Savings Account. It features a competitive interest rate with no minimum deposit, no minimum balance, and no monthly fees.

Account Name Interest Rate APY Minimum Deposit Monthly Fee
High Yield Savings Account 4.22% 4.30% $0 $0

American Express Savings Accounts: Key Features

American Express High Yield Savings Account Key Features
APY 4.30%
Minimum Deposit $0
Monthly Service Fee $0

American Express’s savings account APY is nearly 10 times higher than the national average rate of 0.47%. And while it has a lower rate than several other major high-yield savings accounts on the market, it's still a competitive rate that can earn account holders a decent return on their savings.

American Express doesn’t require a minimum deposit to open an account, nor does it require a minimum monthly balance. There is no monthly fee, regardless of your balance and whether you make regular deposits.

About American Express: Other Savings Options

American Express is a major financial institution that offers credit cards, savings accounts, checking accounts, and personal loans. While the company is probably most well known for its credit cards, its savings accounts have become increasingly popular as well.

American Express also offers business financial services, including small business credit cards, business checking accounts, business lines of credit, and payment solutions.

In addition to its high-yield savings account, American Express also offers another way to earn interest on your savings: certificates of deposit (CDs). 

You can earn between 3.00% and 4.75% on a CD with a term of your choice, up to five years. You’re able to lock in your rate for the entire term, so if rates decrease during your CD term, you’ll still earn the same interest rate as when you opened it. The table below shows the rates for each CD term:

CD Term APY
60 months 3.00%
48 months 3.00%
36 months 3.00%
24 months 4.00%
18 months 3.25%
12 months 4.00%
11 months 4.75%

Compare Savings Account Rates

American Express offers attractive rates on its high-yield savings account and some of its CDs. Compare Amex’s rates with some other savings accounts and find the one that’s best for you.

How Much Do You Need to Open an American Express Savings Account?

American Express doesn’t have a minimum deposit requirement, so you can open an account without depositing any money. However, you won’t start earning interest until you deposit money into your account.

How Does the American Express Savings Account Work?

The American Express High Yield Savings Account is an interest-bearing account, which means the bank pays you a certain percentage on the money you have in the account. This interest compounds daily and is deposited monthly—each day the interest you earn is added to your total balance and also begins to earn interest. The more money you have in the account and the longer you have it there, the more interest you’ll earn.

Does Opening an American Express Savings Account Affect Your Credit Score?

Opening a savings account doesn’t affect your credit score. However, if you rack up any banking fees that you fail to pay, American Express could report them to the credit bureaus, which would have a negative impact on your credit score.

Is It Safe to Open a Savings Account With American Express?

Yes, it’s safe to open an American Express savings account. First, the bank uses plenty of security features on its website, including multi-factor authentication, SSL encryption, and others. Additionally, funds in American Express bank accounts are FDIC-insured, which means that if American Express goes bankrupt or out of business, your deposits are protected up to $250,000 for each ownership category.

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  1. American Express. “Earn More Interest Than Your Average Savings With a High Yield Savings Account.”

  2. Federal Deposit Insurance Corporation. "National Rates and Rate Caps."

  3. American Express. “Lock in Your Fixed Rate, and Watch Your Money Grow With a Certificate of Deposit (CD).”

  4. American Express. “Understanding Your FDIC Insurance Coverage.”