American Express High Yield Savings Review 2026
Our rating: 4.3 / 5
Our verdict: best for Amex cardholders wanting savings.
Savings APY
4.35%
1-year CD
—
Monthly fee
No monthly fee
FDIC insured
Yes — $250,000
Founded
—
Total assets
$217.6B
Total deposits
$174.0B
Headquarters
Sandy, UT
How the rate compares
American Express High Yield Savings advertises 4.35% on savings against an FDIC national average of 0.42% — 3.93 percentage points better, worth about $393 a year on a $10,000 balance.
Pros
- Competitive APY
- No fees, no minimums
- FDIC insured
- Amex ecosystem integration
Cons
- Savings only, no checking
- Transfers can take 1-3 days
Best for
High-yield savings for Amex customers
Cash is only one part of the plan
Get matched with a vetted fiduciary advisor who can set your cash target, then put the rest to work in the right accounts.
Get matched with an advisorAmerican Express High Yield Savings FAQ
Is American Express High Yield Savings FDIC insured?
Yes. American Express High Yield Savings is an FDIC-insured institution, so deposits are protected up to $250,000 per depositor, per ownership category, in the unlikely event the bank fails.
What APY does American Express High Yield Savings pay on savings?
American Express High Yield Savings currently advertises 4.35% on its savings product. Savings rates are variable, so confirm the live figure on the bank's own site before you open the account.
Does American Express High Yield Savings charge monthly fees?
See the fee row in the summary above. Where a monthly fee exists it can usually be waived by meeting a minimum balance or direct-deposit requirement — read the account's fee schedule before signing up.
How do I open an account with American Express High Yield Savings?
Applications are online and take about ten minutes. You will need your Social Security number, a government photo ID, your address and the details of an existing bank account to fund the first deposit.
Think Bigger Today keeps its editorial standards independent of commercial relationships. This review was written by our team using publicly available information, including regulatory filings and published rate sheets. American Express High Yield Savings did not review, approve or endorse it, and is not responsible for its accuracy. Companies that work with us commercially get no preferential coverage, scoring or placement. This page may link to our free matching service, for which we can be paid a referral fee — that fee never decides what we publish, and you may or may not be matched with American Express High Yield Savings. Figures can change without notice; always confirm the current terms with the provider. Nothing here is financial, legal or tax advice.
Source: FDIC BankFind; Federal Reserve H.15 via FRED; American Express High Yield Savings published rate sheet.