American Express Online Saving Account Review

American Express is a trustworthy national bank that has been around for years. The member of FDIC offers multiple banking products including an American Express online saving account that offers generous interest rates to grow your cash.

Whether you plan to migrate from a traditional savings account to online banking or you want to have both, getting to know more about Amex’s online high-yield savings account product can be a good start. From interest rates to pros and cons, we have provided accurate information for you.

American Express Online Savings Account Overview

American Express high-yield savings account can be your best partner to save your money, grow it, and have easy access to it at any time. Unlike the certificate of deposit, this savings account offers access flexibility so you can withdraw your funds without paying penalties.

Amex high-interest savings account is an online division of American Express National Bank. As the name suggests, it lets customers transfer, deposit, and make transactions online. This bank does not have a physical branch, so it is not possible to experience walk-in services.

Although it is a part of the renowned American Express, this online bank does not offer an extensive range of financial products. Instead, it only provides customers with high-yield savings accounts and certificates of deposit to meet different needs.

American Express Interest Rate

American Express online savings account, similar to typical online banks, offers a highly competitive interest rate. It currently offers an interest rate of 4.30% APY, a remarkably higher rate compared to the national average of 0.45% APY.

All balance tiers earn the same interest rate because it has no minimum deposit requirement. Simply put, account holders with a $5 balance earn the same rate as individuals with a $5,000 balance. This is why American Express online saving can be a perfect option for those who start to save money.

Your interest compounds on a daily basis and the bank credits it into your account every month. Feel free to manage your account online via American Express mobile app.

Another thing that makes this savings account stand out from the competitors is monthly fee-free. American Express does not take your money for monthly maintenance, allowing you to keep your earnings to its fullest.

If you are thinking of growing your funds fast, Amex online savings account can be a smart solution. The higher your balance, the more money you get. Plan your finances based on your condition and let this online bank keep it safe for you.

American Express Pros and Cons

Before picking an online savings account, it becomes crucial to consider the pros and cons. American Express comes with a lot of benefits but it also has several drawbacks to keep in your account. Get to know the pros and cons for easier decision-making.


Competitive APY

American Express online savings account boasts a generous interest rate. Several online banks may offer higher APYs but this bank’s rate is relatively competitive. It offers a fast and convenient method to grow your money more quickly.

Customer Service 24/7

Not only does American Express online savings provide a competitive APY, but it also promises convenience with strong customer service support. Any time you run into trouble with your account or you have any queries, feel free to call Amex customer service 24/7.


Another key feature to keep in mind about American Express online saving account is the ultimate protection. All savings balances are insured by the FDIC up to $250,000 per account ownership. That means when something unfortunate occurs and causes deposit loss, FDIC will cover it up.

No minimum deposit requirement

In addition to a competitive and impressive interest rate, American Express has no minimum deposit requirement. This is an appealing offer for starters who learn to save funds. As long as your deposit is higher than $0, it earns you the interest rate.

No monthly fee

When you save your money at traditional banks, your balance will be deducted automatically for a monthly fee. American Express, built as an online savings account, has no monthly fee. Keep the money that you earn and make it grow faster for your emergency fund or house fund.


No ATM access

If you prefer a cash withdrawal at an ATM, American Express savings account may not be an ideal choice. It does not give you an ATM card. To withdraw your money, you’ll need to connect with an external checking account and transfer your money there.

No physical branch

American Express online saving is a typical online banking that does not have physical branches, which is also a common drawback of most online banks on the market. But since everything can be done online, it may not be a big deal.

Is American Express Savings Account Worth Choosing?

American Express savings account is worth it if you are an individual who is comfortable with an online savings account. It provides you with a good interest rate with daily compound to grow your money faster. It becomes more appealing with no monthly fees and minimum deposit requirements.

But if you prefer a conventional banking method where you can visit a brick-and-mortar branch, this online savings account may not be an option. Besides, it does not provide an ATM card so you may need to learn a new method to withdraw your funds.

How to Open a New Account

Opening a new account on American Express online is quite simple. You will need to fill out an online application that takes a few minutes. Provide your basic information like name, address, and date of birth. Your Social Security number is also needed to complete the process.

What if you do not have an American Express checking account? There is nothing to worry about. You can make an initial deposit by linking to an external bank account. If you have an issue opening a new account, feel free to contact a customer service representative.

Typical online banks offer ridiculously high interest rates and American Express online saving is no exception. The online division of American Express National Bank can be a great option to keep your money and grow your funds with FDIC protection.