American Express Savings Rate: What You Need To Know for 2025

When it comes to saving money, where you stash your funds can make a world of difference. Opening a savings account with a lackluster interest rate can cause your progress toward savings goals to falter. However, opting for a savings account with American Express National Bank — which offers a competitive interest rate — can help you move your finances in the right direction.

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What Is the Current American Express Savings Rate?

American Express offers a high-yield savings account with a annual percentage yield, or APY. The account comes with no monthly fees or minimum balance requirements. The interest attached to your account compounds daily and is credited to your account on a monthly basis.

Like all high-yield savings accounts, you can tap into the funds at any time. While you won’t receive an ATM card with this account, you will be able to transfer funds between accounts.

Overview of the American Express High-Yield Savings Account (HYSA)

Below is a closer look at the details of this account:

Key Benefits of the American Express High-Yield Savings Account

One of the obvious benefits to Amex’s high-yield savings account is the interest rate, which is relatively competitive. While it’s possible to find slightly higher APYs elsewhere, you won’t be missing out on much if you go with American Express. When compared to big brick-and-mortar banks, the rates offered by American Express are especially attractive.

Amex also gives customers the added benefits of no monthly fees or minimum balance requirements, which is great for those starting out on their savings journey who don’t have much to add to the account yet. Plus, Amex banking products are FDIC-insured, meaning your money in the account is insured up to $250,000 should anything happen to it.

How To Open an American Express High-Yield Savings Account

Opening an American Express high-yield savings account is fairly straightforward. To do so, you can follow these simple steps:

1. Go to the American Express website homepage

2. Click on “High Yield Savings,” underneath Credit Cards

3. Tap the blue button for “Open an Account”

4. Follow the prompts

FAQ

• How often does American Express update its HYSA rates?

  • Unlike a CD rate, which is locked in for the term of the CD, your savings account APY can change whenever the bank sees fit to update it. Sometimes rates stay locked in for months, but big changes like the Fed cutting the federal funds rate can result in HYSA rate fluctuations. Typically, when the federal funds rate is set higher so will HYSA rates, and when it’s lowered they often follow accordingly.

• Is the Amex savings account FDIC-insured?

  • Yes, American Express is a member of the FDIC, which means your savings are federally insured and protected against loss for up to $250,000 per depositor.

• Can I withdraw money anytime from the American Express HYSA?

  • Yes — there are no limits to withdrawals or transfers.

• Are there any fees associated with the Amex high-yield savings account?

Caitlyn Moorhead contributed to the reporting for this article.

This article originally appeared on GOBankingRates.com: American Express Savings Rate: What You Need To Know for 2025