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4.25% APY   |   High-Yield Savings Account

Member FDIC

 HF image copyOverview by Heather Farber.  Updated April 12, 2024

Boost_Bottom_LineThe Bottom Line

American Express® encourages saving with your savings account - you won't get an ATM card, debit card, or checks, but you will earn a competitive APY from a well-known brand.


Minimum starting deposit
$0 - Must fund within 60 days to remain open
Minimum balance to avoid fees
Minimum balance to obtain APY
Compounding interest
Daily, credited monthly
Ability to add co-applicant
Withdrawal options
Electronic funds transfer (EFT), check payable to account holder, or wire transfer
Deposit options
Electronic funds transfer (EFT), check (mailed or mobile), wire transfer
Branch access
Boost_Pro_TipBoost Pro Tip

While there's no minimum starting deposit, be sure to fund within 60 days for your new account to remain open. Plus, you'll start earning interest right away!

Here’s what you’ll need handy when opening a American Express High-Yield Savings Account:

  • Social Security Number (for tax purposes only, it won’t impact your credit score)

  • Bank Account number and routing number for transferring funds

It only takes 3 minutes and you can do it right on your phone. Questions include:

  • Contact Info (Name, Primary address, Email address, Phone)

  • Date of Birth

  • Are you subject to Backup Withholding? (yes/no)

 Plus a few they need to ask but have no impact on opening your account:
  • Employment Status and Occupation

  • Estimated Annual Income

 All featured companies offer FDIC insurance up to the maximum allowed by federal law.

Product terms and the application experience are based on the American Express website as of April 12, 2024 and may have changed. Be sure to verify all terms and conditions with American Express prior to applying.

Advertising Disclosure: We may earn a commission if you open an account with a featured company. Not all companies or offers are listed. Compare rates, fees, and terms before deciding.