Image by Adobe Stock; Illustration by Bankrate

American Express is best known for its credit cards, but it also offers online banking options, including a high-yield savings account.

An American Express National Bank high-yield savings account comes with an interest rate that is much higher than the national average. The online-only bank requires no minimum deposit to open an account and charges no monthly service fees.

Choosing an AmEx savings account over one at a brick-and-mortar bank means you lose access to in-person banking. American Express doesn’t offer a checking account, so you might need to also have an account at another bank to transfer money into and out of your AmEx high-yield savings account. AmEx caps the number of withdrawals and transfers out of the savings account at nine a month, higher than the six-withdrawal limit that other banks impose.

American Express savings account interest rate

Here are the details of the AmEx savings account.

Account name APY Minimum deposit
High Yield Savings Account
4.35% APY
No minimum deposit

Note: The annual percentage yield (APY) shown is updated weekly, and may vary by region.

How AmEx savings accounts compare with top-yielding banks

You’ll earn a competitive rate with an American Express high-yield savings account, though there are other banks that offer even higher yields.

The banks below, for instance, are offering some of the most competitive APYs on savings accounts in the nation:

Before choosing a bank to grow your savings, compare options and find the best rate with Bankrate’s list of the top online savings accounts.

Other savings options at AmEx

American Express also offers CDs to help you expand your savings. There are no minimum deposits to open a CD and terms range from 11 months to five years, allowing you to choose a term that best matches when you will need the money again.

While the rates for some American Express CD terms are competitive, you can find other banks that offer consistently higher CD yields.

Read the full article here

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