AMEX Overview

American Express National Bank, Member FDIC (AMEX) is one of the top banks in the country trading out of New York City. Established in 1850, it offers a range of financial products, including savings, checking, and business accounts, IRAs, credit cards, and prepaid cards.

The American Express® High Yield Savings Account is free to use and doesn’t require a minimum monthly balance. All deposits are insured up to $250,000 with the FDIC, and you can open an account in just a few minutes.

Pros and Cons

AMEX at a Glance

Suitable For?

AMEX’s high yield savings account offers 3.60% APY with no minimum balances or monthly fees. This makes it suitable for anyone looking to maximize their savings and earn a competitive interest rate.

You can transfer your savings in and out of your account using the mobile app. However, the transfer can take a couple of days, meaning this may not be a great option for those who need instant access to funds.

Features/Highlights

Advantages over traditional banks

The main advantage of AMEX’s high yield savings account is the high interest rate of 3.60% APY, which is nearly 10 times higher than the national average rate of 0.42%.

Plus, AMEX offers no minimum deposit, no monthly maintenance fees, and a transfer limit of $25,000 per transaction and $25,000 per day. You also can’t transfer more than $50,000 in a rolling five-day period. You can apply online in just a few minutes and will receive your bank account details via post between two and four days later.

Cutting-edge banking services

You can seamlessly transfer between your savings and checking accounts online, download bank statements, check your balance instantly, and set up automatic transfers. You can also access the live chat feature through the app for 24/7 support.

Traditional banking services

This 100% online account gives you 24/7 access to your funds, FDIC insurance to at least $250,000, and a friendly live chat support team.

Although you can’t access your AMEX savings through traditional ATMs, this limitation applies to most savings accounts, regardless of their provider.

On the other hand, AMEX’s checking accounts do offer withdrawals through ATMs, as well as credit cards, reward credit cards, prepaid cards, business accounts, mortgages, loans, and more.

Interest rates and fees

AMEX offers up to 3.60% APY on its high yield accounts. There are no fees or minimum balances, but the account balance can’t exceed $5 million by deposit. However, you can exceed this limit if it results from interest.

The high yield savings accounts don’t have deposit and withdrawal limits, but they do have transfer limits: $25,000 per transaction, $25,000 per day, and $50,000 for transactions made within any rolling five-day period.

Customer service and online experience

Live chat support is available 24/7 online and through the mobile app. You can also contact AMEX via telephone 24/7 at 800-446-6307 or by mail at American Express National Bank P.O. Box 30384 Salt Lake City, UT 84130-0384.

AMEX has an informative FAQ and support page where you can find answers to common questions. All questions are answered objectively, and the page is regularly updated.

It is noteworthy that AMEX only has 1.4 out of 5 stars on Trustpilot. Common complaints are mostly related to their general banking services as opposed to specific complaints about savings accounts. However, generally, customers are dissatisfied with the poor telephone customer service, issues with correcting unauthorized payments, and limited accessibility features for the app and website. For example, there’s no text-to-speech functionality or ability to adjust font size.

Mobile app

The mobile app has 4.9 stars on the Apple app store from 3.7 million ratings and 3.9/5 stars on the Google Play store from nearly 43,000 reviews. Standout reviews highlight the great customer service and the reliability of the app. You can easily download the mobile app from the Apple App or Google Play store.

The app can be used to:

• Check your balance
• Transfer to and from accounts
• Download bank statements
• Contact customer service
• Check your interest rate

Security

AMEX offers end-to-end encryption, 2-factor authentication, biometric log-in, and a dedicated fraud team to protect the security and privacy of your account.

The AMEX website has a clear privacy policy. It outlines how they collect your information, what they do with it, and how you can opt out of voluntary data collection.

Plus, there is a handy fraud website page where you can report lost cards and contact the fraud team. There are also tips for keeping yourself safe online, like how to identify phishing scams and what to do if you’re the victim of identity theft.

In addition, it offers to at least $250,000 of FDIC insurance. This means at least $250,000 of your money will be insured in the event of a bank failure or financial crisis.

Application Process

You can apply for an AMEX savings account in just a few minutes. You’ll need to do this via the website rather than the app. You don’t need to have an AMEX checking account. However, you need to be:

• Over 18 years old
• A US citizen or resident alien with a valid Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN) plus a U.S. home address.

To apply for an AMEX savings account, follow the steps below:

• Visit the application page and provide your full name, date of birth, and SSN.
• Submit your email address and phone number, and select whether you’d prefer electronic bank statements or paper and electronic.
• Provide your home address and select whether your statements should be sent to your home or another address.
• Provide your employment status, occupation, and estimated annual income.
• Declare your tax status and W-9 certification (if you have one).
• Read and agree to the terms and conditions. You can then choose whether you want to deposit any funds into your account.

After the application is complete, you can expect any documentation for your new account to be posted within a few days. Once you have your account details, you can sign up for the mobile app.

AMEX Summary

AMEX is an established and trusted bank offering a completely online solution to your savings needs. As it’s a digital-first bank, it can offer higher savings rates, fee-free deposits, and no limits on your minimum balance.

The high interest rate of this AMEX savings account makes it a great option no matter where you are in your savings journey. With a comprehensive range of products, a handy mobile app, and 24/7 support, all backed by the security of FDIC insurance, it’s great for anyone looking to maximize their savings.

Physical Address

200 Vesey Street Manhattan,

New York City,

NY 10285

United States

Disclaimer

Accounts offered by American Express National Bank. Member FDIC. Each depositor is insured to at least $250,000 per depositor, per insured bank, per ownership category.

The Annual Percentage Yield (APY) as advertised is accurate as of 05/08/2025. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened.

The national rate referenced is from the FDIC's published Monthly Rate Cap Information for Savings deposit products. Visit the FDIC website for details.

1 There is no minimum balance required to open your Account, to avoid being charged a fee, or obtain the Annual Percentage Yield (APY) disclosed to you.

2 For a CD account, rates are subject to change at any time without notice before the account is funded. The rate received will either be (i) the rate reflected during your application process or (ii) the rate being offered when your CD is funded, whichever is higher. All CDs must be funded within 60 calendar days from the time we approve your application or will be subject to closure. The interest rate and Annual Percentage Yield (APY) will be disclosed in your account-opening documents, which you will receive after completing your account-opening deposit. After a CD is opened, additional deposits to the account are not permitted. Early CD withdrawals may be subject to significant penalties which could cause you to lose some of your principal. Please see the Deposit Account Agreement for additional terms and conditions and Truth-in-Savings disclosures.

3 For purposes of transferring funds, business days are Monday through Friday, excluding holidays. Transfers can be initiated 24/7 via the website or phone, but any transfers initiated after 7:00 PM Eastern Time or on non-business days will begin processing on the next business day. Funds deposited into your account may be subject to holds. See the Funds Availability section of your Deposit Account Agreement for more information.

4 Calculations are estimates of expected interest earned. Actual results may vary, based on various factors such as leap years, timing of deposits, rounding, and variation in interest rates. The first recurring deposit is assumed to begin in the second period after any initial deposit.

5 IRA Contributions are subject to aggregate annual limits across all IRA plans held at American Express or other institutions. IRA distributions may be taxed and subject to penalties based on IRS guidelines. Required minimum distribution, if applicable, is only relevant to this IRA plan and does not take into consideration other IRA plans held at American Express or other institutions. Please see IRS.gov for more information. We recommend you consult with a financial or tax advisor when making contributions to and distributions from an IRA plan account.

This review was prepared by BestOnlineBankingAccounts.com in their personal capacity. The opinions expressed in this review are the company’s own and do not reflect the view of American Express National Bank nor American Express Company.