Amex High Yield Savings Account Review 2025

If you’re looking for a better place to grow your savings, the American Express High Yield Savings Account is one option to consider. It offers a competitive APY, daily compounding interest, and no monthly fees. Unlike many traditional savings accounts, it gives your money more room to grow while keeping it easily accessible.

You might be building an emergency fund or setting cash aside for a future purchase. Either way, it helps to know how the Amex HYSA works and how it compares to other choices. In this review, we’ll walk through its key features, current rates, and how to open an account online.

What to Know About the Amex High Yield Savings Account

Before opening a high-yield savings account with American Express, it helps to know what the account offers and how it works. Here’s a closer look at the basics, including features, security, and app experience.

What Is the Amex HYSA?

The American Express High Yield Savings Account is an online-only savings account from American Express National Bank. It offers a variable annual percentage yield (APY) that adjusts based on market conditions.

There are no monthly maintenance fees and no minimum balance required to keep the account open. Interest is compounded daily and credited to your account once a month. Like other interest-earning bank accounts, earnings are taxed as ordinary income based on IRS rules.

Key Features and Daily Compounding

This account includes several features designed to keep costs low while maximizing your earnings.

✅ Daily compounding – Interest accrues every day, which helps grow your balance faster over time. It is credited monthly.

✅ No monthly fees – There are no maintenance fees, and no minimum opening deposit is required.

✅ Unlimited transfers – You can link external bank accounts and make unlimited ACH transfers in or out.

✅ Variable APY – The interest rate may change based on market conditions, so it’s wise to check the current APY before adding funds.

FDIC Coverage and Account Security

American Express prioritizes both security and compliance.

✅ FDIC insured – Deposits are insured up to $250,000 per depositor, per ownership category, through American Express National Bank.

✅ Security features – The account includes 128-bit encryption, two-factor authentication, and automatic log-out to help keep your data secure.

App Experience and Customer Support

The Amex High Yield Savings Account can be managed through the same mobile app used for American Express credit cards. This integrated experience is especially convenient for users who already have an Amex account. The app allows users to view balances, schedule transfers, download tax forms, and manage linked bank accounts.

Many users describe the app as simple and reliable for everyday banking tasks. Reviews across finance blogs and forums often highlight the speed of transfers, especially when moving funds to a checking account. Notifications about rate changes and interest credits are also considered a helpful touch.

Customer support is another area where Amex tends to stand out. The bank offers 24/7 U.S.-based phone support, which has consistently earned high ratings for responsiveness and clarity. However, some users have noted that the platform lacks certain features commonly found in other high-yield savings apps like mobile check deposit or the ability to access funds via an ATM card. Others mentioned that small changes to the app interface, like updated login paths, can occasionally create confusion.

Amex HYSA Pros and Cons 

Pros:

✅ All-in-one access – Use the same app for both Amex cards and savings, making account management more streamlined.

✅ Strong customer support – 24/7 U.S.-based service is generally rated as responsive and easy to reach.

✅ Fast transfers – Most users report smooth and timely ACH transfers to and from external accounts.

Cons:

❌ Mobile check deposit – Mobile check deposit is available but subject to limits ($25,000 per check / $50,000 per day).

❌ No ATM access – There’s no debit card or ATM option for direct withdrawals.

❌ Occasional app navigation issues – Updates to login pages or settings can be hard to track for some users.

Amex HYSA 2025 Rates, Fees, and Competitor Comparison

While still competitive, Amex’s savings rate has declined in 2025, and other platforms now offer slightly better returns. Here’s what to expect in terms of APY, fees, and how it compares with similar accounts.

Current APY and Rate History

As of July 7, 2025, the Amex High Yield Savings Account pays a 3.60 percent APY on all balances. The rate is variable and may rise or fall with broader market trends.

Over the past year, Amex has gradually lowered its rate. It went from 4.25 percent in mid-2024 to 3.80 percent by early 2025, then slipped again to 3.70 percent in April, and landed at the current 3.60 percent in June. While still above average, the downward trend is something to keep in mind, especially if you’re rate shopping.

📝 Note: Like other interest-bearing accounts, earnings from Amex HYSA are taxed as ordinary income. You’ll receive a Form 1099-INT to report interest each year.

Fees, Minimums, and Limitations

The Amex High Yield Savings Account is known for keeping costs low and requirements simple. There are no monthly fees or minimums to worry about, which makes it easy to open and maintain, even with a small balance.

Amex places a $5 million limit per account. Deposits beyond that amount won’t go through, although your balance may grow slightly higher due to interest. The account also includes unlimited free ACH transfers, and most users find the transfer timing reliable—typically settling within one to three business days. However, new deposits or large transfers may face brief holds, depending on account activity.

One technical detail worth noting: Amex’s deposit agreement allows them to require up to seven days’ written notice before approving large withdrawals. While rarely enforced, this policy is fairly standard among high-yield savings accounts.

Amex vs Other High-Yield Savings Accounts

Amex offers a competitive rate, but it’s not the only option worth considering. If you’re looking for a higher APY or features like ATM access or bundled checking, some alternatives may be a better fit. Here’s how Amex stacks up against other well-known savings accounts:

Provider	APY	Why You Might Choose It
Barclays Tiered Savings	4.10%	Strong rate from a well-known name, no fees.
SoFi Checking & Savings	3.80%	Combines checking and savings with perks like early direct deposit.
American Express HYSA	3.60%	Easy to use if you already bank with Amex; strong reputation for support.
Marcus by Goldman Sachs	3.65%	Slightly better rate, though it lacks a checking account option.
Capital One 360 Performance	3.50%	Includes branch ATM access and a checking account with interest.

How to Open an Amex High Yield Savings Account

Opening an Amex HYSA is generally straightforward and can be done entirely online. Here’s what you’ll need before you begin, followed by a step-by-step walkthrough of the process.

Who Can Apply and What You’ll Need

To open an account, you must meet a few basic requirements:

✅ Age and residency – You must be at least 18 years old and a U.S. citizen or resident with a valid Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN).

✅ Contact details – A U.S. mailing address, phone number, and email are required to receive account alerts and communications.

✅ Linked bank account – You’ll need the routing and account numbers for an existing checking or savings account to connect and fund your Amex HYSA.

✅ Identity verification – Personal details such as your name, date of birth, and SSN or ITIN will be matched through public records. This step doesn’t impact your credit score.

Quick Guide to Opening and Funding

1. Start your application

Visit the Amex HYSA webpage and select “Open an Account” to begin.

2. Enter your personal details

Fill in your name, birthdate, Social Security Number or ITIN, address, email, and phone number.

3. Review and submit

Agree to the account disclosures and privacy notice. Amex will electronically verify your identity.

4. Create your login credentials

Once your application is approved, you’ll get a confirmation email. Use it to set up your username, password, and security questions.

5. Link a funding account

Enter the routing and account numbers for the bank you want to link. Amex will send two small deposits to confirm the connection—these typically appear within one to three business days.

6. Fund your account

After verification, you can transfer any amount into your HYSA. While there’s no minimum, Amex may close inactive accounts, so it’s best to make a deposit within 60 days.

7. Start earning interest

Once your deposit clears, interest begins accruing daily and is credited monthly. You’ll be able to manage transfers and view balances through the Amex website or mobile app.

Final Thoughts on the Amex High Yield Savings Account

The Amex High Yield Savings Account offers a competitive APY, no monthly fees, and a smooth online experience especially for those already using other Amex products. 

While it may not have the highest rate or every feature, it remains a strong option for savers who value simplicity, reliability, and brand familiarity. As always, comparing several accounts and considering your specific needs can help you find the best fit.

📌 Want to learn more about managing your money? Check out our other articles on saving, investing, and planning for retirement.

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