American Express Savings

The American Express® High Yield Savings Account is operated by American Express National Bank — the banking subsidiary of American Express Company (NYSE: AXP), an FDIC-insured institution founded in 1989. American Express has approximately $168 billion in deposits under management (verify current figure at americanexpress.com), giving it considerable institutional depth behind its savings products. The account offers a competitive Annual Percentage Yield (APY) — currently around 3.40%, though this fluctuates with the federal funds rate — and carries no monthly fees, no minimum balance requirements, and no minimum deposit to open.

Features are straightforward and conservative. Customers earn interest that compounds daily and is credited monthly. FDIC insurance covers deposits up to $250,000 per depositor, per category. The account is fully online — there is no physical branch access — and transfers to and from linked external bank accounts typically take 1–3 business days to settle. Unlike some online banks, American Express does not offer a linked checking account, ATM access, or debit card on the savings account; for many depositors, this is a feature rather than a limitation.