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American express savings apy

american express savings apy

to have a bit of distance from your savings, and a simple interface, check out Amex Savings: American Express National Bank – % APY. American Express National Bank savings accounts 2 out of 5 American Express offers one option for a savings account. At % APY as of 12/. However, doing so could result in your receiving a lower interest rate on your remaining funds, as interest rates are calculated assuming that.

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American Express Savings Accounts Review

The best high-yield savings account offered by a big bank

Select’s editorial team works independently to review financial products and write articles we think our readers will find useful. We may receive a commission when you click on links for products from our affiliate partners.

Editor's Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate (up or down) as the Fed rate changes. Select will update as changes are made public.

When you start looking into opening a savings account at a new bank, there are endless options to choose from. For those who like familiarity, you might be more inclined to choose a big-name financial institution over an online-only bank that hasn't been around as long.

Though the newer, online-only banks typically offer better rates on their savings accounts there are still a few good options from the more well-known, brick-and-mortar banks.

Select reviewed the high-yield savings accounts offered by the largest banks and/or credit unions by asset size, and we found that the American Express® High Yield Savings Account ranks as our best overall pick in the big bank category. This account offers users above-average interest rates, ease-of-use and 24/7 customer service (with good reviews).

Below, we review the American Express High Yield Savings Account and give you all the details of its features, including the annual percentage yield (APY), access to your cash, perks and fees so you can decide if this high-yield savings account is right for you.

American Express High Yield Savings Account review

American Express® High Yield Savings Account

  • Annual Percentage Yield (APY)

    % APY as of 04/23/21

  • Minimum balance

    Minimum balance to open is $0; Minimum balance for APY is $1

  • Monthly fee


  • Maximum transactions

    Up to 9 free withdrawals or transfers per statement cycle *The 6/statement cycle withdrawal limit is waived during the coronavirus outbreak under Regulation D

  • Excessive transactions fee


  • Overdraft fees


  • Offer checking account?


  • Offer ATM card?


  • See our methodology, terms apply.

American Express National Bank is a Member FDIC.


  • Strong APY
  • $0 minimum balance required
  • No monthly fees
  • Up to 9 free withdrawals or transfers per statement cycle*
  • 24/7 customer support
  • Helpful "Tips & Tools" section on website


  • No option to add a checking account
  • No ATM access
  • You can't deposit a check via the mobile app

American Express High Yield Savings Account APY

The current APY is %. Users of the American Express High Yield Savings Account can start earning interest right away, with no minimum balances required in their account.

American Express® compounds interest on your savings daily and deposits it into your account monthly.

Access to your cash

American Express offers account holders greater access to their money should they need it during the coronavirus pandemic.

The American Express High Yield Savings Account isn't meant for everyday use, but customers can now make a maximum of nine withdrawals or transfers per monthly statement cycle. This maximum limit of nine is new, in response to the federal six withdrawal/transfer limit being waived under Regulation D in April (Take note that other banks are allowing unlimited withdrawals or transactions at this time.)

There is no limit on the number of deposits that Amex customers can make into their high-yield savings account.

Customers can easily make transfers and automate their deposits from their external bank account by simply setting it up within a few minutes online. Once your external account is linked (which can take up to two days), transfers typically take less than 24 hours to complete. You can also receive your monthly statement either digitally or by mail at no extra charge to you.


The American Express High Yield Savings Account stands out for its high-rated 24/7 customer support.

American Express also has a helpful "Tips & Tools" section on its website with educational resources and strategies to help you save. Topics include how much you should save for retirement, how to get more out of your savings and ways to be a better saver.


There is $0 minimum balance requirement and $0 monthly fees with the American Express High Yield Savings Account.

Bottom line

Our methodology

To determine which high-yield savings accounts offer the best return on your money, Select analyzed dozens of U.S. savings accounts offered by online and brick-and-mortar banks, including large credit unions. We narrowed down our ranking by only considering those savings accounts that offer an APY around 1%, no monthly maintenance fees and low (or no) minimum balance requirements.

While the accounts we chose in this article consistently rank as having some of the highest APY rates, we also compared each savings account on a range of features, including ease of use and account accessibility, as well as factors such as insurance policies and customer reviews when available. We also considered users' deposit options and each account's compound frequency.

All of the accounts included on this list are FDIC-insured up to $, Note that the rates and fee structures for high-yield savings accounts are not guaranteed forever; they are subject to change without notice and they often fluctuate in accordance with the Fed rate. Your earnings depend on any associated fees and the balance you have in your high-yield savings account. To open an account, most banks and institutions require a deposit of new money, meaning you can't transfer money you already had in an account at that bank.

Interest rate and APY are subject to change at any time without notice before and after an American Express® High Yield Savings Account is opened.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.

American Express Savings Review

Bottom Line

Overall, American Express Savings accounts are a solid choice from one of the world's best-known financial service providers. Its high-yield savings account and CD earn much higher rates than the national average.


  • Top-earning HYSA
  • No monthly fees
  • No minimum deposit
  • No minimum balance requirements
  • 24/7 customer support


  • Limited account options
  • No physical locations
  • No mobile app

As one of the most recognizable brands in the world, the odds are that you’ve heard of American Express.

This New York-based financial institution has been around for over years and is best known as a credit card issuer, american express savings apy more than 20% of all American credit card transactions coming from an Amex card.

But did you know that Amex offers more financial products than just credit cards?

Through its Salt Lake City-based consumer banking subsidiary, American Express National Bank, Amex also offers online high-yield savings accounts and Certificates of Deposit.

In this post, you’ll learn everything there is to know about American Express Savings.

American Express Savings Products

Amex offers two deposit accounts, both of which come with competitive rates and low fee schedules.

Take a look and see what you can expect from each option.

American Express Personal Savings Account

The American Express Personal Savings Account is an FDIC-insured high-yield savings account (HYSA) that comes with no fees and has no minimum deposit requirement.

By far, the most attractive feature of this account is the annual percentage yield (APY) of %, which puts this online savings account among the top-earning HYSAs.

Interest compounds daily american express savings apy deposits to your account at the end of each statement cycle.

When it’s time to fund your account, you can set up direct deposits, easily transfer funds from external bank accounts, or mail in a check.

If you want to automate your savings deposits, you can schedule recurring deposits from your external linked accounts.

One downside is that Amex doesn’t offer a checking account, so you still need to have one of those from a different bank.

Furthermore, Amex Express Personal Savings is a true savings account, so unlike a credit union or money market account, it doesn’t come with a debit card or ATM card.

There’s also no online check deposit available, so account holders must be comfortable with digital funding options like ACH transfers.

American Express Certificates of Deposit (CDs)

If you have some funds on hand that you don’t need access to in the short term, you might want to consider a CD, where you can find the highest interest rates that Amex has to offer.

Terms range anywhere from six months to 60 months, and the fixed CD rates are tiered based on how long your term is.

Depositors don’t have to worry about any minimum balance requirements or maintenance fees.

Here’s a look at the current breakdown of available APYs:

  • 6-month term: %
  • month term: %
  • month term: %
  • month term: %
  • month term: %
  • month term: %
  • month term: %

Keep in mind that if you have to withdraw your funds before the end of the term, you'll have to pay a fee based on how much you've earned so far in interest. This is pretty standard. The rule of thumb with a CD is to only allocate funds that you're sure you won't need for the length of your term.

American Express National Bank Features

Online Banking

Amex Savings is online-only, so all of your banking is done from your phone, desktop, or tablet.

You’ll have 24/7 access to your account, and you can easily make transfers, set auto-deposits, and monitor your balance.

Unfortunately, there’s no mobile banking app at the moment. Amex has a well-liked app for credit cards, but there’s no functionality to support its bank accounts.

According to Amex’s website, bank account access from the app is in the works, but there’s no timetable for when that might happen.

Paper or eStatements

Amex suggests that you take advantage of eStatements, but if you prefer a hard copy, you’ll have the option to receive paper statements for free.

9 Monthly Withdrawals

While most savings accounts only allow 6 transactions per american express savings apy, you can make as many as 9 with an Amex savings account.

This includes both withdrawals and outgoing transfers.


I’m having a tough time finding anything to do with fees, and it isn’t because they’re well hidden. Amex savings accounts are almost entirely fee-free.

The only fees you have to watch out for are a $5 returned deposit fee, and an early withdrawal fee on American express savings apy if you need to take out your money before your term matures. Otherwise, you’re in the clear.

Part of this is due to the simple nature of the accounts. There’s no spending option, so you cannot overdraft the account.

And without an ATM card, you can’t get hit with any ATM fees for taking out cash.

Overall, the lack of monthly maintenance fees and minimum deposit requirements make the American Express high yield savings account a solid option for savers.

Getting Started

Applying for an Amex savings account is easy. Simply head to the website, click “Apply” on the account that you want to open, and enter your personal information.

You can make your initial deposit via electronic transfer or check, but the ACH is probably your best bet if you don’t want to wait.

Before your account is fully active, you’ll notice two small credits from Amex in the bank account that you’re linking.

Don’t worry, these are just test deposits that Amex uses to verify that it’s pulling money from the right place.

Test deposits typically show up one to two business days after you apply. All you have to do is log into your Amex account and verify the amounts.

From there, you’re good to go.

If you're already an Amex credit cardholder, you should be able to save yourself some time by skipping the step of entering your personal information. Just make sure that you're logged in, and the process of opening your new account moves a little quicker.

American Express Savings Promotions

Here are some of the best American Express promotions going on right now:

1. Business Checking - $ bonus

Expires: Limited Time

Available nationwide with the ability to open online, Amex is offering a $ welcome bonus when you open a new business checking account and make qualifying transactions. This is a rare offer from American Express and relatively easy to earn.

How to earn the bonus

The Business Checking sign up offer requires you to deposit and maintain a minimum balance in order to earn the $ bonus. Full requirements to receive this bonus are:

  1. Open a new business checking account.
  2. Within 10 days, deposit $5, into your account and maintain an average account balance of $5, for 60 days.
  3. Within 60 days, make 10 or more transactions (mobile deposits, and electronic/online transactions including ACH, Wire, and Bill Payments).
  4. Bonus will be deposited within weeks after completing the requirements.

read the full terms

Apply now to earn the $ bonus

Learn More:

Amex does not run constant bank promotions, though, as recently asAmex targeted its existing credit cardholders with a promotion for 25, bonus points if they signed up for an Amex savings account.

So keep an eye out, especially if you already use a card with Amex. Savings accounts are a relatively new division for Amex, so it will likely have future promotions to try and bolster this side of its business.


American Express credit cards are known for top-notch security and support, and its savings accounts are no different.

Amex constantly monitors account activity for potential fraud and requires multi-factor authentication for access.

The personal savings website comes with Secure Socket Layer (SSL) encryption to protect your personal information, and if you end up the victim of fraud or identity theft, your liability is limited to $50 at a maximum.

All Amex accounts are also FDIC-insured, so any deposits are covered for up to $,

Customer Service

Amex offers 24/7 customer support, so you’ll be able to speak with someone if you need a little help, no matter what time it is. The customer support line is

On top of that, there is a savings-specific online help center that has a ton of FAQs and useful tools to help answer your questions.

Overall, customers seem to be pretty happy with the level of customer and support they are getting from Amex savings.

The fact that you have access to 24/7 phone support makes Amex savings stand out from any of its online-only savings account competitors.

Pros & Cons


  • Top-earning HYSA
  • No monthly fees
  • No minimum deposit or minimum balance requirements
  • 24/7 customer support


  • Limited account options
  • No physical locations
  • No mobile app
  • Limited funding options

Alternatives to American Express Savings

When it comes to HYSAs, one of the most comparable alternatives is Marcus by Goldman Sachs.

There are a few reasons that Marcus stands out as a top alternative: a large brand name bank backs it, Marcus also doesn’t have a checking account option, and it offers similar interest rates.

Other popular online-only HYSA alternatives include:

Frequently Asked Questions

Is Amex savings account good?

The Amex high yield savings account is a solid option mainly because it comes with a competitive APY, and there are no fees associated with it.

This makes it a good account in my book, but whether or not it’s the right account for you completely depends on what you’re looking for.

Is American Express National Bank legit?

Yes, it’s absolutely legit. Amex National Bank is owned by American Express, which is considered one of the world’s most valuable brands.

All accounts with Amex are FDIC-insured, so your money is always protected.

What is the interest rate on American Express savings account?

At the moment, the high-yield savings account has an interest rate of % for any account balance, and the CDs have a tiered rate that maxes out at % if you commit your funds for five years.

How do I deposit money into an Amex savings account?

You can deposit funds into your Amex account via electronic transfer or by sending a check in the mail.

There’s no option to deposit checks digitally, and without retail locations, you won’t be able to stop into a branch to deposit cash.

The easiest way to fund american express savings apy account is by linking it with an existing bank account, which you can do easily with just your account number and routing number.

Does Amex Savings use Zelle?

No, Amex does not utilize Zelle or any other instant transfer platform. This means that your transfers may take a little longer (up to 24 hours) to come through.

Is American Express Savings Right For You?

American Express Savings accounts are solid, low fee options from one of the world’s best-known financial service providers.

Its high-yield savings account and CD earn much higher rates than the national average.

As such, Amex’s foray into the online banking space looks promising. Plus, Amex tends to score well when it comes to customer loyalty.

So if you’re already happy with one of its other products, there’s a good chance you’ll like what comes along with an Amex savings account.

That said, there are some drawbacks to consider. The lack of a mobile banking app might be a turn-off for some, and the limited options for quick transfers and deposits (especially without an in-house checking account) might be a headache.

I am getting the impression that Amex plans to increase functionality in the future. Still, there are other accounts out there with similar rates that also have mobile apps and easier funding options.

Whatever you decide, you’re on the right track by doing your research and learning what’s out there. Keep it up, and it should soon be clear which is the best savings account for you.

Until then, keep on saving and investing your hard-earned money so that it can grow for you over the long haul. Only then can you achieve financial freedom.

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How to make 40 times more on your savings account

John Ewoldt 

I have an Amex High Yield Savings accountjust note that Amex Savings and Credit Cards are not linked in anyway so your savings have no impact on their credit decisions.  However you can access your online savings account from your online credit card account (web browser only) if you set them up with the same name and passwords.  But the Amex mobile app cannot manage your savings account and does not report on it; you can only access the savings account from a web browser.  Also, the Amex High Yield Account does not offer a checking account and you're limited by federal law to no more than six withdrawals per month; they also don't provide a debit card.


That said, none of that is a problem for me since I use it as american express savings apy genuine savings account where I hold cash for which I have no immediate need.


The one problem I've had with my Amex savings is their security protocols.  When setting up the account they did no verification and I was able to transfer $27, from various other bank accounts that they willingly accepted.  In August I opened accounts with PenFed and Chase Bank and wanted to withdraw $1, to fund them.  When I entered the withdrawals on the Amex site they were rejected twice without explanation.  I called up Amex Banking and they wouldn't tell me which the withdrawals were rejected only that they would send a letter explaining.  I demanded they fax me instead, and I got a three page document that included an Affidavit of Identity that I had to complete and return.  So I went to my local Chase branch where the personal banker is also a notary public, showed him my driver's license and he notarized the affidavit and helpfully faxed it back to Amex for me.

Then about a week later a got a call from their security department, and they kept me on the phone while they called every bank from which I had moved money to Amex, and the two banks where I wanted to send money FROM Amex, to verify that I was actually the owner of those accounts.  Perhaps they suspected fraud or identity theft but I never got an explanation from them why and some of the banks they called were bemused to recieve calls from Amex since I had those accounts for over 10 years.  Anyway, after all the verification was completed the funds were transferred and I've had no other problems.  It would have been nice if they had verified my identity up front when I opened the account instead of waiting until I needed to make a withdrawal.  Fortunately I had american express savings apy funds available so I was able to fund the two accounts from other sources while waiting for Amex to verify my identity.


American Express® National Bank High Yield Savings Account Review

In terms of finding the best savings account, it is hard to go wrong with an established institution such as the American Express National Bank.

This bank is one of the most recognizable brands in the world and has existed for more than years.

Although they are best known for their prepaid debit cards and credit cards, their savings options are rapidly becoming a popular choice for consumers seeking to make the most out of their money.

If you are looking to invest money but you are struggling with the idea of committing to a long-term investment vehicle such as a Roth IRA or (k) plan, a high-yield savings account could meet your needs.

In this American Express High Yield Savings Account Review we will compare rates, fees and services.

This savings account offers a conservative investment that will not tie up your money for an extended period of time.

Whether you currently have an existing American Express National Bank account or you are seeking a savings account that does not require a minimum deposit, this may be the account for you.

Here are several key features to consider:

  • No monthly fees
  • No minimums
  • Easy electronic transfers between accounts
  • High yield APY
  • 24/7 account access

Unlike other financial products offered by big-name institutions, you do not need an American Express credit card in order to qualify for the High Yield Savings Account.

The application process takes just a few moments, provided you have your personal information available, and you can have your statements sent electronically or via standard post mail.

American Express® National Bank High Yield Savings Account Pros & Cons

  • No monthly fee
  • No minimum balance requirement
  • Consistently competitive rates

Market-Leading Savings Account Interest Rates 


When you're looking for a new savings account, the most important factor -- and the biggest selling point -- is likely to be the interest rate.

That is, you want the highest APY so that your savings will earn the most interest.

The APY (annual percentage yield) tells you how much interest you'll earn -- as a percentage of your account balance -- in a year after compounding is considered.

The American Express National Bank High Yield Savings Accounts how to close account td bank an APY that is leading the market, even when compared to other online banks and their savings accounts.

Online savings accounts offer higher savings rates

The savings rate is far higher than what you'd typically find at a traditional brick-and-mortar bank with physical branches.


American Express National Bank is an online-only financial institution with no branch or ATM network to manage.

Meanwhile, other banks face the operating expenses of leasing or owning branch locations, employee salaries, utilities, insurance, and more.

Without these operating costs, online banks are able to pay much more interest to their customers.

As always, be sure to compare the savings account options available currently:

Fees to Consider

Aside from the initial $1 minimum opening deposit, this savings account offers no monthly fees or minimum balance requirements.

Such a lenient fee policy is primarily due to the lack of possible transactions that may be performed from the account.

The account is strictly focused on growing an account balance.

You can schedule a direct deposit to your savings account or set up an automatic transfer from your external checking account at no cost to you, and your savings account is supported by most personal finance software.

American Express ® National Bank High Yield Savings Account Fees

Monthly Maintenance Fee$0
Return Deposit$5
Domestic Wire Transfer (Inbound)$0

Account Management

With an American Express National Bank High Yield Savings Account, you can access your account anywhere or anytime by phone or online.

You are also able to transfer money out and into your savings account at any time.

However, as is the case with all accounts per federal law, you are only entitled to transfer or withdraw money out of your account up to six times during any given monthly statement cycle.

Keep in mind:

You can initiate a transfer 24/7 via phone or the website, but any transfers you request after PM EST or on non-business days will start to process on the following business days.

Easily Links to Your Current Bank Accounts

When you are approved for a savings account, you will be required to link your account to your external checking or savings account in order to electronically transfer funds.

The external account you link must be in your name and have the same ownership as your American Express National Bank High Yield Savings Account.

Once you enter your routing and account number, you will receive test deposits in order to verify your external account.

Alternatively, you can link your external bank account by mail.

Quick Transfer Times

If you are looking to transfer your funds and have them available as soon as possible, the best way to do this is to request the transfer on your external account or where you are currently holding your money.

This method takes approximately one to three business days, excluding the time necessary to link accounts.

Conversely, if you wish to move your money out of your savings account and into an external checking account, you can use the American Express website to initiate the transfer.

Other Factors to Note

Although the American Express National Bank savings account can be beneficial if you are still on the fence regarding long-term investment vehicles, there are several factors to consider before applying for this account, including:

Extended hold times for funds

You can expect your electronic deposits to take as long as six business days from the time you request the deposit until the time it posts, and it may take as long as 11 business days for a check deposit to clear.

No checks, debit cards, or American express savings apy cards

It's important to note that there are limited american express savings apy to access your account.

The account doesn't offer check-writing, debit cards, or ATM cards.

Depending on how you look at it, this could also be a benefit, especially if you are often tempted to spend money when you would ideally like to save it instead.

However, since these savings accounts are not intended to be used for everyday spending, you will not receive any physical ways to access your account, which may be a disadvantage if you are seeking access to emergency funds.

No mobile banking app

There is no way to access and manage your American Express High Yield Savings Account with a dedicated mobile banking app.

The account cannot be connected to the American Express app, which mainly provides access to American Express credit card accounts.

Final Verdict

If you have limited funds but you still want to start saving for the future, the American Express High Yield Savings Account may be right for you.

The no minimum deposit and no-fee features are great for all savers.

Since this account requires no monthly fee, no transfer fees and comes with FDIC insurance and a competitive interest rate, storing your money in an American Express National Bank High-Yield Savings Account is a solid option.

Frequently Asked Questions

Is the account FDIC-insured?

Yes, American Express National Bank is an FDIC-insured financial institution.

Depositors american express savings apy covered up to $, per account ownership type. 

In the event that the bank fails or is shut down, the FDIC guarantees the return of customer deposits up to the coverage limit. (The amount in excess of the limit may still be returned in time, but there is no guarantee of it.)

What is the monthly withdrawal/debit limit?

Due to federal regulations that apply to savings and money market accounts, American Express High Yield Savings accounts have a limit of six (6) withdrawals or external transfers per statement cycle.

If you need to exceed this monthly limit, American Express National Bank will close your account and send you a check for the account balance.

Can you deposit checks?

To deposit checks into your American Express High Yield Savings Account, you have to mail it in for deposit.

Be sure to:

  • Make the check payable to American Express National Bank
  • Write your account number in the memo line

Mail the check to:

American Express National Bank
P.O. Box
Salt Lake City, Utah

What the limit on the account balance? 

The American Express High Yield Savings account has a maximum account balance of $5 million.

Interest earnings may result in the account exceeding this limit, which is fine.

However, you will not be able to deposit any more money, unless the balance falls below $5 million. Additionally, if you are going to make a withdrawal, it has to be for an amount that will not result in a balance of more than $5 million.

Can the American Express High Yield Savings Account be under a trust?

Yes, the account can be american express savings apy a revocable living trust.

The account must be opened initially as a joint or individual account. Then, the primary account owner can re-title the account as a revocable living trust account.

You will need to provide American Express National Bank with copies of the proper trust documents.

Continue Reading


Boost your interest rate with a high-yield savings account

It’s the new year, and chances are you feel invigorated to make some good financial moves. Your goals might include saving more for retirement, paying down (or off) your student loan debt, or finally tackling a will. Perhaps you should consider adding  opening a high-yield savings account to that list because of its power to help you grow your savings.

In a recent survey by Marcus by Goldman Sachs®, 60 percent of Americans with a savings account didn’t know the interest rate on the account, and more than half didn’t even shop around to find the best interest rate. Simply put, a higher interest rate on your savings account means more money in your pocket to knock out all those goals you have.

High-yield savings vs. bank savings

When interest rates are on the rise, it’s an opportunity to rethink your savings account situation and earn more on the cash you’re saving. The Federal Reserve made four quarter-point interest rate hikes inmore than we’ve had in ten years. Why does this matter to you? While interest rate hikes mean higher interest rates for variable loans like credit cards, they also mean good news for your savings account. When you factor in compounding on your savings, high-yield savings accounts look quite attractive.

High-yield savings accounts are trendy these days, and there’s a good reason why. Consumers are starting to notice that traditional savings accounts aren’t measuring up to their high-yield counterparts. Average bank savings account annual percentage yields (APYs) hovered around percent in December That’s 8/ of a percent. In comparison, high-yield savings accounts averaged about 2 percent APY for the same period.

How much money are we talking about?

Let’s see what these differences look like in real money. Here’s a simplified example.

Say you have $5, in savings and you add $ every month. After one year, earning percent APY, you’ll have $6,

If you run that same scenario at 2 percent APY, you’ll have $6,

That’s more than $ that could be in your pocket if you choose a bank that american express savings apy the higher rate. Now imagine how much more you could earn if you have $10, in your emergency fund. Or $20, Check your potential earnings with an online compound interest calculator.

One way high-yield savings banks can offer these rates is that they typically don’t have a physical location and the associated costs.

High-yield savings account pros and cons

Let’s run over some pros and cons.


  • High-yield savings accounts tend to offer higher APYs than most traditional bank savings accounts
  • Most high-yield savings accounts have no monthly fees and low minimum balance requirements
  • You can transfer money between your high-yield account and your other accounts
  • Many high-yield savings accounts have mobile apps making it easy to manage your money
  • They typically are FDIC-insured just like your brick-and-mortar bank account, up to the maximum allowed by law


  • Most high-yield savings account banks don’t have a physical bank location &#; they are online only
  • Not all online banks offer ATM networks
  • There may be a slight lag when you transfer funds from convert pinterest to business account bank to another, typically hours

Overall, high-yield savings accounts can be a great option to maximize your savings at higher interest rates that are currently available. Since your savings are meant to stay liquid and easily accessible, high-yield savings accounts can offer you the best of both worlds &#; higher interest rates (which means more money growing in your account) while keeping your savings safe and accessible.

Where to find high-yield savings accounts

You have options when it comes to finding high-yield savings accounts. Shop around and compare to find a bank and account that work for your goals and lifestyle.

Each company has a slightly different twist, but they all feature higher interest rates than you’d earn at your traditional brick and mortar bank along with FDIC protection.

All APY information shown is as of January 3, APY/Interest rates can change at any time. Please refer to each bank or company’s respective website for detailed information and for its current rate.

Marcus by Goldman Sachs®

Marcus High-Yield Online Savings

Interest rate: % APY

Minimum balance: $0, but $1 minimum to earn the APY

Monthly fee: $0

ATM network: No, but you can make online transfers to and from other accounts

Ally Bank®

Online Savings Account

Interest rate: % APY

Minimum balance: $0, but $1 minimum to earn the APY

Monthly fee: $0

ATM network: No, but you can make online transfers to and from other accounts, and echeck deposits

Synchrony® Bank

High Yield Savings

Interest rate: % APY

Minimum balance: $0

Monthly fee: $0

ATM network: Yes, they offer a wide network and ATM fee reimbursement

American Express®

Personal High Yield Savings Account

Interest rate: % APY

Minimum balance: $0

Monthly fee: $0

ATM network: No, but you can make online transfers to your bank account

Discover® Financial

Online Savings Account

Interest rate: % APY

Minimum balance: $0

Monthly fee: $0

ATM network: No, but you can make online transfers to your bank account, and they offer a robust banking mobile app

These are a few well-known high-yield banks, but there are many more to choose from. In light of rising interest rates, banks are increasingly competing for your business. Take your time and shop around. High-yield savings accounts are online-based savings accounts working to help you maximize your potential for earning interest on your savings. Now that’s a smart money move.

Shannah Compton Game is a CERTIFIED FINANCIAL PLANNER®  professional with an MBA and is the host of the award-winning podcast, Millennial Money, where she shares totally relatable and easy to understand financial advice that will actually make you want to talk about money.

Haven Life doesn’t provide legal advice. This discussion is intended as general education only. We encourage you to work with your own personal tax or legal professionals. Opinions expressed by the author are their own and do not necessarily represent the views of Haven Life.

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