American Express savings account

Want to learn all about the features of the American Express savings account? Responsible Economy has analyzed the fees, requirements, yields, and conditions offered by American Express in their savings account. We’ve also included a comparison with the best savings accounts available in the United States, along with an explanatory video.

Explanatory video

We’ve created a video that provides a simple summary of all the features of the American Express savings account. If you enjoy our content, please consider supporting us by subscribing to receive daily videos:

YouTube video
American Express savings account

Features

In this section, you’ll find a comprehensive overview of the American Express savings account’s features.

Interest rate

Undoubtedly, the most crucial aspect of any savings account is the yield. American Express offers an impressive 4.15% APY interest rate, making it one of the highest rates available for savings accounts in the United States.

Fees

Understanding the fees is essential, as they can impact your overall returns. American Express offers an online savings account with no opening fees and no monthly maintenance fees.

Minimum deposit

There is no minimum deposit required to open the savings account.

ATMs

American Express does not have ATMs or branches in the United States.

Deposit funds

You can deposit funds into the American Express savings account by making bank transfers or you can also mail a check.

Withdrawls

To withdraw money, you’ll need to make bank transfers from your American Express account to the account of your choice.

Best savings accounts 2023

We have compared the American Express savings account with the best savings accounts available in the United States in 2023. We highlight the key characteristics of each savings account.

CIT Bank Logo
  • 4.05% APY
  • Minimum deposit: $100
  • No welcome bonus
  • Member FDIC
Marcus by Goldman Sachs
  • 4.30% APY
  • Minimum deposit: $0
  • Welcome bonus: $100
  • Member FDIC
synchrony-bank-logo
  • 4.35% APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC
Logo Sofi
  • 4.50% APY
  • Minimum deposit: $0
  • Welcome bonus: $250
  • Member FDIC
Barclays Logo
  • 4.35% APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC
Logo capital One CDs
  • 4.30% APY
  • Minimum deposit: $0
  • Member FDIC
  • No welcome bonus
Discover logo
  • 4.30 APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC

Video with the best savings accounts

We also have made a video with the best savings accounts:

Video with the 7 best savings accounts

Pros and cons

Now that we’ve covered all the features of the American Express savings account and analyzed the main characteristics of the top savings accounts, let’s take a look at a table summarizing the advantages and disadvantages:

ProsCons
High yieldsNo branches in the United States
No fees
No minimum balance
Pros and cons American Express savings account

Requirements

Opening a savings account is simple, as long as you meet the following requirements:

  • Must be over 18 years old
  • Live in the United States
  • Have an American phone

Documentation

You may also be asked to provide the following documentation:

  • Certified copy of identity document (for each applicant): in most cases this will be your current, valid passport although some other types of ID are acceptable.
  • Certified copy or original proof of address (for each applicant): your proof of address will normally be a bank or building society statement or a utility bill.
  • Your signed Client Agreement.

Frequent questions

Here we answer all the questions you may have:

Conclusions and opinions

After conducting our review, we believe that American Express offers one of the best savings accounts in the United States. With a high interest rate, no commissions, and no minimum deposit required, it provides excellent benefits. However, it’s worth noting that American Express lacks branches and ATMs.

Other American Express products

Here are some other American Express products:

More information about American Express

Here you have interest information about American Express:

InformationDescription
Websitehttps://www.americanexpress.com/
Facebookhttps://www.facebook.com/AmericanExpress/?brand_redir=6185812851
Twitterhttps://twitter.com/askamex
YouTubehttps://www.youtube.com/user/AmericanExpress
Interest information about American Express

Finally you have a related posts about savings account:

Updated the day 1 September, 2023 by Alfredo Barandiarán

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Abrir chat
Hola 👋
¿En qué podemos ayudarte?