American Express Savings Review (2026)
American Express High Yield Savings suits people who want a plain savings account from a large bank, with no minimum, no monthly fee and no cap on the number of transfers. The one thing to know: there is no ATM card, debit card or checks, so money leaves only by transfer. It paid 3.20% APY on October 19, 2026 (variable).
By Wealthy Pot Editorial · Facts checked October 19, 2026
Facts checked October 19, 2026 against American Express Savings's own rate page, account disclosures and fee schedule (6 sources, listed below). We re-check prices about once a month. We do not earn a commission from American Express.
American Express Savings at a glance
| APY | 3.20% (interest rate 3.15%), as of October 19, 2026; variable; one rate on all balances [2] |
|---|---|
| Minimum | $0 to open and $0 to earn the APY; fund within 60 days [3] |
| Monthly fee | $0 [1] |
| Interest | Compounded daily, credited on the monthly statement cycle date [3] |
| Number of transfers | No current limit on ACH transactions in or out [3] |
| Incoming ACH | $250,000 per rolling 30 days per owner (may be higher) [3] |
| To Amex Rewards Checking | $100,000 a day, $500,000 per 30 days [3] |
| Mobile check deposit | Yes; in the first 90 days, funds generally available by the 11th business day [3] |
| Card access | No ATM card, debit card or checks [1] |
| Checking | American Express Rewards Checking, if you are eligible [1] |
| Maximum balance | $5,000,000 [3] |
| Customer service | 1-800-446-6307 [4] |
American Express Savings in official federal data
Rate compared with the national average
American Express Savings's savings APY of 3.20% (as of October 19, 2026) is about 8.4 times the FDIC's national average for savings accounts, 0.38% (as of October 19, 2026). On $10,000 kept for a year, that is about $320 in interest against $38 at the national average, before tax and assuming the rate stays the same (variable savings rates rarely do).
Who holds your money
- Deposits are held by American Express National Bank, FDIC certificate #27471, based in Sandy, UT, established March 20, 1989 according to the FDIC.
- FDIC insurance covers up to $250,000 per depositor, per insured bank, for each account ownership category. Money held at the same bank under another brand name counts toward the same limit.
- Size: $172 billion in deposits and $214 billion in total assets (June 30, 2026 call report). Primary federal regulator: Office of the Comptroller of the Currency.
Customer complaints filed with the CFPB
From October 2025 through September 2026, consumers sent the Consumer Financial Protection Bureau 576 complaints about checking or savings accounts at AMERICAN EXPRESS COMPANY, about 3.36 per $1 billion of deposits; the company responded on time to 98.3%. Complaint counts grow with the number of customers and cover the whole company, including checking accounts, and the CFPB does not verify each complaint, so treat them as a rough signal. Read the complaints.
Sources: FDIC BankFind (certificate, deposits and assets), FDIC national deposit rates (October 19, 2026), CFPB Consumer Complaint Database (product "Checking or savings account"). Updated monthly.
How American Express Savings works
The account is an online savings account held at American Express National Bank. There is one rate for every balance, no minimum to open or to earn it, and no monthly fee; you have 60 days after opening to fund it. Interest is compounded daily and credited on your monthly statement date. On October 19, 2026 it paid 3.20% APY. The federal data block on this page compares that with the FDIC national average.
Money moves by ACH transfer, mobile check deposit or wire. Amex states no current limit on the number of ACH transactions, but it does set dollar limits. A hypothetical: you sold a house and have $240,000 at another bank. Moving it to Amex by ACH fits inside the incoming ACH limit of $250,000 per rolling 30 days per owner, and a single owner stays under the $250,000 FDIC limit. At 3.20%, $240,000 would earn about $240,000 x 0.032 = $7,680 in a year if the rate held. A second ACH transfer of $100,000 within the same 30 days would go over the incoming limit, unless Amex has set a higher one for you.
Transfers started after 7:00 PM ET, or on a non-business day, begin processing the next business day, and linking an outside account can take up to two days. Checks deposited by phone in the first 90 days are generally available by the 11th business day. If you plan to spend from this money, an Amex Rewards Checking account (eligibility applies) can receive up to $100,000 a day from savings.
Pros
- No minimum, no monthly fee, one rate on all balances
- No current limit on the number of ACH transfers
- High balance cap of $5,000,000
- Rewards Checking available at the same bank for eligible customers
Cons
- No ATM card, debit card or checks
- New-account mobile deposits can take up to 11 business days
- Incoming ACH limited to $250,000 per rolling 30 days per owner
- Rate trails the top online savings accounts in our comparison
Who American Express Savings fits, and who should skip it
A good fit if
- You already use American Express and want savings from the same company.
- You move larger sums and want high stated transfer limits with no cap on the number of transfers.
- You want no minimum, no monthly fee and one rate on every balance.
Look elsewhere if
- You want an ATM card on savings: Synchrony offers one.
- You want a higher APY: Bread Savings paid 4.05% on our last check.
- You want savings buckets to split goals: Ally has them.
Limitations to know
- ATM cards, debit cards and checks are not provided with the savings account. [1]
- Incoming ACH transfers are limited to $250,000 per rolling 30 days per owner, though the limit may be higher. [3]
- For accounts less than 90 days old, mobile check deposits are generally available no later than the 11th business day. [3]
- Transfers started after 7:00 PM ET or on non-business days begin processing the next business day. [6]
- Amex may set limits on the number of ACH transactions in the future, with notice. [3]
American Express Savings compared with alternatives
| Account | APY | Monthly fee | To open | For the APY | Insurance |
|---|---|---|---|---|---|
| American Express Savings | 3.20% APY (Oct 19, 2026) | $0 | $0 | $0 | FDIC-insured (American Express National Bank) |
| Marcus | 3.50% APY (Oct 2026) | $0 | $0 | $0 | FDIC-insured (Goldman Sachs Bank USA) |
| Capital One 360 Performance Savings | 3.10% APY on all balances (Oct 2026) | $0 | $0 | $0 | FDIC-insured |
| Synchrony Bank | 3.55% APY (Oct 2026) | $0 | $0 | $0 | FDIC-insured |
| Bread Savings | 4.05% APY (Oct 2026) | $0 | $100 | $100 | FDIC-insured (Comenity Capital Bank) |
- Pick Marcus if you want a higher rate from another large bank, also with no transfer count limit.
- Pick Capital One 360 Performance Savings if you want a big bank with branches, Cafés and cash deposits.
- Pick Synchrony Bank if you want an ATM card on your savings.
- Pick Bread Savings if you want a higher APY and can put in $100 to open.
Security and privacy
- Accounts are offered by American Express National Bank, Member FDIC. FDIC insurance covers up to $250,000 per depositor, per bank, per ownership category. [5]
- Joint accounts are for two people with right of survivorship. [4]
- Linking an outside bank account for transfers can take up to two days. [6]
Recent changes
| Date | What changed |
|---|---|
| Oct 19, 2026 | Savings APY 3.20%, up from 3.00% at our September 2026 check. [2] |
| Oct 18, 2026 | American Express revised its Savings Schedules, which set the transfer limits and funds availability. [3] |
American Express Savings FAQ
Is American Express savings FDIC insured?
Yes. Accounts are held at American Express National Bank, Member FDIC, and insured up to $250,000 per depositor, per bank, per ownership category.
What is the American Express savings rate today?
It was 3.20% APY (an interest rate of 3.15%) on October 19, 2026. The rate is variable.
Does American Express savings have a minimum?
No. There is no minimum to open the account or to earn the APY, but you need to fund it within 60 days.
How much can I transfer into Amex savings?
Amex states no limit on the number of ACH transactions. Incoming ACH transfers are limited to $250,000 per rolling 30 days per owner, and the limit may be higher for you.
Does Amex savings come with an ATM card?
No. The account has no ATM card, debit card or checks. Eligible customers can open American Express Rewards Checking for spending.
How we researched this review
We did not get paid for this page. On October 19, 2026 we read American Express Savings's own rate page, account disclosures, fee schedule and help pages, quoted each fact and link every one below. FDIC and CFPB figures come straight from the agencies' public data. We did not open an account to test it, and we do not rate banks with stars. Savings rates are variable; we re-check them about once a month.
Sources
- American Express, High Yield Savings Account, checked October 19, 2026.
- American Express, savings rate data behind the account page, checked October 19, 2026.
- American Express National Bank, Savings schedules (Rev. October 18, 2026), checked October 19, 2026.
- American Express National Bank, Deposit account agreement (Rev. January 5, 2026), checked October 19, 2026.
- American Express, FAQ: early withdrawal from a CD (bank and FDIC membership), checked October 19, 2026.
- American Express, Savings support: transfers, checked October 19, 2026.
Head-to-head comparisons
This review is for general information, not financial advice. Savings rates are variable and can change at any time; confirm the current APY with the bank before opening an account.