Looking for a high-interest savings account that offers no monthly fees or minimum balance requirements? The American Express high yield savings account may be a good option for you.
In fact, this savings account is one of the best savings accounts right now.
This account currently offers an APY (Annual Percentage Yield) of 4.00% on savings and 4.65% on CDs, which is higher than the national average.
You can also make free ATM withdrawals at any ATM in the world that displays the Cirrus or Plus logo.
In addition, your money is insured by the FDIC up to $250,000 per depositor. This means that your money is safe even if American Express were to fail.
It seems unlikely that American Express would fail anytime soon, but people said the same thing about Silicon Valley Bank before they failed, so…
A few things to note
The APY is lower than some other high yield savings accounts, and there is a 2.7% foreign transaction fee when you use your American Express debit card to make purchases outside of the United States.
Overall, the American Express high yield savings account is a good option for people who are looking for a high-interest savings account with no monthly fees or minimum balance requirements.
However, you may want to compare rates before you open an account, as there are other high yield savings accounts that offer a higher APY.
Additional products
Even though this is one of the highest interest savings accounts available, American Express also has other product worth exploring.
I LOVE my American Express business credit card. I earn Delta Airline miles with every purchase, and there are some added bonus incentives with my account as well.
As with all Amex products, you will enjoy their legendary customer service anytime you need it. Curious? Check it out for yourself.
In addition to the financial products, I appreciate that American Express contributes to the community as well. Check out this video about how they are giving back. Very cool stuff!