American Express Savings Rates for October 2024
Written by
Sarah Sharkey
Edited by
Elizabeth Constantineau
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When it comes to saving money, where you stash your funds can make a world of difference. Opening a savings account with a lackluster interest rate can cause your progress toward savings goals to falter. However, opting for a savings account or CD with American Express National Bank, Member FDIC with a top-tier interest rate can help you move your finances in the right direction.
American Express Savings Rates: October 2024
American Express offers a high-yield savings account with a Annual Percentage Yield, or APY. The account comes with no monthly fees or minimum balance requirements. The interest attached to your account compounds daily and is credited to your account on a monthly basis.
Like all high-yield savings accounts, you can tap into the funds at any time. While you won’t receive an ATM card with this account, you will be able to transfer funds between accounts.
Below is a closer look at the details of this account:
| Item | Details |
|---|---|
| APY | APY |
| Monthly fee | None |
| Minimum balance requirement | None |
| Compounding schedule | Daily, credited monthly |
How To Open an American Express Savings Account
Opening an American Express Savings account is fairly straightforward. To do so, you can follow these simple steps:
- Go to the savings homepage of the American Express website.
- Click on the “Open an Account” button pages.
- To open a Certificate of Deposit, click the “Open an Account” button on the CD pages.
Alternative Ways To Save With American Express
When it comes to tucking your savings away, the first decision before opening an account is to decide how much access you want to your funds. In general, it’s a good idea to put your money where you might need it at a moment’s notice in a high-yield savings account. Once you have an idea of what kind of savings product you prefer, it’s time to start comparing your options across multiple financial institutions, here are some key takeaways:
- As you consider your options, think about the APY and how much interest you could earn. But you’ll also need to watch for fees that could eat into your potential savings.
- American Express savings account interest rates vary depending on your account so make sure to find the right fit for your finances.
- American Express offers savings options such as High Yield Savings, High Yield Savings Basics and Online Savings accounts as well as a variety of CD term lengths and APYs.
Thanks!
American Express CD Rates
A standard savings account isn’t the only way to save for the future. Certificates of deposit offer a different way of saving. Essentially, you’ll commit to storing your funds in a CD for a set period of time. In exchange, you’ll lock in a pre-determined interest rate. The catch is that if you withdraw your funds early, you’ll often face a penalty.
American Express offers CD terms ranging from 11 months to five years. APYs are as high as . The table below gives you a closer look at the American Express CD rates:
| Term | APY |
|---|---|
| 11 months | |
| 12 months | |
| 18 months | |
| 24 months | |
| 36 months | |
| 48 months | |
| 60 months |
As with most certificates of deposit, American Express imposes an early withdrawal penalty if you tap into your CD funds before the end of your term. With CDs of a term less than 12 months, the penalty is equal to 90 days’ interest. With CD terms of 12 to 48 months, the penalty is equal to 270 days’ worth of interest. For CD terms of at least 48 months but less than 60 months, the early withdrawal penalty is equal to 365 days’ worth of interest. And for CDs with a term of 60 months or more, the early withdrawal penalty is equal to 540 days’ of interest.
When the maturity date rolls around, the CD will automatically renew into a new term at the current interest rates. But you’ll have a 10-day grace period to withdraw your funds. You also have the option to not renew when the CD matures by calling the bank.
How Do American Express Interest Rates Compare
The American Express savings rates are relatively attractive. While it’s possible to find slightly higher APYs elsewhere, you won’t be missing out on much if you go with American Express. When compared to big brick-and-mortar banks, like Bank of America, the rates offered by American Express are especially attractive.
Below is a look at how American Express CDs stack up.
| Bank or Brokerage | 12-month CD | 60-month CD |
|---|---|---|
| American Express | APY | APY |
| Discover® Bank, Member FDIC | APY | APY |
| Bank of America, Member FDIC | APY | APY |
Final Take To GO
Overall, American Express savings rates are competitive. The minimal fees and lack of a minimum balance requirement could make American Express the way to go for your situation. But it never hurts to take a look at your other options to confirm you are locking in the best rates.
FAQ
You have questions about American Express savings rates. We have the answers you are looking for.- Is an American Express Savings account a good option?
- American Express offers a High Yield Savings account with an attractive APY. In general, it could be a good place to stash your savings if you are interested in earning interest on your savings. It's an especially good option for savers who already work with American Express for other banking needs.
- What is the interest rate for an American Express savings account?
- The current APY for the American Express Savings account is 4.10%.
- Does American Express have a high-yield savings account?
- Yes, American Express has a High Yield Savings account with no minimum balance, around-the-clock customer service and a high APY.
- Are American Express High-yield Saving accounts FDIC-insured?
- Yes, American Express is a member of the FDIC, which means your savings are federally insured and protected against loss for up to $250,000 per depositor.
Caitlyn Moorhead contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Oct. 10, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
Editorial Note: This content is not provided by American Express. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by American Express. American Express credit card products are not available through GOBankingRates.com.
