American Express High Yield Savings Account review: A top choice for savers

Discover Bank products are no longer available through this site, and content may be out of date

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 choosing a savings account, there are endless options — from big-name financial institutions, to online-only banks that haven't been around as long. While online-only banks often offer better rates, some brick-and-mortar banks still have competitive offerings.

CNBC 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 a top choice in the big bank category. It offers users above-average interest rates, ease-of-use and 24/7 customer service (with good reviews).

Below, we break down its key features — APY, accessibility, perks and fees — to help you decide if it's the right fit for you.

The current APY is 3.10% as of 5/19/2026*. Users of the American Express High Yield Savings Account can start earning interest right away, with no minimum balance** required in their account.

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

American Express 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.

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

The American Express High Yield Savings Account stands out for its highly 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.

While the American Express High Yield Savings Account is a great product for your savings, there are plenty of others on the market that might suit your needs, depending on what you prefer.

The Discover® Online Savings Account is another strong high-yield option from a major bank, offering a competitive APY with no minimum balance requirement. You can also pair it with the Discover® Cashback Debit Checking account for a checking-and-savings combo that earns rewards, helping you maximize what you get back.

If you just want a high-yield savings account that earns a high APY, the EverBank Performance℠ Savings offers one of the highest we've seen on all balances, with no monthly maintenance fee or minimum balance requirements. While EverBank isn't necessarily a big bank in the same sense as American Express or Discover, EverBank offers a wide range of financial products, and it is an FDIC-insured national banking association.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every high-yield savings account review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

To determine which high-yield savings accounts offer the best return on your money, CNBC 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 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 $250,000. 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.

*The Annual Percentage Yield (APY) as advertised is accurate as of 5/19/2026. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened. Interest Rate and APY of a Certificate of Deposit account is fixed once the account is funded.

**There is no minimum balance required to open your Account, to avoid being charged a fee, or to obtain the Annual Percentage Yield (APY) disclosed to you.

***For purposes of transferring funds to or from an external bank, business days are Monday through Friday, excluding federal holidays. Transfers can be initiated 24/7 via the website or phone, but any transfers initiated after 7:00 PM Eastern Time or on non-business days will begin processing on the next business day. Funds deposited into your account may be subject to holds. See the Funds Availability section of your Consumer Deposit Account Agreement and Savings Schedules for more information.