American Express High Yield Savings Review (September 2026): 3.10% APY, No Minimum
Written & reviewed by Hans Goldstein, EA, independent licensed insurance producer · CA license 4273294 · NPN 20602398Admitted to practice before the IRS
Rates checked against americanexpress.com on September 24, 2026 · Updated
The American Express High Yield Savings Account pays 3.10% APY, with no minimum balance and no monthly fee (accurate as of September 24, 2026, per American Express). You do not need an Amex card. Amex CDs pay up to 4.25% APY on a 10-month term; most longer terms pay less than the savings account.
Savings account vs MYGA, after tax
What $100,000 earns in 5 years: savings account vs MYGA, after tax
Rates used: Savings account 4.00%, the top online savings rate we tracked (bank sites, September 24, 2026); savings rates can change any day; change it to the rate you are offered. MYGA 5.95%, the best A-rated rate we track as of October 13, 2026: Delaware Life Pinnacle Plus 5-year (AM Best A-, negative outlook, 7/31/2026), $100,000 and up, effective October 6, 2026 (Delaware Life rate sheet).
| Savings account, interest taxed every year | $116,604 |
|---|---|
| MYGA, tax-deferred, before tax | $133,507 |
| MYGA after paying tax on all the interest at withdrawal | $126,136 |
| Tax deferral alone adds about | $674 |
| MYGA ahead of the savings account, after tax | $9,531 |
Assumes 22% federal and 0% state income tax, no withdrawals, rates held for the whole term. MYGA interest is taxed as ordinary income when you withdraw it, not as capital gains. Gains taken before age 59 1/2 can owe a 10% IRS penalty, and cashing out early can cost a surrender charge. In an IRA both grow tax-deferred, so the edge there is the rate alone. Bank and credit union deposits are FDIC or NCUA insured up to the limits; a MYGA is backed by the issuing insurer's claims-paying ability and your state's guaranty association up to its limits, not the FDIC. General education, not tax, legal or financial advice.
Amex High Yield Savings at a glance
| Feature | Amex High Yield Savings |
|---|---|
| APY | 3.10% (variable) |
| Minimum balance | None to open, avoid fees or earn the APY |
| Monthly fees | None |
| Card required? | No |
| FDIC | American Express National Bank, Sandy, Utah, cert 27471 |
American Express CD rates
| Term | APY |
|---|---|
| 10 months | 4.25% |
| 11 months | 3.50% |
| 12 months | 3.50% |
| 14 months | 3.50% |
| 18 months | 3.25% |
| 22 months | 4.00% |
| 24 months | 3.25% |
| 36 months | 2.25% |
| 48 months | 2.25% |
| 60 months | 3.00% |
How 3.10% compares
| Option | Rate | Source / as of |
|---|---|---|
| Amex High Yield Savings | 3.10% APY, variable | americanexpress.com, as of 9/24/2026 |
| Amex 10-month CD | 4.25% APY, fixed | americanexpress.com, as of 9/24/2026 |
| Marcus by Goldman Sachs Online Savings | 3.50% APY, variable | marcus.com, as of Sept 24, 2026 |
| Synchrony High Yield Savings | 3.30% APY, variable | synchrony.com, as of 9/24/2026 |
| Capital One 360 Performance Savings | 3.10% APY, variable | capitalone.com, effective 9/24/2026 |
| Ally Bank Savings | 3.00% APY, variable | ally.com, as of 09/24/2026 |
| A-rated-or-better 5-year MYGAs | ~5.50%-6.05%, fixed for the term | public carrier rate sheets, October 14, 2026 |
Rates expire like milk.
The best MYGA, CD and savings rates change every few weeks. Get a short email when a rate on this page changes.
We’ll email you when a rate on this page changes. Hans Goldstein · NPN 20602398.
Rather talk it through? Or book 15 minutes on Hans’s calendar.
What we like
- No minimum and no monthly fee.
- No Amex card needed.
- 10-month CD at 4.25% for money you can park under a year.
What to watch
- 3.10% trails Marcus (3.50%) and Synchrony (3.30%) on the same day.
- Long CDs are weak: 36- and 48-month CDs pay 2.25%, below the savings rate.
- The rate is variable and interest is taxed every year.
Amex High Yield Savings vs. a 5-year MYGA
A savings account is the right home for emergency money. For money you will not need for three to five years, a multi-year guaranteed annuity fixes the rate for the term and defers the tax.
| $250,000 for 5 years | Amex High Yield Savings | 5-yr MYGA at 5.50% |
|---|---|---|
| Rate | 3.10% APY, variable (assumed to hold all 5 years) | 5.50% fixed for the term |
| Tax on interest | Every year (1099-INT) | Deferred until withdrawn |
| Value after 5 years, after 24% federal tax | ~$280,900 | ~$308,300 (tax paid at the end) |
| Protection | FDIC, $250K per ownership category | Insurer claims-paying ability + state guaranty association (limits vary by state) |
| Getting money out | No penalty; the rate can change any day | Surrender charge above the free-withdrawal amount; IRS 10% penalty before 59½ |
About $27,400 more after tax on the MYGA if the savings rate never moved (24% federal bracket, state tax ignored). Savings rates are variable, so the real gap depends on where the rate goes. Emergency money belongs in savings; a MYGA is for money you will not need for the full term. Fixed annuity benchmark: carriers rated A or better topped out around 5.50% to 6.05% on 5-year compound-interest MYGAs, per public carrier rate sheets, October 14, 2026. Rates vary by state, premium and carrier.
Annuity vs CD · Current MYGA rates · HYSA or MYGA for 3-year money
Related: Marcus vs Amex savings · Best HYSA rates
Amex High Yield Savings: FAQ
What is the American Express savings rate?
3.10% APY on the American Express High Yield Savings Account, accurate as of September 24, 2026. The rate is variable.
Do I need an Amex card to open Amex savings?
No. The savings account is offered by American Express National Bank and does not require a card.
Is American Express savings FDIC insured?
Yes. American Express National Bank is FDIC cert 27471, FDIC-insured up to $250,000 per depositor, per insured bank, per ownership category.
Does Amex have a minimum balance?
No. American Express says there is no minimum balance to open, to avoid a fee or to earn the APY.
Does Amex offer CDs?
Yes. As of September 24, 2026: 10 months 4.25% APY, 11/12/14 months 3.50%, 18 months 3.25%, 22 months 4.00%, 24 months 3.25%, 36 and 48 months 2.25%, 60 months 3.00%.
How does Amex savings compare to Marcus?
Marcus Online Savings paid 3.50% APY as of September 24, 2026, 0.40 points more than Amex's 3.10%.
My take
Amex High Yield Savings is simple and fee-free at 3.10% APY, but it is not a top rate. Its 10-month CD (4.25%) is the standout product; its multi-year CDs are not. For three-to-five-year money, compare a MYGA.
Hans Goldstein is an independent licensed insurance producer (CA license 4273294, NPN 20602398) and is not affiliated with American Express. He does not sell or earn anything on bank accounts. Rates are copied from the sources named, with the as-of date each source prints; savings rates are variable, so confirm the current rate before opening. MYGA figures are illustrations, not quotes.
Run the MYGA vs savings math for your situation
Talk to Hans Goldstein, a licensed independent insurance producer.
Amex High Yield Savings pays 3.10% APY, variable (as of September 24, 2026). A-rated 5-year MYGAs were paying about 5.50%-6.05% on October 14, 2026, fixed for the term and tax-deferred.
Send your details. Within one business day you get a written side-by-side sized to your dollar amount and term, and a free 15-minute call if you want one.
Rather talk it through? Or book 15 minutes on Hans’s calendar, or call 213-414-2808.
Hans Goldstein · 213-414-2808 · NPN 20602398, independent licensed insurance producer appointed with multiple A-rated carriers
We’ll email it to you. Hans replies within one business day. Privacy Policy.
Disclosure
This review reflects publicly available product materials and rates as of the dates stated above. HYSA APYs are variable and change frequently. Confirm current values directly with the bank before opening an account. FDIC insurance covers up to $250,000 per depositor, per insured bank, per ownership category. MYGA rates referenced are illustrations dated September 24, 2026 and depend on state, carrier appointment, and product approval; not all MYGAs are available in every state. This is general education, not a personal recommendation or an offer of any product. Hans Goldstein is an independent licensed insurance producer (NPN 20602398) appointed with multiple A-rated carriers across the annuity market; Hans is not a banking representative and does not earn compensation on HYSA or CD products. Tax discussion reflects federal law as of 2026 and is subject to change. State tax treatment varies. Always read the actual bank disclosure and consult a licensed advisor or CPA before reallocating retirement-bound funds.