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American Express National Bank (Member FDIC) offers an excellent savings account rate compared to traditional banks. The best online banks (including American Express) are able to offer high savings rates because they have fewer overhead costs than their brick-and-mortar counterparts. As a result, online banks can pass those savings on to customers with better rates and lower fees.
American Express High Yield Savings Account Rates
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There are no monthly service fees or minimum deposit requirements, and you can earn the rate on any account balance up to $5 million. (Although keep in mind that accounts are only insured by the FDIC for up to $250,000, or $500,000 for joint accounts.)
American Express High Yield Savings Account Rates Pros and Cons
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How American Express High Yield Savings Account Rates Compare
American Express High Yield Savings Account vs. Discover Savings
One notable difference involves mobile check deposits. With Amex, you can deposit up to six checks totaling $50,000 within any seven-day period, with a $25,000 individual check limit. This is a more generous limit than many online banks offer. Discover doesn't specify limits in its online disclosures, however, a call to customer support revealed that new customers might start with a monthly limit of about $500.
Choosing between the two accounts might be tricky unless you want more flexibility regarding mobile deposits — in which case Amex is the clear winner.
American Express High Yield Savings Account vs. Capital One 360 Savings
While Capital One is primarily an online bank, it has branches in a handful of states and cafés in more than a dozen states (the cafés are a cross between a bank branch and a coffee shop). American Express doesn't have any branches.
Neither account has monthly fees, initial deposit requirements, or a minimum balance to earn the APY. Capital One offers live support Sunday to Saturday from 8 a.m. to 11 p.m. ET. You can reach live customer support 24/7 with American Express.
The two banks offer similar rates, fees, and features, so choosing one can be difficult. Ultimately, customers who live near a Capital One branch or café might choose it over American Express for the convenience of in-person help and the option to make cash deposits. American Express may be a better choice if you prefer 24/7 customer support.
Why You Should Trust Us: How We Reviewed American Express High Yield Savings Account
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