The American Express High Yield Savings Account is a savings account with a variable interest rate. Interest on our HYSA is compounded daily and posted to accounts monthly.
An Individual Account is an account in the name of one person. A Joint Account with Right of Survivorship (and not as Tenants in Common) is an account in the name of two persons. Each account holder intends that when they die, the balance in the account (subject to any previous pledge to which we have agreed) will belong to the survivor.
Please note: The interest earned on the account will be reported to the IRS under the Social Security number of the primary (first named) account holder. Each joint account holder has equal access to the Joint Account but does not have access to online tax forms. American Express National Bank may act on instructions and notices we receive from any one joint account holder.
Interest Rate is the annualized rate applied to the principal balance of the account each day in order to determine the amount of interest that has accrued on that day’s principal balance. Annual Percentage Yield (APY) reflects the effect of compounding frequency (Savings accounts are compounded daily) on the interest rate over a 365-day period.
For more information, please see the
Consumer Deposit Account Agreement and Savings Schedules for additional terms and conditions and Truth-In-Savings disclosures.
The best method for transferring funds is typically by initiating an ACH transfer on the website of the bank where the funds are currently held. By doing this, you are pushing funds to the recipient bank. If you open a High Yield Savings Account (HYSA) with American Express, the fastest way to transfer your funds out HYSA and into another account would be by initiating the transfer on the American Express site. In many cases, you may qualify for express transfers that can appear as soon as the same day.
However, if you chose to initiate an ACH transfer with the bank where you want funds to arrive, you would then be pulling funds. If the recipient bank is American Express National Bank and you initiated the transfer on the American Express website, the amount will be reflected in your Current Balance and will begin earning interest immediately. For more information about funds availability and withdrawal timing, please see the
Savings Schedule and Deposit Account Agreement.
