Amex High-Yield Savings Account: A Low-Balance Option with Competitive Rate

The American Express High Yield Savings Account is an excellent choice for those starting with less than $1,000. It has no monthly fees and no minimum balance required to open or earn interest. Currently, it pays a competitive 3.00% APY.

This high-yield savings account works similarly to a traditional savings account but offers a much higher interest rate. Your money remains FDIC-insured like it is at any regular bank and earns interest every day.

The average savings account pays only 0.38% APY, but the American Express High Yield Savings Account pays roughly 7X that amount on the same cash. You can start with a small balance of $50 or $500 and add to it whenever possible.