American Express has a high-yield account to earn 20 times more on savings, and anyone can open it for as little as $1

American Express’ high-yield savings account is nothing to sneeze at. Westend61/Getty

It may earn its salt from credit cards, but American Express offers a high-yield savings account that is nothing to sneeze at.

American Express’ Personal Savings Account requires $US0 to open, levies no monthly fees, and earns a 2.10% annual percentage yield (APY) on all balance tiers at the time of this writing.

If you’re still keeping your money for a rainy day in a regular savings account that earns 0.1% interest, you might consider moving it into a high-yield savings account. Most financial planners recommend storing money for emergencies and short-term goals in high-yield savings accounts because there’s zero risk of losing money, it’s easily accessible, and it grows while it’s sitting there.

While American Express’ APY isn’t the highest you’ll see (right now that title goes to Wealthfront), any savings account with an interest rate above 2% is worth your consideration. You may be drawn to the account with the highest rate today, but it’s important to note that interest rates are subject to change depending on inflation and the government’s interest-rate benchmark. Ensure the high-yield savings account you choose to open is otherwise desirable before parking your savings there.

Like most high-yield savings accounts, American Express’ personal savings account limits transfers to six times per statement cycle and does not come with checks or a debit card for ATM access. The account is also insured up to at least $US250,000 per the Federal Deposit Insurance Corporation (FDIC).

American Express does not offer a checking account, but allows up to three bank accounts to be linked to your high-yield savings account for one-time or regular, automatic deposits. Depending on what you’re saving for, you may prefer to keep your high-yield savings at a separate institution from your everyday spending account to reduce any temptation to dip into it.

To open a high-yield savings account at American Express, you’ll need the following: Social Security number, email address, home address, phone number, date of birth, and your account and routing numbers for at least one bank account you want to link up. You should receive email confirmation shortly after applying if your application is approved.

While American Express does have a mobile app for its credit card products, there’s no high-yield savings account access on the app at this time. The bank’s customer service phone line is open 24/7 to answer questions related to personal savings accounts.