American Express High Yield Savings, Ally, and Marcus: Which Savings Account Fits You Best?

My team at Motley Fool Money reviews dozens of savings accounts each year from leading banks and financial institutions. We look far beyond the headline APY and examine the details that shape everyday use, including fees, features, customer service, transfer speed, and the wider banking relationship.

The American Express® High Yield Savings Account, Ally Bank Savings Account, and Marcus by Goldman Sachs Online Savings Account are all reputable choices. Still, they appeal to different types of savers. Here’s how they compare.

Rate comparison

Each of these accounts pays well above the national average annual percentage yield (APY) of 0.37%.

Here’s a side-by-side look at the current APYs:

• American Express® High Yield Savings Account: 3.10%¹ APY (as of )
• Ally Bank Savings Account: 3.10% APY
• Marcus by Goldman Sachs Online Savings Account: 3.50% APY

Because all three rates are variable, they can change at any time. That is why APY alone should not be the only factor in your decision.

American Express® High Yield Savings Account

In our view, the American Express® High Yield Savings Account is the strongest all-around choice for savers who want a full banking relationship with a trusted institution.

APY: 3.10%¹ APY (as of )

Monthly fees: $0²

Minimum balance: $0²

FDIC insured: Yes, accounts offered by American Express National Bank (Member FDIC) are FDIC insured.

Why we like it: American Express has been serving customers since 1850 and is known for a strong focus on customer support. The savings account includes 24/7 service, so help is available whenever you need it. Interest compounds daily, allowing your earnings to generate additional earnings. If you already have an American Express® Credit Card, the savings account also connects directly within the same app.³

Downsides to consider: There is no ATM or debit card access, so withdrawals must be made through an ACH transfer to a linked bank account, which usually takes one to three business days. It is also an online-only account with no branch access.

Who it is best for: This account suits anyone who values a trusted brand and the convenience of keeping Amex Credit Cards, Checking, and Savings in one place more than squeezing out the highest possible rate. Existing Amex Card Members can manage spending and savings in one app.³