Opening a high-yield savings account is as easy as 1, 2, 3!

Written by: Sarah | Original published date: Feb 25, 2022

This post is not in any way related to or sponsored by American Express but I'm just a fan and have been a customer for years :)

If you're not putting your life savings in a high-yield savings account aka HYSA, you might be losing money.Not to be dramatic, but I'm making it my mission to have my family and friends put their savings away in a HYSA.Why? Because you can accrue so much more interest in a high-yield savings account! Let me give you a quick comparison between my Wells Fargo savings account and my American Express personal savings account which is a HYSA. Both have about $500 in them.

I accrued about $0.12 last year on $500 from Wells Fargo and I was able to accrue $2.57 last year on my American Express personal savings account. Ok it might not be much to you but if you. But if you keep putting money away and increasing the balance of your savings, you'll in turn accrue more interest in that account.Here's a screenshot of my bank statement from December 2021.

The top one is my Wells Fargo account where the interest I earned was only $0.01 in October and in August. I didn't even accrue interest every single month!The bottom one is my American Express HYSA where the interest I accrue in December alone was $0.11 which equal to what I would accrue in a year in a regular savings account. Assuming that I make $0.01 every month for 12 months.

And opening a HYSA is not as complicated as it may seems. I've been a long-time American Express Personal Savings customer. I heard about HYSA from a friend a while ago and she convinced me to open one. She said she put money in there that she hasn't touched in years and she accrued a lot of interest all those years.You don't have to open one with American Express but make sure the bank is FDIC insured. The current APY rate as of February 2022 is 0.50%.I'm going to break it down for you how you can open a high-yield savings account with American Express Personal Savings.

First step is to go to the American Express Personal Savings website to open your online high-yield savings account. You'll be prompted to confirm that you're 18, a U.S. citizen or a resident with valid SSN or TIN and that this savings is for personal use only.Here's the address: https://personalsavings.americanexpress.com/index.html

Second step is fill in your personal information and other information, agree to the terms and conditions and voila! Your account is opened!The third step is to link an external checking account, like your Wells Fargo checking account for example. This is one of the ways you would feed money into your brand new HYSA! American Express would then send two test transfers and after you confirm, your accounts will be linked.That's basically it! Super easy, right?If you want to put more money into your new HYSA automatically, you can also set up an automatic transfer from your linked external account every month into your new HYSA. Or you can set up a portion of your paycheck to be directly deposited into your new HYSA.I hope this will convince you to open a HYSA today and start accruing interest.

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