American Express® High Yield Savings Account vs. Capital One 360 Performance Savings™

Interest Rates

• American Express® High Yield Savings Account:

  • Offers a competitive APY (Annual Percentage Yield), which is subject to change with market conditions. As of now, the APY is typically on par with the best rates available in the market.

  • Interest is compounded daily and credited monthly, ensuring your savings grow steadily over time.

   

• Capital One 360 Performance Savings™:

  • Also provides a competitive APY, often aligning closely with American Express’s rates. Capital One’s APY is designed to keep pace with industry standards, giving you a robust return on your balance.

  • Interest is compounded daily and credited monthly, similar to American Express.

   

Minimum Deposit and Balance Requirements

• American Express® High Yield Savings Account:

  • No minimum deposit is required to open the account.

  • No minimum balance is required to earn the advertised APY, making it accessible to a wide range of savers.

   

• Capital One 360 Performance Savings™:

  • Similarly, no minimum deposit is required.

  • There is no minimum balance needed to earn the APY, providing flexibility for users with varying savings goals.

   

Fees

• American Express® High Yield Savings Account:

  • No monthly maintenance fees, ensuring your savings are not eroded by unnecessary charges.

  • No fees for online transfers, making it cost-effective to manage your money.

   

• Capital One 360 Performance Savings™:

  • No monthly maintenance fees as well.

  • No fees for transfers between your Capital One accounts or external bank accounts.

Accessibility and User Experience

• American Express® High Yield Savings Account:

  • Offers a clean and straightforward online interface. While American Express does not have a dedicated app for its savings account, it integrates well with their overall banking platform.

  • Customer support is available 24/7 for account assistance.

   

• Capital One 360 Performance Savings™:

  • Features a highly intuitive online platform and a mobile app that provides seamless access to your account.

  • The mobile app includes features like automatic savings goals, personalized alerts, and easy transfers between accounts.

  • Capital One also has physical branches and Capital One Cafés for in-person support, providing an edge over American Express for those who value face-to-face interactions.

   

Transfers and Transactions

• American Express® High Yield Savings Account:

  • Allows electronic transfers to and from external bank accounts.

  • Transfers typically take 1-3 business days to process.

   

• Capital One 360 Performance Savings™:

  • Provides similar electronic transfer capabilities, with slightly faster processing times in some cases.

  • The mobile app facilitates quick transfers and even supports Zelle for faster payments.

   

Additional Features

• American Express® High Yield Savings Account:

  • Focused solely on high-yield savings, with no additional financial tools or products integrated into the account.

  • Best suited for those who prefer a simple, dedicated savings account.

   

• Capital One 360 Performance Savings™:

  • Includes features like automatic savings plans, which help you set and achieve savings goals effortlessly.

  • Can be linked with other Capital One accounts, such as credit cards or checking accounts, for comprehensive money management.

FDIC Insurance

Both accounts are FDIC-insured up to $250,000 per depositor, per institution, ensuring your money is protected.