1. What is the Amex High Yield Savings Calculator?

The American Express High Yield Savings Calculator helps you estimate the growth of your savings with Amex's high-yield savings account, which currently offers a competitive 3.60% APY (Annual Percentage Yield).

2. How Does the Calculator Work?

The calculator uses the compound interest formula:

Where:

• \( A \) — Final amount ($)
• \( P \) — Principal amount ($)
• \( r \) — Annual interest rate (decimal, e.g., 0.036 for 3.6%)
• \( t \) — Time in years

Explanation: The formula calculates daily compounding (365 times per year) which is how Amex's high-yield savings account works.

3. Benefits of High Yield Savings

Details: Amex's high-yield savings account offers significantly higher interest rates than traditional savings accounts, helping your money grow faster while remaining FDIC-insured up to $250,000.

4. Using the Calculator

Tips: Enter your initial deposit amount, the number of years you plan to save, and the interest rate (default is 0.036 for 3.6% APY). All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: How often is interest compounded in Amex savings?
A: Interest is compounded daily and credited monthly.

Q2: Is there a minimum balance required?
A: No minimum balance is required to earn the APY, though you need $1 to open the account.

Q3: Are there any fees?
A: Amex high-yield savings has no monthly maintenance fees.

Q4: How does this compare to regular savings accounts?
A: The 3.60% APY is about 10x higher than the national average for traditional savings accounts.

Q5: Is my money safe in an Amex savings account?
A: Yes, deposits are FDIC-insured up to $250,000 per depositor.