American Express vs. Openbank
Comparing American Express and Openbank for high-yield savings: American Express's High Yield Savings Account pays 3.10% APY while Openbank's High-Yield Savings Account pays 4.00% APY.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? Openbank pays $90 more than American Express annually ($400 vs $310).
Choose American Express if you're an Android user, or you want Zelle for quick transfers. Choose Openbank if getting the best rate matters most.
| Metric | American ExpressHigh Yield Savings Account May 22, 2026 | OpenbankHigh-Yield Savings Account May 20, 2026 |
|---|---|---|
| APY | 3.10% | 4.00% |
Est. Earnings | $5,000+$155 $10,000+$310 $25,000+$775 | $5,000+$200 $10,000+$400 $25,000+$1,000 |
Min Deposit | $0 | $500 |
Snapshot view. Rates subject to change. | ||
| Features | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppZelle® SupportedDaily CompoundingRate Changes Often | FDIC InsuredLow MinimumsGreat iOS AppRate Changes Often |
Prefer In-Person Banking?
Both of these banks are online-only. If you need physical branch access, check out our list of high-yield accounts with brick-and-mortar locations.
Comparison Analysis
Comparing American Express vs. Openbank
Executive Summary
Openbank offers a High-Yield Savings Account with a competitive APY of 4.00%, making it the winner in this comparison. This account requires a minimum deposit of $500 but has no maintenance fees and allows for monthly compounding. In contrast, American Express provides a High Yield Savings Account with an APY of 3.10%, which is lower but still features no minimum deposit or maintenance fees, and compounds daily. Both accounts are online-only and do not require direct deposit, providing flexibility for users.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why American Express?
- ✓Higher rated iOS app (4.9 vs 4.6)
- ✓Higher rated Android app (4.9 vs 3.2)
- ✓Fast transfers via Zelle®
Why Openbank?
- ✓Higher potential APY (4.00% vs 3.10%) on all balances
— Key Feature Differences —
Better Returns at $10,000
OpenbankOpenbank's High-Yield Savings Account earns more on smaller deposits (approx. $400 vs $310/yr).
Better Returns at $25,000
OpenbankOpenbank's High-Yield Savings Account pulls ahead with larger amounts (approx. $1000 vs $775/yr).
Best for Simplicity
OpenbankOpenbank's High-Yield Savings Account offers 4.00% APY with no bundling, direct deposit requirement or caps.
Best Mobile App Experience
American ExpressAmerican Express offers an iOS app rated 4.9 (vs. 4.6) and Android app rated 4.9 (vs. 3.2)
Shared Benefits
Over a 1-year period, Openbank's High-Yield Savings Account pays $90 more interest on a $10,000 balance than American Express's High Yield Savings Account.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
American Express vs. Openbank Savings Calculator
You earn $90 more with Openbank than American Express on a $10,000 initial deposit for 1 year*.
*This calculation assumes that APYs remain unchanged for 1 year, and takes into account known promo rate periods, but does not factor in bonuses. You can see how often these banks have changed their rates in the Compare Savings Rates Over Time section below.
American Express
High Yield Savings Account
Savings Breakdown
- Interest Earned+$310.00(3.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,310.00
Openbank
High-Yield Savings Account
Savings Breakdown
- Interest Earned+$400.00(3.8%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,400.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Still banking with Chase, Bank of America, or Wells Fargo?
On a $10,000 balance, you're missing out on at least $309 per year in interest.
Both American Express and Openbank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | American Express | Openbank |
|---|---|---|
| APY | 3.10% Verified: 5/22/2026 ↘︎ 0.20%90d Change | 4.00% Verified: 5/20/2026 ↘︎ 0.09%90d Change |
| Product Name | High Yield Savings Account | High-Yield Savings Account |
| Minimum Deposit | $0 | $500 |
| Min. Balance for APY | $0 | $0 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Monthly |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | None | None |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | ||
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Available Requires Amex Rewards Checking; not available for standalone HYSA. | Not Supported |
| BBB Rating | F | Not Rated |
| Next Steps | Visit SiteVerify at American Express Non-sponsored link to official site | Visit SiteVerify at Openbank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | American Express | Openbank |
|---|---|---|
| High Yield Savings Account | High-Yield Savings Account | |
Current APY | 3.10% | 4.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | -3.9 | -2.4 |
Days Since Change | 1 | 50 |
12-Month High | 3.60% | 4.40% |
12-Month Low | 3.10% | 4.00% |
Adjustments / Mo | 0.41 | 0.33 |
Volatility Score | 0.042 | 0.021 |
How to read these metrics(Click to expand)
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High Rates (With Checking Bundle)
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