Not everyone can open an American Express savings account, and the restrictions are stricter than you might expect

American Express Bank offers savings accounts only to people who already hold an American Express credit card or charge card. You cannot walk in and open a savings account on its own. If you do not have an Amex card, you will need to get one first — and that approval process has its own requirements. Even then, not all Amex cardholders are offered the savings account product; the bank invites some customers but not others.

The savings account itself, called the American Express Personal Savings Account, is available only to U.S. residents with a valid Social Security number or Individual Taxpayer Identification Number (ITIN). You must be at least 18 years old. American Express does not offer this product to non-residents or to people without U.S. tax identification.

Key Takeaways

  • You must already hold an American Express credit card or charge card before you can open a savings account with American Express Bank.
  • American Express does not invite all cardholders to open a savings account; the bank selects which customers are offered this product.
  • You need a valid Social Security number or ITIN, U.S. residency, and must be at least 18 years old to open the account.
  • The savings account is a separate product from your credit card and requires a separate process process through your Amex online account.

How the American Express credit card requirement works

American Express uses the savings account as a product for existing cardholders, not as a way to bring in new customers. This means your first step is to get approved for an Amex credit card or charge card. The approval process looks at your credit score, income, credit history, and existing debt — the same factors any credit card issuer uses.

Once you hold an Amex card, you may see an offer to open a savings account when you log into your online account. Not all cardholders see this offer. American Express decides internally which customers to invite based on factors the bank does not publicly disclose. Some people report seeing the offer within weeks of opening a card; others never see it. If you do not see an offer, you cannot request one — there is no way to ask American Express to reconsider.

What happens if you do not have an American Express card

If you want to save money and do not have an Amex card, you have two paths. You can explore for an American Express credit card first, then wait to see whether the bank invites you to open a savings account. This process can take weeks or months, and there is no may provide you will be invited.

Alternatively, you can open a savings account with a different bank that does not require you to hold a credit card. Many online banks — including Marcus by Goldman Sachs, Ally Bank, and others — offer savings accounts to anyone with a Social Security number, ITIN, or passport, regardless of credit history or credit card status. These accounts often have no minimum balance and no monthly fees.

The process process once you are invited

If you receive an offer to open an American Express savings account, the process happens entirely online through your Amex account. You will need to provide your Social Security number or ITIN, confirm your address, and link a bank account where deposits and withdrawals will move. American Express will verify your identity using information from your credit file and may ask you to confirm recent transactions on your Amex card.

The account opens when ready after approval, which usually takes a few minutes. You can then transfer money from your linked bank account into the savings account, or move money from your Amex credit card balance (if you carry one) into savings. The savings account is separate from your credit card account, so the money you deposit is not available to spend on your card.

Residency and identification requirements

American Express requires that you be a U.S. resident to hold a savings account. The bank defines this as having a U.S. mailing address and being subject to U.S. tax law. If you are a non-resident alien, you cannot open the account, even if you hold an Amex credit card.

You must provide either a Social Security number (SSN) or an Individual Taxpayer Identification Number (ITIN). An ITIN is issued by the Internal Revenue Service to people who do not have an SSN but need to file taxes or report income in the United States. If you have neither, you cannot open the account. American Express does not accept passport numbers or other forms of identification in place of these.

Age and legal capacity to hold the account

You must be at least 18 years old to open an American Express savings account in your own name. If you are under 18, you cannot open the account, even if you hold an Amex credit card (which is also not possible under 18 without a co-signer).

American Express does not offer joint savings accounts or accounts for minors. If you want to save money and are under 18, you would need to use a parent's or guardian's account, or open a savings account at a different bank that offers accounts for minors.

What to do if you are not invited to open an account

If you hold an American Express card but do not see an offer to open a savings account, there is no formal way to request one. American Express does not have a process for customers to ask for reconsideration. The bank makes these decisions internally and does not explain why some customers are invited and others are not.

Your options are to wait and check your account periodically to see if an offer appears later, or to open a savings account with a different bank. Many people who want a high-yield savings account do not wait for an Amex invitation — they straightforward open an account elsewhere. This is often faster and does not depend on holding a credit card or being selected by a bank.

Frequently Asked Questions

Can I open an American Express savings account without a credit card?

No. American Express Bank only offers the savings account to people who already hold an American Express credit card or charge card. You cannot open a savings account on its own.

What if I have an Amex card but do not see the savings account offer?

American Express invites only some cardholders to open a savings account. If you do not see an offer in your account, there is no way to request one. You can check back periodically, or open a savings account with a different bank that does not require a credit card.

Do I need a minimum balance to open the account?

American Express does not publicly state a minimum balance requirement for the savings account. Once you open the account, you can deposit as little as you want, but you should confirm the current terms when you receive your invitation.

Can a non-U.S. resident open an American Express savings account?

No. You must be a U.S. resident with a U.S. mailing address and a Social Security number or ITIN. Non-residents cannot open the account, even if they hold an Amex credit card.

What happens to my savings account if I close my American Express credit card?

American Express does not publicly state what happens to the savings account if you close your credit card. You should contact American Express directly to ask about this before closing your card, since the bank may require you to maintain an active credit card to keep the savings account open.