American Express does offer savings accounts, but only through American Express Bank

American Express Bank (a subsidiary of American Express Company) operates a direct bank that offers high-yield savings accounts to consumers. You cannot open a savings account through American Express the credit card company — the savings products come specifically from the banking division. The accounts are FDIC-insured up to $250,000 per depositor, per account category, at American Express Bank.

These are online-only accounts with no physical branches. You manage them through the American Express Bank website or mobile app. The bank does not require you to hold an American Express credit card to open a savings account, though many customers do.

Key Takeaways

  • American Express Bank offers high-yield savings accounts online, separate from American Express credit card products.
  • Deposits are FDIC-insured up to $250,000 per depositor, per account category.
  • You do not need an American Express credit card to open a savings account at the bank.
  • The accounts have no monthly maintenance fees, though interest rates change based on Federal Reserve policy.
  • Transfers between your American Express Bank savings account and external bank accounts take one to three business days.

How American Express Bank savings accounts work

When you open a savings account at American Express Bank, you receive a routing number and account number. You can transfer money in from another bank account, deposit checks through mobile deposit, or move funds between accounts you hold at American Express Bank itself.

The bank pays interest on your balance daily and deposits it monthly. The interest rate changes periodically — it is set by the bank and moves with Federal Reserve rate decisions, but American Express Bank does not may provide any specific rate. You can withdraw money anytime without penalty, though federal law limits you to six withdrawals per month from a savings account (this limit applies across all banks, not just American Express).

There is no minimum balance requirement to open an account, and no monthly maintenance fee. You can have multiple savings accounts at American Express Bank if you want to separate money for different purposes.

Interest rates and how they compare

American Express Bank advertises its current savings rate on its website. The rate varies — it has moved up and down with Federal Reserve policy over the past several years. To see the current rate, you need to visit the American Express Bank website directly, as rates change and are not fixed in advance.

High-yield savings accounts from different banks offer different rates. American Express Bank's rate is competitive with other online banks, but the exact comparison depends on the current week. If you are comparing options, check the stated rate at each bank on the same day, because rates move independently.

Moving money in and out

You can fund your American Express Bank savings account by linking it to a checking account at another bank. The first transfer usually takes one to three business days. After that, transfers between your external bank and American Express Bank typically take the same timeframe.

You can also deposit checks by taking a photo through the mobile app — the bank processes mobile deposits and credits them to your account within one to two business days. Wire transfers are available but may carry a fee; contact the bank directly for wire transfer details.

When you withdraw money, you can transfer it back to your linked external bank account. You cannot write checks on a savings account or use a debit card to withdraw funds directly.

FDIC insurance and account safety

American Express Bank is a member of the Federal Deposit Insurance Corporation (FDIC). This means deposits in your savings account are insured up to $250,000 per depositor, per account category. If you have both a savings account and a money market account at American Express Bank, each is insured separately up to $250,000.

If you have a joint savings account with another person, the joint account is insured separately — the $250,000 limit applies to the joint account itself, not to each owner. If you are the sole owner of multiple savings accounts at American Express Bank, they are all covered under the same $250,000 limit combined.

Who should consider an American Express Bank savings account

An American Express Bank savings account makes sense if you want a high-yield savings account with no fees and no minimum balance. It is useful for money you want to keep separate from checking — an emergency fund, a savings goal, or money you are setting aside for a specific purpose.

It is less useful if you need frequent access to cash without waiting for transfers, or if you prefer to bank in person at a physical branch. The account is entirely online, so all transactions happen through the website or app.

If you already use American Express for credit cards or other banking services, the savings account integrates with your existing American Express login, which can simplify account management.

How to open an account

To open a savings account at American Express Bank, visit the bank's website and select the option to open a new account. You will need to provide your name, address, Social Security number, and date of birth. The bank verifies your identity and typically approves new accounts within minutes to a few hours.

Once approved, you receive your routing number and account number when ready. You can then link an external bank account to fund your new savings account, or wait to receive any initial deposit instructions the bank provides.

Frequently Asked Questions

Do I need an American Express credit card to open a savings account?

No. American Express Bank offers savings accounts to anyone who meets their identity verification requirements, regardless of whether you hold an American Express credit card. The savings account is a separate product from the credit card.

What happens to my money if American Express Bank fails?

Your deposits are insured by the FDIC up to $250,000 per account category. If the bank fails, the FDIC takes over and ensures you receive your money up to the insured limit. This protection is the same as at any other FDIC-insured bank.

Can I transfer money between my American Express credit card and my savings account?

You cannot transfer directly from a credit card to a savings account. You would need to pay off the credit card balance first (which moves money out of the card), then transfer funds from your bank account. The credit card and savings account are separate products with separate systems.

How often can I withdraw money from my savings account?

You can withdraw anytime without penalty. Federal law limits savings withdrawals to six per month across all your accounts at all banks combined. If you exceed six withdrawals in a month, the bank may charge a fee or convert the account to a checking account.

What is the minimum balance to earn interest?

American Express Bank does not require a minimum balance. Interest accrues on any balance, even $1. The interest rate applies to your entire balance and is deposited monthly.