American Express Bank does offer savings accounts, but only to certain customers

American Express Bank offers a savings product called the American Express Personal Savings, but it is not available to everyone who holds an American Express credit card. The savings account is only open to customers who already have a may have access to American Express deposit product or who meet specific criteria set by the bank. This is different from most traditional banks, which let anyone walk in and open a savings account.

The account earns interest on your balance. The rate changes based on market conditions and Federal Reserve decisions, so the yield you see today may not be the same three months from now. American Express publishes current rates on their website, and you can check them before you decide whether to move money there.

Funds in the account are FDIC insured up to $250,000 per depositor, per bank, per ownership category. This means if American Express Bank fails, the federal government guarantees your money up to that limit. If you have more than $250,000, only the first $250,000 is protected.

Key Takeaways

  • American Express Bank savings accounts are not open to all customers—you typically need an existing American Express deposit product or to meet other specific requirements.
  • The account earns interest that varies with market rates and Federal Reserve policy, so the rate you see one month may change the next.
  • Your deposits are FDIC insured up to $250,000, which protects your money if the bank fails.
  • You can open and manage the account online through your American Express account, with no monthly fees on the savings product itself.
  • Withdrawals are available, but the account is designed for savings rather than frequent transactions.

How to access an American Express savings account

If you already have an American Express checking account or other deposit product, you may be able to open a savings account by logging into your online account and selecting the option to add a savings account. The process is usually quick—often completed in minutes—and no additional paperwork is required.

If you do not have an existing American Express deposit account, you will need to contact American Express Bank directly to ask whether you meet the criteria to open one. may be able to access rules change, and some periods may have restrictions on new account openings. Calling their customer service line or visiting their website will tell you whether you can proceed.

Once the account is open, you can transfer money into it from your checking account or from an external bank account. Transfers from your American Express checking account are usually when ready. Transfers from outside banks typically take one to two business days, depending on the sending bank's processing time.

Interest rates and how they compare

American Express Bank publishes its savings rate on their website, and it changes periodically. The rate is the same for all customers—there is no tiering based on how much money you have in the account. This is different from some banks, which offer higher rates if you maintain a larger balance.

To know whether the rate is competitive, you need to compare it to other banks offering savings accounts. Online banks often publish rates that are higher than traditional brick-and-mortar banks, and rates shift frequently as the Federal Reserve adjusts its benchmark rate. Checking a rate comparison site or looking at several banks' websites will show you where American Express stands on any given day.

Interest is calculated daily and deposited monthly into your account. This means you earn interest on your interest—a process called compounding—which grows your balance over time.

Fees and account requirements

American Express Bank does not charge a monthly maintenance fee on the savings account. There are no minimum balance requirements to keep the account open, though some features or higher rates may require a minimum deposit—check the current terms on their website.

Withdrawals are free, but the account is structured as a savings account rather than a checking account, so it is not designed for frequent transactions. Some banks limit the number of withdrawals per month, though federal rules that once capped savings account withdrawals at six per month have been relaxed. American Express's current withdrawal policy is available on their website or by calling customer service.

If you link the savings account to an external bank account for transfers, your external bank may charge a fee for incoming or outgoing transfers. That fee comes from your other bank, not from American Express.

FDIC insurance and account safety

Deposits in an American Express Bank savings account are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per depositor, per bank, per ownership category. This protection applies to the account holder's name only. If you have a joint account, each owner is insured up to $250,000, meaning a joint account with two owners can be insured up to $500,000 total.

If you have multiple accounts at American Express Bank—for example, a checking account and a savings account—the FDIC insurance is combined across those accounts. Your total coverage at American Express Bank is $250,000, not $250,000 per account. If you have more than $250,000 to deposit, you would need to split it between American Express and another FDIC-insured bank to protect the full amount.

American Express Bank is a subsidiary of American Express Company and is regulated by the Office of the Comptroller of the Currency (OCC). The bank's financial health is monitored by federal regulators, and the FDIC insurance backstop means your money is protected even if the bank encounters serious problems.

How the savings account works with your American Express credit card

The savings account and your American Express credit card are separate products. Your credit card balance and your savings account balance do not interact. You cannot pay your credit card bill directly from the savings account through the card's payment system—you would need to transfer money from savings to your checking account first, then pay the card from checking.

Some American Express customers use the savings account to set aside money for upcoming credit card payments or to build an emergency fund separate from their checking account. The savings account earns interest, so money sitting there grows slightly rather than staying flat in a checking account.

American Express does not offer rewards or bonus points on deposits to the savings account. The only benefit is the interest earned on your balance.

Alternatives if you cannot open an American Express savings account

If you do not meet the criteria to open an American Express Bank savings account, you have other options. Online banks like Marcus, Ally, and Discover offer savings accounts to anyone with a valid Social Security number and U.S. address, with no existing account required. These banks often publish competitive interest rates and have no monthly fees.

Traditional banks—your local credit union or national bank—also offer savings accounts, though their interest rates are typically lower than online banks. The trade-off is that you can visit a branch in person if you need to deposit cash or speak to someone face-to-face.

If you want to keep your money within the American Express ecosystem, you could use the American Express checking account instead and earn a small amount of interest there, though checking accounts typically pay less interest than savings accounts. The checking account has the same FDIC protection and may be easier to open if you do not yet have an American Express deposit account.

Frequently Asked Questions

Can I open an American Express savings account if I only have a credit card?

Not automatically. American Express Bank savings accounts are usually only open to customers with an existing American Express deposit product, such as a checking account. If you only have a credit card, you would need to contact American Express Bank to ask whether you meet other criteria. They may require you to open a checking account first.

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

Your savings account can remain open independently. Closing your checking account does not automatically close your savings account. However, you should confirm this with American Express before closing the checking account, as policies can vary.

Can I set up automatic transfers from my paycheck to the savings account?

Yes, if your employer supports direct deposit to multiple accounts. You would provide your American Express Bank account and routing number to your employer's payroll department. Alternatively, you can set up automatic transfers from your checking account to savings through your American Express online account.

Is the interest rate may provide, or can it change?

The rate can change at any time. American Express Bank adjusts rates based on market conditions and Federal Reserve decisions. You will be notified of rate changes, but the bank is not required to lock in a rate for any specific period.

What is the difference between an American Express savings account and a money market account?

American Express Bank offers a savings account, not a money market account. A savings account is simpler—you deposit money, earn interest, and can withdraw when you need it. Money market accounts typically require higher minimum balances and offer check-writing or debit card access. If you want those features, you would need to look at other banks.