You open an American Express Bank savings account directly through their website or mobile app, with no branch visits required

American Express Bank (the deposit-taking arm of American Express) offers savings accounts online only. You do not go to a physical location. The process takes about 10 to 15 minutes and requires a Social Security number, a valid government ID, and a funding source—either a bank account to transfer from or a debit card.

The account opens with whatever deposit amount you choose to start with. There is no minimum opening deposit required, though you will need to fund the account to begin earning interest. Once opened, you can deposit and withdraw money through transfers from another bank account, and you can withdraw by transferring back out to an external account.

Key Takeaways

  • American Express Bank savings accounts are opened entirely online through their website or mobile app, with no minimum opening deposit.
  • You will need a valid government ID, Social Security number, and either a bank account or debit card to fund the account during signup.
  • The account earns interest on your balance, with the rate set by American Express and subject to change; check their current rate before opening.
  • Deposits are FDIC-insured up to $250,000 per depositor, per institution, which means your money is protected by federal insurance.
  • Withdrawals happen through transfers to another bank account you control; there is no ATM card or debit card access to this account.

What you need before you start

Gather these items before you begin the signup process. You will need a valid government-issued ID—a driver's license, passport, or state ID card. The name on your ID must match the name you use to open the account.

You also need your Social Security number. American Express Bank will verify this during signup as part of their identity verification process. Have it ready in the form you normally use it (with or without hyphens—the system accepts both).

Finally, you need a way to fund the account. This can be a bank account at another institution (you will provide the routing number and account number) or a debit card (Visa, Mastercard, or Discover). The funding source does not have to be in your name, but American Express may ask you to verify it if it is not.

The signup process step by step

Go to the American Express Bank website or open their mobile app. Look for the option to open a new savings account. You will be asked to enter your email address and create a password for your online banking login.

Next, enter your personal information: full name, date of birth, and Social Security number. American Express will run a soft credit check and verify your identity using the information you provide. This usually takes a few minutes.

Then you will choose how much to deposit to open the account. As noted, there is no minimum, so you can deposit $1 or $10,000—whatever you choose. Provide your funding source: either the routing and account number from another bank account, or your debit card details.

Review the account terms and conditions, which include the current interest rate, any fees (American Express Bank currently charges no monthly maintenance fee), and FDIC insurance details. Confirm your information and submit. The account opens when ready, and your deposit will process according to your funding method—typically one to two business days for a bank transfer, or when ready for a debit card.

Interest rates and how money grows

American Express Bank sets the interest rate on savings accounts and changes it periodically. The rate is not fixed for the life of your account—it moves up or down based on market conditions and American Express's business decisions. You earn interest on your full balance every day, and it compounds daily, meaning you earn interest on your interest.

Interest is credited to your account monthly. You can see your current rate and earnings in your online account dashboard at any time. If the rate drops significantly and you are unhappy with it, you can withdraw your money and move it elsewhere—there is no penalty for closing the account or withdrawing funds.

How to deposit and withdraw money

Once your account is open, you deposit money by transferring from another bank account you own. Log into your American Express Bank account online or in the app, select "Transfer In," and provide the routing number and account number of the bank account you want to transfer from. The transfer typically takes one to two business days.

You can also deposit by debit card during the initial account setup, though ongoing deposits by debit card are not available through American Express Bank's standard interface.

To withdraw money, you transfer it back out to another bank account. Log in, select "Transfer Out," choose the external account you want the money to go to, and enter the amount. This also takes one to two business days. You cannot withdraw cash at an ATM or write checks against this account—all movement of money happens through bank transfers.

FDIC insurance and account safety

Your deposits in an American Express Bank savings account are FDIC-insured up to $250,000 per depositor, per institution. This means if American Express Bank fails, the Federal Deposit Insurance Corporation will reimburse you for your balance up to that limit. The insurance is automatic—you do not have to do anything to set up it.

If you have more than $250,000 to deposit, the amount above $250,000 is not insured. You could open a second account at a different FDIC-insured bank to insure additional funds, since the $250,000 limit applies per institution, not per account.

American Express Bank is a subsidiary of American Express Company and is regulated by the Office of the Comptroller of the Currency (OCC). Your account information is encrypted and protected by the same security measures American Express uses for its credit card and investment accounts.

Comparing American Express Bank to other online savings accounts

American Express Bank is one of many online banks offering savings accounts. The main differences between them come down to interest rate, fees, and customer service availability. American Express Bank currently charges no monthly maintenance fee and no minimum balance requirement, which matches most competitors.

The interest rate varies. At any given time, some online banks offer higher rates than American Express Bank, and some offer lower rates. Rates change frequently—sometimes weekly. If you are comparing accounts, check the current rate at each bank's website on the same day, because comparing rates from different dates is not meaningful.

American Express Bank offers customer service by phone and through their website, but not through in-person branches. If you prefer to speak to someone in person, an online bank is not the right choice for you. If you want to manage your account on your phone or computer and do not need a physical location, American Express Bank works the same way as other online banks.

Frequently Asked Questions

Can I have multiple savings accounts with American Express Bank?

Yes. You can open more than one savings account with American Express Bank. Each account earns interest separately, and each is insured up to $250,000 by the FDIC. This can be useful if you want to keep money separated for different purposes—one account for an emergency fund, another for a vacation, for example.

What happens if I do not make any deposits or withdrawals for a long time?

American Express Bank does not close inactive accounts or charge fees for inactivity. Your account will remain open and continue to earn interest on whatever balance you have in it. You can log in and access your account whenever you want, even if you have not touched it in months or years.

Can I set up automatic transfers into my American Express Bank savings account?

Yes. Once your account is open, you can set up recurring transfers from another bank account. Log into your account, go to the transfer section, and look for the option to schedule recurring transfers. You can set them to happen weekly, biweekly, monthly, or on any schedule you choose.

What if I want to close my account?

You can close your account anytime by logging in and requesting closure through your account settings, or by calling American Express Bank customer service. If you have a balance, you will need to transfer it out to another bank account before the account closes. There is no fee or penalty for closing.

Is my money available when ready after I transfer it in?

No. Bank transfers typically take one to two business days to complete. The money is not in your American Express Bank account and not earning interest until the transfer has finished. If you need money available faster, you would need to use a different funding method or a different account type.