What you need to open an American Express bank account
American Express offers bank accounts through American Express Bank, Ltd., a subsidiary that provides deposit products like savings accounts and money market accounts. To open one, you will need to provide your Social Security number, a government-issued photo ID, your date of birth, and your current address. You will also need to choose which type of account fits your situation — most people start with either a savings account or a money market account, which earn interest on the money you deposit.
The process happens entirely online through the American Express website. You do not need to visit a physical branch or mail in documents. The whole process typically takes 10 to 15 minutes, and your account can be funded the same day once it is opened.
Key Takeaways
- You will need a Social Security number, government photo ID, date of birth, and current address to open an account online.
- American Express Bank offers savings accounts and money market accounts, each with different interest rates and minimum balance requirements that vary over time.
- The online process takes about 10 to 15 minutes and does not require visiting a branch or mailing documents.
- You can fund your account when ready after opening it using a bank transfer from another account you own.
- American Express Bank accounts are FDIC-insured up to $250,000, which means your money is protected if the bank fails.
Steps to open your account online
Go to the American Express Bank website and look for the option to open a new account. You will be asked to enter your email address and create a password — this becomes your login for managing the account later. The site will then ask you to confirm your identity by providing your Social Security number, date of birth, and a government-issued ID number (driver's license or passport).
Next, you will enter your current address and choose which type of account you want. Read the account terms carefully, as different accounts have different interest rates, minimum balances, and withdrawal rules. Once you have reviewed everything, you will electronically sign the account agreement. American Express will then verify your information, which usually takes a few minutes to a few hours.
After your account is approved, you will receive account and routing numbers. You can then transfer money into your new account from another bank account you own using these numbers. Some people fund their account when ready; others wait until they are ready to deposit money.
What documents and information to have ready
Before you start, gather these items so you do not have to stop and search for them:
- Your Social Security number
- A government-issued photo ID (driver's license, passport, or state ID card)
- Your date of birth
- Your current mailing address
- An email address you check regularly
If you plan to fund the account right away, also have the account and routing number from the bank account you will be transferring from. You do not need this information to open the account, but having it ready speeds up the funding step.
Understanding account types and interest rates
American Express Bank typically offers a savings account and a money market account. A savings account is the simpler option — you deposit money, it earns interest, and you can withdraw it whenever you need it. A money market account usually pays a higher interest rate but may require a larger minimum balance and limit how many withdrawals you can make per month.
Interest rates change frequently and vary depending on the account type and current market conditions. The rate you earn today will not be the same next month. Before opening an account, check the current rates on the American Express Bank website so you know what to expect. The site will show you the Annual Percentage Yield (APY), which is the actual amount of interest you will earn in a year.
If you are not sure which account is right for you, start with a savings account. You can always open a money market account later if you want to earn a higher rate on a larger balance.
How to fund your account after opening it
Once your account is open, you will have an account number and routing number. To move money into your new American Express account, you will set up a transfer from another bank account you own — typically a checking account at another bank. Log into that bank's website, find the transfer or bill pay section, and enter your American Express Bank account and routing numbers as the destination.
The transfer usually takes one to three business days. Some banks offer faster transfers, but standard transfers follow this timeline. During this time, the money is in transit and not yet in your American Express account. Once it arrives, you will see it in your account balance and it will start earning interest.
You can also deposit money by having your employer or another source send a direct deposit to your American Express account. To do this, provide your employer with your American Express account and routing numbers, and they will deposit your paycheck or other regular payments directly into the account.
FDIC insurance and account safety
American Express Bank is a federally chartered bank, and deposits are FDIC-insured. This means if the bank fails, the Federal Deposit Insurance Corporation will protect your money up to $250,000 per account owner. If you have $50,000 in your American Express savings account, all of it is protected. If you have $300,000, the FDIC covers $250,000 and you would lose the remaining $50,000.
This protection applies to each account type separately. If you have both a savings account and a money market account at American Express Bank, each is insured up to $250,000. If you are married and both you and your spouse have accounts, each of you gets $250,000 of protection per account type.
Your account is also protected by standard banking security. American Express uses encryption to protect your login information and account details when you access your account online. You should use a strong, unique password and never share your login credentials with anyone.
What happens after your account opens
Once your account is active, you can log in anytime to check your balance, see how much interest you have earned, and review your transaction history. You will receive statements either by email or mail, depending on what you choose during setup. Most people choose email statements because they arrive faster and you can access them anytime.
If you need to withdraw money, you can transfer it back to another bank account you own. This transfer also takes one to three business days. Some accounts limit how many withdrawals you can make per month, so check your account terms if you plan to move money frequently.
If you have questions about your account after it opens, American Express Bank has customer service available by phone and through your online account. You can also find answers to common questions on their website.
Frequently Asked Questions
Do I need to have an American Express credit card to open a bank account?
No. American Express Bank accounts are separate from American Express credit cards. You can open a bank account without having any credit card from American Express or any other company. The two products are independent.
What is the minimum amount I need to deposit to open an account?
Minimum opening deposits vary and change over time. Check the American Express Bank website before you open your account to see the current minimum for the account type you want. Some accounts may have no minimum, while others require $25,000 or more.
Can I close my account if I change my mind?
Yes. You can close your American Express Bank account anytime by contacting customer service or through your online account. Before closing, transfer any remaining balance to another bank account. Once the account is closed, you will not earn any more interest.
How long does it take to transfer money out of my account?
Transfers to another bank account typically take one to three business days. Weekends and holidays may add time. If you need money faster, check whether your bank offers expedited transfers, though these may have fees.
What if I forgot my login password?
Go to the American Express Bank login page and click the option to reset your password. You will be asked to verify your identity using your email address or other information. Once verified, you can create a new password and log back in.