What you need to open an Amex savings account

American Express offers a savings account directly through American Express Bank, and you can open one online in about 10 minutes. You will need a valid government-issued ID, your Social Security number, and a way to fund the account — either a bank account to transfer from or a debit card. You must be at least 18 years old and a U.S. resident.

The account itself is free to open and has no monthly maintenance fee. American Express does not require a minimum deposit to start, though you will need to fund it with at least $1 to set up it. The savings account earns interest, and the rate changes based on market conditions — you can check the current rate on the American Express Bank website before you open the account.

Key Takeaways

  • You can open an American Express savings account online using your ID, Social Security number, and a funding source like a bank account or debit card.
  • There is no monthly fee, no minimum balance requirement, and no minimum deposit needed to open the account.
  • The account earns interest at a rate that American Express sets and updates regularly, which you can see before you open the account.
  • Funding the account takes one to three business days if you transfer from another bank, or is when ready if you use a debit card.
  • Once open, you can move money in and out through transfers, but the account is designed for saving rather than everyday spending.

Step-by-step: opening the account online

Go to the American Express Bank website and select the option to open a savings account. You will be asked to enter your email address and create a password — this becomes your login for managing the account online. American Express will then ask for your full name, date of birth, Social Security number, and current address.

Next, you will verify your identity. American Express asks questions based on your credit history to confirm you are who you say you are — these are questions only you should be able to answer, like details about past addresses or accounts. Once you pass this step, you can choose how to fund the account. If you link a bank account, you will provide your routing number and account number, and the transfer will arrive in one to three business days. If you use a debit card, the deposit posts when ready.

After funding, your account is active and ready to use. American Express will send you a confirmation email with your account number and instructions for logging in. You do not receive a debit card or checkbook for this account — it is designed for saving, not for everyday purchases.

Funding your account: bank transfer vs. debit card

If you choose a bank transfer, you will enter your routing number and account number from your existing bank. American Express will make two small test deposits (usually under $1 each) to verify the account is yours. You then confirm those amounts in your American Express account, and the link is verified. After that, you can transfer money whenever you want, and it arrives in one to three business days.

If you use a debit card instead, the process is faster — the money posts to your Amex savings account right away. You can use any major debit card (Visa, Mastercard, Discover, or American Express). The downside is that debit card deposits may have a daily limit, so if you want to move a large amount, a bank transfer might be your only option.

Once the account is open, you can also receive transfers from other people. You will give them your account number and routing number, and they can send you money through their own bank's transfer system.

Moving money out of the account

You can transfer money from your Amex savings account back to your bank account anytime. Log into your American Express account online, select the transfer option, choose the bank account you want the money to go to, and enter the amount. The transfer usually takes one to three business days.

There is no limit on how many transfers you can make per month, and American Express does not charge a fee for moving money out. However, the account is structured as a savings account, so it is meant for storing money rather than frequent moving in and out.

Interest and how your money grows

The savings account earns interest on the money you keep in it. American Express sets the interest rate, and it changes based on what the Federal Reserve does with its rates. The rate you earn is the same whether you have $100 or $100,000 in the account — there are no tiered rates.

Interest is calculated daily on your balance and paid monthly. That means if you have $5,000 in the account for the full month, you earn interest on that $5,000. If you withdraw $1,000 midway through the month, the interest for the rest of that month is calculated on $4,000. You can see your interest earnings in your account statement each month.

What happens if you do not use the account

American Express will not close your account for inactivity. You can open the account, fund it, and leave the money sitting there earning interest without logging in or making any transactions. There is no fee for keeping the account open and unused, and no minimum balance you have to maintain.

If you decide you no longer want the account, you can withdraw all the money and then close it through your online account settings. American Express will send you any remaining interest owed before the account closes.

Frequently Asked Questions

Can I open an Amex savings account if I do not have an American Express credit card?

Yes. The savings account is separate from any credit card you might have. You do not need to be a credit card customer to open a savings account with American Express Bank.

What is the difference between an Amex savings account and a regular bank savings account?

The main difference is that American Express Bank is an online-only bank, so there are no physical branches. You manage everything through the website or mobile app. The interest rate tends to be competitive because the bank has lower overhead costs than traditional banks with branches.

How do I know the interest rate before I open the account?

The current interest rate is displayed on the American Express Bank website before you start the opening process. You can see it without logging in or committing to anything. The rate may change after you open the account, and American Express will notify you of any changes.

Is my money safe in an Amex savings account?

Yes. American Express Bank is a federally chartered bank, and deposits are insured by the FDIC (Federal Deposit Insurance Corporation) up to $250,000 per account holder. That means if the bank fails, your money is protected up to that limit.

Can I set up automatic transfers into the savings account?

Yes. Once your account is open and linked to a bank account, you can set up recurring transfers to happen on a schedule you choose — weekly, monthly, or any other pattern. This is useful if you want to move money to savings automatically without having to remember to do it manually.