What you need to open an Amex savings account

American Express Bank offers a high yield savings account online only — there are no physical branches. To open one, you need to be at least 18 years old, a U.S. citizen or permanent resident, and have a valid Social Security number. You'll also need an email address and a way to verify your identity, which Amex does by asking questions about your financial history that only you should know.

The account itself costs nothing to open and has no monthly fee. There is no minimum balance required to keep the account open, though Amex does set a minimum deposit amount for your first transfer into the account — this varies and you can confirm the current amount on their website before you start.

You do not need to be an existing American Express credit card holder. The savings account is separate from any credit products Amex offers, so you can open it whether or not you have a card with them.

Key Takeaways

  • You can open an Amex high yield savings account entirely online in about 10 minutes, with no branch visit required.
  • The account has no monthly fee, no minimum balance to maintain, and no deposit requirements beyond the initial transfer.
  • You will need your Social Security number, a valid email address, and a way to receive a verification code by text or email.
  • After your account opens, you can link it to an external bank account to move money in and out, though the first transfer may take several business days.
  • The interest rate Amex pays changes over time and is not locked in, so check their current rate before deciding whether to open an account.

The step-by-step process to open your account

Start by going to the American Express Bank website and selecting the option to open a savings account. You will enter your email address and create a password. Amex will send you a verification code — check your email (or text, depending on what you chose) and enter that code to confirm your email is real.

Next, you'll provide your personal information: full name, date of birth, address, and Social Security number. Amex uses this to check your identity and to report the account to credit bureaus. After you submit this information, Amex will ask you security questions based on your credit history — things like "which of these addresses have you lived at" or "which of these lenders have you borrowed from." Answer honestly based on your actual history.

Once Amex verifies your identity, you'll set up how you want to fund the account. You can link a checking or savings account from another bank and transfer money electronically. Provide your bank's routing number and your account number — both appear on the bottom left of your checks, or you can call your bank to ask. Your first transfer may take three to five business days to arrive.

After your account is fully open, you can make additional transfers whenever you want. Amex allows you to move money out to your linked external account as well, though there are limits on how many times per month you can withdraw (federal rules cap this at six per month, though Amex's own policy may be different — check their terms).

Understanding the interest rate and how it works

A high yield savings account pays you interest on the money you keep in it. The interest rate American Express offers changes based on what the Federal Reserve does with its benchmark rate — when the Fed raises rates, Amex typically raises their savings rate too, and vice versa. This means the rate you see today is not may provide to stay the same forever.

Interest is calculated daily on your full balance and deposited into your account monthly. If you have $10,000 in the account and Amex is paying 4% annual interest, you would earn roughly $33 that month (the exact amount depends on the number of days in the month and how your balance changes). That interest is taxable income, so you'll receive a tax form from Amex at the end of the year.

Before you open an account, check Amex's current rate on their website and compare it to other high yield savings accounts. The difference between 4% and 4.5% might seem small, but on $10,000 it adds up to $50 per year. Shop around to make sure you're comfortable with what Amex is offering right now.

Linking your external bank account for transfers

After your Amex account opens, you'll need to connect it to a checking or savings account at another bank so you can move money in and out. Amex calls this a "linked account" or "external account." You provide your other bank's routing number and your account number, and Amex verifies the connection by making two small test deposits (usually a few cents each) to that account.

Check your other bank's statement a few days later and you'll see those two deposits. Go back to Amex and enter the exact amounts of those deposits to confirm you control the account. Once Amex verifies the amounts, the link is active and you can transfer money freely between the two accounts.

Transfers out of your Amex account to your linked bank account usually arrive within one to two business days. Transfers into your Amex account from your linked bank account may take longer on the first transfer — up to five business days — but subsequent transfers are usually faster. If you need money urgently, plan ahead and move it the day before you need it.

What happens after your account is open

Once your account is active, you can log in anytime to check your balance, see your interest earnings, and make transfers. Amex sends statements monthly by email (you can also view them in your online account). The statement shows your opening balance, any deposits or withdrawals, interest earned, and your closing balance.

You can change your password, update your email address, or add a phone number for security at any time through your account settings. If you forget your password, Amex will send you a reset link to your email. If you lose access to your email, contact Amex's customer service and they can help you regain access to your account.

If you decide to close the account later, you can do so online or by calling Amex. Any remaining balance will be transferred to your linked external account. Amex will send you a final statement showing all activity up to the closure date.

Why people choose Amex for savings

American Express is a large, established financial company that has been in business for over 150 years. Your deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000, which means if Amex Bank fails, the government guarantees your money up to that limit. This is the same protection you get at any other bank.

The account is entirely online, so there's no pressure to visit a branch or speak to a banker in person. You can manage everything from your phone or computer. Some people prefer this; others find it harder to get help if something goes wrong. If you like talking to a person, Amex does offer phone support, but there is no chat or in-person option.

The main reason people open an Amex savings account is the interest rate. Amex typically offers a competitive rate compared to traditional banks, though other online banks sometimes offer similar or higher rates. The rate is the main thing that changes, so compare it to other options before you decide.

Frequently Asked Questions

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

No. The savings account is a separate product and does not require you to have any American Express credit card. You can open a savings account whether or not you have ever done business with Amex before.

How long does it take to open an account?

The process itself takes about 10 minutes. Amex usually approves or denies your process within minutes, though sometimes it takes a few hours. Once approved, your account is open when ready and you can begin transferring money.

What if Amex denies my process?

Amex does not publicly explain why applications are denied, but common reasons include a very low credit score, a history of unpaid debts, or fraud concerns. If you are denied, you can call Amex to ask for more information. You can reapply after a few months if your situation has changed.

Can I have more than one Amex savings account?

Amex allows you to open multiple savings accounts under the same Social Security number. Some people do this to organize money for different goals, though each account earns the same interest rate. There is no advantage to splitting your money across multiple accounts.

What happens to my interest if the Federal Reserve lowers rates?

Your interest rate will go down. Amex is not required to notify you in advance, so check your account or their website if you want to know when the rate changes. If the rate drops significantly, you can move your money to another bank, though you'll want to compare rates first.