What you need to start an American Express savings account

American Express Bank offers savings accounts directly to consumers through their website. To open one, you will need a Social Security number, a valid government-issued ID, and a way to fund the account — either a bank transfer or a debit card. The process takes about 10 to 15 minutes online, and your account can be active the same day.

You do not need to be an American Express credit card holder to open a savings account with them. The account is separate from any credit products you may have. American Express Bank is a federally chartered bank, which means your deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per account holder.

Key Takeaways

  • You can open an American Express savings account entirely online using your Social Security number, a valid ID, and a funding method.
  • The account earns interest at a rate that changes with market conditions, and you can check the current rate on their website before you open the account.
  • Your deposits are protected by FDIC insurance up to $250,000, the same protection that covers accounts at traditional banks.
  • You can withdraw money at any time, though American Express may limit the number of transfers out of the account per month depending on the account type.
  • There is no monthly maintenance fee, and no minimum balance requirement to keep the account open.

Steps to open your account online

Start by visiting the American Express Bank website and selecting the savings account option. You will be asked to enter your email address and create a password. American Express will then ask for your full name, date of birth, Social Security number, and current address. Have your government-issued ID ready — a driver's license or passport works — because you will need to verify it during the process.

Next, you will answer questions about your employment and income. These are standard questions that banks ask to comply with federal law. You do not need to have a job or specific income level to open the account; American Express just needs to know your financial situation. After you complete this section, American Express will perform a background check, which takes a few minutes.

Once your identity is verified, you will link a funding source. You can transfer money from another bank account or use a debit card. If you use a bank transfer, American Express will send you two small deposits (usually less than $1 each) to verify that the account is yours — you will need to confirm the amounts to complete the link. If you use a debit card, the funding is when ready. You can deposit as little as $1 to open the account.

What happens after you submit your information

American Express will send you a confirmation email within a few minutes. Your account number and routing number will appear in the email and in your online dashboard. You can start using these numbers to transfer money in or out right away, even if your account is still being fully processed.

If American Express needs more information from you — for example, if your address could not be verified — they will contact you by email or phone. This happens occasionally and usually takes one business day to resolve. If you do not hear from them within 24 hours, your account is fully active.

How to fund your account after it opens

Once your account is open, you can add money in several ways. The most common is an electronic transfer from another bank account using your American Express routing number and account number. This usually takes one to three business days. You can also transfer money from another American Express account if you have one.

American Express does not accept deposits by check or cash. If you need to deposit a check, you will have to deposit it into another bank account first, then transfer the money electronically to American Express. This adds a few days to the process but is straightforward.

Understanding the interest rate and how it changes

American Express savings accounts earn interest, and the rate changes based on what the Federal Reserve does with interest rates. The rate you see when you open the account will not be the same rate forever. American Express can change the rate at any time, and they notify customers by email when a change happens.

You can see the current interest rate on the American Express Bank website before you open the account. The rate is the same for all customers — you do not negotiate or get a different rate based on how much money you have. Interest is calculated daily and deposited into your account monthly.

Withdrawal limits and how to move money out

You can withdraw money from your American Express savings account at any time without penalty. There is no waiting period and no fee for withdrawals. However, federal law allows banks to limit the number of transfers out of a savings account to six per month. American Express may enforce this limit, though they have the option not to.

To withdraw money, you can transfer it to another bank account using the same electronic transfer system you used to deposit. This takes one to three business days. You cannot withdraw cash at an ATM or in person because American Express Bank does not have physical branches — it is an online-only bank.

Fees and account maintenance

American Express does not charge a monthly maintenance fee for savings accounts. There is no minimum balance you need to keep in the account to avoid fees. You will not be charged for transfers, withdrawals, or deposits. If your account sits empty for a long time, American Express may close it, but they will notify you before that happens.

The only cost you might encounter is if you overdraft the account — that is, if you try to withdraw more money than you have. American Express charges an overdraft fee if this happens, though you can set up alerts to prevent it. You can also turn off overdraft protection so that transactions straightforward decline rather than overdrawing the account.

Frequently Asked Questions

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

No. The savings account is a separate product from any credit card you may have. You can open a savings account whether or not you hold an American Express credit card.

How long does it take to open the account?

The online process takes 10 to 15 minutes. Your account is usually active the same day, though American Express may take up to one business day to fully process your information if they need to verify additional details.

What if I cannot verify my identity online?

If your ID cannot be verified automatically, American Express will contact you by email or phone to complete the process manually. This usually takes one business day. You can also call American Express customer service for help if you run into problems during the process.

Can I have multiple savings accounts with American Express?

Yes. You can open more than one savings account if you want to keep money separate for different purposes. Each account earns the same interest rate and has the same features.

What happens if I do not use my account for a long time?

American Express may close accounts that have no activity for an extended period, though they will notify you before closing it. You can prevent this by logging in occasionally or making small transfers to keep the account active.