You need an American Express Bank account and a Social Security number or ITIN

American Express Bank offers a high yield savings account called the Personal Savings Account. To open one, you will need to be at least 18 years old, have a valid Social Security number or ITIN, and provide a current email address and phone number. You do not need to be an American Express credit card holder—the savings account is separate from any card products.

The account opens entirely online through the American Express Bank website. The process takes about 10 to 15 minutes and requires you to verify your identity using information from your credit file. You will fund the account by transferring money from another bank account you own; American Express does not accept cash deposits or checks.

Key Takeaways

  • You open the account online at americanexpressbank.com and need only a Social Security number, email, and phone number to start.
  • The account requires a minimum opening deposit, which varies—check the current requirement on the American Express Bank website before you begin.
  • Funding happens through electronic transfer from another bank account in your name; you cannot deposit cash or checks.
  • The interest rate changes monthly and is set by American Express, so the yield you see today may be different when you open the account.

What you will need before you start

Gather these items before you visit the American Express Bank website: a valid government-issued ID (driver's license, passport, or state ID), your Social Security number or ITIN, your current email address, and your phone number. You will also need the routing and account number from another bank account you own, because that is how you will fund the new savings account.

American Express will verify your identity by asking questions based on your credit history—things like previous addresses, loan amounts, or credit card accounts. This is standard practice and takes a few minutes. Have your ID ready to match the information you provide.

The step-by-step opening process

Go to americanexpressbank.com and select the option to open a Personal Savings Account. Enter your email address and create a password. American Express will ask for your name, date of birth, Social Security number or ITIN, current address, and phone number. Answer truthfully—misrepresenting information can result in account closure.

Next, American Express will verify your identity using questions based on your credit file. Answer as accurately as you can. If you are unsure of an answer, select "I don't know" rather than guessing; too many wrong answers may pause the process and require you to verify by phone or mail instead.

Once identity verification is complete, you will set up your initial deposit. Enter the routing number and account number from the bank account you want to transfer from. American Express may send two small test deposits (usually under $1 each) to that account to confirm you own it. Check your other bank account for these deposits and confirm the amounts in the American Express process. This step typically takes one to two business days.

After confirmation, your American Express savings account is open and ready to use. You can begin transferring money into it when ready.

Funding your account and setting up transfers

Once your account is open, you move money in and out through electronic transfers from another bank account you own. Log into your American Express Bank account and select "Transfer Money" or "Add Funds." You will enter the routing and account number of the bank account you want to transfer from, the amount, and the date you want the transfer to happen.

Transfers typically take one to two business days to complete. If you transfer on a Friday, the money may not arrive until Monday or Tuesday. American Express does not charge fees for transfers in or out, but your other bank may charge a fee if it charges for external transfers—check your bank's policy.

You can also set up automatic transfers if you want to move money on a regular schedule—for example, $200 every payday. This is done through the same transfer section of your account.

Interest rates and how your money grows

American Express Bank sets the interest rate on the Personal Savings Account monthly. The rate you see advertised on their website is the current rate, but it will change—sometimes up, sometimes down—based on Federal Reserve decisions and American Express's own business decisions. You have no control over the rate, and it can change at any time.

Interest is calculated daily on your balance and paid monthly into your account. If you have $10,000 in the account and the rate is 4.50% annual percentage yield (APY), you will earn roughly $37.50 that month (the exact amount depends on the number of days in the month). The interest compounds, meaning you earn interest on your interest the following month.

There is no limit to how much money you can hold in the account, and there is no penalty for withdrawing money. The account is FDIC-insured up to $250,000, which means if American Express Bank fails, the federal government will reimburse you up to that amount.

What happens if you need to close the account

You can close your American Express savings account at any time by logging in and requesting closure, or by calling American Express Bank customer service. There is no penalty for closing early. American Express will ask where you want the remaining balance sent—you provide the routing and account number of another bank account you own, and the money is transferred there within one to two business days.

If you close the account, you stop earning interest on that money. Any interest earned up to the day of closure is paid to you as part of the final balance.

Common reasons the process might be denied or delayed

American Express may deny your process if you provide false information, if your identity cannot be verified through their system, or if you have a history of fraud or account abuse with American Express or other banks. If your process is denied, American Express will send you a letter explaining the reason. You can contact their customer service to ask for more detail, but the decision is usually final.

Your process may be delayed if you answer identity verification questions incorrectly too many times. In that case, American Express will ask you to verify your identity by phone or by mailing in a copy of your ID. This adds one to two weeks to the process. If you know your credit history is thin or you have moved frequently, be extra careful with the identity questions and select "I don't know" if you are unsure.

Frequently Asked Questions

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

No. The Personal Savings Account is a separate product and does not require you to hold any American Express credit card. You can open the savings account on its own.

What is the minimum deposit to open the account?

American Express sets a minimum opening deposit, but the amount changes periodically. Check the American Express Bank website at the time you open the account to see the current requirement. You can usually find this information on the account opening page before you start the process.

Can I withdraw money whenever I want?

Yes. There is no limit on withdrawals and no penalty for taking money out. Withdrawals are processed as electronic transfers to another bank account you own and typically take one to two business days.

What if I forget my password?

Go to the American Express Bank login page and select "Forgot Password." American Express will send a reset link to the email address on file. Click the link and create a new password. If you cannot access your email, call American Express Bank customer service and they can help you regain access to your account.

Is my money safe if American Express Bank fails?

Yes. The account is FDIC-insured up to $250,000. If the bank fails, the Federal Deposit Insurance Corporation will reimburse you for the full balance up to that limit. Balances over $250,000 are not covered by FDIC insurance.