What you need to do to open an Amex high yield savings account
American Express Bank offers a high yield savings account online only—there are no branches. You open it entirely through their website or mobile app, and the whole process takes about 10 to 15 minutes if you have your documents ready. You will need a Social Security number, a valid government-issued ID, your current address, and a funding source (a bank account to transfer money from).
The account itself has no monthly fee, no minimum balance requirement, and no maximum deposit limit. Interest accrues daily and compounds daily, which means you earn interest on your interest. The rate changes with the Federal Reserve's decisions, so it is not locked in—but Amex typically moves quickly when rates shift.
You do not need to be an American Express credit card holder to open this account. It is a separate product from their credit cards, and the bank account and credit card operate independently.
Key Takeaways
- You open the account online through Amex's website or app; no branch visit is needed and the process takes 10 to 15 minutes.
- You will need a Social Security number, valid ID, current address, and a bank account to fund the savings account from.
- The account has no monthly fee, no minimum balance, and no deposit limit.
- Interest rates change when the Federal Reserve moves, so the rate you see today will not stay the same indefinitely.
- You do not need an Amex credit card to open a savings account with American Express Bank.
Step-by-step: opening the account online
Go to americanexpress.com and look for the savings account option under their banking products. You will land on a page that shows the current interest rate and account features. Click the button to open an account.
You will be asked to enter your email address and create a password. Amex will send you a verification code to that email—enter it to confirm. Then you provide your full name, date of birth, Social Security number, and current address. Amex runs a background check at this point, which is standard for all banks opening new accounts.
Next, you link a bank account to fund the savings account. You provide the routing number and account number from your existing bank account. Amex will make two small test deposits (usually under $1 each) to that account within one to two business days. You then log back in and confirm the amounts of those deposits to prove you control the account. This step prevents fraud and typically takes 24 to 48 hours.
Once the bank account is verified, you can transfer money into your Amex savings account. Your first transfer can take up to five business days to arrive, depending on your bank. After that, transfers usually move within one to two business days.
What documents and information to have ready
Before you start, gather these items: a valid government-issued photo ID (driver's license, passport, or state ID), your Social Security number, your current street address, and the routing and account numbers from the bank account you want to fund from.
If your address has changed recently and your ID does not reflect the new address, have your current address available anyway—Amex will ask for it separately during signup. If you do not have a bank account yet, you will need to open one first; Amex cannot fund the savings account directly from a credit card or payment app.
Keep your phone or computer nearby during signup. Amex may send a verification code via text or email, and you will need to enter it when ready to proceed.
How the interest rate works and when it changes
American Express Bank publishes the current interest rate on their website. That rate applies to all new accounts opened that day. The rate is variable, meaning it moves when the Federal Reserve changes its benchmark interest rate. When the Fed raises rates, Amex typically raises the savings rate within days. When the Fed cuts rates, the savings rate usually falls as well.
You do not lock in a rate when you open the account. The rate you earn changes automatically with Amex's published rate. This is different from a certificate of deposit (CD), where the rate is fixed for a set term. With a high yield savings account, your rate can go up or down, but so can your ability to withdraw money anytime without penalty.
Interest is calculated daily on your balance and added to your account monthly. So if you have $10,000 in the account and the annual rate is 4.5%, you earn roughly $37.50 per month (the exact amount depends on the number of days in the month and daily compounding).
Transferring money in and out
Once your bank account is verified, you can transfer money between your Amex savings account and your linked bank account as often as you want. Transfers initiated before 5 p.m. Eastern Time on a business day usually arrive the next business day. Transfers initiated after 5 p.m. or on weekends are processed the next business day.
There is no limit on how many transfers you can make per month. Federal rules used to cap savings account transfers at six per month, but that rule was suspended in 2020 and has not been reinstated. Amex does not impose its own transfer limit either.
Withdrawals are free. There is no fee to move money out of the account, and there is no penalty for closing the account. If you close it, any interest earned up to that point stays in the account and is transferred out with your balance.
Security and FDIC protection
American Express Bank is a federally chartered bank, which means deposits are insured by the Federal Deposit Insurance Corporation (FDIC). Your account is covered up to $250,000 per depositor, per bank. If you have multiple accounts at American Express Bank (for example, a savings account and a money market account), the $250,000 limit applies to the total across all of them.
The account uses the same security as Amex's credit card platform: encryption, two-factor authentication, and fraud monitoring. You can set up alerts to notify you of large transfers or low balances. If you suspect fraud, you can freeze the account when ready through the app or website.
Comparing Amex to other high yield savings options
American Express Bank competes with other online banks like Marcus by Goldman Sachs, Ally Bank, and Discover Bank. All of these offer high yield savings accounts with no monthly fees and no minimum balance. The main differences are the interest rate (which changes daily across all banks), the user interface, and customer service availability.
Amex's rate is competitive but not always the highest. Some smaller online banks occasionally offer slightly higher rates, but the difference is usually less than 0.1% per year. Over $10,000, that is a difference of $10 per year. The choice often comes down to whether you already use Amex for credit cards or other banking, and whether you prefer their app and website.
If you have an Amex credit card, linking your savings account to it can make it easier to manage both products in one place. But this is a convenience factor, not a requirement.
Frequently Asked Questions
Can I open an Amex savings account if I do not have a credit card with them?
Yes. The savings account is a separate product and does not require any existing relationship with American Express. You can open the savings account as your first account with the bank.
How long does it take to get money out if I need it?
Transfers to your linked bank account typically arrive within one business day if you initiate the transfer before 5 p.m. Eastern Time on a weekday. Weekends and holidays add an extra day. There is no waiting period or penalty for withdrawals.
What happens to my interest if the Federal Reserve cuts rates?
Your interest rate will fall along with Amex's published rate. The bank is not required to notify you in advance, but the rate change appears on your account page and in the app. You can move your money to another bank if the rate drops below what competitors are offering.
Is there a limit to how much I can deposit?
No. There is no maximum deposit limit on the account. The only limit is the FDIC insurance cap of $250,000 per depositor across all accounts at American Express Bank.
Can I set up automatic transfers from my bank account?
Yes. Once your bank account is verified, you can schedule recurring transfers on a weekly, biweekly, or monthly basis. You set this up through the Amex app or website under transfer settings.