What you need to know before you start
American Express offers a savings account through American Express Bank, a separate entity from the credit card company. The account is opened entirely online — there are no branches to visit. You'll need a Social Security number, a valid government ID, proof of address, and an initial deposit to get your free guide. The whole process usually takes 10 to 15 minutes.
Unlike a credit card, this is a deposit account where your money sits and earns interest. American Express Bank is FDIC-insured, which means your deposits are protected up to $250,000 per account type. You can deposit money, withdraw money, and move funds to other banks whenever you need to.
Key Takeaways
- You open an American Express savings account online at americanexpress.com/savings, not through a branch or phone call.
- You will need your Social Security number, a government-issued ID, proof of your current address, and an initial deposit amount to complete the setup.
- The account is FDIC-insured up to $250,000, meaning your money is protected by federal insurance if the bank fails.
- Once your account is open, you can transfer money in and out through ACH transfers from another bank account you own.
- The interest rate changes over time and is the same for all customers — American Express does not offer different rates based on how much you deposit.
Gather your documents before you begin
Have these items ready before you go to the website. You cannot complete the setup without them, and having them in front of you makes the process faster.
You need a valid government-issued ID — a driver's license, state ID card, or passport. You also need proof of your current address, which can be a recent utility bill, lease agreement, mortgage statement, or bank statement dated within the last 90 days. The name on your ID and the address on your proof of address should match the information you enter during setup.
Have your Social Security number ready. This is how American Express verifies your identity and checks your background. You will also need to decide on an initial deposit amount — American Express Bank does not require a minimum, but you must deposit at least $1 to open the account.
The step-by-step setup process
Go to americanexpress.com/savings and look for the button to open a new account. You will be asked to enter your email address and create a password. This becomes your login for the account going forward.
Next, you will enter your personal information: full name, date of birth, Social Security number, and current address. American Express will ask you to verify your address by uploading a photo of a recent bill or statement. Take a clear photo of the document with your name and address visible, and upload it through the website.
You will then upload a photo of your government ID — both the front and back. Make sure the photo is clear and all text is readable. American Express uses these images to confirm your identity matches the information you entered.
Once your identity is verified, you will set up how money gets into your account. American Express will ask for the routing number and account number of a bank account you own. This is the account you will transfer money from to fund your savings account. You can find these numbers on a check, your bank's website, or by calling your bank.
Finally, you will choose your initial deposit amount and confirm all your information. The account opens when ready, though it may take one to two business days for your first transfer to arrive from your other bank.
How to move money in and out
Once your account is open, you transfer money through ACH transfers — a standard electronic transfer between banks. You can start a transfer from the American Express website or mobile app by entering the routing and account number of the bank account you want to transfer from or to.
Money you send into your American Express savings account usually arrives within one to two business days. Money you send out to another bank also takes one to two business days. Weekends and holidays can add time, so plan accordingly if you need the money on a specific date.
You can make as many transfers as you want, but be aware that some savings accounts limit the number of withdrawals per month. Check the account terms on the American Express website to see if this applies to your account type.
Understanding the interest rate and fees
Your money earns interest automatically — you do not have to do anything. The interest rate is set by American Express and changes based on market conditions. The rate is the same for all customers, regardless of how much money you have in the account.
Interest is calculated daily and added to your account monthly. This means your balance grows a little bit each month without any action on your part. The interest you earn is reported to the IRS on a Form 1099-INT at the end of the year, and you will owe income tax on it.
American Express Bank does not charge monthly maintenance fees, overdraft fees, or transfer fees for moving money between your savings account and other banks. There are no hidden charges — the account is free to maintain.
What happens after your account opens
You will receive a confirmation email with your account number and login information. Save this email or write down your account number somewhere safe. You can log in to the American Express website or read the mobile app to check your balance, make transfers, and see your interest earnings at any time.
Your first statement will arrive 30 days after your account opens. Statements show all deposits, withdrawals, and interest earned during that month. You can view statements online or request paper statements by mail.
If you need to contact American Express about your account, you can call the customer service number on your statement or the back of any correspondence you receive. There is no debit card or checkbook for a savings account — all transactions happen through transfers or the website.
Frequently Asked Questions
Do I need an American Express credit card to open a savings account?
No. The savings account is separate from any credit card you may have. You can open a savings account with American Express Bank whether or not you have an American Express credit card.
What if I make a mistake during setup?
If you enter the wrong information, contact American Express customer service before you make your first deposit. They can help you correct details like your address or phone number. If you have already deposited money and need to change your information, you may need to close the account and open a new one.
Can I link my savings account to a bank outside the United States?
No. You can only transfer money from a U.S. bank account. If your other bank is outside the U.S., you will need to move the money to a U.S. account first, then transfer it to American Express.
How long does it take to withdraw money from my savings account?
Withdrawals to another U.S. bank account take one to two business days. The exact timing depends on your other bank's processing speed. Weekends and federal holidays do not count as business days.
Is my money safe if American Express Bank fails?
Yes. Your deposits are insured by the FDIC up to $250,000 per account type. This means if the bank fails, the federal government guarantees you will get your money back up to that limit. Savings accounts and money market accounts are separate categories, so you can have $250,000 in each and both are fully protected.