American Express does not offer traditional checking accounts

American Express Bank does not have a checking account product. The bank offers savings accounts, money market accounts, and certificates of deposit (CDs), but no account with check-writing capability or a debit card for everyday purchases.

If you are looking for a checking account, you will need to open one at a different bank. American Express Bank is primarily a savings-focused institution, which means the products they offer are designed to hold money and earn interest rather than spend it.

The confusion often arises because American Express is known for credit cards. The banking division (American Express Bank) is separate from the credit card business and operates under different rules and product lines.

Key Takeaways

  • American Express Bank offers savings accounts, money market accounts, and CDs, but does not offer checking accounts with debit cards or check-writing.
  • If you need a checking account, you will need to open one at a different bank or credit union.
  • American Express Bank savings accounts are FDIC-insured up to $250,000 and have no monthly maintenance fees.
  • You can link an American Express savings account to a checking account at another bank for transfers between institutions.

What American Express Bank savings accounts include

American Express Bank's main deposit product is a high-yield savings account. These accounts earn interest on your balance and allow you to make withdrawals, but they do not come with checks or a debit card.

The account has no monthly maintenance fee and no minimum balance requirement to open. You can deposit money through electronic transfer from another bank account, and you can withdraw funds the same way. Transfers between your American Express savings account and an external bank account typically take one to two business days.

The interest rate on these accounts changes based on Federal Reserve decisions and market conditions. American Express Bank publishes current rates on their website, and the rate you receive depends on the balance tier your account falls into.

How to use American Express Bank with a checking account elsewhere

Many people use American Express Bank savings accounts alongside a checking account at another bank. This setup lets you earn higher interest on savings while keeping your everyday spending account separate.

To move money between the two accounts, you link them through online banking. Most banks allow you to add an external account by providing the routing number and account number. Once linked, transfers typically process within one to two business days, though some banks offer faster options.

This arrangement works well if you want to keep a small balance in checking for daily expenses and move larger amounts to American Express Bank to earn interest. You control when transfers happen, so you are not locked into a schedule.

Money market accounts and CDs as alternatives

If you have a larger sum to set aside, American Express Bank also offers money market accounts and certificates of deposit. A money market account works similarly to a savings account but may offer a higher interest rate in exchange for maintaining a larger balance.

CDs lock your money away for a set term—typically three months to five years—in exchange for a fixed interest rate. The longer the term, the higher the rate. If you withdraw before the term ends, you pay an early withdrawal penalty, which is usually a certain number of months' worth of interest.

Both products are FDIC-insured, meaning your money is protected up to $250,000 if the bank fails. Neither product includes check-writing or debit card access.

Comparing American Express Bank to checking-account banks

Banks that offer checking accounts typically charge monthly maintenance fees, require minimum balances, and offer lower interest rates on savings. American Express Bank avoids these fees but does not offer the spending features a checking account provides.

The choice depends on what you need. If you want one account that handles both spending and saving, you need a checking account at a traditional bank or credit union. If you are willing to use two accounts—one for spending, one for saving—American Express Bank can be the savings portion of that setup.

Some online banks offer both checking and savings in one place with no monthly fees and competitive interest rates. These may be worth comparing if you want everything in one institution.

How to open an American Express Bank account

You can open an American Express Bank savings account online through their website. The process takes about 10 minutes and requires your Social Security number, date of birth, and address.

You will need to link a bank account to fund the new savings account. American Express Bank accepts transfers from most U.S. banks. Your first transfer typically arrives within one to two business days.

Once the account is open, you can manage it entirely online—no branch visits required. American Express Bank has no physical locations, so all deposits and withdrawals happen through electronic transfer.

FDIC insurance and account safety

American Express Bank is FDIC-insured, which means deposits up to $250,000 per account holder are protected if the bank fails. This protection applies to savings accounts, money market accounts, and CDs separately, so you could have $250,000 in a savings account and another $250,000 in a CD and both would be fully covered.

The FDIC insurance is automatic—you do not need to do anything to set up it. It covers the balance in your account as of the date the bank fails, not future deposits.

Frequently Asked Questions

Can I write checks from an American Express Bank account?

No. American Express Bank does not offer checking accounts or check-writing. If you need to pay by check, you will need a checking account at a different bank.

Can I get a debit card from American Express Bank?

No. American Express Bank savings accounts do not come with debit cards. You can only access your money through electronic transfers to another bank account.

What is the interest rate on American Express Bank savings accounts?

Interest rates change based on Federal Reserve policy and market conditions. American Express Bank publishes current rates on their website. Rates vary by account type and balance tier, so check their site for the exact rate you would receive.

Can I link my American Express Bank account to a checking account at another bank?

Yes. You can link an American Express Bank savings account to a checking account at most U.S. banks. Transfers between the two accounts typically take one to two business days to process.

Is my money safe at American Express Bank?

Yes. American Express Bank is FDIC-insured, so deposits up to $250,000 per account holder are protected if the bank fails. This protection is automatic and covers savings accounts, money market accounts, and CDs separately.