American Express Bank savings accounts work like standard savings accounts, but with some differences in how much interest you earn and what features come with them

American Express Bank (also called Amex Bank) offers savings accounts that pay interest on the money you deposit. The main thing that sets them apart is that they are online-only — you cannot walk into a branch. This means lower overhead costs for the bank, which they pass along to customers through higher interest rates than many traditional banks offer.

Whether one is right for you depends on what matters most: the interest rate, the ease of moving money in and out, and whether you are comfortable managing your account entirely through a website or mobile app. This guide walks through how these accounts actually work and what trade-offs you are making.

Key Takeaways

  • American Express Bank savings accounts are online-only, which means you deposit and withdraw money through their website or app, not at a physical location.
  • Interest rates on these accounts tend to be higher than rates at traditional brick-and-mortar banks, though the exact rate changes based on market conditions.
  • You can link your Amex savings account to an external bank account to move money in and out, but transfers take one to three business days.
  • The account has no monthly fee and no minimum balance requirement, though you may face limits on how many times per month you can withdraw.
  • Your deposits are insured by the FDIC up to $250,000, the same protection you get at any bank.

How interest rates compare to other banks

The interest rate on an American Express Bank savings account changes based on what the Federal Reserve does with interest rates nationwide. When the Fed raises rates, Amex typically raises theirs. When the Fed cuts rates, Amex cuts theirs. This is true of all banks — the rate you see today will not be the same six months from now.

What matters is how Amex's rate stacks up against other online banks at any given moment. Online banks like Marcus, Ally, and Capital One 360 also offer high-yield savings accounts. You can compare current rates by visiting each bank's website — the rates are posted clearly on the savings account page. Amex's rate is often competitive, but not always the highest. Checking multiple banks takes 10 minutes and can show you whether Amex is the best option right now.

Traditional banks (Chase, Bank of America, Wells Fargo) typically offer much lower rates on savings accounts. If you have money sitting in a regular savings account at a big bank, moving it to Amex or another online bank could earn you significantly more interest with no extra work on your part.

Deposits, withdrawals, and moving money

You cannot deposit cash or checks directly into an American Express Bank savings account. Instead, you link the account to another bank account you already have — usually a checking account at your current bank. Once linked, you can transfer money from that account into Amex, or from Amex back out to it.

Transfers between banks take one to three business days. This matters if you need quick access to your money. If you transfer money out on a Friday afternoon, it may not arrive until Tuesday. For money you know you will not need for at least a few days, this is not a problem. For an emergency fund, you may want to keep some cash in a checking account instead, where you can access it when ready.

American Express Bank limits how many times per month you can withdraw money from the account — this is a federal rule that applies to all savings accounts, not just Amex. The limit is typically six withdrawals per month, though the exact number can vary. Transfers out to your linked bank account usually count toward this limit. If you exceed the limit, the bank may charge a fee or close the account.

Fees and minimum balance requirements

American Express Bank does not charge a monthly maintenance fee for its savings account. There is no minimum balance you have to keep in the account to avoid fees. This makes it straightforward — you only pay if you do something the bank penalizes, like exceeding your withdrawal limit.

The main fees to watch for are overdraft fees (if you somehow withdraw more than you have) and excess withdrawal fees (if you go over the monthly limit). Read the account terms before you open it to see what those fees are, since they vary by bank and can change.

FDIC insurance and safety

Your money in an American Express Bank savings account is protected by FDIC insurance up to $250,000. FDIC stands for Federal Deposit Insurance Corporation, a government agency that guarantees your deposits if the bank fails. This protection is the same whether you bank with Amex or Chase or a small local bank.

If you have more than $250,000 to save, you can open multiple accounts at different banks to keep all your money insured. For example, $250,000 at Amex and $250,000 at Marcus would both be fully protected. Most people do not need to worry about this limit.

When an Amex savings account makes sense

An American Express Bank savings account is a good fit if you have money you want to earn interest on and you do not need when ready access to it. Examples include an emergency fund (as long as you keep some cash in checking for true emergencies), money you are saving for a goal six months or a year away, or a buffer you keep above your regular checking account balance.

It is less of a fit if you need to move money in and out frequently, or if you prefer to do your banking in person at a physical branch. It is also not the right place for money you might need within the next few days, since transfers take time.

The decision often comes down to comparing rates. If Amex's current rate is higher than your other options and you like their website and app, it is worth opening. If another bank is offering a better rate, that bank is the better choice at that moment.

How to open an account

Opening an American Express Bank savings account is done entirely online. You visit their website, click the button to open a savings account, and answer questions about yourself — name, address, Social Security number, and employment information. The process usually takes 10 to 15 minutes.

Once your account is open, you link it to a checking account at another bank. Amex will ask for the routing number and account number of that bank account. You can find both on a check or by logging into your other bank's website. After you link the accounts, you can transfer money between them.

You will need a valid government ID and a Social Security number to open the account. If you do not have a Social Security number, you may be able to use an ITIN (Individual Taxpayer Identification Number) instead — call Amex to ask.

Frequently Asked Questions

Can I deposit checks into my Amex savings account?

No. American Express Bank does not offer mobile check deposit or any way to deposit checks directly. You have to deposit checks into another bank account first, then transfer the money to Amex. This is one of the main limitations of online-only banks.

What happens if I need my money before the transfer clears?

Transfers take one to three business days, so plan ahead. If you need money urgently, keep an emergency fund in a checking account where you can access it when ready, and use the Amex account for money you know you will not need for at least a week.

Is my money safe with American Express Bank?

Yes. Your deposits are insured by the FDIC up to $250,000, the same as any other bank. American Express Bank is a legitimate bank regulated by the federal government. The only risk is that you might earn a lower interest rate than you could elsewhere, not that your money is unsafe.

Can I use a debit card to access my Amex savings account?

American Express Bank does not issue debit cards for savings accounts. You access your money by transferring it to a checking account (at Amex or another bank) and using a debit card from that account. This is another reason to keep some money in a checking account for everyday spending.

What if the interest rate drops after I open the account?

Your money stays in the account and earns whatever the new rate is. You are not locked in to a rate. If rates drop and you find a better rate elsewhere, you can transfer your money to another bank. There is no penalty for closing the account.