American Express does not offer checking accounts to most people
American Express Bank does not operate a traditional checking account product open to the general public. The bank primarily serves high-net-worth individuals and business clients through private banking and commercial banking divisions. If you have seen an American Express checking account advertised, it was likely a third-party product using the American Express brand, or you may be thinking of a different product American Express actually offers.
American Express does offer deposit products, but they are limited in scope and availability. The main deposit account American Express Bank provides is a savings account available to certain customers who meet specific criteria. This is different from a checking account with debit card access and check-writing privileges.
Understanding what American Express actually offers, who can access it, and what the alternatives are will help you decide whether to pursue an account with them or look elsewhere for checking services.
Key Takeaways
- American Express Bank does not offer a checking account to the general public; it serves primarily high-net-worth and business clients.
- American Express does offer a savings account through its banking division, but it is available only to certain customers who meet specific wealth or relationship requirements.
- If you hold an American Express credit card or investment account, you may be invited to open a savings account, but this is not automatic.
- Most people seeking a checking account should look at traditional banks, online banks, or credit unions rather than American Express.
- American Express does offer a cash management account for business owners and self-employed individuals, which functions differently from a personal checking account.
What American Express Bank actually offers
American Express Bank operates as a division of American Express Company and focuses on serving wealthy individuals and businesses. The bank's deposit products are limited compared to a full-service bank. The primary deposit product is a savings account, not a checking account. This account typically earns interest and is designed as a place to hold cash reserves rather than a transaction account.
American Express also offers cash management accounts for business owners, self-employed individuals, and investors. These accounts allow you to hold cash, earn interest, and move money between investments, but they are not checking accounts in the traditional sense. You do not get a debit card or checkbook with these products.
The bank also provides investment accounts, credit products, and lending services to may have access to customers. However, none of these are checking accounts with the features you would expect from a bank like Chase, Bank of America, or a regional bank.
Who can open a savings account with American Express Bank
American Express Bank's savings account is not open to everyone. The bank typically requires customers to meet one or more of these conditions: you hold an American Express credit card or charge card in good standing, you have a relationship with American Express through investments or other products, or you have a high net worth that meets the bank's minimum requirements. The exact thresholds vary and are not publicly disclosed.
If you are an existing American Express cardholder, you may receive an invitation to open a savings account. This invitation is selective and based on your account history, spending patterns, and creditworthiness. Simply holding a card does not may provide you can open an account; you must be invited or meet the bank's unstated criteria.
Business customers and self-employed individuals may have access to cash management products if they work with an American Express business banking representative. These products are designed for managing business cash flow, not personal checking needs.
Why American Express does not offer checking accounts
American Express has historically focused on credit and charge cards rather than deposit banking. The company's business model centers on transaction fees, merchant relationships, and lending. Operating a full checking account system—with debit cards, check processing, ACH transfers, and wire services—requires significant infrastructure and regulatory oversight that does not align with American Express's core business.
The bank does accept deposits and offers savings products, but only to a limited customer base where the relationship is profitable. Checking accounts typically generate lower margins than credit cards or investment products, so American Express has chosen not to compete in that space for retail customers.
If American Express were to launch a checking account product, it would likely target high-net-worth individuals or business clients where the account size justifies the operational cost. For now, that product does not exist.
Where to open a checking account if American Express is not an option
If you want a checking account, you have many alternatives. Traditional banks like Chase, Bank of America, Wells Fargo, and regional banks all offer checking accounts to customers who meet basic requirements: proof of identity, proof of address, and a Social Security number or ITIN. Most have no minimum balance requirement, though some charge monthly fees if you do not maintain a certain balance or set up direct deposit.
Online banks like Ally, Charles Schwab, Discover, and others offer checking accounts with no monthly fees, no minimum balance, and often higher interest rates on savings. These banks operate entirely online, so you manage your account through a website or app. Deposits are made through mobile check deposit or ACH transfer.
Credit unions offer checking accounts to members who join the union. Credit unions often have lower fees and more flexible lending policies than traditional banks. You can find a credit union in your area through the CO-OP Network or Alliant Credit Union's locator tool.
If you want to keep your American Express credit card while opening a checking account elsewhere, you can do both. Many people use American Express for rewards and then use a separate bank for checking and bill payment.
How to apply for an American Express Bank savings account if invited
If you receive an invitation from American Express to open a savings account, the process is straightforward. You will receive an email or notice in your American Express online account dashboard. Click the link to begin the application, which asks for basic information: your name, address, Social Security number, and employment status. The application takes about five minutes.
American Express will verify your identity and run a soft credit check (which does not affect your credit score). If you are approved, your savings account opens within one to three business days. You can then transfer money into the account from an external bank account or from an American Express credit card payment.
If you do not receive an invitation and want to inquire about opening an account, you can contact American Express customer service. However, the bank does not have a public application process for savings accounts. Calling to ask may not result in an invitation if you do not meet their unstated criteria.
The difference between American Express Bank products and checking accounts
A traditional checking account gives you a debit card, checkbook, and the ability to make unlimited transactions. You can pay bills online, set up automatic payments, receive direct deposit, and transfer money to other people. A checking account is designed for frequent, everyday use.
American Express Bank's savings account is designed for holding cash and earning interest. You cannot write checks or use a debit card. Withdrawals are typically limited to six per month under federal rules (though this rule has been relaxed in recent years). The account is meant to be a reserve, not your primary transaction account.
If you need a checking account for everyday spending and bill payment, American Express Bank is not the right choice. If you want a place to hold cash and earn interest, and you meet their criteria, the savings account may be worth considering—but only as a supplement to a checking account elsewhere.
Frequently Asked Questions
Can I get a checking account with American Express if I have a credit card?
Having an American Express credit card does not automatically give you access to a checking account. American Express does not offer checking accounts to the general public. You may be invited to open a savings account if you are a valued cardholder, but this is selective and not may provide. If you need a checking account, you will need to open one at a traditional bank, online bank, or credit union.
What is the minimum balance to open an American Express Bank account?
American Express does not publicly disclose minimum balance requirements for its savings account. The bank's criteria for opening an account are not transparent. If you are invited to open an account, the invitation will specify any balance requirements. Contact American Express directly if you want to know whether you meet their unstated criteria.
Can I use American Express Bank for business checking?
American Express offers cash management accounts for business owners and self-employed individuals, but these are not traditional checking accounts. You do not get a debit card or checkbook. If you need a business checking account with full transaction capabilities, you should open one at a bank that specializes in business banking, such as Chase, Bank of America, or a local business bank.
Does American Express Bank charge monthly fees?
American Express does not publicly disclose fee structures for its savings account. Fees may vary based on your account type and relationship with the bank. If you are invited to open an account, the terms and conditions will outline any fees. Before opening an account, ask American Express directly about monthly maintenance fees, transaction fees, and withdrawal limits.
What if I want to switch from American Express to a different bank for checking?
Opening a checking account at another bank does not require you to close your American Express credit card or any other American Express product. You can keep your card for rewards and use a separate bank for checking and bill payment. Many people maintain accounts at multiple institutions for different purposes.