American Express Savings Accounts Have Specific Requirements

No, not everyone can open an American Express savings account. American Express Bank requires you to be at least 18 years old, a U.S. citizen or permanent resident, and have a valid Social Security number or Individual Taxpayer Identification Number (ITIN). You also need a U.S. mailing address. American Express will run a credit check and screen you against the OFAC (Office of Foreign Assets Control) database, which means certain individuals—including those with sanctions-related issues—cannot open an account.

The bank also uses ChexSystems, a banking history report system, to review your past account behavior. If you have a history of overdrafts, fraud, or other serious banking violations, American Express may deny your application. Unlike some online banks that accept applicants with ChexSystems records, American Express typically does not.

Key Takeaways

  • You must be at least 18 years old, a U.S. citizen or permanent resident, with a valid Social Security number or ITIN to open an account.
  • American Express checks ChexSystems, so a history of overdrafts, fraud, or account closures may result in denial.
  • The bank screens applicants against OFAC sanctions lists, which can disqualify you regardless of your credit history.
  • You need a U.S. mailing address and will need to verify your identity during the application process.

What Happens During the Application Process

When you apply online, American Express collects your name, date of birth, Social Security number, and current address. The bank verifies your identity by asking security questions based on your credit history—questions only you should be able to answer, drawn from your past financial records. This process usually takes a few minutes.

After you submit your application, American Express runs the background checks mentioned above. You will receive a decision within one to three business days, usually by email. If you are denied, the bank will send you a notice explaining the reason—typically a ChexSystems issue, OFAC match, or identity verification failure. You can dispute ChexSystems information directly with the agency if you believe it is inaccurate.

ChexSystems Denials and How to Respond

ChexSystems records include overdrafts, bounced checks, fraud allegations, and accounts closed due to misuse. Even if you paid back overdrafts years ago, the record remains on your ChexSystems file for up to five years. American Express does not override ChexSystems denials, so if you are rejected for this reason, you cannot appeal directly to the bank.

Your option is to request your ChexSystems report for free at www.chexsystems.com and dispute any inaccurate information. If the report contains errors—for example, an overdraft you already paid or an account closure you did not authorize—you can file a dispute. ChexSystems has 30 days to investigate. Once errors are corrected, you can reapply to American Express.

If the ChexSystems information is accurate but old, you may need to wait for it to age off the report or consider a different bank that does not use ChexSystems as heavily in its decision-making.

Age and Citizenship Requirements

You must be 18 or older to open an account in your own name. If you are under 18, a parent or guardian can open a custodial account, though American Express does not currently offer this product—you would need to look at other banks.

For citizenship, American Express accepts U.S. citizens and permanent residents (green card holders). If you have an ITIN instead of a Social Security number, you can still open an account, but you will need to provide additional documentation to verify your identity and immigration status. Temporary visa holders, students on F-1 visas, and others without permanent residency status typically cannot open accounts.

Identity Verification and Documentation

During the online application, American Express will ask you to verify your identity through security questions. If you cannot answer enough questions correctly—usually because your credit file is too thin or too old—the bank may ask you to submit additional documents by mail or through their secure portal.

Common documents include a copy of your driver's license, passport, or state ID, along with proof of your current address such as a utility bill or lease. The process can add one to two weeks to your application timeline. Keep copies of everything you submit in case you need to follow up.

What to Do If You Are Denied

American Express will send you a written notice explaining why your application was denied. The notice will cite one of several reasons: ChexSystems record, OFAC match, failed identity verification, or insufficient credit history. Read this notice carefully because it tells you exactly what to address.

If the reason is ChexSystems, follow the dispute process described above. If it is a failed identity verification, contact American Express customer service to ask what additional documents they need. If it is an OFAC match, you likely cannot resolve this—OFAC sanctions are federal and the bank cannot override them. If it is insufficient credit history, you may need to build credit elsewhere first, then reapply in six months to a year.

Alternatives If You Cannot Open an American Express Account

If American Express denies you, other online banks and credit unions may have less restrictive ChexSystems policies. Some banks accept applicants with ChexSystems records if the issues are older than two years or if you can explain the circumstances. Credit unions, in particular, often review applications more individually and may overlook older ChexSystems entries.

You can also look for banks that do not use ChexSystems at all, though these are becoming rarer. Before applying elsewhere, request your ChexSystems report and correct any errors—this will improve your chances with any bank that checks it.

Frequently Asked Questions

Can I open an American Express savings account if I have bad credit?

American Express does not deny accounts based on credit score alone. However, if your bad credit resulted in ChexSystems records—such as overdrafts or fraud—those records can disqualify you. A low credit score by itself is not a barrier.

What if I do not have a Social Security number?

You can use an ITIN (Individual Taxpayer Identification Number) instead. You will need to provide additional identity verification documents, and the process may take longer, but you can still open an account if you meet all other requirements.

How long does it take to get approved?

Most decisions come within one to three business days if your identity verifies immediately. If American Express needs additional documents, add one to two weeks. If you are denied and need to dispute ChexSystems information, that process takes 30 days.

Can I reapply if I was denied?

Yes, but only after you have addressed the reason for denial. If it was ChexSystems, wait until you have disputed and corrected the errors. If it was identity verification, gather the documents they requested and reapply. Reapplying immediately without fixing the underlying issue will likely result in another denial.

Does American Express check my credit score?

American Express runs a credit check as part of the application, but a low score does not automatically disqualify you. The bank is primarily looking for ChexSystems records, identity verification, and OFAC screening. Your credit history is one factor among several.