American Express does not offer a traditional savings account
American Express is a credit card and payment company, not a bank that takes deposits. They do not offer savings accounts, checking accounts, or money market accounts where you can park cash and earn interest. If you are looking for a place to save money with AMEX, you will not find one through their main product line.
What American Express does offer is a way to earn rewards on spending through their credit cards. Some cardholders use those rewards to offset costs, but that is not the same as a savings vehicle. The confusion often arises because American Express does own a bank subsidiary — American Express Bank — but that entity serves business customers and institutional clients, not individual savers.
Key Takeaways
- American Express does not offer savings accounts, checking accounts, or deposit products for individual customers.
- American Express Bank, a subsidiary, serves business and institutional clients only and does not accept consumer deposits.
- If you want to save money, you will need to use a separate bank or credit union that offers deposit accounts.
- American Express rewards from credit card spending can reduce your overall costs, but they are not a substitute for a savings account.
What American Express Bank actually does
American Express Bank is a separate legal entity owned by American Express. It provides banking services to corporations, institutional investors, and large commercial clients. It handles things like trade finance, treasury services, and corporate lending — not consumer savings accounts.
This subsidiary does not accept deposits from individual people. You cannot walk into an American Express Bank branch (or visit their website as a consumer) and open a savings account. The bank exists to serve business customers who need specialized financial services at scale.
Where to put money if you want to earn interest
If you want a savings account that earns interest, you need to open one at a bank or credit union. Online banks often offer higher interest rates than traditional brick-and-mortar banks because they have lower overhead costs. You can compare rates at banks like Marcus, Ally, Discover, or Capital One 360, or check what your local credit union offers.
The interest rate you earn varies by institution and changes based on the Federal Reserve's rate decisions. As of now, rates on high-yield savings accounts range widely depending on the bank, so it is worth checking current offers before you choose. Some accounts require a minimum deposit; others do not.
How American Express rewards work instead
American Express credit cards earn points or cash back on purchases. The amount depends on the card and the category of spending. For example, some AMEX cards earn higher rewards on travel or dining, while others offer a flat rate on all purchases.
You can redeem these rewards for statement credits, travel bookings, gift cards, or transfers to partner programs. Over time, if you spend regularly and pay off your balance, rewards can add up. But this is not the same as interest earned on savings — it is a reduction in what you spend, not income on money you hold.
Why the confusion exists
American Express has been in the financial services business for over 150 years and owns multiple subsidiaries. Some people assume that because AMEX is large and financial, it must offer savings accounts. The name "American Express Bank" also suggests a consumer banking operation, when in fact it is a wholesale bank serving only institutional clients.
Additionally, some credit card issuers have partnered with banks to offer savings products to cardholders. American Express has not done this at scale for individual consumers, so there is no AMEX-branded savings account available to the general public.
Your options if you are an American Express cardholder
If you use an American Express credit card and want to save money, you have two separate paths. First, you can open a savings account at any bank or credit union — your choice of financial institution is completely independent of your credit card issuer. Second, you can use your AMEX rewards to reduce spending, which frees up cash you can then deposit into savings elsewhere.
Some cardholders use a strategy of earning rewards on everyday purchases, redeeming them for statement credits, and then depositing the cash they would have spent into a high-yield savings account. This combines the benefits of both: rewards that lower your costs, plus interest earned on the money you save.
Frequently Asked Questions
Can I earn interest on my American Express account balance?
No. American Express credit cards do not earn interest on balances. If you carry a balance, you will be charged interest instead. To earn interest on money, you need a savings account at a bank or credit union, which is a separate product from a credit card.
Does American Express offer any deposit products at all?
American Express Bank offers deposit products, but only to businesses and institutions, not to individual consumers. If you are a business owner or institutional investor, you can contact American Express Bank directly to learn about their services. For personal savings, you will need to use a different bank.
What if I want to keep my money with American Express somehow?
You cannot hold savings with American Express as a consumer. Your only option with AMEX is to use their credit card to earn rewards. For actual savings, you must open an account elsewhere. Many people do both: they use an AMEX card for rewards and a separate bank for savings.
Are there any American Express savings products coming soon?
American Express has not announced plans to offer consumer savings accounts. Their business model focuses on credit cards and payment services. If this changes in the future, it would be announced on their official website, but there is no indication of such a shift currently.