You open an Amex high yield savings account directly through American Express Bank's website or by phone, with no branch visit required
American Express Bank offers a high yield savings account called the Personal Savings Account. You can open it online at americanexpressbank.com, by calling 1-800-221-1111, or through the American Express mobile app if you already have an Amex card. The entire process takes about 10 to 15 minutes and requires basic information: your Social Security number, date of birth, address, and employment status.
You do not need to be an American Express cardholder to open the savings account, though many people who use Amex cards do. The account is FDIC-insured up to $250,000, meaning your money is protected by federal insurance if the bank fails.
The interest rate on the Personal Savings Account changes with market conditions, so the rate you see today may not be the rate you earn next month. Check the current rate on the Amex Bank website before you open the account, since rates vary and are not may provide to stay the same.
Key Takeaways
- You can open an Amex high yield savings account online, by phone, or through the mobile app without visiting a branch or having an existing Amex card.
- The account requires your Social Security number, date of birth, address, and employment information to open.
- Your deposits are FDIC-insured up to $250,000, protecting your money if the bank fails.
- Interest rates change regularly and are not locked in, so the rate you earn may be different three months from now.
- You can link the account to an external bank account for transfers, though some transfers take one to two business days to complete.
What you need before you start
Gather these items before you begin the application: a valid government-issued ID (driver's license, passport, or state ID), your Social Security number, your current address, and information about your employment or income source. If you are retired or unemployed, you can still open the account—just indicate that status when asked.
You will also need a way to fund the account. Most people link an external bank account (checking or savings at another bank) to transfer money in. You can also deposit funds by check or wire transfer, though wire transfers may carry fees depending on your bank. The first deposit can be as small as $1, so you do not need a large sum to open the account.
If you plan to link an external account, have that bank's routing number and your account number ready. You can find both on a check or by logging into your other bank's website.
The step-by-step process to open the account
Online: Go to americanexpressbank.com and click "Open an Account" or "Personal Savings Account." Enter your email address and create a password. Answer security questions and provide your Social Security number, date of birth, and address. Review the terms and conditions, then submit. You should receive confirmation within minutes, and the account opens immediately.
By phone: Call 1-800-221-1111 and tell the representative you want to open a Personal Savings Account. They will walk you through the same information and can answer questions about rates or features. The call usually takes 10 to 20 minutes. You will receive a confirmation number and can start using the account the same day.
Through the mobile app: If you have the American Express app and an existing Amex card, you may see an option to open a savings account directly in the app. Follow the prompts to provide your information. This route is fastest if you already use the app regularly.
After you open the account, you will receive an account number and routing number. Use these to link your external bank account or to set up direct deposit from your employer. Transfers from an external bank typically take one to two business days to appear in your Amex savings account.
How to fund your account and start earning interest
Once your account is open, you have several ways to add money. The most common is linking an external bank account and transferring funds online. Log into your Amex Bank account, select "Transfer Money," choose "From Another Bank," and enter your other bank's routing and account numbers. The transfer usually completes within one to two business days.
You can also set up direct deposit from your employer. Provide your employer with your Amex Bank account number and routing number (found in your account settings or on your account statement). Direct deposits typically arrive on your regular payday.
If you prefer not to link another account, you can deposit by check. Write a check to American Express Bank, include your account number on the back, and mail it to the address provided in your account materials. Checks take five to seven business days to clear.
Interest begins accruing on the day your deposit clears, not the day you initiate the transfer. The interest rate is compounded daily and paid monthly, meaning interest earned each day is added to your balance and earns interest the next day. You can see your current balance and interest earned anytime by logging into your account online or through the app.
Withdrawal and transfer limits
American Express Bank does not limit how many withdrawals you can make from your savings account per month. You can transfer money out to your linked external bank account as often as you want. Outgoing transfers to another bank take one to two business days to complete.
You can also withdraw cash at an ATM using a debit card if Amex Bank issues one with your account (policies vary, so confirm when you open the account). Some ATMs charge a fee for out-of-network withdrawals, though Amex Bank may reimburse certain fees—check your account terms.
There is no minimum balance requirement to keep the account open, and no monthly maintenance fee. If your balance drops to zero, the account remains active and you can deposit money again anytime.
How the interest rate works and what to expect
The interest rate on the Personal Savings Account is variable, meaning it changes based on what the Federal Reserve does with interest rates. When the Fed raises rates, Amex Bank typically raises its savings rate within days or weeks. When the Fed lowers rates, Amex Bank usually lowers its rate as well.
The rate you see advertised on the Amex Bank website is the current rate, but it is not locked in for the life of your account. You earn whatever rate is in effect on any given day. If you opened the account when the rate was 4.5% and it drops to 3.8% three months later, you will earn 3.8% going forward on your entire balance.
Interest is calculated daily on your full balance and paid once per month, usually on the last business day of the month. You can see the interest you earned each month in your account statement or by logging in online.
Frequently Asked Questions
Do I need an American Express credit card to open the savings account?
No. You can open an Amex Bank Personal Savings Account without any existing relationship with American Express. Many people who do not have an Amex card use this account solely for the interest rate.
How long does it take to open the account?
The application takes 10 to 15 minutes online or by phone. Your account opens immediately after you submit, and you can begin transferring money the same day. However, transfers from an external bank take one to two business days to appear in your account.
What happens if I need to close the account?
You can close the account anytime by calling 1-800-221-1111 or through your online account settings. There is no penalty or fee for closing. Transfer any remaining balance to your external bank account before you close, or Amex Bank will mail you a check.
Is my money safe in an Amex Bank savings account?
Yes. Deposits are FDIC-insured up to $250,000, which means the federal government guarantees your money if the bank fails. If you have more than $250,000, only the first $250,000 is insured, so consider splitting larger amounts across multiple banks.
Can I use this account for bill payments or checks?
No. The Personal Savings Account is for saving and earning interest, not for everyday spending. You cannot write checks or pay bills directly from it. Transfer money to your checking account when you need to spend it.