You open an American Express Bank savings account by visiting americanexpressbank.com, providing personal information, and funding the account with an initial deposit.

American Express Bank offers savings accounts directly to consumers through its website. There is no branch network — everything happens online. The account opens in minutes once you submit your information and make your first deposit, which can be as small as $1 in most cases.

The process does not require you to be an American Express credit card holder. You can open an account whether or not you use any other Amex products. The bank is a subsidiary of American Express Company and is FDIC-insured, meaning deposits up to $250,000 are protected by federal insurance.

Key Takeaways

  • You can open an account entirely online at americanexpressbank.com without visiting a physical location or calling a phone number.
  • The account requires a Social Security number, proof of identity, and a valid mailing address in the United States.
  • Your first deposit can be as small as $1, and you can fund the account from a bank account you own using ACH transfer.
  • The account earns interest at a rate that changes with market conditions; check the current rate on the Amex Bank website before you open.
  • Withdrawals are unlimited, but federal rules cap transfers out of savings accounts to six per month (though this rule is no longer enforced by regulators, some banks still apply it).

What you need before you start

Gather these items before you visit the website: a valid government-issued photo ID (driver's license, passport, or state ID), your Social Security number, your current mailing address, and access to a bank account you own at another financial institution. You will need that outside bank account to fund your new Amex savings account.

You will also need an email address and a phone number where Amex can reach you. The bank uses these to verify your identity and send account statements and alerts. Make sure the phone number is one you check regularly, because Amex may text or call you during the account-opening process if something does not match their records.

The step-by-step account opening process

Go to americanexpressbank.com and look for the button to open a new savings account. You will enter your name, date of birth, Social Security number, and mailing address. Amex runs a soft credit check at this stage — it does not affect your credit score and does not appear on your credit report.

Next, you will verify your identity. Amex may ask you to photograph your ID using your phone or computer, or they may ask security questions based on your credit history. This step usually takes a few minutes. Once Amex confirms your identity, you will create a username and password for online access.

After identity verification, you will link a bank account. Provide the routing number and account number from the bank where you currently have money. Amex will make two small test deposits (usually under $1 each) to that account within one to two business days. You then return to americanexpressbank.com and enter the amounts of those deposits to confirm you own the account.

Once the bank account is verified, you can make your first deposit. You can transfer as little as $1 to open the account. The transfer typically arrives within one to three business days. Your savings account is active as soon as the deposit clears.

Funding your account and making transfers

After your account opens, you can add money using ACH transfers from any bank account in your name. Log into americanexpressbank.com, go to the transfer section, and enter the routing and account numbers of the bank you want to transfer from. Amex will initiate the transfer, which usually takes one to three business days to arrive.

You can also receive transfers from other people if they have your account and routing number. Amex will provide both numbers once your account is open. Incoming transfers from other banks typically arrive within one to three business days.

Withdrawals work the same way in reverse. You can transfer money out of your Amex savings account to any bank account you have linked. The money usually leaves your Amex account within one business day and arrives at the receiving bank within one to three more days. There is no limit on how many withdrawals you can make per month, though some banks still enforce an older federal rule that capped savings account transfers to six per month — Amex does not currently enforce this limit.

Interest rates and how your money grows

American Express Bank savings accounts earn interest on the balance you hold. The interest rate changes based on Federal Reserve decisions and market conditions. Before you open your account, check americanexpressbank.com to see the current rate, because it may be different from the rate advertised elsewhere.

Interest is calculated daily on your full balance and deposited into your account monthly. This means if you have $10,000 in the account for the entire month, you earn interest on the full $10,000. If you withdraw $5,000 halfway through the month, you earn interest only on the remaining $5,000 for the second half of the month.

The interest you earn is taxable income. At the end of each year, Amex will send you a Form 1099-INT showing how much interest you earned. You report this on your tax return.

Account features and access

Your Amex savings account comes with online access through americanexpressbank.com and a mobile app for iOS and Android. You can check your balance, make transfers, view transaction history, and download statements anytime. There is no monthly fee for the account.

You cannot write checks or use a debit card with this account. It is a savings account only, designed for holding money and earning interest. If you need to spend money frequently, you may want to keep a checking account at another bank and transfer money to it when you need it.

Your account is FDIC-insured up to $250,000. This means if American Express Bank fails, the federal government guarantees your deposits up to that limit. If you have more than $250,000, only the first $250,000 is protected. Money held in this savings account does not count toward FDIC limits on money you hold in checking accounts or other savings accounts at the same bank.

What happens if you run into problems

If you forget your password, go to americanexpressbank.com and click "Forgot Password." Amex will send a reset link to your email. If you do not have access to your email, call American Express Bank customer service at the number on their website and they can help you regain access.

If a transfer does not arrive when expected, log into your account and check the transfer status. Most transfers show whether they are pending, in progress, or completed. If a transfer shows as completed but the money has not arrived at the receiving bank, contact that bank first — the delay is usually on their end. If the transfer still shows as pending after five business days, contact Amex customer service.

If you notice unauthorized activity or believe someone has accessed your account without permission, call Amex immediately. They can freeze your account, reverse fraudulent transfers, and issue you a new account number. Federal law limits your liability for unauthorized transfers if you report them quickly.

Frequently Asked Questions

Do I need to be an American Express credit card holder to open this account?

No. You can open an American Express Bank savings account whether or not you have any other Amex products. The bank accepts customers who have never used American Express before.

How long does it take to open an account?

The application itself takes about 10 to 15 minutes. Identity verification usually happens immediately or within a few hours. The two test deposits to your linked bank account take one to two business days. Once you make your first deposit, the account is active, which typically happens within one to three business days of linking your bank account.

Can I close my account and withdraw all my money?

Yes. Log into americanexpressbank.com, go to account settings, and request account closure. You can transfer your balance to another bank account before closing, or Amex can mail you a check. There is no penalty for closing the account.

What if my transfer is rejected?

Transfers are usually rejected because the routing or account number is incorrect, the account is not in your name, or your linked bank suspects fraud. Check that you entered the numbers correctly. If the numbers are right, contact your bank and ask why the transfer was rejected. You may need to call Amex customer service to try a different transfer method.

Is my money safe if American Express Bank fails?

Yes, up to $250,000. Your deposits are FDIC-insured, which means the federal government guarantees them even if the bank fails. If you have more than $250,000, keep the excess at a different bank to ensure full protection.