What You Need to Open an American Express Checking Account

American Express does not currently offer traditional checking accounts. American Express Bank operates as a savings bank and offers high-yield savings accounts, money market accounts, and certificates of deposit (CDs), but not checking accounts with debit cards or check-writing privileges.

If you are looking for a checking account, you will need to open one at a different bank. If you want to hold cash with American Express, a savings account is your option. The process to open a savings account with American Express Bank takes about 10 minutes online and requires a Social Security number, a valid government ID, and a funding source (a bank account or debit card to transfer money from).

Key Takeaways

  • American Express Bank offers savings accounts and CDs, not checking accounts with debit cards or check-writing.
  • You can open an American Express savings account online in about 10 minutes using your Social Security number and a valid ID.
  • You will need to fund the account from an existing bank account or debit card; American Express does not accept cash deposits or checks.
  • If you need checking, bill pay, and a debit card, you will need to open a checking account at a traditional bank or credit union instead.

The Online Application Process

Go to the American Express Bank website and select the savings account or CD product you want. You will be asked to enter your name, date of birth, Social Security number, address, phone number, and email. American Express will verify your identity using the information you provide and may ask follow-up questions about your address history or employment.

Once your identity is confirmed, you will choose a username and password to set up your online account. American Express will then ask you to link a funding source—a checking or savings account at another bank, or a debit card. You can transfer money into your new American Express account immediately, though the transfer may take one to three business days to appear.

You do not need to visit a branch or mail in documents. The entire process happens online, and you will receive confirmation via email once the account is open.

What Documents and Information to Have Ready

Gather these items before you start the application:

  • A valid government-issued photo ID (driver's license, passport, or state ID)
  • Your Social Security number
  • Your current address
  • A phone number and email address
  • Routing and account number from an existing bank account, or a debit card number, to fund the account

American Express may also ask about your employment status and income, though this is not required to open the account. If you have moved in the past two years, have your previous address ready—American Express uses address history as part of identity verification.

Funding Your Account and Minimum Balance Requirements

You must fund your American Express account from an external source. You can transfer money from a checking or savings account at another bank using the routing and account number, or you can use a debit card. American Express does not accept wire transfers, ACH transfers initiated from your American Express account to another bank, cash deposits, or check deposits.

The minimum opening deposit varies by product. American Express savings accounts typically require $1 to open, though some promotional offers may require a higher deposit. CDs have minimum deposit requirements that vary by term and current rates—these are listed on the American Express Bank website when you select a CD product.

Once your account is open, you can transfer money in and out using ACH transfers from your linked external bank account. Transfers initiated from American Express take one to three business days to reach your other bank.

Interest Rates and Account Features

American Express savings accounts earn interest on your balance. The rate changes based on Federal Reserve decisions and market conditions, so check the current rate on the American Express Bank website before opening. Interest is compounded daily and deposited monthly into your account.

You can access your money online 24/7 through the American Express Bank website or mobile app. You can view your balance, transaction history, and interest earned. However, you cannot write checks, use a debit card, or make purchases directly from the account. If you need to spend the money, you must transfer it to your checking account at another bank first.

American Express Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which means deposits up to $250,000 per account owner are insured against bank failure.

If You Need Checking and a Debit Card Instead

If you need a checking account with a debit card, bill pay, and check-writing, American Express Bank is not the right fit. You will need to open a checking account at a traditional bank, credit union, or online bank instead.

Many online banks offer checking accounts with no monthly fees, no minimum balance, and debit cards. Credit unions often offer checking accounts to members at low or no cost. Traditional banks offer checking accounts but may charge monthly maintenance fees unless you meet balance or direct deposit requirements.

You can have both a checking account at another bank and a savings account with American Express Bank. Many people do this to earn higher interest on savings while keeping a checking account for everyday spending and bill payments.

Frequently Asked Questions

Can I write checks from an American Express savings account?

No. American Express Bank does not offer checking accounts or check-writing. Savings accounts are for holding money and earning interest. To spend the money, you must transfer it to a checking account at another bank.

Do I need a minimum balance to keep the account open?

American Express does not charge a monthly fee for savings accounts, and there is no minimum balance requirement to keep the account open. However, some promotional interest rates may require a minimum balance to earn the advertised rate.

How long does it take to transfer money out of my American Express account?

ACH transfers from American Express to another bank take one to three business days. Transfers initiated on a weekend or holiday are processed on the next business day. You can check the status of your transfer in the American Express Bank app or website.

Is my money safe at American Express Bank?

Yes. American Express Bank is FDIC-insured, which means your deposits up to $250,000 are protected if the bank fails. This protection applies per account owner, so if you have a joint account, each owner's $250,000 is covered separately.

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

American Express does not run a credit check to open a savings account. The application process uses identity verification only. Your credit history does not affect whether you can open a savings account with American Express Bank.