You need a Social Security number, a valid ID, and an initial deposit to open an Amex savings account
American Express Bank offers a high yield savings account online only—there are no branches. You start by going to americanexpress.com/savings, entering your email address, and moving through their identity verification process. They will ask for your Social Security number, date of birth, and a government-issued ID (driver's license or passport). Once verified, you choose a username and password, link a funding source, and make your first deposit.
The entire process takes about 10 to 15 minutes. Your account opens immediately, but transfers from an external bank account take one to two business days to arrive. If you already have an American Express credit card or other Amex product, some of this information is already on file, which can speed things up.
You do not need a minimum deposit to open the account, though you will need to fund it before you can earn interest. American Express publishes the current interest rate on their savings page—it changes based on Federal Reserve decisions and market conditions, so check their site for the rate that applies on the day you open your account.
Key Takeaways
- Opening takes about 10 to 15 minutes and happens entirely online through americanexpress.com/savings.
- You will need your Social Security number, a valid government ID, and an email address to complete identity verification.
- Transfers from another bank account take one to two business days to arrive, so plan ahead if you need the money to start earning interest right away.
- There is no minimum deposit required to open the account, but you must fund it before interest begins to accrue.
- The interest rate changes over time and is published on American Express's website, so confirm the current rate before you deposit.
What happens during the identity verification step
American Express uses a third-party verification service to confirm your identity before your account opens. They will ask you to upload a photo of your ID—front and back—and may ask you to take a selfie to match against the ID photo. This is standard practice across online banks and takes a few minutes.
If the system cannot verify you automatically, American Express may ask follow-up questions about your personal history (previous addresses, past accounts, or public records). This does not mean you have been denied; it means the verification process needs more information. Answer honestly and completely. If you still cannot be verified, American Express will tell you why and may offer you a phone number to call and speak with someone directly.
Linking your bank account and making your first deposit
After verification, you will see a screen asking you to link a bank account. This is where the money comes from to fund your Amex savings account. You can link a checking or savings account from any U.S. bank. American Express will ask for your routing number and account number—you can find these on a check, in your bank's app, or by calling your bank.
Once linked, you choose how much to deposit. The transfer itself is free and takes one to two business days. During that time, your Amex account is open and active, but the money has not arrived yet. You can make additional transfers whenever you want—there is no limit on how many you can make per month, though American Express may have limits on how much you can transfer in a single day (check their terms for current limits).
If you want to fund your account faster, some banks offer same-day transfers through services like Zelle or your bank's own app. However, you would need to transfer the money to a checking account you control first, then link that account to Amex. The standard one- to two-day transfer through Amex's system is the most direct route.
Setting up automatic transfers and managing your account
Once your account is funded, you can set up automatic transfers from your linked bank account. This is useful if you want to move money into savings on a regular schedule—weekly, biweekly, or monthly. You set the amount and frequency in the Amex app or website, and the transfers happen automatically on the dates you choose.
You can also make one-time transfers whenever you want, withdraw money back to your linked bank account (which takes one to two business days), or transfer money between an Amex savings account and an Amex checking account if you have both. All of these actions are free—American Express does not charge fees for transfers, withdrawals, or account maintenance.
Your account dashboard shows your current balance, the interest rate, how much interest you have earned, and a history of all transactions. Interest is calculated daily and deposited monthly, so you will see it appear in your account on the same day each month.
What to do if verification fails or you run into problems
If American Express cannot verify your identity automatically, they will tell you what went wrong. Common reasons include a mismatch between the name on your ID and the name you entered, an address that does not match public records, or a photo that is too blurry or cut off. If this happens, you can try again with a clearer photo or different ID, or you can call American Express to complete verification over the phone.
If you have a credit freeze on your credit report (placed through Equifax, Experian, or TransUnion), you may need to temporarily lift it before opening the account. A credit freeze does not block all identity verification, but it can slow the process. You can lift a freeze through each credit bureau's website or by phone—it takes a few minutes and is free.
If you have questions during the process, American Express offers phone support. You can find the number on their website or in the app. They can walk you through verification, explain why a transfer is delayed, or help you troubleshoot any other issue with your account.
Moving money out of your Amex savings account
Withdrawing money is as simple as depositing it. Log into your account, select the linked bank account you want to transfer to, enter the amount, and confirm. The money leaves your Amex account immediately, but it takes one to two business days to appear in your linked account. There is no fee, and you can withdraw as much as you want whenever you want.
If you need the money faster, you can transfer it to a checking account at the same bank as your Amex account—some banks offer same-day or next-day transfers between their own accounts. However, the standard Amex-to-external-bank transfer always takes one to two business days.
Frequently Asked Questions
Do I need an American Express credit card to open a savings account?
No. You can open an Amex savings account without any other Amex product. However, if you already have an Amex credit card or checking account, the verification process may be faster because some of your information is already on file.
Can I open the account on my phone?
Yes. The entire process works on a phone browser or the American Express mobile app. You will need to upload a photo of your ID, which most phones can do directly from the camera.
What if my bank does not show up when I try to link my account?
Most U.S. banks are supported, but if yours does not appear in the search, you can enter your routing and account number manually. You can find your routing number on your bank's website or by calling them. Manual entry takes the same one to two business days as the automatic search.
Is my money safe in an Amex savings account?
Yes. American Express Bank is FDIC-insured up to $250,000 per account holder, per bank. This means if the bank fails, your money is protected by federal insurance. You can hold more than $250,000 if you have multiple account types (for example, a savings account and a checking account), as each is insured separately.
Can I have more than one Amex savings account?
American Express allows you to open multiple savings accounts under the same login. This can be useful if you want to separate savings for different goals. Each account earns the same interest rate and can be linked to the same or different external bank accounts.