What you need to open an Amex savings account
American Express Bank offers a high yield savings account online only — there are no branches. To open one, you need a Social Security number, a valid government ID, a current email address, and a way to fund the account (a bank account or debit card). The whole process takes about 10 minutes and happens on Amex's website or mobile app.
You do not need to be an American Express credit card holder. Anyone with a U.S. address and a valid ID can open this account. Amex will run a soft credit check, which does not affect your credit score, and will verify your identity through questions about your financial history.
The account comes with no monthly fees, no minimum balance requirement, and no limits on how many times you can withdraw money each month. Interest rates change, so check Amex's website for the current rate before you open the account.
Key Takeaways
- You can open an American Express high yield savings account entirely online using your Social Security number, government ID, email, and a funding source.
- Amex will verify your identity by asking security questions based on your credit history, a process that takes a few minutes.
- The account has no monthly fees, no minimum balance, and no withdrawal limits, making it different from some traditional savings accounts.
- Once approved, you can transfer money in from another bank account or debit card and start earning interest the same day.
- Interest rates vary and change over time, so the rate you see today may not be the rate you earn next month.
Step-by-step: opening the account online
Start at americanexpress.com and look for the savings account option under banking products. Click to begin the application. You will enter your name, date of birth, Social Security number, and current address. Amex asks for this information to verify who you are and to check for fraud.
Next, you will answer security questions about your financial history — things like "which of these addresses have you lived at" or "which bank did you have an account with in 2019." These questions come from credit bureaus and are designed to confirm your identity. Answer based on what you actually remember; if you are unsure, select "none of the above."
After verification, you will create a username and password for your online account. Amex will ask you to set up a PIN for phone support and to choose how you want to receive account statements (email or paper). Then you will link a bank account or debit card to fund your new savings account. This takes one to two business days to verify.
Once your funding source is confirmed, you can transfer money into the savings account. Your first deposit can happen immediately, and interest begins accruing right away. You will receive a confirmation email with your account number and login details.
Funding your account and moving money in
American Express accepts transfers from any U.S. bank account or debit card. If you link a bank account, you can set up recurring transfers or move money whenever you want. Transfers from another bank typically take one to three business days to show up in your Amex savings account.
If you use a debit card to fund the account, the transfer is usually faster — sometimes the same day. Amex does not charge a fee for incoming transfers, and there is no limit on how much you can deposit.
You can also receive direct deposits into this account. To do that, you will need to provide your Amex account number and routing number to your employer or the organization sending the deposit. Direct deposits typically arrive on the same schedule as they would at any other bank.
How interest works and when you earn it
American Express pays interest on your balance every day, but deposits it monthly. This means if you have $5,000 in the account, Amex calculates interest on that $5,000 each day and adds the total to your account once a month, usually on the last business day.
The interest rate is variable, which means Amex can change it at any time. The rate you see when you open the account is not locked in. Amex typically changes rates when the Federal Reserve changes its benchmark rate, but the timing and amount of change are up to Amex. You can check your current rate anytime by logging into your account online.
Interest is taxable income. At the end of each year, Amex will send you a 1099-INT form showing how much interest you earned. You will report this on your tax return.
Withdrawing money and account limits
American Express does not limit how many times you can withdraw money from this savings account each month. You can move money out to another bank account, transfer it to an Amex checking account if you have one, or request a check. Outgoing transfers to another bank usually take one to three business days.
There is no minimum balance you must keep in the account. You can withdraw everything if you want, though doing so means you stop earning interest on that money. Amex does not charge fees for withdrawals or transfers.
If you need cash immediately, you cannot withdraw from an ATM using this account. You will need to transfer money to a checking account first, then use that account's debit card or ATM access. This is one difference between a high yield savings account and a checking account.
What happens if you close the account
You can close your American Express savings account anytime by logging into your account online or calling customer service. Amex will ask you to withdraw or transfer your balance before closing. If you have a balance remaining when the account closes, Amex will mail you a check or transfer the money to the bank account you specify.
Closing the account does not affect your credit score. Amex does not report savings account activity to credit bureaus, so opening or closing this account will not show up on your credit report.
If your account has been inactive for a long time, Amex may close it automatically, though this is rare. The bank will contact you before doing so.
Security and fraud protection
American Express uses encryption to protect your login information and account details. When you log in online or through the app, your connection is encrypted, meaning hackers cannot intercept your username or password.
If someone gains access to your account and makes unauthorized transfers, Amex's fraud protection covers you. Report unauthorized activity as soon as you notice it by calling the number on the back of your statement or logging into your account online. Amex will investigate and typically refund fraudulent transfers within one to two business days.
To protect your account, use a strong password that you do not use anywhere else, enable two-factor authentication if Amex offers it, and do not share your login details with anyone. If you receive an email claiming to be from Amex asking for your password or account number, do not respond — Amex will never ask for this information by email.
Frequently Asked Questions
Do I need an American Express credit card to open this savings account?
No. You can open an American Express high yield savings account without having any Amex credit card or other product. The account is separate and does not require you to be an existing Amex customer.
How long does it take to get approved?
Most people receive approval within minutes of completing the online application. The identity verification questions are answered in real time, and if you pass, your account opens immediately. Funding the account takes one to three business days depending on your bank.
Can I set up automatic transfers into the savings account?
Yes. Once you link a bank account, you can schedule recurring transfers to happen weekly, biweekly, monthly, or on any schedule you choose. You can also make one-time transfers whenever you want without setting up a schedule.
What is the current interest rate?
Interest rates change frequently and vary based on market conditions. Check americanexpress.com for the current rate before you open the account. Once you open it, you can see your rate anytime by logging into your account online.
Is there a penalty for withdrawing money early?
No. American Express does not charge penalties for early withdrawal or for moving money out of the account at any time. You can withdraw your full balance whenever you want.