You can open an American Express savings account directly through their website or mobile app, but only if you meet their basic requirements

American Express Bank offers a high-yield savings account called the American Express Personal Savings Account. You can open one online in about 10 minutes if you have a Social Security number, a valid government ID, and a U.S. address. You do not need to be an American Express credit card holder—the account stands on its own.

The account is FDIC-insured up to $250,000, which means your money is protected if the bank fails. There are no monthly fees, no minimum balance requirement, and no maximum deposit limit. Interest accrues daily and is paid monthly to your account.

The main catch is that American Express Bank is an online-only operation. You cannot walk into a branch, call a phone number to speak to a person, or deposit cash in person. All transactions happen through their website, mobile app, or by electronic transfer.

Key Takeaways

  • You can open an American Express savings account online without being a credit card customer, and the process takes about 10 minutes.
  • The account has no monthly fees, no minimum balance, and FDIC insurance protection up to $250,000.
  • You must fund the account by electronic transfer from another bank—you cannot deposit cash or checks in person.
  • Interest rates change over time and are typically higher than traditional brick-and-mortar banks, but you should check the current rate before opening.
  • Withdrawals are limited to six per month under federal rules, though American Express may allow more during certain periods.

What you need to open the account

To start, gather a valid government-issued ID (driver's license, passport, or state ID card), your Social Security number, and your current address. American Express will verify your identity electronically during the signup process.

You will also need access to another bank account to fund the savings account. American Express does not accept initial deposits by mail or in person, so you must transfer money from a checking or savings account at another bank. This transfer typically takes one to three business days.

If you do not have a Social Security number—for example, if you are a non-citizen resident—you may not be able to open this account. American Express requires a valid SSN or ITIN (Individual Taxpayer Identification Number) for tax reporting purposes.

How to fund and withdraw money

Once your account is open, you move money in and out by electronic transfer. You can link your account to a checking account at another bank and transfer funds whenever you want. Transfers from your linked bank account to American Express usually arrive within one to three business days.

Withdrawals work the same way—you request a transfer from your American Express savings account back to your linked bank account, and the money arrives in one to three business days. You cannot write checks, use a debit card, or withdraw cash at an ATM from this account.

Federal law limits savings account withdrawals to six per month. If you exceed this limit, American Express may charge a fee or close the account. However, transfers you initiate yourself (rather than transfers initiated by someone else) may not count toward this limit—check American Express's current rules before opening.

Interest rates and how money grows

American Express advertises its savings account as high-yield, meaning the interest rate is higher than most traditional banks offer. However, interest rates change frequently and are set by the bank, not by you. Before opening an account, check the current rate on the American Express website to see whether it meets your needs.

Interest is calculated daily based on your account balance and is deposited into your account once per month. If you have $10,000 in the account and the rate is 4.50% annually, you would earn roughly $37.50 per month (though the exact amount depends on the number of days in the month and the precise rate).

The rate can change at any time, and American Express will notify you by email or through the app if it does. Some months the rate may be competitive; other months it may fall behind other banks. It is worth comparing rates across different banks before deciding where to keep your savings.

Who should and should not open this account

This account works well if you want a simple, fee-free place to park savings and earn interest without maintaining a minimum balance. It is also useful if you already bank online and are comfortable managing money through an app or website.

It is less suitable if you need to deposit cash regularly, write checks from savings, or access your money in person. It is also not the right choice if you need customer service by phone—American Express Bank's support is available through email and online chat, but not by phone.

If you are looking for a checking account (not savings), American Express does not offer one. You would need to open a checking account elsewhere and use the American Express savings account only for money you want to set aside and grow.

How to start the signup process

Go to the American Express Bank website or download the American Express mobile app. Look for the option to open a Personal Savings Account (not a credit card). You will be asked to enter your name, address, date of birth, Social Security number, and email address.

American Express will verify your identity in real time. This usually takes a few minutes. Once verified, you can choose a username and password, set up login security (such as two-factor authentication), and link a bank account to fund your new savings account.

After you link your bank account, you can transfer money into the savings account immediately. The transfer will not arrive for one to three business days, but you can initiate it right away. Your account is active and earning interest as soon as the first deposit clears.

What happens if you close the account

You can close your American Express savings account at any time without penalty. Simply log into your account, request a withdrawal of your full balance to your linked bank account, and then close the account through the app or website.

There is no fee for closing, and you do not have to give notice. The money will transfer back to your linked bank account within one to three business days. If you have any pending transfers or uncleared deposits, American Express may ask you to wait until those clear before closing.

Frequently Asked Questions

Do I need an American Express credit card to open a savings account?

No. The American Express Personal Savings Account is separate from their credit card products. You can open a savings account even if you have never had an American Express credit card.

What is the current interest rate?

Interest rates change frequently and vary based on market conditions. Check the American Express Bank website for the current rate before opening an account. The rate you see when you sign up is the rate that will apply to your account.

Can I deposit cash or checks into this account?

No. American Express only accepts electronic transfers from another bank account. You cannot deposit cash, checks, or money orders in person or by mail.

What happens if I exceed the six withdrawal limit per month?

Federal law allows up to six withdrawals per month from savings accounts. If you exceed this, American Express may charge a fee per excess withdrawal or close your account. However, transfers you initiate yourself may not count toward this limit—verify the current policy before opening.

Is my money safe if American Express Bank fails?

Yes. Your account is FDIC-insured up to $250,000. If the bank fails, the Federal Deposit Insurance Corporation will protect your deposits up to that limit.