American Express does not offer traditional savings accounts
American Express is primarily a credit card and payment company, not a bank that takes deposits. They do not offer savings accounts, checking accounts, or money market accounts where you deposit money and earn interest. If you are looking for a place to park cash and earn returns, you will need to look elsewhere.
American Express does partner with other banks to offer some deposit products, but these are limited and not widely promoted. The main deposit product they have offered in the past is a high-yield savings account through a partnership, though availability and terms change. You should check directly with American Express or visit their website to see what deposit products, if any, are currently available in your state.
Key Takeaways
- American Express is a credit card and payment company, not a traditional bank offering savings accounts.
- Amex has occasionally partnered with banks to offer high-yield savings products, but these are not a core business and availability varies by location.
- If you hold an Amex credit card, your rewards points can be redeemed for statement credits or transferred to travel partners, but this is not the same as earning interest on savings.
- For a dedicated savings account with competitive interest rates, you will need to open an account directly with a bank or online financial institution.
What Amex does offer instead of savings accounts
American Express focuses on credit products and payment services. If you are an Amex cardholder, you earn rewards points or cash back on purchases, depending on your card. These rewards can be redeemed for statement credits, gift cards, travel bookings, or transfers to airline and hotel partners. This is not the same as a savings account—you are earning rewards on spending, not earning interest on money you deposit.
Amex also offers Amex Offers, which are discounts and cash back deals on specific purchases at partner merchants. These appear in your online account and can be added to your card with one click. Again, this is a spending tool, not a savings vehicle.
Why American Express does not focus on deposit products
American Express operates under a different business model than traditional banks. They make money primarily from merchant fees (the percentage retailers pay when you use an Amex card) and from annual card fees on premium cards. Taking deposits and managing savings accounts would require them to become a full-service bank, which involves different regulatory oversight, capital requirements, and operational costs.
Some fintech companies and online banks have entered the savings account space because they can operate with lower overhead than traditional brick-and-mortar banks. American Express has not made this a priority, choosing instead to stay focused on their core credit and payment business.
Where to find high-yield savings accounts if you want one
If you are looking for a place to earn interest on savings, you have several options. Online banks such as Marcus, Ally, and Capital One 360 offer high-yield savings accounts with no monthly fees and no minimum balance requirements. Credit unions often offer savings accounts with competitive rates to their members. Traditional banks like Chase, Bank of America, and Wells Fargo offer savings accounts, though their interest rates are typically lower than online alternatives.
You can also explore money market accounts, certificates of deposit (CDs), and Treasury bills if you want different ways to earn on your cash. Each has different terms, withdrawal rules, and interest rates. The rate you earn depends on the current interest rate environment and the specific institution you choose.
How to maximize rewards if you use an Amex card
If you already have an American Express credit card, you can maximize the value of your rewards by understanding your card's earning structure. Some Amex cards earn a flat percentage back on all purchases; others earn higher rates in specific categories like groceries, gas, or dining. Read your card's benefits guide to see where you earn the most.
Redeeming your rewards strategically matters too. If your card earns Membership Rewards points, transferring those points to airline or hotel partners often gives you more value per point than redeeming for cash back. If your card earns cash back directly, you can usually apply it as a statement credit or request it as a check. Check your account settings to see all available redemption options.
The difference between rewards and savings
It is important to understand that credit card rewards are not the same as savings. When you earn cash back or points, you are getting a return on money you have already spent. You are not building a reserve of money that sits in an account earning interest over time. Rewards are a discount on purchases, not a savings mechanism.
If your goal is to build emergency savings or set aside money for a future goal, you need an actual savings account where you deposit money and it grows through interest. Credit card rewards can help you spend less, which frees up money to save, but they do not replace a savings account.
Frequently Asked Questions
Can I transfer my Amex rewards points to a savings account?
No. Amex rewards points are a separate currency that can be redeemed for statement credits, merchandise, travel bookings, or transfers to airline and hotel partners. They cannot be moved into a bank account as cash unless you redeem them for a statement credit, which then reduces your credit card balance.
Does American Express have any partnership with banks for savings accounts?
American Express has offered high-yield savings accounts through partnerships in the past, but these products are not widely available and terms change. Check the American Express website or call their customer service line to see if any deposit products are currently available in your state.
What happens to my Amex rewards if I close my card?
Your rewards points typically remain in your account for a period of time after you close the card, though the exact timeframe depends on your card agreement. You should redeem your points before closing the card to avoid losing them. Check your card's terms or contact Amex customer service for specifics.
Can I use my Amex card to fund a savings account at another bank?
Yes. You can use your Amex card to transfer money into a savings account at any bank that accepts credit card transfers, though most banks charge a fee for this service or treat it as a cash advance. A cheaper option is to link your Amex card to an external bank account and transfer money via ACH, which is usually free.
Is there a way to earn interest through American Express?
Not through a traditional savings account. Your only option with Amex is to earn rewards on credit card spending. If you want to earn interest on cash, you will need to open a savings account, money market account, or CD with a bank or credit union.