American Express Personal Savings Account has no monthly maintenance fee

American Express Bank does not charge a monthly fee to open or maintain a Personal Savings Account. There is no minimum balance requirement to avoid fees, and no charge simply for holding the account open.

The account does charge fees in specific situations — if you make certain types of transactions or fall below stated thresholds — but routine savings activity costs nothing.

Key Takeaways

  • American Express Personal Savings Account has no monthly maintenance fee and no minimum balance requirement.
  • You will pay a fee if you exceed six withdrawals or transfers per statement period, charged at $10 per excess transaction.
  • Transfers between your own American Express accounts do not count toward the six-transaction limit.
  • The account earns interest, and the rate changes based on market conditions and Federal Reserve decisions.
  • Closing the account early does not trigger a fee, but you should confirm your balance is zero before closing.

The six-transaction limit and excess withdrawal fees

Federal Regulation D historically limited savings account withdrawals to six per month. While that rule was suspended in 2020, American Express still enforces a similar limit on its Personal Savings Account. You can make six withdrawals or transfers out of the account per statement period at no charge.

Any withdrawal or transfer beyond six costs $10 per transaction. This includes transfers to external bank accounts, checks written against the account, and debit card withdrawals. Transfers between your own American Express accounts — such as moving money to a Money Market Account you also hold — do not count toward this limit.

The statement period typically runs 30 or 31 days. If you regularly need to move money out more than six times per month, this account may not fit your spending pattern, and a checking account with unlimited transfers might be a better choice.

Interest earned and how rates change

The Personal Savings Account earns interest on your balance. American Express sets the Annual Percentage Yield (APY) and adjusts it periodically based on Federal Reserve rate changes and the bank's own decisions. The current rate is posted on the American Express Bank website.

Interest is compounded daily and deposited monthly. You do not pay a fee to earn interest — it is simply added to your account. The rate you earn depends on when you opened the account and whether you have other American Express products, as the bank sometimes offers higher rates to existing customers or for new deposits.

Other costs you might encounter

American Express does not charge a fee to transfer money into the account from an external bank. However, if your external bank charges a fee for outgoing transfers, you will pay that fee — American Express does not reimburse it.

If your account goes negative (overdrawn), American Express charges an overdraft fee. The amount varies, so check your account agreement or contact the bank directly for the current overdraft fee. Negative balances can also result in interest charges on the overdrawn amount.

If you request a wire transfer out of the account, American Express may charge a wire fee. This is separate from the six-transaction limit and applies only to wire transfers, not standard ACH transfers.

How to avoid the excess withdrawal fee

Track your withdrawals and transfers each statement period. If you know you will need to move money out more than six times, plan ahead and consolidate transfers when possible — for example, moving a larger amount once instead of smaller amounts multiple times.

You can also set up automatic transfers on a schedule. Automatic transfers sometimes count differently than manual ones depending on how American Express categorizes them in your account agreement, so confirm the rules before relying on automation to stay under the limit.

If you regularly exceed six transactions, consider whether a checking account with unlimited transfers, or a combination of checking and savings, would better serve your needs and cost less overall.

Closing the account and final costs

American Express does not charge a fee to close the Personal Savings Account. You can close it at any time without penalty. Before closing, make sure your balance is zero — if you have remaining funds, transfer them to another account or request a check.

If you close the account while it still has a balance, American Express will send the funds to you, usually by check or to a linked external account. There is no fee for this process, but it may take several business days.

Frequently Asked Questions

What happens if I go over six withdrawals in one month?

Each withdrawal or transfer beyond six costs $10. The fee is charged to your account automatically. If you make seven withdrawals, you pay $10; if you make ten, you pay $40. The fee appears on your statement.

Do transfers between my American Express accounts count toward the six-transaction limit?

No. Transfers between your own American Express accounts do not count. Only transfers out to external banks, checks, and debit card withdrawals count toward the limit.

Can I avoid the excess withdrawal fee by using a debit card?

No. Debit card withdrawals count toward the six-transaction limit just like other withdrawals. Each debit card transaction beyond six costs $10.

Does American Express charge a fee if I don't maintain a minimum balance?

No. There is no minimum balance requirement. You can hold any amount, including zero, without paying a fee. The only fee is the $10 charge for excess withdrawals beyond six per statement period.

What is the current interest rate on the Personal Savings Account?

The rate changes based on Federal Reserve decisions and market conditions. Visit the American Express Bank website or call customer service to see the current APY. The rate you receive may vary depending on when you opened the account and your relationship with American Express.