You cannot add another person as a joint owner to an existing American Express High Yield Savings Account

American Express Bank does not allow you to convert a personal savings account into a joint account after opening it. If you want a savings account that two people can access and control together, you will need to open a new joint account instead. Both account holders must be present during the opening process, either online or by phone.

The account must be opened as a joint account from the start. You cannot transfer money from your existing personal account into a joint account and keep the same account number — you will have a new account with a new number, and you will need to update any automatic transfers or direct deposits that were linked to the old account.

Key Takeaways

  • American Express High Yield Savings accounts cannot be converted to joint accounts; you must open a new joint account if you want shared ownership.
  • Both account holders must provide their Social Security number, date of birth, and address during the joint account opening process.
  • Each person on a joint account has full access to all funds and can withdraw money or close the account without permission from the other owner.
  • A joint account at American Express Bank is FDIC insured up to $250,000 per depositor, meaning the account is covered up to $500,000 total if held by two people.
  • You will receive a new account number when you open a joint account, so you must update any automatic bill payments or direct deposits that were tied to your old account.

What information you need to open a joint account

Both account holders will need to provide their full legal name, date of birth, Social Security number, and current mailing address. You will also need a valid government-issued ID for each person — a driver's license, passport, or state ID card. American Express Bank will verify this information before the account is opened.

If either person has moved recently, have a current address ready. American Express uses address verification as part of its identity check, and a mismatch between your ID and the address on file can delay the account opening. If you are opening the account online, both people will need to complete their own verification steps separately, even though you are opening one account together.

How the joint account opening process works

You can open a joint American Express High Yield Savings Account online or by phone. If you open online, one person starts the application and enters both account holders' information. The second person will receive a link or notification to verify their identity and consent to the account. Both people must complete their own identity verification before the account becomes active.

If you open by phone, call American Express Bank directly and a representative will walk both of you through the process. The representative can answer questions about the account terms, the current interest rate, and how joint ownership works. Phone opening may be faster if you have questions or if one person has an unusual situation — for example, if someone recently changed their name or has limited credit history.

After both people have verified their identity, the account typically opens within one business day. You will receive confirmation by email, and both account holders will be able to log in and see the account balance immediately. The account will come with a debit card if you request one, though American Express High Yield Savings accounts are primarily designed for saving rather than frequent spending.

What each person can do on a joint account

On a joint American Express High Yield Savings Account, both owners have equal rights. Either person can deposit money, withdraw money, transfer funds to another account, or close the account entirely — without asking permission from the other owner. This means if one person withdraws all the money, the other person cannot stop them. If you are opening a joint account with someone you do not fully trust, understand this risk before proceeding.

Both people will receive their own login credentials and can check the account balance and transaction history at any time. If one person changes the password or updates the contact information on file, the other person will not be notified. For this reason, many couples and family members who open joint accounts agree in advance to tell each other about any major changes.

FDIC insurance on a joint account

A joint American Express High Yield Savings Account is covered by FDIC insurance up to $250,000 per depositor. This means if the account holds $500,000 and American Express Bank fails, the FDIC will reimburse up to $250,000 to each account holder — a total of $500,000. If the account holds less than $500,000, the full balance is covered.

The FDIC counts each person's ownership share separately for insurance purposes. If you have $300,000 in a joint account with one person, you are covered for the full $300,000 because each owner's share ($150,000 each) is below the $250,000 limit. However, if you have $600,000 in the account, only $500,000 is covered — $250,000 for each owner.

If you also have a personal American Express High Yield Savings Account in your own name, that account is insured separately up to $250,000. The joint account and the personal account do not share the same insurance limit.

Moving money from your old account to the new joint account

Once your joint account is open, you can transfer money from your personal American Express High Yield Savings Account to the new joint account. You can do this online by setting up a transfer between your two accounts at American Express Bank — this usually takes one business day. Alternatively, you can transfer money from an external bank account using ACH (Automated Clearing House), which typically takes two to three business days.

If you have automatic deposits or bill payments set up on your old personal account, you will need to update them to use the new joint account number. Your employer's payroll system, for example, will not automatically switch to the new account — you will need to provide the new account number and routing number to your HR department. Check your account for any recurring transfers before closing the old account, or you may miss a payment.

What happens if you want to remove someone from the account later

American Express Bank does not allow you to remove one person from a joint account and keep the account open. If you and the other owner decide to separate the account, you will need to close the joint account and open new individual accounts. The money in the joint account can be split between the two new accounts, but the process requires closing the original account first.

If one account holder dies, the surviving owner can continue to use the account. The account does not automatically close, and the surviving owner retains full access to the funds. You may need to provide a death certificate to American Express Bank if you want to update the account records, but this is typically a formality and does not affect your ability to use the account.

Frequently Asked Questions

Can I add someone to my account if they don't have a Social Security number?

American Express Bank requires a Social Security number for all account holders, including joint account owners. If someone does not have a Social Security number, they cannot be added to the account. This applies to non-U.S. citizens and others without a U.S. tax ID.

What is the current interest rate on a joint American Express High Yield Savings Account?

The interest rate on American Express High Yield Savings Accounts changes regularly and is the same whether the account is personal or joint. Check the American Express Bank website or call their customer service line for the current rate, as it varies based on market conditions and may differ from the rate when you opened the account.

If one person on the joint account owes money, can the other person's funds be taken?

Yes. If one account holder has a debt or judgment against them, a creditor or court can place a levy on the joint account and take money to satisfy that debt. The other account holder's share of the money is not protected. This is one of the risks of holding a joint account with someone who has financial problems.

Can I open a joint account online if the other person lives in a different state?

Yes. American Express Bank allows joint account opening online regardless of where each person lives. Both people will need to complete their own identity verification, but there is no requirement that you live in the same state or location.

Does opening a joint account affect my credit score?

Opening a savings account does not affect your credit score. American Express Bank does not report savings account activity to credit bureaus. However, if you apply for a credit product at the same time, American Express may perform a hard inquiry, which can temporarily lower your score by a few points.