Call American Express Bank to close the account

To close an American Express High Yield Savings account, you must call American Express Bank directly. You cannot close the account online through your digital banking portal or by mail. The phone number for account services is on the back of your debit card or on your account statements.

When you call, have your account number ready. A representative will confirm your identity, ask why you are closing the account, and walk you through the closure process. The call typically takes 5 to 10 minutes. The representative will confirm that any pending transactions have cleared and that your account balance is zero before finalizing the closure.

After you close the account, American Express will send a confirmation letter to the address on file within 7 to 10 business days. Keep this letter for your records. Your account will stop earning interest immediately, even if you close it mid-month.

Key Takeaways

  • You must call American Express Bank by phone to close a High Yield Savings account; online closure is not available.
  • Have your account number and identification ready before calling, and confirm that your account balance is zero before the closure is finalized.
  • American Express will send a written confirmation of closure within 7 to 10 business days.
  • Interest stops accruing on the day you close the account, regardless of when in the month you close it.
  • If you have pending direct deposits or automatic transfers, contact American Express before closing to cancel those arrangements.

Withdraw or transfer your remaining balance first

Before you call to close the account, move any money out of the savings account. You can transfer funds to another bank account via ACH transfer, or withdraw cash at an ATM if your account includes a debit card. American Express will not close an account that still holds a balance.

ACH transfers from an American Express High Yield Savings account typically take 1 to 3 business days to reach your destination bank. If you are closing the account soon, initiate the transfer at least 3 business days before you plan to call. If you withdraw cash, keep your receipt as proof of withdrawal in case there are questions later.

If you have set up automatic transfers or direct deposits into this account, cancel those before closing. Contact your employer's payroll department or the organization sending the direct deposit and ask them to redirect future payments to your new account. This prevents payments from bouncing or being returned after the account closes.

Cancel automatic payments and transfers linked to the account

Check whether you have set up any automatic bill payments, transfers to other accounts, or recurring transactions using this savings account. Log into your American Express online portal and review your transaction history and settings for the past 30 days. Look for any standing orders or scheduled payments.

If you find automatic payments, cancel them before closing the account. You can cancel most recurring payments through your American Express portal, or contact the organization receiving the payment (your utility company, insurance provider, or loan servicer) and ask them to stop withdrawals from this account. Confirm the cancellation in writing or save a confirmation email.

Closing an account with active automatic payments can cause those payments to fail, which may result in late fees or service interruptions. Taking 10 minutes to cancel these arrangements before you close prevents problems later.

What happens to your debit card after closure

If your American Express High Yield Savings account came with a debit card, that card will stop working once the account is closed. The card itself does not need to be destroyed, but American Express recommends cutting it up or shredding it to prevent misuse. You do not need to return it to American Express.

If you have the card set up for online shopping or recurring payments (such as streaming services or gym memberships), update those merchants with a different payment method before closing the account. Transactions attempted on a closed account will be declined, which may interrupt service or trigger late fees.

Understand the tax implications of closing

American Express will issue a Form 1099-INT for the tax year in which you close the account if you earned $10 or more in interest during that year. You will receive this form by January 31 of the following year. The interest you earned counts as taxable income on your federal tax return, regardless of whether you close the account.

If you close the account partway through the year, you will still owe taxes on the interest earned up to the closure date. For example, if you close in June and earned $15 in interest by that point, that $15 is taxable income for the current tax year. Keep your final account statement as proof of the interest earned.

Reopen the account if you change your mind

If you close the account and later decide you want to reopen it, you can contact American Express Bank and request to reopen within a certain timeframe. American Express does not publicly state how long after closure you can reopen, so ask the representative during your closure call if you think you might want to return.

Reopening is usually faster than opening a new account because American Express already has your information on file. However, if too much time has passed, you may need to open a new account instead, which requires a new application and identity verification.

Frequently Asked Questions

Can I close the account online or by mail?

No. American Express requires you to close a High Yield Savings account by phone. You cannot initiate closure through your online portal, mobile app, or by sending a written request. Call the number on your statement or debit card to speak with a representative.

What if I have a pending deposit or transfer when I close?

Pending transactions must clear before the account closes. If you have a deposit or transfer in progress, wait for it to complete before calling to close. The representative will confirm that all pending activity has settled before finalizing the closure.

Will I lose interest if I close mid-month?

Yes. Interest stops accruing the day you close the account. If you close on the 15th of the month, you will not earn interest for the remaining days of that month. The interest you did earn up to the closure date will be included on your final statement.

Do I need to pay a fee to close the account?

American Express does not charge a fee to close a High Yield Savings account. Closure is free. However, if you close the account and reopen it within a short time, American Express may view this as account churning and decline to reopen, so avoid closing and reopening repeatedly.

What if I forgot to cancel a recurring payment before closing?

Contact the organization that was receiving the payment immediately and provide them with your new account number or payment method. Explain that your old account has closed. Most organizations can update their records within 1 to 2 business days. If a payment was already declined, contact them to ask whether a late fee was applied and request a waiver.