Call American Express directly to close your savings account
The fastest way to close an American Express savings account is to call their customer service line. You will reach a representative who can process the closure immediately, answer questions about your balance, and confirm the account is closed before you hang up. This takes about 10 to 15 minutes.
Have your account number ready when you call. American Express customer service is available seven days a week. If you have a balance in the account, ask the representative where and when the funds will be sent—usually by check or electronic transfer to a linked bank account within five to seven business days.
You can also close the account online through your American Express profile if you have no outstanding balance. Log in, navigate to account settings, and look for the option to close the account. The online method works only if your balance is zero; if you have money in the account, you must call to arrange the payout.
Key Takeaways
- Call American Express customer service to close your account; a representative can process it immediately and confirm closure before you hang up.
- Have your account number ready and ask where your remaining balance will be sent and when it will arrive.
- If your balance is zero, you may be able to close the account online through your profile, but calling is more reliable.
- After closure, your account will stop earning interest and you will no longer be able to deposit or withdraw funds.
- Keep your final statement and confirmation of closure for your records in case questions arise later.
What happens to your money when you close
Any balance remaining in your American Express savings account will be returned to you, but the timing and method depend on how you close the account. If you close by phone, the representative will tell you exactly how the money will be sent—usually by check mailed to your address on file, or by electronic transfer to a bank account you provide.
Electronic transfer is faster, typically arriving within three to five business days. A check takes longer, usually seven to ten business days depending on mail delivery and your bank's processing time. If you have a small balance and are not in a hurry, either method works; if you need the money quickly, ask for electronic transfer.
Once the account is closed, you cannot deposit or withdraw funds. If you realize you need access to the money after closure, you will have to wait for the payout to arrive. There is no way to reopen a closed account and retrieve funds that are already in transit.
Reasons to close and what to consider first
People close American Express savings accounts for many reasons: low interest rates, switching to another bank, consolidating accounts, or simply not using the account anymore. Before you close, think about whether you might need the account later. Closing is permanent, and reopening requires a new application.
Check your balance and make sure you know where your money will go. If you have set up automatic transfers or deposits, those will stop working once the account is closed. Review any pending transactions or scheduled payments tied to the account.
If you are closing because the interest rate is too low, compare rates at other banks first. Savings rates change frequently, and American Express rates may improve. If you are closing to consolidate accounts, make sure your new bank account is open and working before you close this one.
Steps to close by phone
Call American Express customer service at the number on the back of your card or on your account statement. Have your account number, Social Security number, and the phone number associated with your account ready. The representative will verify your identity before proceeding.
Tell the representative you want to close your savings account. They will confirm your current balance and ask how you want the funds sent. If you choose electronic transfer, provide the routing number and account number of the bank where you want the money deposited. If you choose a check, confirm your mailing address.
Ask the representative to confirm the closure in writing or note the date and time of the call. Some representatives will email a confirmation; others will mail it. Get the name of the representative and the confirmation number before you hang up. This protects you if there is a dispute later about whether the account was actually closed.
After your account is closed
Once the account is closed, you will no longer earn interest on any balance. Your account will no longer appear in your online banking profile, though you may see it listed in your account history for a period of time. American Express keeps records of closed accounts for their own purposes, but you will not be able to access it.
If you set up automatic transfers from another account into this savings account, those transfers will fail once the account is closed. Check your other bank accounts to make sure no transfers are bouncing or causing overdraft fees. If you had automatic bill payments or deposits linked to this account, update those arrangements with your new bank account information.
Keep your final statement and the closure confirmation for your records. If American Express or another bank ever asks about this account, you will have proof that it was closed and when. This is especially important if you are applying for credit or if there is ever a question about funds.
What if you cannot reach customer service
American Express customer service is available by phone seven days a week, but wait times vary. If you are having trouble reaching someone, try calling early in the morning or late in the evening when call volume is lower. You can also try the online chat feature on the American Express website if you prefer not to call.
If you have a complaint about the closure process or believe something went wrong, you can file a complaint with the Consumer Financial Protection Bureau (CFPB) or your state's banking regulator. Keep records of all your attempts to close the account, including dates, times, and names of representatives you spoke with.
Frequently Asked Questions
Can I reopen my account after I close it?
No. Once you close an American Express savings account, it cannot be reopened. If you want to use American Express savings again, you will have to open a new account, which requires a new application and may have different terms or rates than your original account.
Will closing my account hurt my credit score?
Closing a savings account does not directly affect your credit score because savings accounts do not appear on your credit report. However, if you close the account and it leaves you with less available credit or liquid savings, that may indirectly affect your financial situation. Your credit score is based on credit accounts like credit cards and loans, not savings accounts.
What if I have a pending deposit or transfer when I close?
Tell the representative about any pending transactions before you close. They can advise you on whether to wait for the transaction to clear first. In most cases, it is safer to wait until all pending activity is complete, then close the account. This prevents confusion about where money is going.
How long does it take to close the account?
The account closure itself is immediate—the representative can confirm it is closed before you hang up. However, if you have a balance, it takes three to ten business days for the funds to reach you, depending on whether you choose electronic transfer or a check.
Do I need to close the account in person at a branch?
No. American Express is an online bank and does not have physical branches. You can close your account by phone or online. You do not need to visit a location or mail anything in.