American Express Bank does not currently offer joint savings accounts
American Express Bank's savings products are structured for individual account holders only. If you and another person want to save money together, you will need to use a different bank or explore alternative structures that American Express does offer.
This matters because joint accounts let two people deposit, withdraw, and manage funds from the same account without needing permission from each other. If American Express Bank is where you want to keep your money, you have other options—but they work differently than a true joint account.
Key Takeaways
- American Express Bank savings accounts are individual accounts only; the bank does not offer joint ownership structures.
- If you need shared access to savings, you can open separate individual accounts and coordinate deposits, or use a different bank that offers joint accounts.
- Some couples or partners use one person's American Express account and add the other person as an authorized user on certain products, though this is not the same as joint ownership.
- Banks that do offer joint savings accounts typically require both account holders to be present at opening, provide identification, and sign paperwork together.
- Joint account rules vary by state regarding what happens to the money if one account holder dies, so check your state's law if that is a concern.
Why American Express Bank does not offer joint accounts
American Express Bank structures its deposit products around individual ownership. This is a business choice, not a regulatory requirement—other banks offer joint accounts without issue. American Express has chosen to keep their savings account product simple and tied to one person's Social Security number and credit profile.
If you have an existing American Express Bank savings account and want to add another person, you cannot convert it to a joint account. You would need to close the account and move your money elsewhere, or keep it as an individual account and have the other person open their own.
What to do if you need shared savings with another person
The most straightforward option is to open a joint savings account at a different bank. Most major banks—Chase, Bank of America, Wells Fargo, Ally, and many credit unions—offer joint savings accounts. Both account holders can deposit and withdraw money, and both names appear on the account.
If you want to keep money at American Express Bank specifically, you can open two separate individual accounts and coordinate your savings that way. One person deposits their share, the other deposits theirs, and you track the balance together. This works but requires trust and clear communication about who owns what.
A third option is to add the other person as an authorized user on certain American Express products. This is not the same as a joint account—the account still belongs to one person, and the authorized user can use it but does not own it. If the primary account holder dies or closes the account, the authorized user loses access.
How to open a joint savings account at another bank
If you decide to move forward with a joint account elsewhere, the process is similar across most banks. Both account holders need to be present—either in person at a branch or online together, depending on the bank's rules. You will each need a government-issued ID, your Social Security number, and proof of address (a utility bill or lease usually works).
The bank will ask how you want the account titled. The most common option is "tenants in common," which means each person owns their share and can name a beneficiary for that share. The other option is "joint tenants with rights of survivorship," which means if one person dies, the other automatically owns the entire account. State law varies on which is the default, so ask the bank which applies in your state.
After you sign the paperwork, the account opens immediately or within one business day. You can deposit money right away, and both account holders can access it through the bank's app or website using their own login credentials.
What happens to a joint account if one person dies
This depends on how the account is titled and what your state's law says. If the account is set up as "joint tenants with rights of survivorship," the surviving account holder automatically owns all the money—it does not go through probate or the deceased person's will. The surviving person can keep using the account or close it.
If the account is titled "tenants in common," each person's share goes to their estate or whoever they named as a beneficiary. This can create complications if the deceased person's will or beneficiary designation conflicts with the other account holder's wishes. Some banks let you name a beneficiary on the account itself, which can override the will.
Before you open a joint account, talk with the other person about what should happen to the money if one of you dies. Then ask the bank which titling option matches what you both want.
Risks and protections with joint accounts
A joint account means both people have full access to all the money. Either person can withdraw the entire balance without permission from the other. This is convenient if you trust each other completely, but it creates risk if the relationship changes or if one person has a spending problem.
The money in a joint savings account is protected by FDIC insurance up to $250,000 per person, per bank. So if you and another person have a joint account at the same bank, the account is insured up to $500,000 total—$250,000 for each of you. If the bank fails, you get your money back up to that limit.
If one account holder is sued or has debt, a creditor can sometimes freeze or seize money in a joint account, even if the other person did not create the debt. This varies by state and by the type of debt. Before opening a joint account, consider whether either of you has outstanding legal judgments or significant debt.
Frequently Asked Questions
Can I add someone to my existing American Express Bank savings account?
No. American Express Bank does not allow you to convert an individual account to a joint account or add another person as a co-owner. Your only option is to close the account and open a joint account at a different bank, or keep your American Express account as-is and have the other person open their own account.
What if I want to give someone temporary access to my American Express account?
You can add them as an authorized user on certain American Express products, though this is not available on all savings accounts. An authorized user can access the account but does not own it. If you close the account or remove them, they lose access immediately. Check with American Express about whether this option is available for your specific account type.
Do both people need to be present to open a joint savings account?
Most banks require both account holders to be present, either in person or online together. Some banks allow one person to start the account and the other to sign remotely, but both must provide identification and sign the paperwork. Call the bank you are interested in to ask about their specific process.
What is the difference between "joint tenants with rights of survivorship" and "tenants in common"?
With rights of survivorship, the surviving account holder automatically owns all the money if the other dies. With tenants in common, each person's share goes to their estate or beneficiary. Your state has a default rule, but you can usually choose which one you want. Ask the bank which is right for your situation.
Can a creditor take money from a joint account if only one person owes the debt?
It depends on your state and the type of debt. In some states, a creditor can freeze or seize the entire joint account if one account holder owes money. In others, they can only take the debtor's share. This is a real risk, so discuss it with the other person before you open the account together.