You need a Social Security number, a valid ID, and an initial deposit to open an Amex savings account
American Express Bank offers a savings account directly to consumers through its online platform. You do not need to be an American Express credit card holder to open one. The account opens entirely online — there are no branches to visit. You will need your Social Security number, a government-issued photo ID, your current address, and enough money to meet the minimum deposit requirement, which varies by account type.
The process takes about 10 to 15 minutes if your information is ready. Amex verifies your identity instantly using the information you provide. Once approved, you can fund the account from a bank account you own using an ACH transfer, which typically takes one to two business days to arrive.
Key Takeaways
- You can open an Amex savings account online without visiting a branch or holding an Amex credit card.
- You will need a Social Security number, valid government ID, current address, and an initial deposit to complete the account opening.
- The account opens immediately after verification, but money you transfer from another bank takes one to two business days to appear.
- Amex savings accounts are FDIC-insured up to $250,000, the same protection that applies to deposits at traditional banks.
What you need before you start
Gather these items before you visit the Amex website to open an account. You will need your Social Security number, a valid government-issued photo ID (driver's license, passport, or state ID card), your current residential address, and your date of birth. Amex uses this information to verify your identity and check your credit history.
You will also need a bank account in your name at another financial institution to fund your Amex account. Amex accepts ACH transfers from checking and savings accounts at most U.S. banks. If you do not have a bank account yet, you will need to open one elsewhere first. Have your routing number and account number ready when you fund the Amex account — you can find these on a check or by logging into your bank's website.
The step-by-step process to open the account
Go to the American Express Bank website and select the option to open a savings account. You will be asked to enter your email address and create a password. Amex will send you a verification code to your email — enter that code to proceed.
Next, enter your personal information: full name, date of birth, Social Security number, and current address. Amex verifies this information against credit bureaus and identity databases in real time. If verification succeeds, you will see a confirmation screen within minutes. If verification fails, Amex will tell you why and may ask you to provide additional documents by mail, which can add one to two weeks to the process.
Once your identity is verified, you will set up your account details. Choose a username and password if you have not already, and decide whether you want paperless statements. Then link a bank account to fund your new Amex savings account. Enter your bank's routing number and your account number, and Amex will verify the account by depositing two small amounts (usually under $1 each) into it. Your bank will show these deposits within one to two business days. You then return to Amex and confirm the amounts to prove you own the account.
After your bank account is verified, you can transfer money into your Amex savings account. The first transfer may take up to five business days; later transfers typically take one to two business days.
Minimum deposit and account funding options
The minimum deposit to open an Amex savings account is $1. This is lower than many traditional banks require. You can fund the account using an ACH transfer from a checking or savings account at another bank. Amex does not accept deposits by check, wire transfer, or cash.
After the account is open, you can add money whenever you want using ACH transfers from your linked bank account. There is no limit on how many transfers you can make per month, though your bank may charge a fee if you exceed their own transfer limits. You can also set up automatic recurring transfers if you want to deposit the same amount on a regular schedule.
What happens after your account opens
Your Amex savings account is ready to use as soon as your identity is verified, even if money has not arrived yet. You will receive a confirmation email with your account number and login credentials. You can log in to the Amex website or mobile app to check your balance, view transactions, and manage your account settings.
Money you transfer from another bank will show as pending in your Amex account immediately, but it will not be available to withdraw until the transfer clears — typically one to two business days later. During that time, the money is in transit between banks and is not yet in your Amex account.
Your Amex savings account earns interest on the balance you hold. The interest rate changes based on market conditions and is set by Amex. You can check the current rate on the Amex website. Interest is calculated daily and deposited into your account monthly.
FDIC insurance and account protection
Your Amex savings account is insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. This means if Amex Bank fails, the FDIC will reimburse you for your deposits up to that limit. The $250,000 protection applies to each depositor at each bank, so if you have multiple accounts at Amex, the total coverage across all of them is $250,000, not $250,000 per account.
If you have a spouse or family member and you hold a joint account at Amex, the FDIC coverage is separate: you each get $250,000 of protection on the joint account. This is different from holding individual accounts, where the total is $250,000 split between you.
Moving money out of your Amex account
You can withdraw money from your Amex savings account by transferring it back to your linked bank account using ACH. Log into your Amex account, select the transfer option, choose the bank account you want to send money to, and enter the amount. The transfer typically takes one to two business days to arrive at your bank.
Amex does not issue debit cards for savings accounts, so you cannot withdraw cash at an ATM or make purchases directly from the account. If you need cash, you must transfer money to your checking account first, then withdraw from there. There is no limit on how many withdrawals you can make per month.
Frequently Asked Questions
Do I need an American Express credit card to open a savings account?
No. You can open an Amex savings account whether or not you hold an Amex credit card. The savings account is a separate product offered by American Express Bank and does not require any other relationship with American Express.
What if my identity verification fails?
Amex will tell you why verification failed and may ask you to send documents by mail, such as a copy of your driver's license or a utility bill showing your current address. This process typically takes one to two weeks. You can also call Amex customer service to discuss the issue and find out what documents they need.
Can I transfer money from another bank's savings account to my Amex account?
Yes. You can link any checking or savings account you own at another bank and transfer money using ACH. The process is the same whether the account is a checking or savings account at your bank.
How long does it take to receive my first transfer?
Your first transfer may take up to five business days because Amex verifies your linked bank account by depositing two small amounts into it first. After that, transfers typically take one to two business days. Transfers initiated on weekends or holidays may take longer.
Can I close my Amex savings account online?
Yes. You can close your account through the Amex website or by calling customer service. Amex will transfer any remaining balance to your linked bank account. Make sure your account balance is zero or that you have authorized the transfer before closing, or Amex may hold the funds while they process the closure.