What you need to do to open an Amex savings account
American Express offers a high yield savings account through American Express Bank, FSB. To open one, you go to the Amex website, click into the savings product, and complete an online application that takes about 10 minutes. You'll need your Social Security number, a valid government ID, your current address, and a funding source—usually a bank account you already have.
Once you submit the application, Amex verifies your identity and checks your banking history through ChexSystems, a system banks use to review past account behavior. Most people get approved or denied within minutes to a few hours. If approved, you can fund the account immediately by transferring money from another bank account, and you can start earning interest right away.
The account itself has no monthly fee, no minimum balance requirement, and no limit on how many withdrawals you can make per month—though federal rules once capped savings withdrawals at six per month, that rule was suspended in 2020 and has not been reinstated.
Key Takeaways
- You apply online at the American Express website and need your Social Security number, a government ID, your address, and access to another bank account to fund it.
- The approval decision usually comes within hours, and you can transfer money into the account on the same day if approved.
- There is no monthly fee, no minimum opening deposit, and no minimum balance to keep the account open.
- The interest rate changes based on Federal Reserve decisions, so the yield you see when you open the account may be different three months later.
- You cannot deposit cash or checks directly into an Amex savings account—all deposits must come from another bank account via electronic transfer.
What documents and information to have ready
Before you start the application, gather these items so you don't have to stop halfway through: your Social Security number, a government-issued photo ID (driver's license, passport, or state ID), your current mailing address, and the routing and account number from a bank account you already own.
The bank account you link for funding can be at any U.S. bank—it doesn't have to be an American Express checking account. Amex uses this account to verify your identity through a process called microdeposits: they send two small deposits (usually under $1 each) to your existing account, and you confirm the amounts in the Amex app to prove you own that account. This typically takes one to two business days.
If you don't have another bank account yet, you'll need to open one first. You cannot fund an Amex savings account with a credit card, and you cannot make an initial deposit by mailing a check.
How the interest rate works and when it changes
American Express publishes the current annual percentage yield (APY) on its website before you open the account. This rate is not fixed—it moves up or down based on decisions made by the Federal Reserve, usually several times per year. When the Fed raises its benchmark interest rate, Amex typically raises the APY on savings accounts within days. When the Fed cuts rates, Amex cuts its rates as well, though sometimes with a slight delay.
The rate you see on the day you open the account is not locked in. Your rate will change automatically whenever Amex changes it. You don't have to do anything, and you don't get to choose whether to accept the new rate—it simply applies to your account going forward. This means the yield you earn in month one could be different from the yield in month six.
Interest is calculated daily on your balance and deposited into your account monthly. If you have $10,000 in the account and the APY is 4.50%, you earn roughly $37.50 per month (the exact amount depends on the number of days in the month and how your balance changes).
Transferring money in and out of the account
Once your account is open and verified, you can transfer money from your linked bank account into savings at any time. Transfers initiated before 11:59 p.m. ET on a business day usually arrive the next business day. Transfers on weekends or holidays take longer—typically two to three business days.
To withdraw money, you initiate a transfer from the Amex app or website back to the bank account you linked during setup. The money leaves your Amex account immediately, but it may take one to two business days to appear in your other bank account, depending on that bank's processing speed. You can make as many transfers as you want per month.
If you need cash, you cannot withdraw directly from an Amex savings account. You have to transfer the money to your checking account first, then withdraw from an ATM or at a branch. This adds a day or two to the process, so plan ahead if you need physical cash.
What happens if your application is denied
Amex denies applications for a few reasons: a history of overdrafts or closed accounts at other banks (flagged by ChexSystems), a very recent bankruptcy, or fraud concerns. If you're denied, Amex sends you a letter explaining the reason in general terms.
You can request a copy of your ChexSystems report to see what information the bank saw. If there's an error on that report—for example, an overdraft that was actually resolved—you can dispute it directly with ChexSystems, and Amex may reconsider your application after the correction is made. This process takes 30 to 60 days.
If you were denied because of recent negative account history, you can reapply after six months to a a year has passed and your banking behavior has improved. There's no penalty for reapplying, and Amex will review your file again.
How to manage your account after it opens
Once your account is active, you manage everything through the American Express mobile app or website. You can check your balance, see your interest earned month by month, set up automatic transfers, and change your linked bank account if needed.
The app shows your APY and updates it whenever Amex changes the rate. You can also set up alerts to notify you when deposits arrive or when your balance reaches a certain amount. There is no debit card, no checkbook, and no way to make purchases directly from the savings account—it is a deposit-only account designed for saving, not spending.
If you need to close the account, you can do so through the app or by calling customer service. Amex does not charge a fee to close, and you can withdraw your full balance before closing or have it transferred to another account.
Frequently Asked Questions
Can I open an Amex savings account if I have bad credit?
American Express does not check your credit score when you open a savings account. They check ChexSystems, which tracks your banking history, not your credit history. Bad credit does not disqualify you, but a history of overdrafts, bounced checks, or closed accounts at other banks might.
Is my money safe in an Amex savings account?
Yes. American Express Bank, FSB is a federally chartered bank, and deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per depositor. If the bank fails, the FDIC guarantees your money up to that limit. Most people with a single savings account at Amex are fully covered.
Can I link multiple bank accounts to fund my Amex savings?
You can link one bank account during the initial setup. After your account is open, you can add additional bank accounts through the app or website, so you can transfer from multiple sources. Each new account goes through the microdeposit verification process.
What happens to my interest if I don't make any deposits or withdrawals?
Your interest keeps earning even if you don't touch the account. As long as money sits in your savings account, it earns interest every day and gets deposited monthly. You don't have to do anything to keep earning.
How do I know if my application is still being processed?
After you submit your application, check your email for updates from American Express. Most decisions come within a few hours. If you don't hear back within 24 hours, log into the Amex website and check your application status, or call customer service to confirm they received your application.