Amazon Does Not Offer a Traditional Savings Account
Amazon does not run a bank and does not offer savings accounts. You cannot open a savings account through Amazon.com or any Amazon subsidiary. Amazon does offer a credit card and a checking account product called Amazon Pay, but neither functions as a savings account where you deposit money and earn interest.
If you are looking for a place to keep money safe and earn interest on it, you will need to open an account at a bank, credit union, or online financial institution. Amazon's financial products are designed for spending and payment, not for saving.
Key Takeaways
- Amazon does not offer savings accounts, checking accounts with interest, or any deposit products where you can store money and earn returns.
- Amazon Pay is a payment service that lets you use your Amazon account to check out on other websites, but it does not hold your money or pay interest.
- The Amazon Prime Rewards Visa Card is a credit card for making purchases, not a place to deposit and save money.
- To open a real savings account, you will need to work with a bank, credit union, or online financial institution that is insured by the FDIC or NCUA.
What Amazon Pay Actually Does
Amazon Pay is a checkout tool, not a savings or checking account. When you use Amazon Pay on another website, you are signing in with your Amazon account credentials and authorizing a purchase. The money comes from your credit card, debit card, or bank account that you have already linked to Amazon — Amazon itself does not hold the funds.
Amazon Pay does not give you a separate account number, routing number, or the ability to transfer money in and out for your own purposes. You cannot deposit a paycheck into Amazon Pay or use it to build savings. It exists only to speed up checkout on partner websites.
The Amazon Prime Rewards Visa Card Is a Credit Card, Not Savings
The Amazon Prime Rewards Visa Card is a credit card issued by Chase Bank, not by Amazon. When you use it, you are borrowing money from Chase and paying interest if you carry a balance. The card offers cash back rewards on Amazon purchases and other spending, but the rewards are credits applied to your account — not money deposited into a savings vehicle.
A credit card is the opposite of savings: you spend money first and pay it back later, usually with interest. If you are looking to save money rather than spend it, a credit card is not the right tool.
Where to Open a Real Savings Account Instead
Banks and credit unions offer savings accounts that are insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA). This means your money is protected up to $250,000 if the institution fails. You earn interest on the balance, though rates vary widely depending on the bank and the account type.
Online banks like Ally, Marcus, Discover, and Vanguard often pay higher interest rates on savings accounts than traditional brick-and-mortar banks. Credit unions typically offer competitive rates and lower fees. Your own bank may also offer a savings account if you already have a checking account there. Compare rates and fees across a few options before opening an account.
Why Amazon Does Not Offer Banking Products
Amazon is a retail and technology company, not a bank. Offering savings accounts would require Amazon to become a bank holding company, which means submitting to federal banking regulation, maintaining capital reserves, and insuring deposits. Amazon has chosen not to pursue this business model.
Instead, Amazon partners with established banks and payment processors to offer credit cards and payment services. This keeps Amazon focused on retail and cloud services while letting regulated financial institutions handle the banking side.
What to Do If You Want to Save Money from Amazon Purchases
If you earn cash back or rewards from the Amazon Prime Rewards Visa Card, you can transfer that credit to your bank account or use it to pay down your card balance. The rewards themselves are not savings — they are a discount on what you would have spent anyway. To actually save money, you need to spend less than you earn and deposit the difference into a savings account at a bank or credit union.
Some people use their Amazon rewards as a reason to open a savings account: they transfer the cash back rewards to their bank and deposit them into savings rather than spending them. That is a personal choice, but the savings account itself has to come from a financial institution, not from Amazon.
Frequently Asked Questions
Can I use my Amazon account to deposit money like a bank?
No. Amazon does not accept deposits or hold money on your behalf. You can only link existing bank accounts or credit cards to your Amazon account for making purchases.
Does Amazon offer any product that earns interest?
No. Amazon does not offer interest-bearing accounts of any kind. The Amazon Prime Rewards Visa Card offers cash back on purchases, but that is a discount, not interest.
Is Amazon Pay the same as a checking account?
No. Amazon Pay is a payment method that lets you check out on other websites using your Amazon login. It does not give you a checking account, account number, or routing number.
What is the safest place to open a savings account?
Any bank or credit union insured by the FDIC or NCUA is safe. Your deposits are protected up to $250,000 if the institution fails. Online banks, traditional banks, and credit unions all offer this protection as long as they are federally insured.