You can close an American Express savings account by phone, online, or by mail, but you need to move your money first and understand what happens to any interest you've earned

American Express Bank offers savings accounts under the brand name American Express Personal Savings. To close one, you contact American Express directly—there is no online closure button. The process itself takes minutes, but the money transfer can take several business days, and you'll forfeit any interest that hasn't posted yet if you close before the end of the statement cycle.

The three ways to close are: calling the customer service number on the back of your statements or the American Express website, submitting a written request by mail, or using the online account portal if your bank offers that option. Most people close by phone because you get when ready confirmation and can ask questions about your balance in real time.

Key Takeaways

  • You must move your money out of the account before closing—American Express will not close an account with a balance.
  • Interest earned through the end of the current statement cycle will post to your account, but interest accrued after you request closure will not.
  • Closing by phone (the number is on your statements) is fastest and gives you a confirmation number on the spot.
  • After closure, keep your final statement for tax records, since interest earned counts as income on your tax return.

Move your money before you call

American Express will not close a savings account that still holds money. You need to transfer your full balance to another bank account—either another American Express account you own, or an external account at a different bank.

If you transfer to an external bank, the transfer typically takes three to five business days. Plan for this delay: request the closure only after the money has landed in your new account and you've confirmed the balance is correct. If you transfer to another American Express account you own, the move is usually when ready or next business day.

Write down your final balance before you transfer. When you call to close, you'll confirm that number with the representative, and it serves as proof the account is empty.

Call American Express to request closure

Find the customer service number on the back of your most recent statement, or go to the American Express website and look for the phone number in the account section. Have your account number and Social Security number ready.

Tell the representative you want to close your savings account. They will confirm your identity, verify that your balance is zero, and ask why you're closing (this is optional to answer). The representative will then process the closure and give you a confirmation number. Write this down or ask them to email it to you.

The entire call usually takes five to ten minutes. Ask the representative when the account will be fully closed in their system—most accounts show as closed within one to two business days, though some take up to a week.

What happens to interest you've already earned

Interest that has already posted to your account (meaning it appears on your statement) stays yours. You'll receive it as part of your final balance when you transfer the money out.

Interest that has accrued but not yet posted—meaning it's been earned but hasn't shown up on a statement yet—depends on timing. If you close before the end of the statement cycle, you typically forfeit that accrued interest. If you close after interest has posted, you keep it.

American Express statements usually close on the same date each month. If you're closing mid-cycle, ask the representative whether you'll receive the accrued interest or lose it. Some accounts post interest monthly, others quarterly—the frequency is in your account agreement.

Closing by mail if you prefer written confirmation

Write a letter to American Express requesting closure of your savings account. Include your full name, account number, the date, and a statement that you want to close the account. You do not need to explain why.

Send the letter to the address listed on your statement under "Mail correspondence to" or "Send payments to." Keep a copy for your records. Mail closure takes longer—typically two to three weeks for American Express to process and confirm—so use this method only if you need written documentation or cannot reach customer service by phone.

After you mail the letter, wait one week, then call to confirm they received it. This prevents the letter from getting lost and the account staying open by accident.

Keep your final statement for taxes

Interest earned on a savings account counts as taxable income. The amount you earned will appear on your final statement. American Express will also send you a Form 1099-INT if you earned $10 or more in interest during the tax year.

Save your final statement and any 1099-INT form you receive. You'll need them when you file your tax return. If you close the account in December, you may not receive the 1099-INT until January or February of the following year—this is normal.

What to do if you change your mind

If you close the account and then want to reopen it, contact American Express and ask whether they can reopen it. Some banks will reopen a recently closed account within 30 days; others require you to open a new account. There is no harm in asking, and the representative can tell you when ready whether reopening is possible.

If reopening is not possible and you want to save with American Express again, you'll open a new account. The new account will have a different account number, and you'll start with a zero balance.

Frequently Asked Questions

Can I close the account online?

Most American Express savings accounts do not have an online closure option. You must call customer service or send a written request by mail. Check your online account portal first—some newer accounts may offer closure there—but phone is the most reliable method.

What if I have a pending transfer when I request closure?

Tell the representative about the pending transfer. They may ask you to wait until it completes before closing, or they may close the account and let the transfer finish afterward. Ask which option they recommend for your situation.

Will closing the account hurt my credit?

Closing a savings account does not affect your credit score. Savings accounts are not reported to credit bureaus. Only credit products like credit cards and loans appear on your credit report.

Do I need to close the account, or can I just stop using it?

You can stop using it without closing it, but closing is cleaner. An inactive account may incur fees if American Express charges them, and you'll still receive statements. Closing removes the account from your profile entirely.

What if American Express says there's a hold on my account?

A hold usually means there's a pending transaction or investigation. Ask the representative how long the hold lasts and when you can close. You may need to wait for the hold to clear before closure is possible.