How to Open an American Express Savings Account

American Express offers savings accounts directly through American Express Bank, a federally chartered bank separate from the credit card company

American Express Bank is a real bank — it holds deposits and is insured by the Federal Deposit Insurance Corporation (FDIC), just like a traditional bank. You can open a savings account there without having an American Express credit card. The account exists to hold money you want to keep safe and earn interest on, not to spend.

The process is entirely online. You visit the American Express Bank website, provide personal information, link a funding source (usually a bank account you already have), and transfer money in. The account opens within a few business days. You can then move money in and out whenever you need it, though savings accounts typically limit how many withdrawals you can make per month.

Key Takeaways

You open an American Express savings account online through the American Express Bank website without visiting a branch or calling a phone number.
You will need a Social Security number, a government-issued ID, and a bank account to transfer money from when you first fund the account.
The account is FDIC-insured up to $250,000, meaning your money is protected if the bank fails.
American Express Bank pays interest on the balance you keep in the account, though the rate changes based on market conditions.
You can withdraw money online or by transferring it back to another bank account, but some accounts limit the number of withdrawals per month.

What you need before you start

Gather these items before you begin the online process. You will need your Social Security number, which is a nine-digit identifier the government assigns to you. If you do not have one, you cannot open this account — American Express Bank requires it for federal tax and fraud-prevention reasons.

You will also need a government-issued photo ID. A driver's license, passport, or state ID card all work. American Express Bank will ask you to verify information from the ID — usually your name, date of birth, and address — so have it nearby when you start.

Finally, you need a bank account at another institution to fund the savings account with. This can be a checking account at any bank, a credit union account, or even a PayPal balance. American Express Bank will ask for the routing number and account number of the account you want to transfer from. If you do not have another bank account, you cannot open an American Express savings account.

The steps to open the account

Go to the American Express Bank website and look for the link to open a savings account. Click it. The site will ask you to enter your email address and create a password. Use an email you check regularly — American Express Bank will send you confirmation messages and account statements there.

Next, you will enter personal information: your full name, date of birth, Social Security number, and current address. American Express Bank verifies this information against government records and fraud databases. If something does not match — for example, if you recently moved and your address is not yet updated in the system — the process may pause while the bank confirms your identity by other means, such as asking you security questions.

Once your identity is verified, you will link a bank account to fund the savings account. Enter the routing number and account number of the bank account you want to transfer from. American Express Bank will make two small test deposits (usually under $1 each) to that account within one to two business days. You then log back in and confirm the amounts of those deposits. This confirms you own the account you are transferring from.

After you confirm the test deposits, you can transfer money into the savings account. The first transfer typically takes three to five business days to arrive. Once the money is in the account, it begins earning interest when ready.

How interest works on your balance

American Express Bank pays interest on the money you keep in the savings account. The interest rate is set by the bank and changes based on what the Federal Reserve does with interest rates — when the Fed raises rates, American Express Bank usually raises its rate too, and vice versa. The rate you see when you open the account may not be the rate you earn six months from now.

Interest is calculated daily on your balance and deposited into your account monthly. If you keep $10,000 in the account and the rate is 4.5% per year, you earn roughly $37.50 per month (the exact amount depends on the number of days in the month). The interest is added to your balance automatically — you do not have to do anything to receive it.

The interest rate American Express Bank offers changes frequently. Before you open the account, check the current rate on the American Express Bank website. Compare it to rates at other banks to see whether it makes sense for you.

Limits on how often you can withdraw

Federal banking rules allow savings accounts to limit withdrawals to six per month. American Express Bank may enforce this limit or may allow more. Check the account terms on the website before you open the account to see what limit applies.

If you need to withdraw money more than six times per month, a checking account may be a better choice than a savings account. Checking accounts typically allow unlimited withdrawals. However, checking accounts usually pay no interest or very little interest, so there is a trade-off between access and earning money on your balance.

How to move money out of the account

You can transfer money from your American Express savings account back to another bank account online. Log into your account, select the transfer option, choose the bank account you want to send money to, and enter the amount. The transfer usually takes one to three business days.

You cannot withdraw cash directly from an American Express savings account — there are no ATMs or branches. All withdrawals must go to another bank account. If you need cash, transfer the money to a checking account at a bank with ATMs, then withdraw from there.

FDIC insurance and what it protects

Your money in an American Express savings account is insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. This means if American Express Bank fails and cannot return your money, the FDIC will pay you back up to that limit. This protection is automatic — you do not have to do anything to get it.

The $250,000 limit applies per account holder per bank. If you have $200,000 in an American Express savings account and $100,000 in an American Express checking account, both are covered because they are different types of accounts. However, if you have $300,000 in one American Express savings account, only $250,000 is insured.

FDIC insurance does not protect you if you lose your password, if someone steals your login information, or if you send money to a scammer. Those are your responsibility. Use a strong password, never share your login details, and be cautious about emails or calls claiming to be from American Express Bank.

Frequently Asked Questions

Do I need an American Express credit card to open a savings account?

No. American Express Bank is a separate entity from American Express credit cards. You can open a savings account whether or not you have a credit card from American Express.

What happens if I do not have a bank account to transfer from?

You cannot open an American Express savings account without a way to fund it. If you do not have a bank account anywhere, you would need to open one at another bank first. Many banks offer free checking accounts with no minimum balance.

Can I set up automatic transfers into the savings account?

Yes. Once the account is open and verified, you can set up recurring transfers from your linked bank account to the savings account on a schedule you choose — weekly, biweekly, or monthly, for example. This helps you save automatically without having to remember to transfer money each time.

What if I forget my password?

Go to the American Express Bank login page and click the "Forgot Password" link. You will be asked to verify your identity using your email address or security questions. Once verified, you can create a new password and regain access to your account.

How long does it take for money to show up after I transfer it in?

Initial transfers typically take three to five business days. Transfers between your American Express savings account and a linked bank account usually take one to three business days. Weekends and holidays can add time to the process.

This guide is for general information only and is not medical, financial, legal, or other professional advice. For decisions specific to your situation, consult a qualified professional. See our Editorial Policy.