What you need to know before you start

American Express Bank offers joint savings accounts, but the process and requirements differ from opening an individual account. Both account holders must be present (in person or online) to verify their identity, and both must agree to the account terms. The account will be held in both names, meaning either person can withdraw funds or close the account without the other's permission — this is called a "joint tenancy" structure.

You'll need a Social Security number for each account holder, a valid government-issued ID, and proof of current address. The bank will run a background check through ChexSystems, which is a banking history database. If either account holder has been flagged in ChexSystems or has unpaid bank fees from another institution, the process may be denied.

American Express Bank joint savings accounts earn interest, but the rate varies based on market conditions and account balance. You can fund the account when ready after opening it, either by transferring money from another bank or by depositing a check.

Key Takeaways

  • Both account holders must provide government-issued ID, Social Security number, and proof of address during the opening process.
  • Either account holder can withdraw all funds or close the account without permission from the other, so choose your co-owner carefully.
  • The bank will check your banking history through ChexSystems, and a negative record may result in denial.
  • You can fund the account when ready after opening by transferring from another bank or depositing a check.
  • Interest rates on joint savings accounts change with market conditions and are not may provide.

The account opening process step by step

Start by visiting the American Express Bank website or calling their customer service line. You'll be asked whether you want to open the account online or in person. Online opening is faster — typically 10 to 15 minutes — but both account holders must be present at the same device or on the same call to verify their identities.

The bank will ask for the primary account holder's information first: full legal name, date of birth, Social Security number, and current address. Then it will ask for the same information for the joint account holder. You'll be asked to confirm the relationship (spouse, family member, business partner, etc.), though the bank does not restrict who can be a joint owner.

Next, both account holders will be asked to verify their identity. American Express Bank uses knowledge-based verification, meaning they'll ask questions about your credit history or past addresses that only you would know. This usually takes two to three minutes per person. You'll also be asked to provide a government-issued ID — a driver's license, passport, or state ID — and to confirm your current address.

Once both identities are verified, you'll choose your account settings: whether you want online banking, a debit card, and how statements should be delivered (electronic or paper). You'll review the account agreement, which outlines the terms, fees, and interest rate. Both account holders must accept the terms before the account is created.

What happens after you submit your process

The bank will send a confirmation email to both account holders within a few minutes of opening the account. The account number will appear in your email and in your online banking portal when ready. You can begin transferring money or depositing checks the same day.

If the bank needs to verify additional information — for example, if your address doesn't match public records — it may place a temporary hold on the account. This hold usually lasts 24 to 48 hours. During this time, you can still see the account and its balance, but you cannot withdraw funds. The bank will contact you by phone or email if this happens.

Debit cards, if you ordered them, typically arrive within 7 to 10 business days. You can use the account for transfers and online payments before the cards arrive.

Fees and account minimums

American Express Bank joint savings accounts have no monthly maintenance fee and no minimum balance requirement to open the account. However, some features carry fees: if you request a paper statement, the bank may charge a fee per statement (this varies by account type). Overdraft fees do not explore to savings accounts, since you cannot overdraft a savings account.

If you close the account within 90 days of opening, the bank may charge an early closure fee. The amount varies, so check the account agreement before opening. If you need to close the account, you can do so online or by calling customer service.

How joint ownership affects the account

In a joint savings account, both owners have equal rights to all funds. Either person can withdraw money, add money, change account settings, or close the account without notifying the other. This is different from a "joint account with survivorship," where the account automatically passes to the surviving owner if one owner dies — American Express Bank joint savings accounts do not have this feature by default.

If one account holder dies, the surviving owner can continue using the account, but the bank will require a death certificate and may freeze the account temporarily while it verifies the account holder's status. The account does not automatically become the sole property of the surviving owner; it may be subject to probate or estate claims depending on your state's laws.

For tax purposes, the bank reports interest earned on the account to both Social Security numbers. Each account holder receives a 1099-INT form showing their share of the interest. You and your co-owner are responsible for deciding how to split the interest income for tax purposes — the bank does not make this decision.

Transferring money into your new account

You can fund the account in three ways: by transferring from another bank account, by depositing a check, or by mailing a check directly to American Express Bank.

Bank transfers are the fastest method. Log into your online banking portal, go to "Transfer Money," and select the bank account you want to transfer from. You'll enter the amount and confirm. Transfers from other banks typically arrive within one to three business days, depending on the sending bank. If you're transferring from another American Express Bank account, the transfer is usually when ready.

Check deposits can be made by photographing the check through the mobile app or by mailing it to the address provided in your account documents. Mobile check deposits usually clear within one to two business days. Mailed checks take longer — typically five to seven business days from the date the bank receives them.

What to do if your process is denied

If American Express Bank denies your process, it will send a notice explaining the reason. Common reasons include a negative ChexSystems record, unpaid fees at another bank, or identity verification failure. The notice will include instructions for disputing the decision if you believe it's incorrect.

If the denial is due to ChexSystems, you can request a copy of your report from ChexSystems directly and dispute any inaccurate information. This process takes 30 to 60 days. Once the dispute is resolved, you can reapply with American Express Bank.

If the denial is due to unpaid fees at another institution, contact that bank and pay the outstanding balance. Once paid, ask the bank to report the resolution to ChexSystems. Then reapply with American Express Bank.

Frequently Asked Questions

Can I open a joint account if one person lives in a different state?

Yes. Both account holders must verify their identity online or in person, but they do not need to be in the same location. You can complete the process together over the phone or video call, with each person verifying their identity separately.

What happens if one account holder wants to close the account but the other doesn't?

Either account holder can close the account unilaterally. If one person closes it, the funds are typically transferred to the account holder who initiated the closure. The other account holder will be notified by email after the account is closed. If you want to prevent this, you'll need to discuss account access and permissions before opening the account.

Do I need to be a U.S. citizen to open a joint account?

No, but you must have a valid Social Security number or Individual Taxpayer Identification Number (ITIN). The bank will verify your identity using the same process as U.S. citizens, and you'll need a government-issued ID from your country of residence.

Can I change the account from joint to individual later?

No. You cannot convert a joint account to an individual account. If you want an individual account, you'll need to close the joint account and open a new one. The bank will not transfer the account; you'll have to move the funds manually.

How much interest will I earn on a joint savings account?

Interest rates change based on market conditions and are not may provide. Check the American Express Bank website or call customer service for the current rate before opening the account. The rate may change after you open the account, and the bank will notify you of any changes.