American Express Personal Savings Accounts — Everything You Need to Know

American Express Savings Accounts

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When you think of American Express, I bet the first (and maybe only) thing you think of are their credit cards.

But did you know they also offer personal savings accounts? If you are like me, you had no idea this was available!

American Express doesn’t have brick and mortar locations, but they do offer online banking services.

American Express Personal Savings Accounts

American Express offers high-yield personal savings accounts. This type of account is not meant for everyday spending, as ATM cards and checks are not provided.

A high-yield account offers a variable interest rate that is typically higher than a traditional bank, with a maximum of 6 withdrawals per month.

Currently, American Express personal savings accounts earn 1.90% APY (subject to change without notice). This interest is earned daily and posted to your account each month. This is much higher than the national average (which is only .09% as of October 2018).

American Express Personal Savings Account
Image courtesy of American Express.

The Benefits

  • No monthly fees
  • No minimum balance
  • Above-average interest rate
  • Easily links to your current bank accounts (limit 3)
  • FDIC Insured

A high-yield savings account like the one offered by American Express can be a good option for someone looking for a high interest rate. While the rate is flexible and can decrease over time, it’s still a huge advantage of this account.

If you are someone who spends spontaneously, this could be a good option if you’re looking to curtail your habit. While transfers are easy to do online, your money could take a couple of days to become available in your other account, making impulse purchasing a difficult task!

The Drawbacks

  • No ATM card, debit card, or checks
  • Limit of 6 withdrawals per statement cycle
  • Variable interest rate that can decrease at any time without notice
  • Transfers are not automatic

This account isn’t meant to be a primary “everyday” type of account. There’s no ATM card, debit card, or checks available, which makes the money in this account somewhat difficult to access quickly.

Bottom Line: American Express personal savings accounts don’t charge fees or have a minimum monthly balance, plus they offer a higher-than-average interest rate of 1.90%. However, you won’t receive a debit card or checks, and you’ll be limited to 6 withdrawals per month — and that high interest rate can change at any time.

How to Open an American Express Personal Savings Account

You can access the American Express personal savings account website in 2 ways:

  1. Go to, scroll to the bottom of the page, and select Savings Accounts & CDs

    How To Find Amex Savings Accounts
    Image courtesy of American Express.
  2. Go to

To open your American Express personal savings account, go to the Amex Savings Account home page and click the big green Apply for a Savings Account button.

made payable to you, please endorse it on the back with your signature and, below your signature, write “For Deposit Only in Account” followed by your Personal Savings
Image courtesy of American Express.

Then select Open a New Account. You will be asked to confirm that you are at least 18 years old, planning to use the account for personal purposes, and that you are a U.S. citizen or resident alien with a social security number or Tax ID Number plus a home address within the U.S. Click Confirm & Proceed.

How To apply for an amex savings account
Image courtesy of American Express.

Next you will be asked to select the number of owners for the account.

How To apply for an amex savings account
Image courtesy of American Express.
  • Individual Account: This type of account has just 1 person listed as an owner.
  • Joint Account Ownership With Right of Survivorship: This type of account has 2 names listed as owners. Both agree that when they die the balance in the account will belong to the survivor. While each of the 2 owners has full access to the account, only the primary owner can access online tax forms, and any interest earned will be reported under the SSN of the primary account holder. The primary account holder is simply the first person named on the account.

Account Requirements

You will be required to provide personal information to complete your application including:

  • Name
  • Street address
  • Date of birth
  • Social Security Number or Tax ID Number

American Express could also request other identifying documents like a driver’s license. To link another bank account, you will need that account number and routing number.

If you do not have an email address, you can apply over the phone by calling 1-800-446-6307 (24 hours a day). While you can open an account without an email address, you won’t be able to access any account information online without one.

How to Fund Your Account

You will need to fund your account within 60 days, and you can do this in 2 ways: send a check, or transfer money from another bank account.

To fund your new account electronically, the primary account holder will need the account and routing numbers for the outside account. You can link your accounts and transfer money through your online account.

You can also send in a check to fund your new account. Make the check payable to American Express National Bank, and write your account number on the memo line.

Or you can make the check payable to you, endorse it on the back with your signature, and write “For Deposit Only in Account” followed by your account number. Then mail the check to:

American Express National Bank
P.O. Box 30384
Salt Lake City, Utah 84130

Hot Tip: There is no minimum deposit requirement to open an American Express Personal Savings Account.

How to Make a Withdrawal From Your Amex Personal Savings Account

Since your Amex personal savings account is entirely online, you might be wondering how you can make a withdrawal.

First, you can easily transfer money from your savings account to your other linked bank account. To link a new account, you will need your account and routing numbers handy.

If you would prefer a check sent to you, call 1-800-446-6307 to make the request.

How to Pay Your Amex Card Bill With Your Savings Account

I bet most of us have at least 1 American Express credit card in our wallets. They offer some of the best points-earning options available in both personal and business credit cards.

For example, the American Express® Gold Card earns 4x points at restaurants and grocery stores, and The Platinum Card® from American Express earns 5x points on pre-paid hotels and flights booked through the airline or Amex Travel!

You can pay your monthly credit card bill using your American Express personal savings account too. Here’s how:

  1. Log in to your credit card account at
  2. Click on Payments, then Add Bank Account

    Amex Payments
    Image courtesy of American Express.
  3. Then input your American Express Personal Savings account number and routing number (the routing number will always be 124085066)
  4. If you already have recurring payments set up, click Manage Bank Accounts then Add New Bank. Then you will be able to add your Amex personal savings account information.

    Amex Manage Bank Accounts
    Image courtesy of American Express.

Bottom Line: You can pay your Amex credit card bill using your American Express personal savings account. Each payment to your American Express credit card bill will count as one of your 6 withdrawals.

Final Thoughts

In addition to great credit cards for travel, American Express also offers high-yield personal savings accounts. These accounts offer some benefits, like no fees and no minimum balance. However, they aren’t meant for everyday use since there is a limit of 6 withdrawals per month.

If you are in the market for a high-yield savings account, you might want to take advantage of the 1.90% APY (which is much higher than the national average of .09%). This great rate is subject to change at any time though, so double-check before you sign up!

Frequently asked questions

What is the American Express savings account interest rate?

Currently the interest rate is 1.90% APY, but it can change at any time without notice. It’s much higher than the national average, which is .09%!

What are the benefits of an American Express personal savings account?

American Express personal savings accounts are high-yield accounts, which currently offer a 1.90% APY. There is no minimum balance required and no fees plus 24/7 online access. Amex savings accounts are FDIC insured.

Is there a minimum balance required for an American Express savings account?

No, there’s no minimum balance, no minimum deposit, and no fees associated with an American Express high-yield savings account. There is a $5 million maximum per account.

Katie Seemann

About Katie Seemann

Katie is an Ohio native who caught the travel bug after spending a semester in college in Nottingham, England. In addition to exploring England, she visited Ireland, Scotland and the Netherlands during that time and loved every minute of it (everything except the hostel in Scotland – that’s an experience she doesn’t intend on repeating!) In 2015, Katie discovered the world of points and miles, and since then she’s earned countless points and has an embarrassingly large number of credit cards in her wallet (which she needs a spreadsheet to keep track of!)

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Disclaimer: Any comments listed below are not from the bank advertiser, nor have they been reviewed or approved by them. No responsibility will be taken by the bank advertiser for these comments.


  1. Can I transfer (wire) money from my Personal Savings account to my European bank account, based in E.U. ?


  2. ALAE KHAIDAR March 25, 2020

    How can I transfer money from my current balance to the available balance in my personnel savings account?
    I have sent money to this account but it shows in current not available. Now I want to transfer it.


  3. Is possible or is there a way to link my Amex Serve to my personal savings account with American Express and send money to my Amex serve card for withdrawal?


Any thoughts or questions? Comment below!

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