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).
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:
- Go to AmericanExpress.com, scroll to the bottom of the page, and select Savings Accounts & CDs
Image courtesy of American Express.
- Go to AmericanExpress.com/personalsavings
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.
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.
Image courtesy of American Express.Next you will be asked to select the number of owners for the 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:
- Log in to your credit card account at AmericanExpress.com
- Click on Payments, then Add Bank Account
Image courtesy of American Express.
- Then input your American Express Personal Savings account number and routing number (the routing number will always be 124085066)
- 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.
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!
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