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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.
American Express Personal Savings Accounts — Everything You Need to Know
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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.
Table of contents
- American Express Personal Savings Accounts
- The Benefits
- The Drawbacks
- How to Open an American Express Personal Savings Account
- Account Requirements
- How to Fund Your Account
Table of Contents
- American Express Personal Savings Accounts
- The Benefits
- The Drawbacks
- How to Open an American Express Personal Savings Account
- Account Requirements
- How to Fund Your Account
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.
- 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 84130Hot 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 Amex 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!
Featured Image Credit: Andre Taissin via Unsplash
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.
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About Katie Seemann
Katie fell in love with travel during a semester abroad in college spent in Nottingham, England. During that time, she got to see Scotland, Ireland, London, and Amsterdam and knew she wanted to see more of the world. Fast forward to 2015 when Katie discovered the world of points and miles. She jumped in full force and hasn’t looked back. After starting her own blog, Zen Life and Travel, in 2016, she began freelance writing in 2017. In addition to being a contributor to Upgraded Points since 2018, her work has also been featured in Travel + Leisure, Forbes Advisor, and Million Mile Secrets.
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.
13 comments
Anna Chad February 21, 2020
Can I transfer (wire) money from my Personal Savings account to my European bank account, based in E.U. ?
Jarrod West February 21, 2020
Hi Anna, Yes, you can perform an international wire transfer with any merchant that offers the service.
Anna Chad February 22, 2020
Thank you Jarrod, but I think there is no way of wiring money from American Express National Bank high yield personal savings to any overseas European bank account.
Anna Chad February 22, 2020
there is just the option of selecting only 3 bank accounts based in the US.
Jarrod West February 22, 2020Hi Anna, Have you spoken with anyone at American Express to see if there is any way they can assist you with that? This page may be helpful to you: https://www.americanexpress.com/us/foreign-exchange/online-wire-transfers-learn-more/. If they will not allow it, you could always withdraw the money need and wire it with an institution that has the capabilities.
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.Jarrod West March 26, 2020
Hi Alae, You will need to contact American Express for assistance with this. Their number is 1-(800)-528-4800.
Kody September 7, 2021
Hi Alae, how is your case? Is it clear?
Joan Ilten February 1, 2021Is 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?
Jarrod West February 1, 2021
Hi Joan, Yes it is possible, if you follow the steps on this FAQ on the Serve page. If you need additional help you can also contact their customer service team at 1-800-528-4800.
Vikki April 11, 2022
The rate is no longer 1.9% but rather 0.5% APY.
rayshawn ellis April 20, 2023
Does having this savings account help you qualify for an amex credit card?
Jarrod West April 20, 2023
Hi Rayshawn, Unfortunatley, it does not.Any thoughts or questions? Comment below! Cancel reply
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Deposit Checks Through Your Phone And Create Sub-Accounts With American Express Bluebird
I’m actually surprised by how much I like this feature. As you may know, I’m testing American Express Bluebird which functions as an alternative to a standard debit card by adding on a few other banking features like automatic bill pay, ATM withdrawals, and more. The fees are minimal, if any.
What Is American Express Bluebird?
- Deposits via smartphone.
- Direct deposits.
- Bill payments online.
- Sub-accounts to transfer money to your college student, for example (this feature seems handy).
- Free ATM withdrawals at MoneyPass ATMs.
The card can be loaded at Walmart using a cash or debit card. Load it online via a checking account, too.
Benefits That Come With Bluebird
All you need to do to get the card is stop into Walmart (where it costs $5) or sign up online and wait a few days to receive it for free. Here are some of the account benefits.
- No credit check to apply for the card.
- No hidden fees. The only fees I can see are if you make an out of network ATM withdrawal or overdraw your account. Otherwise, there are no annual or monthly fees.
- Purchase protection protects items for 90 days after purchase should they be damaged or stolen.
- Roadside assistance for emergency car trouble. They arrange for the assistance, but you pay for it.
- Entertainment access for discounted and advance tickets to music, theater and sporting events. This isn’t actually valid in San Diego, unfortunately, but you may benefit in certain coverage areas.
- Fraud protection.
- Global assist which offers medical, legal or financial assistance when over 100 miles from home.
- Easy-to-use online banking.
By using the Android or iPhone Bluebird mobile app, you can scan and deposit checks straight into your account. It’s fun to do and sort of like scanning a QR code. This eliminates going to the bank to deposit checks. Sometimes, I even go to the ATM to withdraw money and forget to deposit checks that are in my purse. I get money into my account faster by using this feature.
Other Ways To Deposit Cash Into Bluebird
1. Link your checking or savings account to Bluebird and transfer money. This takes approximately 5 business days, so just be prepared for that.
2. Buy a Vanilla Reload card. There’s a $3.95 fee per card with a $500 maximum, but an opportunity to earn airlines miles as I briefly discussed earlier. Log on to the internet to load Bluebird immediately with the Vanilla Reload card. I buy them at CVS.
3. Go to Walmart and load the card at the cashier. I’ll probably never do this since I’m not a Walmart shopper (I’m just never around one), but it is an option.
4. Use a debit card. You may have a $2 fee, but if it’s a miles-earning debit card it might be worth it.Bluebird Is Great For The Student In Your Life
This could be handy if you have a high school or college student in your life. You can add up to four sub-accounts on to your American Express Bluebird and control the money that they receive. You can:
- Turn the ATM feature on and off.
- Transfer money.
- Monitor spending by receiving email alerts.
- Set daily spending limits.
It seems strange to have American Express Bluebird as an account in addition to my normal checking or savings. However, I’m going to keep it. I’ll tell you why in my next post along with everything I like and dislike about it.
*I am a compensated reviewer of American Express Bluebird. All opinions are my own.
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