So, you've got an American Express Savings account, and you're ready to start building up that nest egg, perhaps taking advantage of those competitive interest rates! That's a fantastic goal, and I'm here to walk you through exactly how to get your money transferred in. It's usually a straightforward process, but knowing the steps beforehand can make it even smoother. Let's get your savings journey started!
The Essentials: Understanding Your American Express Savings Account
Before diving into the "how-to," let's quickly touch on a few key characteristics of American Express Savings accounts:
Online-Centric: American Express National Bank operates primarily online. This means you won't find physical branches to deposit cash or make in-person transactions. All your transfers and management will be done digitally or via mail.
High-Yield Focus: These accounts are generally known for offering competitive Annual Percentage Yields (APYs), making them attractive for growing your savings.
FDIC Insured: Your deposits are insured by the FDIC (Federal Deposit Insurance Corporation) up to the maximum legal limit, currently $250,000 per depositor, per insured bank, for each ownership category. This provides peace of mind that your money is safe.
 |
| How Do I Transfer Money To My American Express Savings Account |
Step 1: Getting Ready – Gathering Your Information
The first and most crucial step is to gather all the necessary information. Think of it like preparing your ingredients before you start cooking!
Sub-heading 1.1: Your American Express Savings Account Details
You'll need these to ensure the money goes to the right place.
Your American Express Savings Account Number: This is unique to your Amex savings account. You can typically find it by logging into your online American Express Savings account and navigating to "Account Details." Look for a "Show" option to reveal the full number.
American Express National Bank Routing Number: This is a standard 9-digit number that identifies American Express National Bank for electronic transfers. For American Express Savings accounts, the routing number is 124085066. It's vital to use this specific routing number for your savings account transfers, as using another Amex routing number (e.g., for a credit card payment) could cause delays or rejections.
Sub-heading 1.2: Your External Bank Account Details
This is the account from which you'll be transferring money. This could be your checking account at another bank (e.g., Chase, Bank of America, Wells Fargo, etc.).
Your External Bank Account Number: This is the account number of your checking or savings account at the other institution.
Your External Bank's Routing Number: This is the 9-digit routing number for your external bank. You can usually find this on your bank's website, on a check, or by contacting your bank directly.
Step 2: The Linking Process – Connecting Your Accounts
For most online transfers, you'll need to link your external bank account to your American Express Savings account. This is a one-time setup that verifies you own both accounts.
Tip: Look for examples to make points easier to grasp.
Sub-heading 2.1: Linking Online (Recommended Method)
This is the most common and convenient way to link accounts.
Log In: Go to the American Express Savings website (
go.amex/savings Navigate to Transfers/Linked Accounts: Look for a section related to "Transfers" or "Linked Bank Accounts." The exact wording might vary slightly, but it's usually prominent in the account management area.
Initiate Linkage: Select the option to "Add External Account" or "Link a Bank Account."
Enter External Bank Details: You will be prompted to enter the routing number and account number of your external bank account that you gathered in Step 1.
Verification Process (Micro-Deposits): American Express will likely initiate small micro-deposits (usually two small amounts, like $0.15 and $0.23) into your external bank account. This is a security measure to confirm you are the owner of the external account. These deposits typically appear within 1-3 business days.
Important: Do not try to make a transfer before verifying these micro-deposits.
Verify Micro-Deposits: Once the micro-deposits appear in your external bank account's transaction history, log back into your American Express Savings account. You will then be prompted to enter the exact amounts of these micro-deposits to complete the linking process.
Sub-heading 2.2: Linking via Form (Alternative Method)
If for some reason you can't link online, American Express also provides an "External Account Linkage Form." This is less common but an option.
Download the Form: You can usually find this form on the American Express Savings website under "Forms" or "Support."
Complete the Form: Fill out all the required information, including your Amex Savings account details and your external bank account details. Ensure all information is accurate to avoid delays.
Sign and Submit: Sign the form and submit it via fax or mail to the address provided on the form. This method will take longer than online linking due to processing times.
Step 3: Making the Transfer – Funding Your Account
Once your external bank account is successfully linked and verified, you're ready to transfer funds!
Sub-heading 3.1: Online Bank-to-Amex Transfer (Pull from Amex)
This is generally the easiest and recommended method as you initiate the transfer directly from your American Express Savings account.
Log In: Log in to your American Express Savings account online.
Select "Make a Transfer": On your account dashboard, look for an option like "Make a Transfer," "Deposit Funds," or similar.
Choose Accounts:
From Account: Select your linked external bank account.
To Account: Select your American Express Savings account.
Enter Amount: Input the amount you wish to transfer.
Set Transfer Type (One-Time or Recurring):
One-Time Transfer: Choose a specific date for the transfer to be initiated.
Recurring Transfer: If you want to set up regular deposits (e.g., weekly, bi-weekly, monthly), select the frequency and start/end dates. This is a great way to automate your savings!
Review and Confirm: Carefully review all the transfer details – the "from" account, "to" account, amount, and date/frequency. Make sure everything is correct.
Submit Transfer: Confirm the transfer. You will usually receive a confirmation number. Keep this number for your records.
Sub-heading 3.2: Online Bank-to-Amex Transfer (Push from External Bank)
You can also initiate the transfer from your external bank's online banking portal. This is often called "adding an external account" or "making an external transfer."
Log In: Log in to your external bank's online banking website.
Navigate to Transfers/External Accounts: Find the section for transfers, bill pay, or adding external accounts.
Add American Express as an External Account (if not already done): You might need to add American Express National Bank as a payee or external account. You will use your American Express Savings account number and the American Express National Bank routing number (124085066). Your external bank might also require a micro-deposit verification process similar to Amex's.
Initiate Transfer: Select the option to transfer funds.
From Account: Choose the account you're transferring from (e.g., your checking account).
To Account: Select your American Express Savings account (which you've linked/added).
Enter Amount and Schedule: Input the amount and choose if it's a one-time or recurring transfer.
Review and Confirm: Double-check all the details before confirming.
Sub-heading 3.3: Direct Deposit (For Paychecks or Federal Payments)
QuickTip: Read line by line if it’s complex.
If you want to have a portion or all of your paycheck directly deposited into your American Express Savings account, you can set this up with your employer.
Obtain Direct Deposit Information: Log in to your American Express Savings account. Go to "Account Details" and find your American Express Savings account number and the American Express National Bank routing number (124085066).
Provide to Employer: Provide these details to your employer's payroll department. They will usually have a direct deposit form for you to fill out.
Provide to Federal Payer: For federal payments (like Social Security benefits), you'll provide these details to the relevant government agency.
Sub-heading 3.4: Mail a Check ✉️
While less common for digital savings accounts, you can still mail a check to deposit funds.
Write the Check: Make the check payable to "American Express National Bank."
Include Account Number: Crucially, write your American Express Savings account number clearly on the memo line of the check.
Mail the Check: Send the check to the address provided by American Express for deposits. You can usually find this on their website or by calling customer service.
Step 4: Understanding Transfer Times and Availability ⏳
Once you've initiated a transfer, it's natural to wonder when your money will arrive and be available.
Sub-heading 4.1: Processing Timeframes
ACH Transfers (Electronic Transfers): Most online transfers between your external bank and American Express Savings are done via the Automated Clearing House (ACH) network. These typically take 1 to 3 business days to process.
Initiation Cut-off Time: Transfers initiated after 7:00 PM Eastern Time or on non-business days will begin processing on the next business day.
Funds Reflection: While the amount may show in your Amex balance immediately and start earning interest, the funds generally become available for withdrawal on the 5th business day after the deposit is initiated. This hold period is standard for electronic transfers to ensure the funds clear.
Direct Deposits: Once set up with your employer, direct deposits typically arrive on your scheduled payday. It might take a few pay cycles for the direct deposit to fully kick in.
Check Deposits by Mail: These will take longer, including mail delivery time and processing time once received by American Express.
Sub-heading 4.2: Business Days Explained
When discussing transfer times, "business days" typically refers to Monday through Friday, excluding federal holidays. Weekends and holidays do not count towards the processing time.
Step 5: Monitoring Your Transfer
After initiating the transfer, it's a good idea to monitor its progress.
Check Your Amex Savings Account: Log in to your American Express Savings account regularly. You'll see the transfer reflected in your "Current Balance" even if the funds aren't yet available for withdrawal.
Check Your External Bank Account: Confirm that the funds have successfully debited from your external bank account.
Confirmation Number: Refer to the confirmation number you received during the transfer initiation if you have any questions or need to contact customer service.
Tip: Don’t just glance — focus.
Frequently Asked Questions (FAQs)
How to link an external bank account to my American Express Savings account?
You can link an external account by logging into your American Express Savings online account, navigating to the "Transfers" or "Linked Bank Accounts" section, and providing your external bank's routing and account numbers. American Express will then send micro-deposits to verify the account.
How to set up a one-time transfer to my American Express Savings account?
Log in to your Amex Savings account, select "Make a Transfer," choose your linked external bank as the "From" account and your Amex Savings as the "To" account, enter the amount, and select a one-time transfer date before confirming.
How to set up recurring deposits to my American Express Savings account?
Similar to a one-time transfer, log in to your Amex Savings account, go to "Make a Transfer," select your linked external bank, choose your Amex Savings account, enter the amount, and then select the "Recurring Transfer" option, specifying the frequency and start/end dates.
How to find my American Express Savings account routing number?
The American Express National Bank routing number for savings accounts is 124085066. You can also find it by logging into your account and looking under "Account Details" or in the FAQ section.
How to check the status of a pending transfer to my Amex Savings account?
Log in to your American Express Savings online account and check your account activity or transaction history. The transfer will typically show as pending or reflected in your "Current Balance."
QuickTip: Break down long paragraphs into main ideas.
How to deposit a check into my American Express Savings account?
Write the check payable to "American Express National Bank," clearly write your American Express Savings account number on the memo line, and mail it to the address provided by American Express for deposits.
How to set up direct deposit to my American Express Savings account?
Obtain your American Express Savings account number and the routing number (124085066) from your online account. Then, provide these details to your employer's payroll department or the relevant federal agency.
How long does it take for money to show up in my American Express Savings account?
Electronic (ACH) transfers typically take 1 to 3 business days to process. While the funds may appear in your "Current Balance" and start earning interest immediately, they are usually available for withdrawal on the 5th business day after the deposit is initiated.
How to cancel a transfer to my American Express Savings account?
If a transfer is still pending and has not yet been processed, you might be able to cancel it by logging into your American Express Savings account and looking for a "Cancel" option next to the pending transaction. If not, you may need to contact American Express customer service immediately.
How to resolve a failed transfer to my American Express Savings account?
If a transfer fails, first check that the routing and account numbers for both your Amex Savings account and your external bank account were entered correctly. Also, ensure sufficient funds were available in the sending account. If the issue persists, contact American Express Savings customer service for assistance.
 |
