Are you ready to give your savings a serious boost? Opening a High Yield Savings Account (HYSA) with American Express can be a smart move, offering competitive interest rates and the reliability of a well-known financial institution. Unlike traditional brick-and-mortar banks, American Express operates its savings accounts entirely online, which often translates to better rates for you. Let's walk through the steps to get your American Express Savings Account up and running!
Step 1: Discover the Benefits & Check Your Eligibility
Before you even think about forms, let's make sure an American Express Savings Account is the right fit for you.
What Makes Amex Savings Attractive?
American Express is renowned for its High Yield Savings Accounts (HYSAs). These accounts typically offer an Annual Percentage Yield (APY) that's significantly higher than what you'd find at a traditional savings account. This means your money grows faster, thanks to the power of compounding interest.
Key benefits often include:
No minimum balance required: You don't need a hefty initial deposit to open the account, nor do you need to maintain a certain balance to avoid fees. This is a huge plus for those starting their savings journey.
No monthly fees: American Express HYSAs generally don't charge monthly maintenance fees, so more of your money stays in your pocket, earning interest.
FDIC Insured: Your deposits are insured by the Federal Deposit Insurance Corporation (FDIC) 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 funds are safe.
24/7 customer support: You get access to American Express's highly-rated customer service.
Online convenience: Manage your account, make transfers, and check your balance anytime, anywhere, through their secure online platform.
Are You Eligible?
American Express Savings Accounts are primarily for U.S. residents. Here's what you'll typically need to qualify:
You must be at least 18 years old.
You need a valid Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN).
You must have a U.S. residential address.
The account is intended for personal, family, or household purposes only. American Express Savings does not currently offer trust or business accounts for initial opening, although you may be able to re-title a personal account into a revocable living trust after opening.
Step 2: Gather Your Information
To ensure a smooth application process, have the following information and documents ready:
Personal Details
Your Full Legal Name
Your Date of Birth
Your Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)
Your Current U.S. Residential Address (including street, city, state, and ZIP code)
Your Phone Number
Your Email Address (essential for online account access and updates)
Funding Information
You'll need details for an external bank account to link for initial funding and future transfers. This typically includes:
The Bank Name of your external account
The Routing Number of your external account
The Account Number of your external checking or savings account
Pro Tip: Having a voided check or a recent bank statement from your external account handy can make it easier to find these numbers accurately.
Step 3: Start Your Online Application!
The application for an American Express High Yield Savings Account is entirely online and designed to be straightforward.
Accessing the Application
Visit the Official American Express Savings Website: The quickest way to start is by navigating directly to the American Express Personal Savings section. You can usually find this by searching "American Express High Yield Savings Account" or by going to americanexpress.com and looking for "Savings Accounts & CDs" in the banking section.
Locate the "Open an Account" Button: Once on the savings page, look for a prominent button that says something like "Open an Account" or "Apply for a Savings Account."
Filling Out the Application Form
You'll be guided through a series of screens where you'll input the information you gathered in Step 2.
Sub-heading: Personal Information Section
Enter your full legal name, date of birth, and Social Security Number.
Provide your current residential address, phone number, and email address.
You may be asked to confirm that you are a U.S. citizen or resident alien and that the account will be used for personal purposes.
Sub-heading: Security Questions and Account Creation
You might be prompted to set up security questions and answers, which are important for verifying your identity in the future.
You'll also create a username and password for your new American Express online account. If you're already an Amex card member, you may be able to link your new savings account to your existing online profile.
Sub-heading: Funding Your Account
During the application, you'll be asked how you wish to fund your new account. The most common and fastest method is to electronically link an external bank account.
You'll input the routing number and account number of your external bank account.
American Express may perform a small "test deposit" (often a few cents) to and from your linked account to verify it. This typically takes 1-2 business days. Once verified, the initial funding transfer will be initiated.
Another option is to mail a check. If you choose this, you'll receive instructions on how to make the check payable and where to mail it.
Important Note: While there's no minimum deposit required to open the account, you will need to fund it within a certain timeframe (often 60 days) to keep it active.
Step 4: Identity Verification & Confirmation ✅
Once you've submitted your application, American Express will review your information and verify your identity.
Instant Approval vs. Review
Many applicants, especially existing American Express card members, experience instant approval. This means your identity is verified quickly, and your account is opened almost immediately.
In some cases, your application might go into a "review" status. This can happen if there are discrepancies in your information, or if they require additional verification.
If your application is under review, American Express may ask for additional documentation to confirm your identity, such as a copy of your driver's license, a utility bill, or a recent bank statement. They will typically contact you via email or phone with instructions on how to provide these documents, often through a secure online portal.
Receiving Confirmation
Once your account is successfully opened, you will receive a confirmation email from American Express. This email will confirm that your account is active and provide details on how to proceed.
Step 5: Register Your Online Account & Fund It!
Even if your account is instantly approved, you'll need to complete a couple of final steps to fully access and utilize it.
Registering Your Online Account (if you're a new user)
The confirmation email will usually include a link to register your online account if you haven't already created a username and password during the application. Follow the prompts to complete this setup. This is crucial for managing your savings.
Funding Your Account
Electronic Transfer: If you linked an external bank account during the application, the initial transfer will be processed once the test deposits are complete (if applicable). You can also initiate additional transfers from your linked accounts directly through your American Express online savings portal. This is often the quickest way to deposit funds.
Mobile Check Deposit: American Express often offers mobile check deposit through their app. This allows you to deposit checks by simply taking a picture with your smartphone.
Direct Deposit: You can set up direct deposit of your paycheck or other regular income directly into your American Express Savings Account. You'll need to provide your employer or payer with the American Express Savings routing number (which is generally consistent for all savings accounts: 124085066) and your specific account number.
Mailing a Check: If you chose this option during the application, or if you prefer to send a check later, make it payable to "American Express National Bank" and write your account number in the memo line. Alternatively, you can make the check payable to yourself, endorse it on the back with your signature, and write "For Deposit Only in Account" followed by your account number. Mail it to the address provided by American Express (typically a P.O. Box in Salt Lake City, Utah).
Remember: Interest begins to accrue once your funds are officially posted to your account.
Step 6: Manage Your Savings & Watch it Grow!
With your account open and funded, you can now actively manage your savings and take advantage of the high yield.
Online Account Management
Check Your Balance: Log in to your American Express online savings account to view your current balance and transaction history.
Monitor Interest Earned: Keep an eye on the interest credited to your account, typically on a monthly basis.
Set Up Recurring Transfers: Automate your savings by setting up regular transfers from your linked checking account to your American Express Savings Account. Consistency is key to successful saving!
Make Withdrawals: While Amex HYSAs are designed for saving and don't come with ATM cards or checks for direct spending, you can easily transfer funds back to your linked external bank account when you need to access your money. There may be limits on the number of withdrawals per month, typically six.
Financial Tip: Periodically review the Annual Percentage Yield (APY) offered by American Express and compare it to other high-yield savings accounts. Rates can fluctuate based on market conditions.
Frequently Asked Questions (FAQs)
How to check the current APY for an American Express Savings Account?
You can find the most current Annual Percentage Yield (APY) directly on the American Express Personal Savings website. The APY is variable and can change.
How to link an external bank account to my American Express Savings Account?
During the application, you'll have the option to link an account by providing its routing and account number. After opening, you can link additional accounts through your online American Express Savings portal by navigating to the transfer or linked accounts section.
How to transfer money into my American Express Savings Account?
You can transfer funds electronically from a linked external bank account, set up direct deposit, or mail a check. Mobile check deposit may also be available through the Amex app.
How to withdraw money from my American Express Savings Account?
You can withdraw money by initiating an electronic transfer to a linked external bank account. American Express does not issue ATM cards or checks for its High Yield Savings Accounts.
How to set up direct deposit for my American Express Savings Account?
To set up direct deposit, provide your employer or payer with the American Express Savings routing number (124085066) and your specific American Express Savings Account number.
How to find my American Express Savings Account number and routing number?
Once your account is open, you can find your account number and the American Express Savings routing number (124085066) by logging into your online American Express Savings account.
How to close my American Express Savings Account?
To close your account, you typically need to contact American Express customer service directly. They will guide you through the process and ensure all funds are transferred out.
How to contact American Express Savings customer service?
You can usually find their 24/7 customer service phone number on the American Express Personal Savings website under the "Contact Us" or "Support" sections.
How to manage beneficiaries for my American Express Savings Account?
You can designate and update beneficiaries for your American Express Savings Account through your online portal or by contacting customer service for the necessary forms.
How to get tax documents for my American Express Savings Account?
American Express will typically provide annual tax statements (like Form 1099-INT) for interest earned on your savings account. These documents are usually available electronically through your online account or mailed to your address.
