Have you ever thought about streamlining your finances or saving for a shared goal with a loved one? Adding someone to your American Express Savings Account can be a fantastic way to do just that! Whether it's for a family member, a spouse, or a trusted friend, creating a joint account offers convenience and shared responsibility.
This comprehensive guide will walk you through the process, step by step, ensuring you have all the information you need to confidently add a co-owner to your American Express Savings Account.
Understanding the "How-To": Adding a Co-Owner to Your American Express Savings Account
Before we dive into the steps, it's crucial to understand what it means to add someone to your American Express Savings Account. Unlike credit card accounts where you might add an "authorized user" who can spend but isn't legally responsible for the debt, adding someone to an American Express Savings Account generally means adding a joint owner.
A joint owner has equal rights and responsibilities to the account. This includes making deposits, withdrawals, disputing transactions, and even closing the account. Both owners are legally responsible for the account and its balance.
Let's get started!
Step 1: Determine Your Need: Joint Account vs. Beneficiary?
Before you begin the process, pause and consider what your ultimate goal is. Are you looking for someone to have active access to the funds and jointly manage the account with you (a joint owner)? Or are you simply looking to designate someone to receive the funds after your passing (a beneficiary)?
If you want someone to have immediate, active access and shared control, you're looking for a joint account. Continue with the steps below.
If you only want someone to receive the funds upon your death, you should explore adding them as a beneficiary instead. This is a simpler process and doesn't grant them access during your lifetime. American Express Savings accounts allow you to easily add beneficiaries online.
Assuming you're aiming for a joint account, let's proceed!
Step 2: Accessing Your American Express Savings Account Online
The primary way to initiate the process of adding a joint owner is through your American Express online savings account portal.
Log In to Your Account:
Go to the official American Express Savings website (usually
go.amex/savings).Enter your User ID and Password. If you don't have an online account set up, you'll need to register first using your account details.
Navigate to Account Services:
Once logged in, look for a section or tab typically labeled "Account Services" or "Manage Account." This is where you'll find options related to managing your account details and settings.
Step 3: Initiating the Joint Account Invitation Process
American Express has a specific process for adding a co-owner to their Rewards Checking account, and the process for savings accounts is likely very similar, involving an invitation.
Look for "Add Someone to Your Account" or "Joint Accounts":
Within the "Account Services" section, carefully scan for an option that says something along the lines of "Add Someone to Your Account," "Manage Joint Owners," or "Open a Joint Account." For their Rewards Checking, it's explicitly mentioned that the original account owner sends an invitation to the prospective co-owner. This is generally how it works for savings too.
Understand the Invitation Process:
American Express generally requires the primary account holder (you) to send an invitation to the person you wish to add. This isn't an instant "add" button, but rather a formal application process for the second individual.
Step 4: Providing Information for the Prospective Joint Owner
Once you initiate the invitation, you will likely be prompted to provide information about the person you want to add.
Gather Necessary Information:
Be prepared to provide the following details for the prospective joint owner:
Full Legal Name: As it appears on their government-issued ID.
Date of Birth: They must be at least 18 years old.
Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN): This is a crucial requirement for identity verification and tax purposes.
Residential Address: A U.S. residential address is typically required.
Contact Information: Phone number and email address.
Ensure Eligibility:
The person you are inviting must meet American Express's eligibility criteria for a new account holder. This usually includes being a U.S. citizen or resident alien with a valid SSN or ITIN.
Step 5: The Prospective Joint Owner's Application and Approval
The process isn't complete until the invited person completes their part.
Invitation Acceptance and Application:
The person you invited will receive a notification (likely via email) with instructions on how to accept the invitation and complete their portion of the joint account application.
They will need to provide their own personal and financial information and agree to the terms and conditions.
Verification and Approval:
American Express will review the invited individual's application. This may involve identity verification and a review of their financial standing.
Approval is not guaranteed. The individual must meet Amex's criteria.
Confirmation of Joint Account:
Once the second applicant is approved, you will both receive confirmation that the account is now a joint American Express Savings Account. You will both have full access and control.
Step 6: What Happens After Approval? Managing Your Joint Account
Congratulations! Once approved, your American Express Savings Account is now a joint account.
Shared Access: Both account owners will have their own login credentials to access the account online and through the American Express app.
Equal Rights: Both individuals can make deposits, withdrawals, view statements, and manage account settings.
Debit Cards (if applicable for checking): If it were a Rewards Checking account, both owners would receive their own debit cards. For a savings account, which typically doesn't have a debit card, this isn't relevant.
Communication is Key: With a joint account, clear communication between both owners is vital to manage finances effectively, avoid misunderstandings, and ensure both parties are aware of account activity.
Important Considerations:
No "Authorized User" for Savings: Remember, for savings accounts, the concept of an "authorized user" (like on a credit card) doesn't apply. You are adding a co-owner.
Legal Responsibility: Both joint owners are equally responsible for the account.
Survivorship Rights: Understand how survivorship rights work for joint accounts. In most cases, if one owner passes away, the other owner retains full ownership of the account. Consult the American Express Deposit Account Agreement for precise details.
Terms and Conditions: Always review the American Express Deposit Account Agreement and any specific terms for joint accounts to fully understand your rights and responsibilities.
No ATM/Debit Card for Savings: American Express Savings accounts are primarily online-only savings accounts and typically do not come with ATM or debit cards. Funds are accessed via electronic transfers to linked external bank accounts.
Linking External Accounts: Each account owner will generally only have access to the external bank accounts they personally link to the American Express Savings profile.
Frequently Asked Questions (FAQs)
Here are 10 related FAQ questions to help you further understand adding someone to your American Express Savings Account:
How to distinguish between adding a joint owner and adding a beneficiary to my American Express Savings Account?
A joint owner has immediate, shared control and legal responsibility for the account while you are alive. A beneficiary only receives the funds upon your death and has no access during your lifetime.
How to start the process of adding a joint owner to my American Express Savings Account online?
Log in to your American Express Savings online account, navigate to "Account Services," and look for options related to "Add Someone to Your Account" or "Joint Accounts" to initiate an invitation.
How to ensure the person I want to add as a joint owner is eligible?
They must typically be at least 18 years old, a U.S. citizen or resident alien, and possess a valid Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN).
How to provide the necessary information for the prospective joint owner?
You will be prompted to enter their full legal name, date of birth, SSN/ITIN, residential address, and contact information during the online invitation process.
How to know if the joint owner application has been approved?
Both you and the invited individual will receive official confirmation from American Express once their application as a joint owner has been reviewed and approved.
How to manage the American Express Savings Account once it's a joint account?
Both owners will have their own separate login credentials to access and manage the account online, allowing for deposits, withdrawals, and viewing statements.
How to link external bank accounts for a joint American Express Savings Account?
Each joint owner can link their own external U.S.-based bank accounts to the American Express Savings profile for transfers. Each owner will only have access to the accounts they personally link.
How to understand the legal responsibilities of a joint American Express Savings Account?
Both joint owners are equally and fully responsible for all activity on the account, including deposits, withdrawals, and adherence to the account's terms and conditions.
How to close a joint American Express Savings Account if needed?
Generally, both joint owners must consent and participate in the process of closing a joint account. Refer to American Express's specific account closure procedures.
How to find the official terms and conditions for joint American Express Savings Accounts?
You can typically find the full American Express Deposit Account Agreement and any specific joint account terms on the American Express Savings website or by contacting their customer service.
