Banking » Guides » How To Open Amex Savings Account
Advertiser Disclosure This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval. This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

How To Open Amex Savings Account

This article will guide you through the process of opening an Amex savings account, including screenshot for each step
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Table Of Content

This article will guide you through the simple and straightforward process of opening an Amex savings account. Discover the key steps and requirements to embark on your journey toward a rewarding banking relationship with American Express.

1. Prepare Documents

When opening an Amex savings account, American Express will ask for certain information to comply with legal requirements and ensure the security of your account. The information they request includes:

  1. Taxpayer Identification Number (TIN): Amex obtains a correct TIN for each account. This can be your Social Security Number (SSN) if eligible, issued by the Social Security Administration. Alternatively, if you are not eligible for an SSN, you would need to provide your Individual Taxpayer Identification Number (ITIN).

  2. Employment Information: When opening an Amex savings account, you will need to provide employment information, which consists of details such as your employer's name, your job title or position, the duration of your employment, your income from employment (annual or monthly), the industry in which your employer operates, and the business address of your employer's location. Additionally, you will be asked for contact information related to your employer, including their phone number or email address. 
  3. Personal Details: full name, birth date, address email address are also required. Amex requires your email address to communicate updates on your application status, as well as important account updates and exclusive offers. 

By gathering this information, Amex fulfills legal obligations, ensures compliance with regulatory standards, and provides essential communication channels to enhance the security and functionality of your bank account.

Sign Up for

Our Newsletter

Join our community for the latest attractive savings rate changes ,expert insights, and member-only perks

2. Apply On Amex Website

Find the “Apply Now” button: Go to the Home page or the High Yield Savings Account (HYSA) page and look for the “Apply Now” button. Click on it to begin the account opening process.

During the application process, you will be asked if you want to open a joint account. If you choose this option, it means you want to share ownership of the account with another person. It's important to note that once the account is opened, this selection cannot be changed.

open your Amex savings account: initiate the process

3. Add Personal Details

This section will require you to provide your personal information, such as your full name, date of birth, Social Security Number (or other identification number), and contact details as described above.

This step is necessary to establish your identity and set up the account in your name.

personal details when opening account

4. W-9 Tax Withholding Status Certification

During the account opening process, American Express will ask you whether you have been notified by the IRS that you are subject to backup withholding. Backup withholding is a process where the IRS requires the withholding of a portion of your interest income to fulfill your tax obligations.

If you have received a notification from the IRS stating that you are subject to backup withholding, you should indicate this during the application process. It is important to provide accurate information to comply with IRS regulations and ensure the appropriate withholding measures are taken.

answer tax questions during Amex savings application

5. Review Terms And Conditions

To proceed with opening the account, you will need to review the statements and disclosures associated with your account. These typically include:

  • Deposit Account Agreement: This document outlines the terms and conditions, account features, fees, and other important details related to your High Yield Savings Account.

  • GLBA Privacy Notice: This notice explains how Amex collects, uses, and protects your personal information in accordance with the Gramm-Leach-Bliley Act (GLBA).

  • Electronic Consent Statement: This statement confirms your agreement to receive electronic communications, such as statements and notices, regarding your account. It may also include information on how to access and manage your account electronically.

review terms and conditions of Amex savings

6. Fund Your Account

To electronically fund your American Express Savings Account, you'll need to transfer money from another bank account that is in your name. During the application process, you will be asked to provide the Routing Number and Account Number of your other bank account. You can find these numbers on a check associated with that account.

Once you've entered the funding amount and successfully linked your external bank account to your new American Express Savings Account, the transfer will be processed automatically. However, it's important to note that it may take a day for the transfer to appear in your account online.

To make a deposit via paper check by mail to your American Express Savings Account, follow these steps:

  1. Write the Check: If you have an account with another bank and want to deposit funds into your American Express Savings Account, write the check payable to “American Express National Bank.” On the memo line of the check, write your Savings account number. 

  2. Endorse the Check: If you receive a check made payable to you, endorse it on the back with your signature. Below your signature, write “For Deposit Only in Account” followed by your Savings account number.

  3. Mail the Check: Once the check is properly filled out and endorsed, mail it to the following address:

    American Express National Bank P.O. Box 30384 Salt Lake City, Utah 84130

Why Can’t I Open a Amex Savings Account

There could be several reasons why you may not be able to open an Amex bank account. Some possible reasons include:

    • Eligibility Requirements: Amex may have specific eligibility criteria that you need to meet in order to open an account. This could include factors such as age, residency status, or creditworthiness. If you do not meet these requirements, you may be ineligible to open an account.

  • Prior Account Issues: If you have had previous issues with Amex or other financial institutions, such as a history of account closures, fraudulent activity, or unpaid debts, it could impact your ability to open a new account.

  • Negative ChexSystems Report: ChexSystems is a consumer reporting agency that tracks banking history, including account closures, bounced checks, and unpaid fees. If you have a negative report in ChexSystems, it may affect your ability to open a new account with Amex or other banks.

  • Compliance and Regulatory Requirements: Financial institutions, including Amex, are subject to various compliance and regulatory obligations. If you are unable to fulfill the necessary identification or verification requirements, it may prevent you from opening an account.

FAQs

Yes, after opening an American Express Savings account, you have the option to pay your American Express Card bill using funds from your High Yield Savings Account. 

It is required that you fund your High Yield account within 60 days after receiving approval of your application. If you fail to make the initial deposit within this timeframe, your account will be closed.

Yes, accounts that maintain a balance of zero for 180 days will be closed automatically.

You can contact American Express Savings at any time as they are available 24 hours a day, 7 days a week. To reach them, you call 1-800-446-6307.

Savings Accounts Reviews

Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Search
Best Savings Accounts
Top Offers From Our Partners

UpgradeLogo

Savings Rate: 5.21% APY
Minimum Deposit:
$0
 
CIT-Bank-Logo
Savings Rate: 5.00% APY
Minimum Deposit:
$5,000
Quontic bank logo
Savings Rate: 4.50% APY
Minimum Deposit:
$100
 
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 7/24/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 

Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you’ll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

PNC bank logo

Promotion:
Up to $400 Open a new, select Virtual Wallet product and receive $500/$2,000/$5,000 or more in qualifying monthly direct deposits within 60 days to earn a $100/$200/$400 bonus.
Subject to state availability
PNC Virtual Wallet ® is available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV. Virtual Wallet ® is offered in the state of MO with the exception of the Greater Kansas City area. Product availability may vary based on where you open your account and the Zip code of your primary address.

penfed personal loan

APY on Daily Balances
0.15% APY on daily balances of less than $20,000 or 0.35% APY on daily balances of $20,000 up to $50,000
Get paid up to 2 days early
Set up direct deposits and get your paycheck up to 2 days early

Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

#1 In Banking

Our Newsletter

Get expert advice, insider tips, fresh banking promotions and rate changes on savings accounts and CDs

Banking Promotions & Latest Rate Updates

Our Banking Newsletter

Sign up for our newsletter and gain access to expert advice,
insider knowledge, and exclusive updates