Account Policies

Funds Availability

Electronic transfers to your High-Yield Savings account that you initiate from your linked external account will generally be available for withdrawal on the sixth business day after the deposit is initiated. Direct deposits initiated through a third party will generally be available on the business day we receive the deposit.

Check deposits to your account will generally be available for withdrawal on the eleventh business day after we receive the deposit. You start earning interest on the business day we receive your deposit.

Maximum Daily Transaction Limitations

You may make deposits or withdrawals of up to $250,000 per day. Withdrawals may not exceed the available funds in your account. Deposits and withdrawals are subject to our right to refuse deposits or withdrawal requests.

Monthly Transfer Limitations Withdrawals per Month

You may make up to six transfers or withdrawals during any calendar month (or monthly statement cycle).

Please see the Deposit Account Agreement below for more information on funds availability and transaction limitations.

CD Interest

You may receive credited interest from your CD account on a monthly, quarterly or annual basis by one of the following methods:

• Accrual of interest in your CD account
• Check
• Electronic transfer to your High-Yield Savings account, a linked external account or your original funding account

You have the option of withdrawing interest before your CD maturity date. This may change your Annual Percentage Yield (APY) as stated in your Personal Savings welcome letter, which assumes your interest will remain on deposit until maturity. A withdrawal of interest before maturity will reduce your earnings.

To set up a one-time or recurring electronic transfer of your credited interest, please complete the Certificate of Deposit Interest Payments form and fax or mail it to the fax number or address stated in the form.

Download the Certificate of Deposit Interest Payments Form

CD Maturity

You will be notified by mail 10 days in advance of your CD maturing, and your CD will automatically renew on the maturity date. To prevent automatic renewal, you must contact us or complete and submit the Account Closure form by the maturity date. After your account renews, you may withdraw the funds without penalty within ten calendar days after the maturity date by contacting us or by submitting the Account Closure form.

Download the Account Closure Form

Early Withdrawal Penalty for CDs

If you make an early withdrawal of your principal balance or if the account is closed for any other reason before the maturity date, a penalty may be assessed on your account. Please see the Deposit Account Agreement for full account terms and conditions.

Beneficiaries

American Express Personal Savings offers Payable on Death (POD) accounts, which let you designate that the funds in your account be payable on your death to one or more surviving individual beneficiaries without having to set up a trust. Certain state law restrictions apply to POD accounts. Please consult an attorney or a qualified estate planning professional before designating your account as a POD account.

Personal Savings does not offer trust accounts. Personal Savings accounts can only be opened in the name or names of individuals, and not in the names of trusts. In addition, beneficiaries on POD accounts must be individuals and not trusts.

Learn more about beneficiaries