Accounts offered by American Express Bank, FSB. Your deposits are insured to at least $250,000.
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Application Process
Opening a Personal Savings Account is Easy
1 Gather Your Information
Please have your personal information available, including your existing bank account information if you are funding electronically. For joint accounts, be sure to have both applicants’ information ready.
Complete list of required information
Please have the following information available for each applicant when you begin the application:
- Social Security number
- Address
- E-mail address
- Date of birth
- Your existing bank account and routing numbers (if funding electronically)
2 Submit Application
Choose the type of account that you want to open, either a High-Yield Savings account or a Certificate of Deposit, and apply online or by phone anytime at 1-800-446-6307.
3 Receive Confirmation
You will receive an e-mail confirming that your application is approved. You will also receive a Personal Savings welcome kit in the mail.
4 Fund Your Account
You can fund your account either electronically or by check. Start earning interest on the business day we receive your deposit.
Locking in Your CD Rate
For a Certificate of Deposit, you will earn the interest rate and Annual Percentage Yield (APY) offered to you on the date we receive your complete application, provided that:
- We receive your account-opening deposit no later than 30 days after we approve your application
- You do not withdraw interest before the maturity date, as withdrawals of interest before the maturity date, while permissible, will reduce earnings
- You do not withdraw principal before the maturity date, as there may be a penalty for early withdrawals of principal
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 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
Personal Savings Customers
As an existing Personal Savings customer, if you would like to open more than one High-Yield Savings or CD account, the most convenient way to do so is online. Be sure to have your Personal Savings account number and the ending balance from your most recent statement, and we may be able to expedite your application.
How to find your Personal Savings account number
You can find your account number on your original Personal Savings welcome letter or on your account statement. To access your statement electronically, log in to your Personal Savings account and click the Statements menu item.
American Express Cardmembers
We welcome both American Express Cardmembers and non-Cardmembers to open Personal Savings accounts. If you are a Cardmember, please provide your name and address as they appear on your Card account when you apply. With this information, we may be able to expedite your Personal Savings application.