Accounts offered by American Express Bank, FSB. Your deposits are insured to at least $250,000.
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Deposits and Withdrawals
Deposits and Withdrawals are Simple
- Easily link your existing bank account to Personal Savings
- Transfer funds 24/7 online or by phone
- Start earning interest on the business day we receive your deposit
Deposits and Withdrawals
There are two ways to make deposits to or withdrawals from your Personal Savings account – by electronic transfer or by check.
Electronic Transfer
Electronic transfers are the fastest and most convenient way to deposit and withdraw money.
To Make an Electronic Transfer
You will need to link your Personal Savings account to your checking or savings account at another bank.
The linked external account must belong to you. For security purposes, we will ask you to verify two test deposits we make into your external account.
After you have linked your external account, you will be able to make electronic transfers to and from your Personal Savings account.
How Test Deposits Work
This is a one-time process designed to protect your financial security by confirming that an external bank account belongs to you. You can verify test deposits in three easy steps:
- Enter your external bank account information
We need the account and bank routing number for your external account. This information can be found on the lower left side of any check. -
Look for two small deposits in your external bank account
Within 2–3 days, we will make two deposits of less than $1.00 each to your external account. Deposits will be labeled AXP TEST on your external account statement. We will withdraw any test deposits we make into your linked account. -
Verify the test deposit amounts
Once you see the test deposits in your external bank account, note the exact amounts of each test deposit. Then click the link in the confirmation e-mail or log in to Personal Savings. Enter the amounts of the two test deposits as directed.
Please note: If this is the first time you are linking an external bank account with Personal Savings, you will need the verification code from the confirmation e-mail.
Your accounts are now linked.
You can deposit and withdraw funds between the two accounts at your convenience.
To Link Additional Accounts
You can link up to three of your external accounts across all of your Personal Savings accounts. Please have your external bank account and routing numbers available when you are ready to set up a linked account.
How to link additional external accounts
- Log in to your Personal Savings account
- Click the Transfer Funds tab
- Click the Manage External Transfer Accounts menu item
- Click the Add an External Transfer Account link and follow on-screen instructions
To Link an Account Without Test Deposits
Although test deposits are the fastest way to link your external account to your Personal Savings account, you can also link your external account by check. To do so, download the External Account Link form and follow the instructions there. Once your accounts are linked, you will be able to make deposits and withdrawals electronically at your convenience.
Check
If you prefer, you can also deposit and withdraw money by check.
To Make a Deposit by Check
You may deposit checks by mail. Any personal check sent to us for deposit must be drawn on an account in your name. Make the check payable to your name as it appears on your Personal Savings account, or to American Express Bank, FSB. Please endorse the back of the check with your signature and the words “For Deposit Only” and include your Personal Savings account number on the check.
Mail checks to:
American Express Bank, FSB
P.O. Box 30384
Salt Lake City, Utah 84130
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.
Deposits made by check are accepted in our sole discretion. We reserve the right to refuse, return or limit any deposit you make to your account. Examples of the types of items we do not accept for deposit include multiple-endorsed checks, personal checks not drawn on an account in your name, counter checks/starter checks, travelers' checks and money orders.
We may return a check to you if it does not meet certain requirements.
Your deposit may be returned if:
- The check is not endorsed or is endorsed improperly
- You are not the payee on the check
- You do not provide us with instructions indicating the account to which the check should be credited (you need not use deposit slips, although we can provide them on request)
- We do not accept the type of item for deposit
To Withdraw by Check
Call us at 1-800-446-6307 to request a withdrawal, and we will mail you a check that is payable to you. We are happy to provide this service, but we do not offer checkbooks for Personal Savings customers to write checks directly from their High-Yield Savings or CD accounts.
Learn more about deposit and withdrawal limitations, hold times, and penalties
Recurring Deposits
Automatic Transfers
Reach your savings goals sooner – with recurring deposits. You can have money automatically transferred from your linked external account and deposited into your High-Yield Savings account at your preferred frequency.
How to set up automatic transfers
- Log in to your High-Yield Savings account
- Click the Transfer Funds tab
- Click the Manage External Transfer Accounts menu item
- Select amount, frequency and duration
Direct Deposits
Watch your balance grow even faster with direct deposits. You can directly deposit all or part of your payroll, Social Security or pension fund payments into your High-Yield Savings account. Provide your employer or payment administrator with the American Express Bank, FSB routing number (124085066) as well as your High-Yield Savings account number.
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.