Frequently Asked Questions
Open an AccountWhy should I choose an American Express CD or High-Yield Savings Account over that of a competitor?
We recognize that customers are always searching for ways to earn high-yield returns and keep their money safe. With Personal Savings from American Express, they can do just that and experience peace of mind. We offer simple, FDIC-insured§ products and competitive rates. And it’s easy and quick to open an account.
Do High-Yield Savings Accounts and Certificates of Deposits have fees?
We do not charge fees on our High Yield Savings Accounts. Penalties may apply to withdrawals of principal from Certificates of Deposit (CDs) prior to maturity; otherwise, no fees apply to CDs from Personal Savings from American Express.
What is direct banking?
Personal Savings from American Express offers FDIC-insured CDs and High-Yield Savings Accounts. Personal Savings allows you to manage your savings from the convenience of your home. You can open, fund, and manage your account 24 hours a day via web or phone.
How can I contact American Express?
Personal Savings from American Express is available 24 hours a day, 7 days a week. Applications and transactions can be completed online at http://personalsavings.americanexpress.com or over the phone at 1-800-446-6307.
Additionally, our mailing address for depositing checks and general correspondence regarding Personal Savings deposit accounts is below:
American Express Bank, FSB
P.O. Box 30384
Salt Lake City, UT 84130-0384
What security measures are in place to protect my personal information and money?
American Express is committed to ensuring your security and privacy. For your protection, all information submitted to our website is encrypted using 128-bit SSL encryption.
American Express respects your privacy and will not sell your information. For more details, please see our Security and Privacy policies.
Does Personal Savings from American Express have any branches?
Personal Savings by American Express is not offered through traditional branches. Instead, we offer the convenience of banking 24 hours a day without the need to visit a local branch.
Is American Express Bank, FSB FDIC-insured?
Absolutely. Deposits are insured to the maximum extent allowed by federal law.§
What is FDIC insurance?
Deposit accounts are offered by American Express Bank, FSB and are insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum applicable limit, which is currently $250,000 until December 31, 2013. The amount of insurance coverage you receive is based on your aggregate deposit balance for each account ownership type. For additional information, call us at 1-800-446-6307 or visit the FDIC’s website at www.fdic.gov.
What is the bank routing number for American Express Bank, FSB?
The routing number is 124085066.
What is a CD?
A Certificate of Deposit account is a type of savings account that gives you a fixed interest rate over a specified time period.
Penalties may apply to withdrawals of principal you make prior to account maturity. Please see our Deposit Account Agreement for more details. However, the interest you earn on the account can be withdrawn monthly, annually or at maturity.
When is my rate locked in?
Rates are locked in as soon as we receive funding for your account. This means the rate you see today could change between the time you submit your application and the time we receive your check or electronic transfer.
What are the interest disbursement periods and methods?
We offer interest disbursements monthly, annually or at maturity (for terms <1 year). You can choose to roll these disbursements back into your CD account to earn more interest or have a check mailed to you.
How can I fund my account?
If you open a CD online, you may initially fund your account in one of two ways.
1. Electronic transfer: To fund your CD with an external account, we will ask you to provide the routing and account numbers of your external account (you can find this information on your personal checks). For your protection, we will ask you to verify two trial deposits we’ll make into this account. For more information about this process, please click here.
2. Personal check: You can also send a check made out to American Express Bank, FSB for the amount you wish to deposit. Be sure to include your Personal Savings account number on the memo line and mail it to:
American Express Bank, FSB
P.O. Box 30384
Salt Lake City, UT 84130-0384
If you choose to open a CD over the phone, you may initially fund your account by check only.
Is there a maximum deposit amount?
You can electronically transfer up to $250,000. Please see our Deposit Account Agreement or call us at 1-800-446-6307 for more information.
What is the penalty for withdrawing money from my CD early?
Penalties may apply to withdrawals you make prior to account maturity. Please see our Deposit Account Agreement for more details.
What happens when my CD matures?
After the maturity date on your CD, you will have a 10-day grace period to decide whether to withdraw your principal, renew for an additional CD term at the rates available at that time or even transfer funds to a new or existing HYSA account. Please refer to our Deposit Account Agreement for details on automatic enrollment and other information.
How often will I receive a statement?
We will send monthly statements for your CD. You can choose to receive paper statements in the mail or electronic statements online.
What is a High-Yield Savings Account?
A High-Yield Savings Account is a variable rate savings account that gives you flexible access to your funds. The High-Yield Savings Account can be managed easily online or over the phone. You may make up to six withdrawals per calendar month; for more information on transfer limitations, please refer to the Deposit Account Agreement.
How can I make deposits and withdrawals from a High-Yield Savings Account?
To deposit funds:
If you open your High-Yield Savings Account online, you can deposit funds through an electronic transfer or by check.
1. Electronic transfer: To fund your High-Yield Savings Account with an external bank account, we will ask you to provide the routing and account numbers of your external account (you can find this information on your personal checks). For your protection, we will ask you to verify two trial deposits we’ll make into this account. After completing this verification process, you can transfer money between your Personal Savings account and your external account at any time. For more information about this process, please click here.
2. Check: After your High-Yield Savings Account has been set up, please send a check payable to American Express Bank, FSB for the amount you wish to deposit. Be sure to include your account number on the memo line and mail it to:
American Express Bank, FSB
P.O. Box 30384
Salt Lake City, UT 84130-0384
If you open your High-Yield Savings Account over the phone, you can deposit funds by check only.
To withdraw funds:
Funds can be withdrawn from the account through an electronic transfer to a linked account.
Is there a maximum deposit amount per transaction?
You can electronically transfer up to $250,000 per day. Please see Deposit Account Agreement or call us at 1-800-446-6307 for more information on transaction limits.
How is interest calculated?
Interest is compounded daily and credited to your account monthly.
How do I access my High-Yield Savings Account online?
After you open an account, you can setup online access to your Personal Savings account by clicking on “Set up online access to your Personal Savings Account” in the upper right-hand corner of any page on this site.
You can check your balances and initiate electronic transfers all from the convenience of your personal computer.
How long does it take to apply online?
Applying online is safe, easy, and can be done in minutes.
What will I need to open an account?
In order to open your Personal Savings from American Express account, you will need the following information:
1. Personal Information
- Name
- Address
- Phone number
- E-mail address
- Birth date
- Social Security Number or Tax Identification Number
2. Existing funding bank account information (you can find this on your personal checks)
Can I open a joint account?
Personal Savings from American Express offers joint accounts that are easy and quick to open. Just be sure to have personal information ready for both applicants before you begin.
Can I open a trust account with Personal Savings?
Personal Savings from American Express does not offer trust accounts. Personal Savings accounts (High-Yield Savings Accounts and Certificates of Deposit) can only be opened in the name or names of individuals, and not in the names of trusts.
However, Personal Savings from American Express offers Payable On Death (POD) accounts, which make funds in those POD accounts payable to those beneficiaries, selected by you and any joint owners, upon the unfortunate event of your and any joint owners' deaths. They do not require you to set up a trust. Subject to applicable law, the funds in a POD account are not governed by your will or inherited by your heirs. In order to create a POD account, you will have to create a single or joint account and add beneficiaries. You can add up to six beneficiaries to your account by completing our Beneficiary Designation Form. Certain state law restrictions may apply to POD accounts.
If you have any questions regarding trust accounts, please call us at 1-800-446-6307.
Can I add beneficiaries to a Personal Savings account?
Yes, you can add up to six beneficiaries to your account by completing our Beneficiary Designation Form.
How quickly will I be able to use my account?
Account funding can take 2 to 3 days if done electronically or longer if you mail a check.
What are small dollar deposits? How do I verify them?
To fund your Personal Savings account by electronic transfer, we will ask you to link your Personal Savings account to an external bank account. For your protection, we are going to ask you to verify two small dollar deposits (less than one dollar) that we will make into this account.
Here is an overview of this verification process:
1. During your application, you will be asked for your initial deposit amount and your routing and account number of your bank account (this can be found on any personal check).
2. When you finish your application, you will receive a confirmation e-mail with a verification code.
3. Within 2-3 days, look for two small trial deposits from AXP TEST to your linked account.
4. When you know the value of each amount, return to http://personalsavings.americanexpress.com and click on “Confirm your small dollar deposits” with your verification code.
5. After you’ve confirmed the trial amounts, we will automatically transfer your initial deposit amount from your external account into your new Personal Savings account.
I opened an account, but I can’t find my account number.
You can find your account number on your welcome kit letter or on your statement. If you do not have either of these materials available, please call us at 1-800-446-6307 and we will be happy to assist you.
I opened an account, but I don't know how to fund my account.
During your application, you had two options for funding your account:
If you chose to fund by electronic transfer:
If you have a verification code, please ensure that you have completed the following:
1. Look for two small dollar deposits from AXP TEST to your linked account.
2. When you know the value of each amount, return to http://personalsavings.americanexpress.com, click on “Confirm your small dollar deposits” with your verification code.
3. After you’ve confirmed the small dollar amounts, we will automatically transfer your initial deposit amount from your external account into your new Personal Savings account.
If you do not have a verification code, please call us at 1-800-446-6307.
If you chose to fund by check:
If you have an account number, please send a check made out to American Express Bank, FSB for the amount you wish to deposit. Be sure to include your account number on the memo line and mail it to:
American Express Bank, FSB
P.O. Box 30384
Salt Lake City, UT 84130-0384
If you do not have an account number, please call us at 1-800-446-6307.
What is the relationship of Personal Savings from American Express to the American Express® Card business?
Personal Savings from American Express is a new product offering from American Express Bank, FSB. American Express Bank, FSB is an FDIC-insured bank that is a member of the American Express family. Our goal is to provide you with the same quality of service you have come to expect from American Express. In fact, customers don’t need to be existing Cardmembers to open a Personal Savings account – if you don’t know us already, get to know us by opening an account today.
Why should I choose an American Express CD or High-Yield Savings Account over that of a competitor?
Personal Savings from American Express offers competitive rates, simple products and FDIC insurance§ all under a trusted name.
Why is American Express offering Personal Savings?
We recognize that customers are always searching for ways to earn high-yield returns and keep their money safe. With Personal Savings from American Express, they can do just that and experience peace of mind. And it's quick and easy to open an account.
Need Help?
Call 1-800-446-6307 for assistance.
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Deposits are FDIC-insured to the maximum limit. Click here to learn more.