Start of menu
Search US website
Close Menu

Open a High Yield Savings Account Today and Watch Your Savings Grow.

Use our savings calculator and see how much interest your deposit could earn. Simply enter your initial funding amount, your estimated recurring transfers, and your investment period – and discover how much your high yield savings can grow over a long-term period.

Apply for a Savings Account
$
$

$0

$0

based on % APY*

Getting Started Is Easy

Step 1: Gather Your Information You will need this information for both primary and joint applicants:

  • Social Security Number
  • Email Address
  • Home Address
  • Phone Number
  • Date of Birth
  • Account and Routing numbers (primary applicant only) Read more in FAQs

Step 2: Submit Application Choose the type of account you want to open, either a High Yield Savings account or a Certificate of Deposit, and apply online or by phone at 1-800-446-6307 anytime. Apply Now

Step 3: Receive Confirmation You will receive an online and/or email confirmation when your application is approved. Additionally, you will receive an American Express® Personal Savings Welcome Kit in the mail.

Step 4: Fund Your Account You can fund your account online either by linking your current bank account or by mailing a check. Start earning interest on the business day‡ we receive your deposit. Read More in FAQs

Getting Started Is Easy

  • step 1

    Step 1: Gather Your Information

    You will need this information for both primary and joint applicants:

    • Social Security Number
    • Email Address
    • Home Address
    • Phone Number
    • Date of Birth
    • Account and Routing numbers (primary applicant only) Read more in FAQs
  • step 2

    Step 2: Submit Application

    Choose the type of account you want to open, either a High Yield Savings account or a Certificate of Deposit, and apply online or by phone at 1-800-446-6307 anytime. Apply Now

  • step 3

    Step 3: Receive Confirmation

    You will receive an online and/or email confirmation when your application is approved. Additionally, you will receive an American Express® Personal Savings Welcome Kit in the mail.

  • step 4

    Step 4: Fund Your Account

    You can fund your account online either by linking your current bank account or by mailing a check. Start earning interest on the business day‡ we receive your deposit. Read More in FAQs

Frequently Asked Questions

  • What is a High Yield Savings Account?

    A High Yield Savings Account is a savings account with a variable rate typically higher than retail brick-and-mortar banks. High Yield Savings Accounts are limited to a maximum of six (6) online and telephone withdrawals or debits per monthly statement cycle. Interest on your High Yield Savings Accounts will be compounded daily and posted to your account monthly.

  • Do I get an ATM card, a debit card, or checks when I open a High Yield Savings Account?

    American Express® Personal Savings accounts are not meant for everyday spending. ATM cards, debit cards, or checks are not provided. However, Federal Reserve Regulation D (Reg. D) does allow a maximum of six (6) withdrawals/debits per statement cycle from online high yield savings accounts.

    Read More in FAQs

  • Why is there a limit of six (6) withdrawals/debits per statement cycle for High Yield Savings Accounts?

    Reserve Requirements for Depository Institutions (12 C.F.R. 204, Regulation D) is a Federal Reserve Board regulation. It limits the number of withdrawals and transfers from a savings or money market account. Regulation D (Reg. D) applies to all U.S. banking institutions offering such accounts. Personal Savings customers may make a maximum of six (6) Reg. D-covered transfers or withdrawals per statement cycle. There is no limit on the number of deposits that can be made.

    A statement cycle is the calendar period during which one banking statement is generated. A statement cycle usually begins on the day of the month the account is opened. If an account is opened on the 10th day of a month, the statement cycle will generally begin on the 10th day of every month and will end on the 9th day of the following month, and so on.

    Read More in FAQs
  • What is the difference between APY and Interest Rate?

    The Annual Percentage Yield (APY) reflects the interest rate and the effect of the frequency of interest compounding (for example, daily) during a 365-day period. The Interest Rate is the annualized rate applied to the principal balance of the account each day in order to determine the amount of interest that has accrued on that day’s principal balance.

    For more information, please see the Deposit Account Agreement for additional terms and conditions and Truth-In-Savings disclosures.

  • What is the difference between Individual and Joint accounts?

    An Individual Account is an account in the name of one person. A Joint Account with Right of Survivorship (and not as Tenants in Common) is an account in the name of two persons. Each account holder intends that when they die the balance in the account (subject to any previous pledge to which we have agreed) will belong to the survivor.

    Please note: The interest earned on the account will be reported to the IRS under the Social Security Number of the primary (first named) account holder. Each joint account holder has equal access to the Joint Account but will not have access to online tax forms. American Express Bank, FSB may act on instructions and notices we receive from any one joint account holder.

  • How long does it usually take to transfer funds online?

    The best method for transferring funds – and having them available to you as soon as possible – is by initiating the transfer on the website of the bank where the funds are currently held. By doing this, you are pushing funds to the destination bank. The funds should appear in 1 to 3 business days‡ (not including the time it takes to link accounts). If you open a High Yield Savings Account with Personal Savings, the fastest way to transfer your funds out of your Personal Savings account and into a checking account would be by initiating the transfer on the Personal Savings site.

    However, if you chose to initiate funds transfer with the bank where you want funds to arrive, you would then be pulling funds. Depending on the destination bank's hold policies, this transfer could take 3 or more business days.‡ If the destination bank is American Express Bank, FSB and you initiated the transfer on the Personal Savings website, then the funds will appear in your account on the 5th business day‡ due to a necessary hold period for due diligence.

    Read More in FAQs

Account Policies


Beneficiaries

Personal Savings accounts can only be opened in the name or names of a natural person(s) – not in the names of trusts. However, we do offer Payable on Death (POD) accounts. These POD accounts let you designate funds in your American Express® Personal Savings account be payable, after your death (and after the death of the joint owner of the account), to one or more surviving individual beneficiaries.

Please note: Beneficiaries named on POD accounts must be individuals. POD accounts cannot be set up in the names of trusts. 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.


Transaction Limitations

You may make up to six (6) preauthorized automatic, or telephone, or online transfers or withdrawals from a High Yield Savings Account during any monthly statement cycle. We may refuse any withdrawal request that exceeds the frequency limitations, or which is for an amount greater than any withdrawal limitations. Read More in FAQs

Funds Availability

You immediately start earning interest on the business day‡ we receive your deposit. Funds from check and electronic deposits to your account, which you initiate through us (for example, transfers from your linked external bank account to your High Yield Savings Account), have a four-day hold period and will generally be available for withdrawal on the fifth business day‡ after the deposit is initiated. Funds from electronic deposits to your account which you initiate through a channel other than us (for example, an external bank website or a payroll direct deposit) will generally be available for withdrawal on the business day‡ we receive the deposit.

Please note: Withdrawals may not exceed the available funds in your account. Deposits and withdrawals are subject to our right to refuse deposits or withdrawal requests.

Statements

We generate statements monthly and make them available online. You can choose to receive paper statements in the mail or, to better protect your privacy and to help the environment, to only receive electronic statements.