American Express Personal Savings Review [2021]: Is It as Good as Their Credit Cards?

This high-yield savings account could protect and grow your money. But does it have the kind of access and the features you are looking for?
Last updated May 5, 2021 | By Lindsay Frankel
woman considering amex personal savings account

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If you’ve got extra money sitting in a savings or checking account, you’re probably missing out on a chance to earn some serious interest. The average APY on a traditional savings account is quite low, even at the best banks. Many people don’t realize that they could see a much higher return with a high-yield savings account. If you choose the right savings account, you’ll have nothing to lose by keeping your hard-earned dollars tucked away — and plenty to gain. 

American Express is known for its credit cards, but it also offers a number of other financial products. But is the American Express Personal Savings account the right one for you? This account has a competitive interest rate, but what about its other features? Keep reading this Amex Personal Savings bank review to find out all about this account.

In this American Express Personal Savings account review

American Express Personal Savings account basics

APY 0.40% (as of Apr. 21, 2021)
Minimum balance for APY
Minimum deposit to open account
Monthly maintenance fees
ATM access None
Transactions per month
Up to nine withdrawals or transfers per statement cycle
FDIC insured Yes

What we like about the American Express Personal Savings account

  • Earn interest on your savings: With a 0.40% annual percentage yield (APY) (as of Apr. 21, 2021), this high-yield savings account earns more than the national average.
  • Online access for easy saving: You'll be able to access your account through the American Express website. There, you can set up recurring transfers from other linked accounts to make sure you’re always putting something aside for emergencies.

  • No minimum deposit: There is no minimum deposit to open this account. You will need to deposit a tiny $0.01 for account linking.

  • 24/7 customer support: Amex's customer service department is available by phone any time you have questions or trouble.

  • No monthly maintenance fees: Because this savings account doesn’t have any associated monthly fees, a minimum deposit amount, or a minimum balance requirement, it’s a great choice for people who are just getting started saving or don’t have a lot to deposit at once.

What the American Express Personal Savings account could improve

  • No ATM or debit card offered: You won’t get an ATM card or otherwise have immediate access to your cash. This means you can neither withdraw cash nor deposit it with this account. To access your cash, you'll need to transfer funds to a different account. On the flip side, this lack of access can make this account good for an emergency fund.

  • No mobile banking or mobile app access: You also can’t access your personal savings account through the Amex app, so you’ll need to visit the website on your computer to manage your account.

  • No mobile check deposits: In order to deposit a check into your Amex savings account, you'll need to mail in a paper check.

Compare earnings with Amex Savings vs. traditional savings

The Amex Personal Savings account offers an APY of 0.40% (as of Apr. 21, 2021), which is a significantly higher interest rate than the current average APY of 0.04% for a traditional savings account. This makes it an excellent option for ambitious savers.

While it might not seem like that much of a difference in terms of APY, opening a high-yield savings account can result in significant earnings over time. The table below illustrates how much you can earn in interest on a $5,000 deposit with an American Express Personal Savings account compared to a traditional savings account.

Amex Personal Savings Account

0.40% APY (as of Apr. 21, 2021)

Traditional Savings Account

0.04% APY (as of Feb. 26, 2021)

Starting balance $5,000.00 $5,000.00
After one year $5,025.06 $5,002
After three years $5,075.56 $5,006
After 10 years $5,256.35 $5,020.04

How to open an American Express Personal Savings account

1. Apply online or by phone

You can open an account online or by phone, and you’ll need to submit the following personal information: 

  • Social Security number
  • Email address
  • Home address
  • Phone number
  • Date of birth
  • Account and routing numbers

2. Confirm your account

Once you’re approved, American Express will send you a welcome kit in the mail along with email confirmation.

3. Fund your account

To fund your account, you’ll either need to mail a check or set up an online transfer from your existing checking or savings account. The account must be in your name, and you’ll need your routing and account numbers to complete the transfer.

Once you’ve done that, American Express will send you test deposits to verify your account. These two small credits, which will be less than $0.99 each, will appear in your external account within two to four business days of linking your account. They will be labeled AXP TEST. You’ll need to verify these test deposits by following these steps:

  1. Look for the test deposits in your external account
  2. Write down the amounts
  3. Log into your account
  4. From the Transfers tab, click “View Pending Linked Accounts” from the drop-down menu
  5. Select the correct account name and click “Verify”

Alternatively, you can mail a live check made payable to American Express National Bank. Should you choose this option, make sure to write your Personal Savings account number on the memo line of the check.

In the future, once your account is set up, you'll also be able to set up direct deposit.

How to withdraw money from an Amex Savings account

Since the Amex Personal Savings account does not come with a debit card or ATM card, the primary way to withdraw your money will be by executing an electronic transfer to a different account, like a checking account. You can do internal transfers to another Amex account or you may send money to an external bank account. You may also do a wire transfer.

American Express customer service

American Express customer service is available 24 hours a day, seven days a week. You can call them at 1-800-446-6307.

You can also send them mail at:

American Express National Bank
P.O. Box 30384
Salt Lake City, Utah 84130


Is the American Express Personal Savings account safe?

Account holders can rest easy with Amex. Your American Express Personal Savings account is FDIC-insured up to $250,000 per depositor, and you can increase your coverage amount by adding beneficiaries to your account. The FDIC certificate number for American Express National Bank is 27471.

It's a good idea when choosing to open an account with a new financial institution to see if their website or documentation says "member FDIC." In the case of a credit union, you want to look for NCUA insurance, which is similar.

Should I get an American Express savings account or a CD?

CDs, or certificates of deposit, can earn you a good interest rate, as can a high-yield savings account. But CD rates are higher because you are giving up access to that money for a predetermined amount of time. For example, you might get a 12-month or 60-month CD. 

A savings account is best for someone who wants the option of moving that money around or adding more money to the account. A CD is best for someone who knows they won't need that money or who wants to keep themselves from raiding their savings.

Can you transfer money to a bank account from a credit card?

You may be wondering if you have an American Express credit card, if that means you will be able to transfer money from that card's credit line to your American Express Personal Savings account. While many credit card issuers do allow for you to do this, you will likely be charged either a cash advance or balance transfer fee and will probably pay a higher interest rate on that charge to your card as well. It is generally not considered the best way to create cash flow for yourself.

Bottom line

If you’re looking to grow your money quickly without risk while still maintaining access to your savings, the American Express high-yield savings account could be a good choice for you. However, you should review the pros and cons. You’ll also need to determine if you would prefer quicker access to your funds and the convenience of a mobile app. 

The American Express bank account isn’t the only option in high-yield accounts. Be sure to consider all your options when it comes to the best savings accounts. For example, the Chime Savings account is an online savings account that also has no monthly maintenance fee or minimum balance requirement, but it can earn you more in interest and may help you get to your personal finance goals faster.1

Disclaimer: All rates and fees are accurate as of Apr. 21, 2021.

Chime Savings Account Benefits

  • .50% variable APY
  • No minimum or maximum balance requirements
  • No fees
  • Sign up in just 2 minutes

Author Details

Lindsay Frankel Lindsay Frankel is a Denver-based freelance writer who specializes in credit cards, travel, budgeting/saving, and shopping. She has been featured in several finance publications, including LendingTree. When she's not writing, you can find her enjoying the great outdoors, playing music, or cuddling with her rescue pup.