American Express Personal Savings Account Review

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In this review of the American Express personal savings account, we discuss the pros and cons of this savings option so you can decide whether or not it’s the best fit for you.

American Express is known for its premium credit cards. However, the company has recently branched out into other financial services, including online savings accounts.

Savings accounts are an important part of a balanced financial life. They serve as a place to keep extra money, allowing it to earn interest without taking on any risk. Unlike checking accounts that are built for frequent deposits and withdrawals, savings accounts are designed to store money on a more long-term basis.

Online savings accounts have become increasingly popular for their low costs and high interest rates. The American Express Personal Savings Account is one such example.

American Express Personal Savings Account Review at a Glance


  • High interest rate
  • No monthly fees
  • No minimum balance


  • Slow withdrawal process
  • Not the highest rate among online banks

The Bottom Line: The American Express Personal Savings Account is a fine choice if the only thing you’re looking for is an online savings account. It offers a fairly high interest rate, although not the highest on the market. The greatest downside of the account is that American Express’ banking arm only offers savings products, so you can’t open an online checking account to do all of your banking in one place.

American Express Personal Savings Account

Online savings accounts tend to offer low fees and high interest rates, and the American Express Personal Savings Account is no different. That makes it a good choice for anyone looking for a place to store their emergency fund or extra cash and let it grow.

The greatest drawback of the account isn’t actually a problem with the account itself. Being able to do all your banking in one place makes the process more convenient. It also reduces the effort of managing accounts from multiple institutions. Unfortunately, American Express only offers savings products. If you want to go all in on online banking, you’ll need to choose a different bank for your other accounts.

Fees and minimums

The American Express Personal Savings Account doesn’t charge a monthly fee. There is no minimum balance required to open the account and there are no monthly fees, regardless of how much you keep in the account. You won’t have to worry about jumping through any hoops to keep this account free.

Interest rates

The American Express Personal Savings Account pays a far higher interest rate than brick-and-mortar banks. While the rate is on par with those offered by other online accounts, some of the best online savings accounts offer even higher rates.

To make things simple, there are no promotional interest rates or balance tiers to worry about. You’ll earn the same interest rate on the full balance of your account, regardless of how much money you keep in the account.

Withdrawal limits

One thing to keep in mind when thinking about opening an online savings account is that you will be limited in the number of withdrawals you may make each statement.

Unlike checking accounts, which are used for day-to-day spending and withdrawals, savings accounts should see far less activity. To encourage this, federal regulations limit the number of withdrawals to six per statement period. Every withdrawal from the seventh onward will incur a fee.

You likely have not encountered this rule, even if you’ve had a savings account in the past. That’s because certain types of withdrawals, such as in-person withdrawals and ATM withdrawals, don’t count toward this limit. However, American Express has no physical locations to make withdrawals from and does not offer an ATM card to its customers. Therefore, you will truly be limited to six withdrawals each month.

Other Things to Know About American Express

If you’re thinking about opening an American Express Personal Savings Account, here some additional things to keep in mind.

Customer service

When most people think about trying an online bank account, customer service is a concern.

When you’re working with a brick-and-mortar bank, it’s easy to get help when you need it. You can always walk into your local branch and ask for help in person, even if you can’t reach a representative by phone.

Since online banks don’t offer this luxury, worrying about the quality, speed, and availability of customer service is understandable.

American Express offers top-of-the-line customer service to all members. You can contact customer support by phone 24 hours a day, 7 days a week. You can also get help through online chat, fax, or physical mail.

Other American Express services

When you open an account at any bank, you should take the time to look into the bank’s other services. Having all your accounts at one bank is convenient, so any bank that offers a variety of services has a leg up on the competition.

Unfortunately, this is one of the major drawbacks of working with American Express for banking. The company focuses on providing online savings products. If you’re not interested in opening an online savings account, the bank’s only alternative is a certificate of deposit.

That means you won’t be able to open a checking account through American Express Bank. The American Express Personal Savings Account works best if you like your current bank but want an online savings account with a better interest rate.

American Express Personal Savings Account FAQs

Here are some common questions that people have about the American Express personal savings account.

Is the American Express Personal Savings Account FDIC-insured?

Yes, the American Express Personal Savings Account is insured by the FDIC.

The Federal Deposit Insurance Corporation (FDIC) was founded after the Great Depression to restore confidence in the banking system. Today, it retains that role by insuring the money held at specific banking institutions. If American Express is ever unable to return the money you’ve deposited, the FDIC will reimburse you for any lost funds, up to the $250,000 insurance limit.

Does the American Express Personal Savings Account have an app?

American Express Bank does not currently offer an app. If you want to do your banking from a smartphone, you’ll have to use your phone’s web browser to do so.

The company does offer an app for managing your American Express credit cards, but American Express Bank is a separate entity. You won’t be able to manage your savings account through the American Express credit card app.

Will having an American Express Personal Savings Account make it easy to get an American Express card?

American Express keeps its banking and its credit card departments completely separate. There is no benefit to having an American Express savings account when you apply for an American Express credit card.

American Express Personal Savings Account Review Summary

The American Express Personal Savings Account is a fine option if you’re happy with your current bank and simply want to earn a little more interest. If you’re considering transitioning to an online bank, keep in mind that American Express Bank does not offer checking accounts or other banking services. If you’re looking for more features, check out these other online savings accounts.

TJ Porter

TJ Porter has in-depth experience in reviewing financial products such as savings accounts, credit cards, and brokerages, writing how-tos, and answering financial questions. He has also contributed to publications and companies such as My Bank Tracker, CardCruncher, and Echo Fox. He aims to provide actionable advice that can help readers better their financial lives. In his spare time, TJ enjoys thinking up new ways to optimize my own finances, in addition to cooking, reading, playing games (of the board and video variety), soccer, ultimate frisbee, and hockey.

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