As with any investment, adding beneficiaries and keeping beneficiary designations current is an important part of your family's future well-being.

For American Express® Personal Savings, you may designate up to six individuals as beneficiaries per account, who will each receive equal shares upon the account holder's passing.

When you use the Beneficiary Designation Form, you will designate your American Express Personal Savings account as a Payable on Death (POD) account. Certain state law restrictions may apply to POD accounts.

You are solely responsible for complying with applicable law in establishing a POD account. We make no representation that designating your account as a POD account is advisable or enforceable. You should consult an attorney or other qualified estate planning professional before designating your account as a POD account.

  STEP 1: Gather Your Beneficiary Information

The first step is to ensure you have the tax ID number (Social Security number), date of birth and mailing address for any beneficiaries you wish to add to your account.

  STEP 2: Add Your Beneficiaries

1. Log in to Personal Savings and click My Profile from the navigation and Manage Beneficiaries.
2. Select the account from the drop down menu that you wish to add a beneficiary to.
3. Click the Add Beneficiary button and enter your beneficiary information in the form.
4. When complete, click Save Beneficiary. You can now add further beneficiaries to the same account or to a different account by following the same process.

  STEP 3: Manage Your Beneficiaries

It is important to ensure that your beneficiary information is kept up to date. You may easily update the beneficiary information or change the beneficiaries named on your account at any time.

1. Log in to Personal Savings and click My Profile from the navigation and Manage Beneficiaries.
2. You can then edit beneficiary information, such as their address, or click the Delete Beneficiary button to remove a beneficiary from the account.

Important Information To Know About Setting Up Beneficiaries

• You can add the same beneficiary to any or all accounts by re-entering their information on each account. We currently do not have the ability to automatically add the information from one account to another.
  
• Beneficiaries named on POD accounts must be individuals. POD accounts cannot be set up in the names of trusts. 
• Personal Savings will split the value of your account equally for all named beneficiaries.

• Beneficiary information is not used in any way unless we are notified of your death.
• You can increase your FDIC coverage by adding beneficiaries to your POD account. For example, in some circumstances, having six named beneficiaries could provide coverage of up to $1,500,000 on an account. To learn more about how beneficiaries can expand your coverage, please visit FDIC.gov.