Manage Your Beneficiaries
One critical aspect of estate planning is to name beneficiaries for your accounts.
As with any deposit account, adding beneficiaries and keeping beneficiary designations current is an important part of your family's future well-being.
For American Express® 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 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.
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.
Important Information To Know About Setting Up Beneficiaries
Frequently Asked Questions
Manage Your Beneficiaries
†Accounts offered by American
Express National Bank. Member FDIC. Each depositor is insured to at least $250,000 per depositor, per insured bank, per ownership category.
*The Annual Percentage Yield (APY) as advertised is accurate as of . Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened.
For a CD account, rates are subject to change at any time without notice before the account is funded. The rate received will either be (i) the rate reflected during your application process or (ii) the rate being offered when your CD is funded, whichever is higher. All CDs must be funded within 60 calendar days from the time we approve your application or will be subject to closure. The interest rate and Annual Percentage Yield (APY) will be disclosed in your account-opening documents, which you will receive after completing your account-opening deposit. After a CD is opened, additional deposits to the account are not permitted. Early CD withdrawals may be subject to significant penalties which could cause you to lose some of your principal. Please see the Deposit Account Agreement for additional terms and conditions and Truth-in-Savings disclosures.
**The national rate referenced is from the FDIC's published Monthly Rate Cap Information for Savings deposit products. Visit the FDIC website for details.
‡For purposes of transferring funds, business days are Monday through Friday, excluding holidays. Transfers can be initiated 24/7 via the website or phone, but any transfers initiated after 7:00 PM Eastern Time or on non-business days will begin processing on the next business day. Funds deposited into your account may be subject to holds. See the Funds Availability section of your Deposit Account Agreement for more information.
♢Calculations are estimates of expected interest earned. Actual results may vary, based on various factors such as leap years, timing of deposits, rounding, and variation in interest rates. The first recurring deposit is assumed to begin in the second period after any initial deposit.
§IRA Contributions are subject to aggregate annual limits across all IRA plans held at American Express or other institutions. IRA distributions may be taxed and subject to penalties based on IRS guidelines. Required minimum distribution, if applicable, is only relevant to this IRA plan and does not take into consideration other IRA plans held at American Express or other institutions. Please see IRS.gov for more information. We recommend you consult with a financial or tax advisor when making contributions to and distributions from an IRA plan account.