High Yield Savings
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SupportHow Can You Close a Savings Account?
If you’re ready to close your savings account, there are some important considerations that you’ll want to keep in mind.
Steps to Take Before Closing a Savings Account
Closing a savings account is a straightforward process. Here are some steps that you’ll want to take before you close your account:
Open a New Account -
First, it’s a good idea to open a new account before you close your existing savings account. This will give you somewhere to transfer any balance remaining in your existing account.
Update Recurring Deposits -
Next, you’ll want to update any recurring deposits or automatic withdrawals to your new account. Keep an eye on your transactions to make sure everything is working as it should be.
Transfer Your Money -
You’ll also want to move any funds that you have in your existing account to your new one. This can be done with an online transfer.
Download Your Statements -
You won’t have access to your savings account statements once the account is closed, so be sure to download any records you may need.
How to Close Your American Express Savings Account
Log Into Your Savings Account -
First, log into your American Express Savings Account. From there, you will be able to navigate to the transfer tab where you will be able to start the process of transferring funds out of your account.
Transfer the Balance -
To close your account, it must have a balance of zero. To transfer any remaining balance, go to the ‘Transfers’ tab and enter the dollar amount you wish to transfer. This will be the amount which will result in a zero balance for the account you wish to close. Then, select the account where you wish to deposit the funds.
Click the Red "Close Account" Button -
On the next screen, you will be given the option to close the account. If you select the red ‘Close Account’ button, your balance (plus the interest earned up to and including that calendar day) will be transferred, and your account will be closed.
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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. Interest Rate and APY of a Certificate of Deposit account is fixed once the account is funded. [There is no minimum balance required to open your Account, to avoid being charged a fee, or to obtain the Annual Percentage Yield (APY) disclosed to you]
** The national rate referenced is from the FDIC's published Monthly Rate Cap Information for Savings deposit products. Visit the FDIC website for details.
1 There is no minimum balance required to open your Account, to avoid being charged a fee, or obtain the Annual Percentage Yield (APY) disclosed to you.
2 The interest rate and Annual Percentage Yield (APY) will be disclosed in your account-opening documents, which you will receive after funding your Account. The interest rate and APY for your CD will be fixed and will either be (i) the rate reflected at application submission 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. After the CD is opened, additional deposits 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 Consumer Deposit Account Agreement and Savings Schedules for additional information.
3 For purposes of transferring funds to or from an external bank, 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 Consumer Deposit Account Agreement and Savings Schedules for more information.
4 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.