High Yield Savings
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SupportHow Can I Set Up a Direct Deposit Into My Savings Account?
Setting up direct deposit into your savings account is a straightforward process and can help to make savings easier.
How Direct Deposit Works
Direct deposit allows you to receive payments, such as a paycheck, directly into your account electronically. This helps to streamline the process of getting funds into your account. Some people opt to have part or all of their paycheck go into their savings account.
How to Set Up Direct Deposits Into Your Savings
If you’d like part or all of your paycheck to go into your savings account, here are some steps you may want to take:
Obtain a Direct Deposit Form - To set up a direct deposit through work, you can request a form from HR. You can then complete the form with your information, including your Social Security number and account information.
Decide How Much You’d Like to Send to Savings - Next, you’ll want to determine which percentage of your paycheck you’d like to go into your savings account and which you’d like to go into checking.
Submit the Form to Your Employer or Bank - Finally, provide the form to your employer or bank. You may also be asked to provide a deposit slip from your savings account to ensure the direct deposit goes to the right place.
How Can I Set Up a Direct Deposit Into My American Express Savings Account?
You can set up a direct deposit into your American Express Savings Account for your employer or for Federal payments (including social security, worker’s compensation, tax refunds, etc. Once you have your routing and account numbers, you will need to contact your employer or paying agency to get proper forms and instructions. You can use your American Express Savings account details: The American Express National Bank routing number for your Savings Account is: 124085066. Use of any other routing number may result in either delayed processing or rejection of the transaction.
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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.