Why am I required to review multiple disclosures when applying for an American Express Savings account?

We are required by law to provide you with certain disclosures and tax documents. In order to apply online, you are required to agree to receive the notices electronically, to acknowledge receipt of them, and to electronically fill out the IRS Form W-9. If you choose to apply by phone, we will mail the disclosures and tax forms to you. We are happy to discuss any questions you may have if you call us at 1-800-446-6307.

Consent Statement
You have a right to receive the Deposit Account Agreement and other disclosures in a non-electronic format.  However, if you do not agree to receive them electronically, you may not complete your application online.  Please save your application and call   1-800-446-6307 in order to complete the application process by telephone and mail.

GLBA Privacy Notice
GLBA stands for the Gramm-Leach-Bliley Act of the US Congress, which requires financial institutions to explain their information-sharing practices to customers and to safeguard sensitive customer data.

Deposit Account Agreement
The American Express National Bank Consumer Savings Deposit Account Agreement, as it may be amended or supplemented by American Express National Bank from time to time, constitutes an agreement between you and American Express National Bank. It establishes the terms and conditions governing the deposit products you have obtained from American Express National Bank. Please read this agreement carefully and download/save or print a copy for your future reference. By clicking the "I AGREE" button online, or by otherwise opening, using or continuing to have your account with us, you agree to the terms of this agreement.

Request for Taxpayer Identification Number (TIN) and Certification Number (Form W-9)
American Express National Bank is required by law to withhold and remit to the IRS a specified percentage of interest paid to your account under certain conditions. To ensure accurate reporting on Form 1099-INT – and to avoid potential backup withholding – you should verify that your correct legal name and taxpayer identification number (TIN) are on file with American Express National Bank by completing and signing the Request for Taxpayer Identification Number and Certification (Substitute Form W-9) contained in the online application or in the Welcome Kit. Your TIN may be in one of the following forms:

• Your Social Security Number (SSN), if the account is in your name and you are either a U.S. citizen or a permanent resident, or otherwise are eligible to receive a SSN from the Social Security Administration
• An Individual Taxpayer Identification Number (ITIN), if you are not eligible to receive a SSN from the Social Security Administration.

Accounts opened over the phone will be subject to backup withholding until American Express National Bank receives a completed and signed New Account Form, which includes the Request for Taxpayer Identification Number and Certification (Substitute Form W-9) mentioned above.

 


 

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Understanding Your Account

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Account Security

Personal & FDIC

Terms & Conditions

 

 

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.

Learn More at FDIC.gov

* 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. 

 

** 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.

 

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.

 

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 Deposit Account Agreement 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.

 

5 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.