Why does American Express require a lot of information when opening an account?
To help the United States Government fight terrorism and money laundering, Federal law requires us to obtain, verify, and record information that identifies each person that opens an account.
• Federal law requires us to obtain a correct Taxpayer Identification Number (TIN) for every account. A TIN may be in one of the following forms: (a) your Social Security Number (SSN) if you are eligible to receive a SSN from the Social Security Administration, or (b) your Individual Taxpayer Identification Number (ITIN) if you are not eligible to receive a SSN from the Social Security Administration.
• Your Birth Date and Address help us comply with the USA PATRIOT Act. What is the USA PATRIOT Act? Read more
• Your Employment Information helps us comply with the Bank Secrecy Act.
• We require your email address to provide updates on your application status. We may also send you important account updates and exclusive offers. For information about how we protect your privacy, please read our Privacy Statement.
• We require your phone number in order to have a way to contact you if we suspect fraud on your account, or if we have other urgent needs to contact you about servicing your account. For information on how to update your privacy settings, please read our Privacy Statement.
*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 opened. Your rate will be fixed on the business day‡ we receive your completed application, provided we receive your deposit within 30 days after your application is approved. 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.
†You are generally permitted to make up to nine (9) withdrawals or transfers out of your High Yield Savings Account during a monthly statement cycle. However, please note that there are strict rules for withdrawing money from an IRA plan (including an IRA High Yield Savings Account) before retirement age without incurring a penalty. Read More in FAQs.
‡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 to be processed on the next business day.
♢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.