Manage your Beneficiaries

One critical aspect of estate planning is to name beneficiaries for your accounts. As with any investment, adding beneficiaries and keeping beneficiary designations current is an important part of your family's future well-being. For American Express® Personal 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 Personal 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.

Gather Beneficiary Information
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.

Gather Beneficiary Information
Add beneficiaries
step 2: Add your beneficiaries

  1. Log in to Personal Savings and click My Profile from the navigation and Manage Beneficiaries.  
  2. Select the account from the drop down menu that you wish to add a beneficiary to.
  3. Click the Add Beneficiary button and enter your beneficiary information in the form.
  4. When complete, click Save Beneficiary. You can now add further beneficiaries to the same account or to a different account by following the same process.

Add beneficiaries
Manage 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.

 

  1. Log in to Personal Savings and click My Profile from the navigation and Manage Beneficiaries.
  2. You can then edit beneficiary information, such as their address, or click the Delete Beneficiary button to remove a beneficiary from the account.

Manage beneficiaries
Important information about beneficiaries
Important information to know about setting up beneficiaries

  • You can add the same beneficiary to any or all accounts by re-entering their information on each account. We currently do not have the ability to automatically add the information from one account to another.
  • Beneficiaries named on POD accounts must be individuals. POD accounts cannot be set up in the names of trusts. 
  • Personal Savings will split the value of your account equally for all named beneficiaries.
  • Beneficiary information is not used in any way unless we are notified of your death.
  • You can increase your FDIC coverage by adding beneficiaries to your POD account. For example, in some circumstances, having six named beneficiaries could provide coverage of up to $1,500,000 on an account. To learn more about how beneficiaries can expand your coverage, please visit FDIC.gov.

Frequently Asked Questions

  • What is a Payable on Death account?

    Payable on Death (POD) accounts let you designate that funds in your Personal Savings account be payable after your death (and after the death of any joint owner(s) of the account) to one or more surviving individual beneficiaries without having to set up a trust. Beneficiaries named on POD accounts must be individuals; POD accounts cannot be set up in the names of trusts. Certain state law restrictions apply to POD accounts. Please consult an attorney or a qualified estate planning professional before designating your account as a POD account. Personal Savings accounts can only be opened in the name or names of individuals, and not in the names of trusts.

    You may designate your individual or joint American Express Personal Savings account as a POD account by using the required Beneficiary Designation Form. You may designate up to six (6) beneficiaries per account. Visit personalsavings.americanexpress.com/contact_us to download the Beneficiary Designation Form.

  • How do I find out about my state's laws about payable upon death?

    Please consult an attorney or a qualified estate planning professional in your state. 

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