Lock in your rate with a certificate of deposit

See how much your money can earn with a Certificate of Deposit account by entering an initial deposit and selecting a term. Calculator is for illustrative purposes only. See below for details.

Apply for a Certificate of Deposit
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Want more flexibility in your savings account? A Certificate of Deposit is a great choice if you want to lock in a rate for a one-time deposit. If you want more flexibility open a High Yield Savings Account and you can add funds whenever you want and withdraw up to six (6) times per statement cycle. Learn More

Select a CD Term that fits your Savings Strategy

For a Certificate of Deposit, your interest rate and Annual Percentage Yield (APY) will be fixed as of the date we receive your complete application, provided that:

  • We receive your account-opening deposit no later than 30 days after we approve your application;
  • You do not withdraw interest before the maturity date of the CD – as withdrawals of interest before the maturity date, while permissible, will reduce earnings; and
  • You do not withdraw the principal before the maturity date of the CD – as there may be a penalty for early withdrawal of the principal.

Select a Term and APY*, then click to apply.

Term
APY*

Getting Started is Easy

Step 1: Gather Your Information You will need this information for both primary and joint applicants:

  • Social Security Number
  • Email Address
  • Home Address
  • Phone Number
     
  • Date of Birth
  • Account and Routing numbers (primary applicant only) Read more in FAQs

Step 2: Submit Application Choose the type of account that you want to open, either a High-Yield Savings account or a Certificate of Deposit, and apply online or by phone at 1-800-446-6307 anytime. Apply Now

Step 3: Receive Confirmation You will receive an online and/or email confirmation when your application is approved. Additionally, you will receive an American Express® Personal Savings Welcome Kit in the mail.

Step 4: Fund Your Account You can fund your online account, either by linking your current bank account or by mailing a check. Immediately start earning interest on the business day‡ we receive your deposit. Read More in FAQs

Getting Started is Easy

  • Step 1: Gather Your Information

    You will need this information for both primary and joint applicants:

    • Social Security Number
    • Email Address
    • Home Address
    • Phone Number
       
    • Date of Birth
    • Account and Routing numbers (primary applicant only) Read more in FAQs
  • Step 2: Submit Application

    Choose the type of account that you want to open, either a High-Yield Savings account or a Certificate of Deposit, and apply online or by phone at 1-800-446-6307 anytime. Apply Now

  • Step 3: Receive Confirmation

    You will receive an online and/or email confirmation when your application is approved. Additionally, you will receive an American Express® Personal Savings Welcome Kit in the mail.

  • Step 4: Fund Your Account

    You can fund your online account, either by linking your current bank account or by mailing a check. Immediately start earning interest on the business day‡ we receive your deposit. Read More in FAQs

Certificate of Deposit Account Policies

Interest

Interest is credited to your CD account on a monthly basis. By default, it remains in your account earning compound interest until maturity. To change your option, simply call us, and have the interest:

  • Transferred automatically each month from your CD account to your High Yield Savings Account;
  • Transferred automatically each month to a linked account; or
  • Mailed to you via check monthly, quarterly, or annually.
Maturity

You will be notified by conventional mail and/or by email ten (10) days in advance of your CD’s maturity date. Your CD will automatically renew at the maturity date – unless we no longer offer a CD with the same term as your maturing CD, or if you notify us you would prefer that your CD not automatically renew. You can call us at any time after you open your account and inform us that you would not like your account renewed.

Early withdrawal penalty for CD Accounts

If you make an early withdrawal of your principal balance, or if the CD account is closed for any other reason before the maturity date, a penalty may be assessed on your account. Please see the Deposit Account Agreement for full account terms and conditions.

Frequently Asked Questions

  • What is a Certificate of Deposit (CD) account?

    American Express® Personal Savings offers Certificate of Deposit (CD) accounts. These accounts have fixed interest rates and have seven (7) maturity terms to choose from. Personal Savings offers CD Terms of 6 months, 12 months, 18 months, 24 months, 36 months, 48 months, and 60 months.

  • What is the difference between a High Yield Savings account and a CD?

    High Yield Savings Accounts offer the flexibility of unlimited deposits and up to six (6) withdrawals in a statement cycle. The rate is variable, so it can increase and decrease at any time. A Certificate of Deposit locks in the interest rate – it never changes – but a penalty may be assessed for any early withdrawals.

    Read More in FAQs

  • Can I add funds to a CD once it is opened?

    The initial funding of a CD during the application is the primary way to add funds. If you choose to renew your CD at maturity, you may add funds during the 10 calendar-day period (grace period) following the CD maturity date.

  • What is a Maturity date and what happens after that date?

    The Maturity Date is the date your CD account is scheduled to be closed (unless that CD account is renewed). A penalty may be imposed for a withdrawal of principal before the Maturity Date. Your CD will automatically renew on the Maturity Date – unless we are no longer offering a CD with the same term as your maturing CD, or if you notify us that you would not like your CD to be renewed. At maturity, you will have a 10 calendar-day period (grace period) during which you can withdraw funds from your CD account without penalty, or add additional funds to increase the total funds held in that CD.

    In order to change the maturity option and prevent automatic renewal, you must call us prior to the maturity date or send us a written notice which we receive from you before the end of the grace period. For more information, please see the personalsavings.americanexpress.com/deposit_terms for additional terms and conditions and Truth-In-Savings disclosures. Also see “Automatic Renewal”.

  • How does the interest on a CD compound, and can I choose to pay out the interest on a CD?

    Interest on all Personal Savings accounts compounds daily and posts to the accounts monthly. You can choose to receive payments of interest from your Certificate of Deposit account. You can have the interest paid out to you via a monthly transfer to your Personal Savings account or to a linked external account, or you can choose to have the interest paid to you via check on a monthly, quarterly, or annual basis.

  • What if I want to withdraw my funds from my CD before the Maturity Date?

    A penalty will be imposed if you withdraw the principal from your CD before its maturity. (In certain circumstances, such as the death or incompetence of an account holder, we may agree to waive the early withdrawal penalty.) If the amount of the penalty is greater than the interest earned or paid on your CD, we will deduct the difference from your principal. American Express Bank, FSB does not permit partial withdrawals. To withdraw any funds, the CD must be closed.

    • For a CD with a Term of 12 Months or Less: If you withdraw all of your principal balance, or if the account is closed for any other reason, the penalty is 90 days’ interest on the withdrawn amount applying the interest rate disclosed in your account-opening documents.
    • For a CD with a Term of More than 12 Months: If you withdraw all of your principal balance, or if the account is closed for any other reason, the penalty is 180 days’ interest on the withdrawn amount applying the interest rate disclosed in your account-opening documents.
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