Certificate of Deposit Account | American Express® Personal Savings

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.

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 significant penalty may be assessed on your account which could cause you to lose some of your principal. Please see the FAQs below for more details and the Deposit Account Agreement for full account terms and conditions.

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.
Does Personal Savings allow partial withdrawal of funds from my CD?

Personal Savings does not allow partial withdrawals from our CD accounts. If you wish to make a withdrawal, you will be required to withdraw the full amount in your account and the account will be closed.
What if I want to withdraw my funds from my CD before the Maturity Date?
A penalty will be imposed if you withdraw principal from your CD before maturity, or if your CD is closed for any other reason before maturity. (In certain circumstances, such as the death or incompetence of an account holder, we may agree to waive the early withdrawal penalty.) You understand that, if the amount of the penalty is greater than the available interest earned or credited on your CD, we will deduct the difference from your principal.
- For a CD with a Term of Less than 12 Months: If you withdraw all of your principal balance or if the account is closed for any other reason before maturity, 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 at least 12 Months but Less than 48 Months: If you withdraw all of your principal balance or if the account is closed for any other reason before maturity, the penalty is 270 days’ interest on the withdrawn amount applying the interest rate disclosed in your account-opening documents.
- For a CD with a Term of at least 48 Months but Less than 60 Months: If you withdraw all of your principal balance or if the account is closed for any other reason before maturity, the penalty is 365 days’ interest on the withdrawn amount applying the interest rate disclosed in your account-opening documents.
- For a CD with a Term of 60 Months or more: If you withdraw all of your principal balance or if the account is closed for any other reason before maturity, the penalty is 540 days’ interest on the withdrawn amount applying the interest rate disclosed in your account-opening documents.
Note: If your CD was opened or last renewed before April 1, 2018, please see your original account disclosure for the penalty that will apply.

Lock in your rate with a certificate of deposit

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Select a CD Term that fits your Savings Strategy

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

Term

APY*

Getting Started is Easy

Getting Started is Easy

Step 1: Gather Your Information

Step 2: Submit Application

Step 3: Receive Confirmation

Step 4: Fund Your Account

Certificate of Deposit Account Policies

Interest

Maturity

Early withdrawal penalty for CD Accounts

Frequently Asked Questions

LOCK IN YOUR RATE