Personal Savings accounts can only be opened in the name or names of a natural person(s) – not in the names of trusts. However, we do offer Payable on Death (POD) accounts. These POD accounts let you designate funds in your American Express® Personal Savings account be payable, after your death (and after the death of the joint owner of the account), to one or more surviving individual beneficiaries.
Please note: 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.
You may make up to nine (9) preauthorized automatic, telephone or online withdrawals from a High Yield Savings Account during any monthly statement cycle. We may refuse any withdrawal request that exceeds the frequency limitations, or which is for an amount greater than any withdrawal limitations.† Read More in FAQs
You immediately start earning interest on the business day‡ we receive your deposit. Funds from check and electronic deposits to your account, which you initiate through us (for example, transfers from your linked external bank account to your High Yield Savings Account), have a four-day hold period and will generally be available for withdrawal on the fifth business day‡ after the deposit is initiated. Funds from electronic deposits to your account which you initiate through a channel other than us (for example, an external bank website or a payroll direct deposit) will generally be available for withdrawal on the business day‡ we receive the deposit.
Please note: Withdrawals may not exceed the available funds in your account. Deposits and withdrawals are subject to our right to refuse deposits or withdrawal requests.
We generate statements monthly and make them available online. You can choose to receive paper statements in the mail or, to better protect your privacy and to help the environment, to only receive electronic statements.