Individuals can apply for an American Express personal account either online or via phone by submitting personal information such as phone number, email and home address. Select if a high-yield savings or a certificate of deposit account is desired. Applicants should receive a confirmation email once the application is approved. Next, select if the account is funded electronically or by check.
After two to three days, individuals should check their personal saving account to link the American Express account to the external funding account.
A high-yield savings account is free to open and has no minimum deposits, according to American Express. Account holders can access the account 24 hours a day, seven days a week either online or by phone. To protect the client's investment, saving accounts with amounts up to $250,000 are insured by the Federal Deposit Insurance Corporation.
A certificate of deposit account is similar to the high-yield account except that the annual percentage yield and the interest have fixed rates for a certain period. If the principal or the interest earned is withdrawn before the maturity date, the account may be penalized, or the earnings may drop. Individuals can transfer the interest they have earned from a CD account to a original bank account or a high-yield savings account.