To open a personal savings account with American Express, submit an application on the American Express website or by phone, explains American Express. After receiving confirmation, fund the account electronically or by check. Types of accounts available include High-Yield Savings and Certificate of Deposit.
Once on the American Express website, click Apply Now and the application pops up in a new screen, notes American Express. Certain information is required to fill out the application, such as Social Security number, bank account number if funding the new account electronically and other personal information. If filing a joint account, you also need the personal information of the other applicant.
An email confirmation is sent once the application is approved, reports American Express. Confirmation may also appear on the computer screen after submitting the application. American Express sends a Personal Savings welcome kit in the mail to the address provided on the application.
Interest instantly accumulates the same day funds are deposited, according to American Express. A High-Yield Savings account has an annual percentage yield of 0.9 percent. The account is insured by the Federal Deposit Insurance Corporation.
If opening a Certificate of Deposit account, you can choose the length of the term and the annual percentage yield, according to American Express. Terms range in length from six to 60 months, and the annual percentage yield increases with the length of the term.