American Express® Personal Savings Review

While American Express has no physical branches, you still have a wealth of options to access your money easily and quickly — some of which are fee-free.

Deposit options

There are multiple ways to deposit funds into your American Express® High Yield Savings Account, including:

  • Electronic bank transfer from a linked bank account
  • Wire transfer
  • Mailing a physical check

You can initiate transfers online or via phone 24/7, but if it’s after 7 p.m. ET, American Express considers the transfer to have occurred on the next business day. You also have the choice of setting up a one-time transfer or recurring transfer. Recurring transfers make it easy to make regular contributions to your savings.

When you transfer funds, they won’t be available immediately. Because of a mandatory holding period, money isn’t added to your available balance until five business days after you initiate your deposit. Business days are Monday through Friday, not including holidays.

Withdrawal options

You can use the same methods to withdraw money as you would to deposit it:

  • Electronic bank transfer
  • Wire transfer
  • Physical checks

It takes one to three days for the funds to show up in your linked bank account after you make a withdrawal. One of the biggest downsides of the American Express® High Yield Savings Account is that you can’t access your money quickly. But you can work around this by planning ahead and arranging to transfer funds several days before you’ll need the money.

Remember, because there’s no minimum balance requirement, you can withdraw all the money in your account at any time without worrying about fees or account closure.