American Express does not check your credit score to open a savings account
American Express offers savings accounts through its partnership with banks like Ally Bank and Marcus by Goldman Sachs. When you open one of these accounts, Amex does not pull your credit report and does not check your credit score. The bank running the account may do a soft inquiry — a background check that does not affect your credit — but this is routine verification, not a credit decision.
The reason is straightforward: a savings account is not credit. You are depositing your own money, not borrowing. Banks have no reason to assess your creditworthiness because you are not taking on debt. This is different from a credit card or a loan, where the lender needs to know whether you are likely to repay.
That said, the bank may still run checks on you for fraud prevention and to comply with federal anti-money-laundering rules. These checks do not show up on your credit report and do not lower your credit score.
Key Takeaways
- American Express savings accounts do not require a credit check because you are depositing your own money, not borrowing.
- The bank may run a soft inquiry for fraud prevention and regulatory compliance, but this does not appear on your credit report or affect your score.
- You will need to provide identification and proof of address, just as you would at any bank.
- If you have a poor credit history or no credit history at all, you can still open an Amex savings account without penalty.
What the bank actually checks instead of your credit score
When you open an Amex savings account online or by phone, the bank verifies your identity and address. You will provide your Social Security number, date of birth, and a government-issued ID. The bank cross-checks this information against databases to confirm you are who you say you are and to spot fraud.
The bank also screens your name and Social Security number against the Office of Foreign Assets Control (OFAC) list and other government watchlists. This is a legal requirement for all banks, not a judgment about your creditworthiness. It takes a few minutes and happens behind the scenes.
Some banks also check ChexSystems, a database that tracks banking history — things like unpaid overdrafts, closed accounts due to fraud, or repeated NSF (non-sufficient funds) fees. This is not your credit score. It is a separate record kept by banks. An Amex savings account may be harder to open if you have a serious ChexSystems record, but a low credit score alone will not block you.
Why Amex credit cards are different
If you explore for an American Express credit card, the story changes completely. Amex will pull your credit report and check your credit score. The company uses this information to decide whether to approve you and what interest rate and credit limit to offer.
A hard inquiry — the kind that happens when you explore for credit — does show up on your credit report and can lower your score by a few points for a few months. But again, this applies only to credit products, not to savings accounts.
If you have been rejected for an Amex credit card in the past, that does not affect your ability to open a savings account. The two products are evaluated separately.
How to open an Amex savings account if you have bad credit
Start by going to the website of whichever bank partners with Amex for savings accounts — currently Ally Bank or Marcus by Goldman Sachs. You can also call Amex directly to ask which partner is accepting new accounts.
Fill out the online process with your personal information. You will be asked for your name, address, Social Security number, date of birth, and employment status. You do not need to provide credit history or explain past financial mistakes.
The bank will verify your identity in real time. If you pass the identity check and the OFAC screening, your account opens when ready or within one business day. You can then fund it by transferring money from another bank account.
There is no minimum deposit required at most Amex savings accounts, though interest rates and account features vary by partner bank. Check the current terms on the bank's website before you explore.
What happens if you have ChexSystems issues
If you have been flagged in ChexSystems — for example, because you bounced checks repeatedly or had an account closed for fraud — an Amex savings account may be harder to open. Some banks will deny you outright; others will approve you but with restrictions.
You have the right to request your ChexSystems report for free once per year at www.chexsystems.com. If there is an error on your report, you can dispute it directly with ChexSystems. If the information is accurate but old, some banks will overlook it after a year or two.
If you are denied, ask the bank why. If it is because of ChexSystems, you now know what to fix. If it is because of fraud or identity theft on your record, you may need to clear that up before any bank will work with you.
The difference between a soft inquiry and a hard inquiry
A soft inquiry is a background check that does not affect your credit score. Banks run soft inquiries for account openings, fraud prevention, and pre-approval offers. Soft inquiries do not appear on the credit report that lenders see.
A hard inquiry is a credit check that happens when you explore for credit — a loan, a credit card, or a mortgage. Hard inquiries show up on your credit report and can lower your score by a few points. Multiple hard inquiries in a short time can signal that you are desperate for credit, which concerns lenders.
Opening a savings account triggers a soft inquiry at most. Opening a credit card triggers a hard inquiry. This is why you can open multiple savings accounts without damage to your credit, but explore for several credit cards in a month can hurt your score.
What you need to bring or provide
For an online process, you will need:
- A valid government-issued ID (driver's license, passport, or state ID card)
- Your Social Security number
- Your date of birth
- Your current address
- Your phone number and email address
- Information about your employer (optional, but sometimes requested)
You do not need to provide tax returns, bank statements, or proof of income. You do not need to explain your credit history or past financial problems. The bank is not lending you money, so it does not need to assess your ability to repay.
Once your account is open, you can fund it by transferring money from another bank account. The transfer usually takes one to three business days.
Frequently Asked Questions
Will opening an Amex savings account hurt my credit score?
No. A savings account does not involve credit, so there is no hard inquiry and no impact on your score. The soft inquiry the bank may run does not show up on your credit report.
Can I open an Amex savings account if I have no credit history?
Yes. Credit history is not required for a savings account. The bank only needs to verify your identity and run a fraud check. People with no credit history, bad credit, or no credit score can all open savings accounts.
What if I was denied a savings account before?
Ask the bank why you were denied. If it was because of ChexSystems, you can request your report and dispute errors. If it was because of identity verification issues, bring better documentation next time. If it was fraud-related, you may need to resolve that before trying again.
Do I need a credit card to open a savings account with Amex?
No. The savings account and credit card are separate products. You can open a savings account even if you have never had an Amex credit card or have been denied for one.
How much money do I need to open an account?
Most Amex savings accounts have no minimum deposit. You can open the account with zero dollars and fund it later. Check the current terms on the bank's website, as requirements can change.