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American Express debuts digital checking account for consumers

person looking at american express digital checking account on phone
Courtesy of American Express
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American Express on Tuesday launched its first consumer digital checking account, which earns a competitive annual percentage yield (APY) and rewards account holders with points for qualifying debit-card purchases.

The American Express Rewards Checking account pays 0.5 percent APY on the entire balance, which is significantly higher than the national average for interest-bearing checking accounts. It doesn’t charge monthly service fees nor require a minimum balance.

The account includes a debit card and pays one Membership Rewards point for every $2 spent on eligible purchases. Points can be redeemed for deposits into the account, and those who also have a Membership Rewards account linked to an AmEx credit card have additional redemption options.

The included debit card works for tap-and-go payments at participating merchants. Purchase protection is provided for eligible purchases and covers accidental damage or theft. Account holders have access to 24/7 customer service.

The new AmEx Rewards Checking joins other deposit product offerings from American Express, including a savings account and certificates of deposit, as well as an array of rewards credit cards.

Checking account holders can manage their accounts through the American Express app, including depositing checks, and have fee-free access to 37,000 MoneyPass ATMs nationwide.

Those currently eligible for the new AmEx Rewards Checking are U.S. customers who have an American Express card, are the primary card member and have had the card for at least three months.

“Our Members want more banking products and services from us,” said Eva Reda, executive vice president and general manager for consumer banking at American Express, in a news release. “And they want more from their checking account, without giving up the benefits that are important to them. That’s why we built Amex Rewards Checking to deliver more value for Members with the powerful and trusted backing of American Express. It’s digital checking without compromises.”

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Written by
Karen Bennett
Consumer banking reporter
Karen Bennett is a consumer banking reporter at Bankrate. She uses her finance writing background to help readers learn more about savings and checking accounts, CDs, and other financial matters.
Edited by
Wealth editor