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American Express Expands Membership With New American Express® Rewards Checking Account
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Positive)
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Rhea-AI Summary
American Express has launched its first all-digital consumer checking account named Amex Rewards Checking, available to eligible U.S. Consumer Card Members. This account offers a competitive APY of 0.50%, significantly higher than the national rate, along with rewards of 1 Membership Rewards point for every $2 spent on eligible Debit Card purchases. Features include no monthly fees, purchase protection, and 24/7 customer service. This launch enhances American Express's range of consumer deposit products and caters to increasing demand for banking solutions among its members.
Positive
Launch of Amex Rewards Checking enhances product offerings.
Competitive 0.50% APY significantly above the national average.
Members earn 1 Membership Rewards point for every $2 spent on Debit Card purchases.
No monthly maintenance fees or minimum balance requirements.
Includes purchase protection and world-class customer service.
Negative
None.
First all-digital U.S. consumer checking account with Membership Rewards® points, high-yield APY, Debit Card, Purchase Protection, no monthly maintenance fees or minimums, and world-class customer service
NEW YORK--(BUSINESS WIRE)--
American Express (NYSE: AXP) today launched American Express® Rewards Checking (Amex Rewards Checking), the company’s first all-digital consumer checking account, currently available for eligible U.S. Consumer Card Members. Amex Rewards Checking offers a range of benefits, including Membership Rewards points for eligible Debit Card purchases, an annual percentage yield (APY) rate that is 10 times higher than the national rate1 and Purchase Protection2 for eligible purchases, all with no monthly maintenance fees or minimums and world-class customer service.
American Express Rewards Checking Debit Card (Photo: American Express)
“Our Members want more banking products and services from us,” said Eva Reda, Executive Vice President and General Manager, Consumer Banking, American Express. “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.”
Amex Rewards Checking features a highly competitive APY of 0.50% and comes with a Debit Card, which earns Members 1 Membership Rewards point for every $2 spent on eligible purchases, which can be redeemed for deposits into your Amex Rewards Checking account3 and is contactless-enabled for tap-and-go payments at participating merchants. Members can access and manage their checking accounts on the American Express App®4 and can deposit checks via the app for easy account funding.
This new checking account adds to the company’s existing consumer deposits products, such as the American Express Savings account (HYSA) and Certificate of Deposits (CDs).
According to new American Express research*, consumers like to use debit for certain purchases, such as a cup of coffee and ride-share services. In fact, 81% of Gen Z and Millennial consumers surveyed tend to use their debit card as a substitute for cash**. Now they will have the option to use the Debit Card and earn 1 Membership Rewards point for every $2 spent on eligible Debit purchases.
Great Value, Protections and World-Class Service
American Express research* found that when considering opening a new bank account, consumers surveyed said the most important considerations are trust (48%), reputation (35%) and having rewards and offers (35%).
That’s why Amex designed American Express Rewards Checking with features including:
0.50% high-yield APY on the entire checking account balance, which is 10x higher than the national rate
Earn 1 Membership Rewards® point for every $2 spent on eligible Debit Card purchases which can be redeemed for deposits into your Amex Rewards Checking Account
No monthly maintenance fees or minimum balance fees
Purchase Protection on eligible American Express Debit Card purchases covering accidental damage or theft
Backed by American Express world-class service, customers will be able to access a team of customer care providers 24/7, via phone or chat
*This Morning Consult poll was conducted between December 14-15, 2021 among a national sample of 2,200 Adults. The interviews were conducted online, and the data was weighted to approximate a target sample of Adults based on gender, educational attainment, age, race, and region. Results from the survey have a margin of error of plus or minus 2 percentage points.
**This Morning Consult poll was conducted between November 12-14, 2021 among a national sample of 1,999 U.S. general population adults with household income of $70K+. The interviews were conducted online. Results from the full survey of 1,999 respondents have a margin of error of plus or minus 2 percentage points.
1 The Annual Percentage Yield (APY) as advertised is accurate as of 02/8/2022. APY is subject to change at any time without notice before and after a Rewards Checking Account is opened. Please see the Rewards Checking Account Terms for additional terms and Truth-in-Savings disclosures. Transaction fees may reduce APY. APY rate compared to national deposit rate from the FDIC’s published Monthly Rate Information for Interest Checking deposit products. FDIC national rate is calculated as the simple average of interest rates paid by US FDIC-insured depository institutions and branches for which data is available. This national deposit rate reflects APY paid on a variety of interest-bearing checking accounts with terms, services and limitations that may differ. See the FDIC Website for details.
2 Purchase Protection is underwritten by AMEX Assurance Company. Subject to additional terms, conditions and exclusions. For full Terms and Conditions, see americanexpress.com/PPterms. If You have any questions about a specific item, please call Us at 1-800-228-6855, if international, collect at 1-303-273-6498. Accounts offered by American Express National Bank. Member FDIC.
3 Currently, Debit Card Members can only redeem Membership Rewards points for a deposit into their checking account. However, if they also have a Membership Rewards Account in connection with a Card Account, their Rewards Accounts can be linked and they will have access to all redemption options offered with that Card Account.
4 iOS and Android only. See app store listings for operating system info.
5 Visit americanexpress.com for Terms and Conditions and to find participating ATMs in the U.S.
What is Amex Rewards Checking from American Express?
Amex Rewards Checking is American Express's first all-digital consumer checking account, offering a 0.50% APY, Membership Rewards points for eligible purchases, and no monthly maintenance fees.
What features does Amex Rewards Checking offer?
Features include a 0.50% high-yield APY, no monthly fees, 1 Membership Rewards point for every $2 spent on eligible purchases, purchase protection, and around-the-clock customer service.
Who can open an Amex Rewards Checking account?
The Amex Rewards Checking account is available for eligible U.S. Consumer Card Members.
What are the benefits of using the Amex Rewards Checking account?
Benefits include earning Membership Rewards points, a high APY, no fees, purchase protection, and access to the American Express App for account management.
How does the APY of Amex Rewards Checking compare to other accounts?
The APY of 0.50% for Amex Rewards Checking is 10 times higher than the average national rate for checking accounts.
