American Express debuts consumer bank account

Source: American Express

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.

“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
Fraud Protection and Monitoring
Simple and efficient banking through the award-winning American Express App
Fee-free ATM withdrawals with their Debit Card at 37,000 MoneyPass® ATM locations nationwide5