American Express® Rewards Checking Overview
American Express is known for great rewards credit cards—but its Rewards Checking account, launched in early 2022, is an exciting addition to Amex’s lineup of banking products. As with Amex credit cards, there’s a lot to love about American Express Rewards Checking:
- Competitive 1.00% APY—10 times higher than the national rate
- No fees or minimums
- Fee-free ATM withdrawals at 70,000 locations nationwide
- 1 point for every $2 spent on eligible purchases made with the Rewards Checking debit card
- Easy account management with online banking and mobile app, including mobile check deposits and easy transfers
- Purchase protection and zero-liability fraud protection
However, this account is only available to American Express members who have had a consumer credit card open for at least three months. And since American Express has no branch locations, you won’t have the option of in-person banking, although you can use participating Allpoint and MoneyPass ATMs with no surcharges—there are 70,000 nationwide.
Despite these small drawbacks, the American Express Rewards Checking might be a great option for existing customers who want the convenience of an interest-bearing rewards checking account.
How To Earn Membership Rewards® Through Amex Rewards Checking
Rewards Checking customers earn 1 point for every $2 spent on eligible purchases made with the Rewards Checking debit card. Eligible purchases include anything except:
- Cash withdrawals
- Cash equivalents
- Person-to-person transactions
- Traveler’s checks
- Amex gift cards purchased online
- Prepaid cards
- Foreign exchange or account service fees
Most American Express credit cards earn 1 or more points for every $1 spent, meaning the debit card’s earning rate isn’t quite as good. However, the debit card doesn’t come with a separate application and approval process, making it easier to obtain, and there are no annual fees. Additionally, there are several types of purchases where it might make more sense to use a debit card instead of a credit card to avoid high fees, such as paying utilities or taxes.
Several cards earn Membership Rewards points—the same currency as the debit card—and make great options for doubling up. Some of our favorites include the American Express® Gold Card (terms apply), which earns bonus points at restaurants and at U.S. supermarkets (up to an annual cap), and the Amex EveryDay® Credit Card*, which earns Membership Rewards on every purchase with no annual fee.
How To Redeem American Express Rewards
Checking account holders—without a linked credit card—will redeem points as deposits in their account, at a rate of 0.8 cents per point. Points will automatically be deducted from your rewards account and deposited into your checking account, usually within 48 hours.
Customers with a linked credit card can redeem points as deposits, but they also have several other options for redeeming their rewards. They can:
- Transfer points to partner loyalty programs
- Redeem points through the American Express Travel portal
- Use points to pay for purchases or previous charges
- Redeem points for gift cards or shopping
Alternatives to American Express Checking
Finding a checking account with no fees, competitive interest rates and the ability to earn rewards is like finding a four-leaf clover. The Rewards Checking is best-in-class when it comes to balancing all of these popular benefits. If you don’t qualify, or if the account isn’t a good fit for another reason, there are a handful of alternatives to earn rewards with your checking.
Debit Cards That Earn Rewards
Though still not the norm, there are a few other debit cards that earn rewards with every purchase. Unlike Amex, you’ll typically earn cash back, which might not be as valuable as travel rewards, and there are usually a few strings attached. For instance, you may have to pay account fees or maintain a minimum balance.
The simply named PointCard is one of the most rewarding options, with several bonus categories that earn up to 5 points per dollar, with nonbonus transactions still earning 1 point (worth 1 cent). Those earning rates are better than what you’ll find with American Express, but the extra points might be eaten up by the card’s $9.99 monthly fees.
Bank Accounts That Earn Rewards Instead of Interest
If you already have credit cards earning valuable rewards and aren’t interested in a debit card, you still might be interested in earning rewards points on your account balance instead of interest, especially while rates remain relatively low. This is a different approach than what you’ll find with Amex Checking (which still earns cash interest).
Bask Bank currently offers savers 2.5 American Airlines AAdvantage miles per dollar saved annually when you open its Bask Mileage Savings Account. There are no account fees or minimum balances, but this is a savings account rather than a checking account, so you’ll lose some flexibility in the types of permitted transactions.
Find The Best High-Yield Checking Accounts Of 2024
Ally vs. Discover vs. American Express Checking
Ally Bank, Discover Bank and American Express offer comparable checking accounts, but there are notable differences between the three. None of these banks has branch locations, but all offer attractive perks.
Take a look at how these three checking accounts compare.
| Ally Bank Spending Account | Discover® Cashback Debit Checking | American Express® Rewards Checking | |
|---|---|---|---|
|
Annual percentage yield (APY)
|
Up to 0.25%
|
N/A
|
1.00%
|
|
Physical locations
|
No
|
No
|
No
|
|
Minimum deposit
|
$0
|
$0
|
$0
|
|
Monthly maintenance fees
|
$0
|
$0
|
$0
|
|
Rewards program
|
N/A
|
Earn 1% cash back on up to $3,000 in debit card purchases each month. See website for details
|
Earn 1 point for every $2 spent on eligible purchases made with the Rewards Checking debit card
|
Is the American Express Rewards Checking Account Right for You?
The American Express Rewards Checking account goes all-in with features that appeal to potential customers. Unfortunately, the account is only open to current American Express consumer cardholders, which greatly limits who can apply.
If you’ve already got a personal Amex card and you’re looking to up your checking account game, the American Express Rewards Checking Account could be the answer. With no fees, a competitive interest rate and the ability to earn rewards through debit card purchases, it’s a well-rounded product that could make an excellent counterpoint to the credit cards already in your wallet.
To view rates and fees for American Express® Gold Card please visit this page.
Frequently Asked Questions (FAQs)
How can I do a balance transfer from an Amex credit card into a checking account?
You can’t do a balance transfer from your Amex credit card into your Rewards Checking account. But you can do a balance transfer from another card to a new or existing American Express balance transfer card. Alternatively, you can get a cash advance using your American Express credit card at a participating ATM, but it’s an expensive transaction.
Where can I find the routing number for checking accounts with American Express?
You can find the routing number for your American Express Rewards Checking account by logging into your online account. You’ll find the routing number on the home page. You can also find your routing number inside the mobile app or—if you use them—on the bottom left corner of your checks.
How much are American Express rewards points worth?
Amex Rewards points are worth different amounts based on how and where you use them. Generally, 1 point is worth 0.8 cents. However, customers with a linked American Express credit card account have the option of transferring points to a partner loyalty program, redeeming points through the American Express travel portal, using points to pay for purchases, or redeeming points for gift cards or shopping. The value of rewards points varies according to how you redeem them, but it’s generally somewhere between 0.5 and 1 cent per point.
How much does American Express rewards checking cost?
American Express Rewards Checking has no monthly fees, account opening fees or minimum deposit requirement. However, this account is only available to those who have been American Express consumer credit card members for at least three months. And while you won’t be charged for an inactive or underfunded account, your account could be subject to closure. It’s also important to note there are foreign transaction fees and fees for using out-of-network ATMs.
