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American Express Card Members can enhance their membership with an online checking account that has no fees, offers a competitive APY (annual percentage yield), and earns debit card rewards. However, only those who have had an Amex card for at least three months are eligible. Read our full review to find out if the American Express Rewards Checking account is right for you.
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American Express Rewards Checking
With Amex Rewards Checking, you can earn 1 Membership Rewards point for each $2 of eligible debit card purchase. There are no monthly fees or minimum balance requirements for the account. You can redeem your points for deposits into your Amex Rewards Checking account and there is no cap on how many points you can earn. The account offers a high APY (annual percentage yield) and earns rewards but those are limited to certain options.
We recommend comparing checking account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
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High APY: Account holders can earn 1.00% APY on their checking account.
Debit card Membership Rewards with no cap: Account holders earn 1 Membership Rewards point for each $2 of eligible debit card purchases, and there are no caps to how many points you can earn.
No monthly maintenance and minimum deposit fees: There is no fee to open the account, no monthly fees, and no minimum balance requirements.
24/7 customer service: Account holders can access customer care professionals 24/7 online, over the phone, or via real-time chat.
Must be an American Express Card Member: Currently, only U.S. Basic Consumer Card Holders issued by American Express National Bank with three or more months tenure are eligible. Current and prior American Express® Business Checking customers are not eligible to apply at this time.
Banking services are limited: American Express Rewards Checking accounts do not currently provide services for outgoing wire transfers, overdraft protection, or online bill payment.
Online-only bank: You can only open and manage your account online or in the American Express® App, available on iOS and Android only.
American Express Rewards Checking | Monthly Maintenance | ATM Withdrawal | Overdraft | Stop Payment | Insufficient Funds |
---|---|---|---|---|---|
Fees | $0 | $0 | $0 | $0 | $0 |
There are several ways to deposit and withdraw money from your American Express Rewards Checking account:
You can fund your account through:
You can withdraw money anywhere you see an American Express logo. There are 37,000 fee-free MoneyPass ATM locations nationwide.
If American Express Rewards Checking isn't right for you, check out our full list of the Best Checking Accounts.
At The Motley Fool Ascent, we rate checking accounts on a five-star scale (1 = poor, 5 = best). We evaluate all checking accounts across four main criteria: brand and reputation, APY and rewards, fees and minimum requirements, and perks.
Our scores are weighted as:
Learn more about how The Motley Fool Ascent rates bank accounts.
Yes, American Express has launched an online checking account with no fee to open, no monthly fees, and no minimum balance requirements.
Amex is currently accepting applications from Card Members who hold a U.S. Basic Consumer Card issued by American Express National Bank for at least three months. Current and former American Express® Business Checking customers are not eligible for applications at this time.
You can access your money through the Amex debit card, ACH, wire transfer, checks, or through the use of peer-to-peer (P2P) third-party payment sites.
Like other online checking accounts, you can fund your account by making a deposit online, through ACH or wire transfers, direct deposit, and using the mobile app to make a check deposit.
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