American Express Debuts First All-Digital Checking Account

all-digital checking account

American Express has announced the launch of its first all-digital consumer checking account for eligible U.S. consumer card members. According to the company, Amex Rewards Checking will offer 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 rate, and Purchase Protection for eligible purchases. The offering comes with no monthly maintenance fees or minimums.

American Express All-Digital Checking Account

The launch is expected to meet the growing demands for digital banking services among consumers. With the new checking account, customers will not only earn interest on their money but also receive rewards when they use the connected debit card when making purchases.

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The Amex Rewards Checking account also comes with fraud protection and monitoring, along with access to customer service via phone or chat. This new checking account is an addition to the company’s existing consumer deposits products, such as the American Express Savings account (HYSA) and Certificate of Deposits (CDs).

American Express Rewards Checking with features include:

  • 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
  • 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 nationwide

Why Digital Banking is Good for Business?

Digital Banking has revolutionized traditional banking services by bringing in automation, improving business cash flow, greater customer engagement, and flexibility in transactions.

It has also allowed customers to make transactions across different secured digital channels bringing in convenience and access to funds 24/7. The paperless banking system also offers customers a lot of payment options. They can choose to use their mobile device via a banking app, use their credit card, use online banking, or use mobile payments.

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Samson Haileyesus Samson Haileyesus is a staff writer for Small Business Trends and has several years of progressive experience in media, communication and PR working with government, NGOs and private sector. He is passionate about public outreach, branding, media relations and marketing.

2 Reactions
  1. The beauty of digital accounts like this is the lack of infrastructure costs. AMEX can service this at virtually no marginal cost and then use the deposits to ramp up their spending. In an environment of increasing interest rates, that could turn out to be very profitable.

  2. Hard to deposit check to this account.