American Express rolls out first digital consumer checking account

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American Express has unveiled Amex Rewards Checking, the company's first all-digital consumer checking account for eligible consumer card members in the United States. 

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The account offers a range of benefits, including:

  • One membership rewards point for every $2 spent on eligible debit card purchases, which can be redeemed for deposits into the account and contactless-enabled tap-and-go payments at participating merchants
  • An annual percentage yield rate of 0.5%, 10 times higher than the national rate.
  • Purchase protection for eligible purchases to cover accidental damage or theft
  • No monthly maintenance or minimum balance fees
  • 24/7 customer service via phone or chat
  • Fraud protection and monitoring
  • Fee-free ATM withdrawals with debit cards at 37,000 MoneyPass ATM locations nationwide

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The Amex Rewards Checking account offers wide range of benefits, including an annual percentage yield rate of 0.5% and no maintenance or minimum balance fees

The new account comes as American Express has been pushing to add more Gen Z and millennial customers. In 2021, millennials and Gen Z customers represented around 60% of the company's new consumer accounts. 

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American Express' internal research finds that approximately 81% of Gen Z and millennial respondents surveyed by the bank use their debit card as a substitute for cash on certain purchases, such as a cup of coffee or ride-share services. 

"Our Members want more banking products and services from us," Eva Reda, American Express' executive vice president and general manager of consumer banking, said in a statement. "And they want more from their checking account, without giving up the benefits that are important to them."

TickerSecurityLastChangeChange %
AXPAMERICAN EXPRESS CO.194.01+6.16+3.28%

In addition to the Amex Rewards Checking account, the company offers savings accounts, certificates of deposit and a digital checking account for small businesses. 

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