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
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."
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AXP | AMERICAN EXPRESS CO. | 249.50 | +5.74 | +2.35% |
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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