Is the American Express Rewards Checking account right for me?
American Express Rewards checking could be a good option if you’ve had an American Express credit card for at least three months and you want to earn Membership Rewards for debit card transactions.
This account is best if you plan to use it primarily in the United States — the 2.7% foreign transaction fees can add up quickly when traveling out of the country. Bear in mind that since American Express doesn’t have physical branches, you’ll need to do all your banking online, over the phone or at a participating ATM for this online checking account.
As you weigh your options to decide if it’s the best checking account for you, consider whether the pros and cons of an Amex checking account suit your lifestyle and financial preferences.
American Express Rewards Checking account: Pros and cons
Amex Rewards Checking account benefits
American Express Rewards Checking offers a variety of benefits for account holders:
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High APY. American Express offers a 1.00% APY, which is about 10 times more than the national average rate for checking accounts.
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No monthly fees. With this account, you won’t pay monthly fees for maintenance.
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No minimum balance rules. American Express does not require a minimum opening balance or a minimum monthly balance for Amex Rewards Checking account holders.
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No ATM fees. Withdraw money from one of the 37,000+ MoneyPass ATMs, and you won’t pay ATM fees.
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No overdraft fees. If you make a charge that causes your account to have a negative balance, American Express does not charge a fee.
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Mobile check deposit. Take a photo of your check using your smartphone, and deposit it using the American Express app.
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Zero Liability Fraud Protection. With this feature, you’re not responsible for charges made by an unauthorized person — just make sure to call American Express as soon as you notice fraudulent activity.
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Purchase protection. American Express will pay for a replacement in the event of covered damage to or theft of an item you purchased using your debit card. This coverage is in effect for up to 90 days from the purchase date.
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Rewards. When you use the American Express debit card linked to your Rewards Checking account, you’ll earn rewards.
Amex Rewards Checking account rewards
An Amex checking account can help maximize your Membership Rewards. Each time you make an eligible purchase with your debit card, you’ll earn one Membership Rewards point for every $2 you spend. American Express does not cap the number of points you can earn.
It’s important to note that the rewards earning rate for the American Express Rewards Checking is lower than that of most American Express credit cards. They typically earn a minimum of 50% more — one point for every $1 you spend. The American Express Gold Card can earn up to four points per dollar.
Redeem American Express checking rewards
When you open an Amex Rewards Checking account, make sure it’s linked to your current credit card Membership Rewards account. That way, all your points will go to the same place.
This means you can use points to:
- Earn cash deposits
- Book travel in the American Express Travel portal
- Transfer points to partner loyalty programs
- Pay for charges to your account
- Buy gift cards or shop online
If your checking account isn’t linked to your rewards credit card, you won’t enjoy the same flexible redemption options.
Instead, American Express provides two choices:
How to earn interest with an Amex Rewards Checking account
Every American Express Rewards Checking account earns a variable APY of 1.00%, regardless of your opening deposit and monthly balance. The bank compounds interest every day and deposits it into your account every month.
Here’s a key perk: Earnings aren’t capped, so there are no limits to how much interest you can earn. The higher your balance, the better your return.
The Amex Rewards Checking APY is subject to change, so it’s important to keep an eye on the account terms. American Express may adjust the rate at any time at the provider’s discretion.
American Express Rewards Checking account fees
An American Express Rewards Checking account has very few fees, which may make it an appealing option — especially if you already have an American Express Rewards credit card.
Type |
Fee |
Monthly fee |
No fee |
Overdraft fee |
No fee |
Out-of-network ATM fee |
No fee (ATM provider may charge a fee) |
ATM and debit card non-USD transaction fee |
2.7% of the transaction |
Unpaid item fee |
No fee |
Returned item fee |
No fee |
Replacement debit card fee |
No fee |
Incoming wire transfer |
No fee |
Cashier’s check |
No fee |
American Express does not offer overdraft protection. In other words, if you make a purchase that’s more than the balance of your checking account, the bank may simply deny the charge. In some cases, it will pay for the purchase and leave you with a negative balance. You won’t be charged a fee if this happens, but you will be expected to deposit money to cover the deficit.
How the Amex Rewards Checking account compares
Compared to most checking accounts, American Express offers a better APY and the opportunity to earn rewards.
Here’s how it compares to the Chase checking account, another popular checking account option.
Amex Rewards Checking vs. Chase Total Checking
Both American Express and Chase offer checking accounts that can be opened without a minimum required balance.
However, Chase checking accounts fall short in a few key areas:
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Fees. American Express charges no fees; Chase checking accounts typically come with a monthly fee ranging from $4.95 to $25. The bank may waive the fee for people who maintain a minimum balance or meet a deposit threshold.
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ATM network. Chase’s network has just 15,000 ATMs, compared to American Express’ 37,000.
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Interest. Only one Chase account earns interest but at a drastically lower rate than American Express.
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Rewards. Chase checking accounts do not earn rewards.
Chase has one key advantage over American Express — it offers in-person banking, which can be helpful when you want to deposit cash or chat with a banker in person. Chase checking accounts also come with overdraft protection and may be a good option if you’re looking for joint checking accounts.
How to open an Amex Rewards Checking account
To apply for an American Express Rewards Checking account, you must log into your existing American Express credit card account — the application is only available to cardholders who have been active for at least three months. In the Banking tab, choose “Personal Checking” and click the “Apply Now” button. Expect to provide basic personal, financial and contact information. Approval decisions are usually quick but may take a few days.
How to access funds with an Amex Rewards Checking account
Once approved for?Amex Rewards Checking, you have 60 days to make your first deposit. If you don’t, the bank will close the account. There are a few ways to deposit, transfer and withdraw money.
Deposit options
American Express provides four ways to deposit money into your Rewards Checking account:
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Online deposits. Connect one of your other bank accounts to your Amex account to make online transfers.
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Direct deposits. Set up direct deposit to send money from your employer’s payroll system directly to your Amex Rewards Checking account.
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Mobile check deposits. If someone sends you a check, the American Express app makes it easy to deposit it into your account remotely. It may take a few days for the deposit to clear.
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Wire transfers. If you’re unable to link another bank account to American Express through the online system, you can deposit money using a standard wire transfer.
Transfer options
If you need to move money out of your American Express checking account to another bank or account, there are two ways to go about it:
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Online transfer. In your American Express app, it’s easy to set up a transfer to another Amex account or an external bank.
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Outgoing wire transfer. Amex enables you to send funds to another bank or financial institution; expect to pay a $20 fee for this service. You might use this option if you need to move a large amount of money or you’re sending money to companies or loved ones overseas.
Withdrawal options
With Amex Rewards Checking, you can take advantage of multiple withdrawal options:
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ATM withdrawals. Use your debit card to withdraw funds; it’s fee-free when you choose one of the 37,000 ATMs in the MoneyPass network.
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ACH transfers. Use a standard ACH transfer to move money to another bank, and withdraw the funds at that institution.
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Checks. You can order checks through American Express’ provider and use them for payments.
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P2P services. Connect your Amex account to a peer-to-peer (P2P) payment service such as PayPal, Cash App or Google Pay to pay someone directly.
Other American Express Checking and Saving accounts
At present, the Rewards Checking account is American Express’ only personal checking product. However, the bank does offer business checking accounts and a few types of savings accounts.
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