American Express Unveils Interest-Bearing Checking Account

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Woman using contactless card
Jacob Lund /

American Express just launched its first checking account for consumers, and promising a slew of perks to those who sign up for the new product.

American Express Rewards Checking — also known as Amex Rewards Checking — is available to all eligible U.S. American Express card members as of Feb. 8.

Benefits that come with the online account include:

  • A debit card that earns you one Membership Rewards point for every $2 spent on eligible purchases
  • An annual percentage yield (APY) of 0.5% — which is about 17 times the current national average of 0.03%
  • Purchase protection for eligible purchases that covers accidental damage or theft
  • No monthly maintenance fees or minimums
  • No fees for withdrawals from 37,000 ATM locations nationwide

The debit card also is contactless-enabled, which means you can use it for tap-and-go payments at merchants that offer the technology.

Account holders also can access and manage their checking accounts on the American Express App.

Finding the best checking account

Perhaps American Express Rewards Checking is the perfect account for you. But if not, you still have plenty of options.

For example, Axos Bank offers several types of checking accounts that might serve your needs, including options that earn you up to a 1% return. These accounts include:

Looking for a savings account or certificate of deposit (CD) instead? Stop by Money Talks News’ Solutions Center and search for the best savings rates.

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