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American Express Rewards Checking Review: Earn High APY and Debit Card Rewards

Review Updated
David Chang, ChFC®, CLU®
Author: David Chang, ChFC®, CLU®
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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

American Express Card Members can enhance their membership with an online checking account that has no fees, offers a competitive annual percentage yield (APY), and earns debit card rewards. However, only those who've been Amex card members for at least 35 days are eligible to open one.

Read our full review to find out if the American Express Rewards Checking account (member FDIC) is right for you.

Ratings Methodology
Rates as of Dec 20, 2024

American Express Rewards Checking

Member FDIC.
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
APY
1.00% Rate info Circle with letter I in it. APY = annual percentage yield
Min. To Earn APY
$0
  • High APY
  • Debit card rewards with no cap
  • No monthly maintenance and minimum deposit fees
  • 24/7 customer service
  • Must be an American Express Card Member
  • Banking services are limited
  • Online-only bank

With Amex Rewards Checking, you can earn 1 Membership Rewards point for each $2 of eligible debit card purchase. There are no monthly fees or minimum balance requirements for the account. You can redeem your points for deposits into your Amex Rewards Checking account and there is no cap on how many points you can earn. The account offers a high annual percentage yield (APY), too.

Compare checking accounts

We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.

Account APY Promotion Next Steps
0%
Min. to earn: N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
Open Account for Discover® Cashback Debit

On Discover Bank's Secure Website.

up to 1.10%
Min. to earn: $1
High APY when you complete 10 or more qualifying debit card purchases each month

Full American Express Rewards Checking review

Top perks

High APY: Account holders can earn 1.00% APY on their checking account (as of August 19, 2024).

Debit card Membership Rewards with no cap: Account holders earn 1 Membership Rewards point for each $2 of eligible debit card purchases, and there are no caps on how many points you can earn.

No monthly maintenance and minimum deposit fees: There is no fee to open the account, no monthly fees, and no minimum balance requirements.

24/7 customer service: Account holders can access customer care professionals 24/7 online, over the phone, or via real-time chat.

Applications reviewed promptly: You won't have to wait long to find out if you're approved to open this checking account, as decisions are usually made in minutes.

What could be improved

Must be an American Express Card Member: You can only apply for this checking account if you've had an American Express consumer card account for at least 35 days. Current and prior American Express® Business Checking customers are not eligible to apply at this time.

Banking services are limited: American Express Rewards Checking accounts do not currently offer overdraft protection or online bill payment. As of this writing, you cannot use Zelle with this checking account. You can use your account and routing numbers to set up payments from the account on other sites or with creditors.

Online-only bank: You can only open and manage your account online or in the American Express® App, available on iOS and Android only.

Fees

American Express Rewards Checking Monthly Maintenance ATM Withdrawal Overdraft Stop Payment Insufficient Funds
Fees $0 $0 $0 $0 $0
Data source: American Express.

How to access your money

There are several ways to deposit and withdraw money from your American Express Rewards Checking account.

Deposits

You can fund your account through:

  • ACH
  • Direct deposit
  • Mobile check deposit
  • Wires

Note that you cannot deposit cash into this account.

Withdrawals

You can withdraw money anywhere you see an American Express logo. There are 37,000 fee-free MoneyPass ATM locations nationwide.

  • ATM
  • ACH
  • Checks
  • Peer-to peer (P2P) payments on a third-party site
  • Wires

American Express Rewards Checking is right for you if:

  • You are a current American Express Card Member (and have been for at least 35 days)
  • You want to earn Amex Membership Rewards
  • You want to earn a competitive APY
  • You are comfortable with online banking
  • You don't need a full suite of banking services

If American Express Rewards Checking isn't right for you, check out our full list of the Best Checking Accounts.

Keep reading about American Express National Bank

Our checking account methodology

At Motley Fool Money, we rate checking accounts on a five-star scale (1 = poor, 5 = best). We evaluate all checking accounts across four main criteria: brand and reputation, APY and rewards, fees and minimum requirements, and perks.

Our scores are weighted as:

  • Brand and reputation: 40%
  • APY and rewards: 30%
  • Fees and minimums: 15%
  • Other perks: 15%

Learn more about how Motley Fool Money rates bank accounts.

FAQs

  • Objectively, yes. Amex offers consumer banking accounts with no fees, high APYs, and useful perks. It is a fully online bank, however -- so if you're not comfortable doing your banking exclusively via the internet, it might not be right for you.

  • American Express National Bank is insured by the FDIC, meaning that up to $250,000 per depositor, per FDIC-insured bank, per ownership category is covered in case of bank failure. This means your money is safe with Amex.

  • Not automatically, but you have the option to order paper checks for use with this account.

  • Sadly, no -- but you could deposit cash into another checking account and then transfer it to your American Express Rewards Checking account.