American Express Checking Account

American Express Checking Account

Banks
American Express Checking Account

American Express Checking account was introduced in 2022 and new accounts were opened by invitation only. For this account you get rewards debit card. When you use the card to make purchases you earn cashback reward points. 0.5 of a point for every dollar that you spend. Not much if you compare these points with Amex credit cards.

American Express Membership Points
Membership Rewards Points

Overall the checking account is similar to other online only banks and has the same benefits. For example, it earns you 0.6% APY. Not bad for a checking account. Who could possibly think that checking account can earn interest?

The checking account has no annual or monthly fee. Which is standard for online only banks.

American Express Debit Card
American Express Rewards Checking

Keep in mind, that it is not the same as American Express Bluebird and American Express Serve. These are prepaid cards with their own benefits.

What are the Amex Checking Account benefits?

Like many other new banks it offers access to a network of 37,000 fee-free ATMs. The network is called MoneyPass and spread across the US.

Paying interest on your balance is another benefit. Few other banks offer APY this high. For example, Capital One 360 checking earns only 0.1% on checking balance.

When you use this card to make purchases, you earn reward points. Honestly, I think it is a poor idea to buy something using debit card. My suggestion would be to apply for a Amex credit card and pay it off using your rewards checking account.

How to add money?

There are very few ways to add money to Amex checking account. For example, you can receive your paycheck to the American Express account. You have to setup direct deposit and your employer should add money to your balance.

You can also make an online transfer using ACH transfer. It is very common way to transfer money between bank accounts. It usually takes a couple of business days to clear the transaction.

You can use your smartphone and make a mobile check deposit. This way you can cash paper checks and add money to your checking account. Read how to mobile deposit paper check.

When you apply for the Amex Rewards checking account you receive special debit card to use at ATMs. You can also make purchases using the card. Additionally your balance earns 0.6% APY.

Overall it is a fine online only checking account without some unique benefits. It doesn’t offer free cash deposits at retail stores.