American Express converts card rewards into bank deposits

U.S. Consumer Cash Back¹ Card Members can now redeem Reward Dollars for a deposit into an American Express® High Yield Savings Account. U.S. Business Cash Back Card Members can also now redeem Reward Dollars for a deposit into an American Express® Business Checking account.

American Express introduced a new way for eligible U.S. Consumer and Business Cash Back Card Members to redeem rewards for a deposit into eligible American Express bank accounts, creating a more integrated experience across their Card and banking products and giving customers more options in how to redeem the rewards they earn.

U.S. Consumer Cash Back Card Members can now redeem Reward Dollars for a deposit directly into an American Express® High Yield Savings Account (HYSA), helping turn rewards into compounded growth². Graphite™ Business Cash Unlimited Card Members can also now redeem Reward Dollars for a deposit into an American Express Business Checking account.

“Card Members want their rewards to be useful, flexible, and easy to put toward the things that matter most to them,” said Corey Timlin, Senior Vice President of Consumer Banking at American Express. “With the majority of our deposits coming from existing Card Members, we have a unique opportunity to bring Cards and banking closer together. By making it possible for Card Members to turn the rewards they earn into savings and everyday banking, we’re creating a more connected experience that helps them get even more value from their relationship with American Express.”

A More Connected Membership Experience for Cash Back Card Members

. For U.S. Consumer Cash Back Card Members, Reward Dollars can now be redeemed for a deposit directly into an Amex HYSA at a 1:1 redemption rate. Once deposited, those funds can earn the account’s competitive APY with daily compounding interest which is deposited monthly.

. For example, Blue Cash Preferred® Card Members can earn an industry-leading 6% cash back at U.S. supermarkets on up to $6,000 in purchases per year and on select U.S. streaming subscriptions then redeem those Reward Dollars for deposits directly into an Amex HYSA with a competitive APY.

. For Graphite™ Business Cash Unlimited Card Members, Reward Dollars can now be redeemed for a deposit directly into an Amex Business Checking Account at a 1:1 redemption rate.

. In 2027, American Express plans to introduce an additional feature that will give Consumer Card Members who also have an American Express HYSA the ability to automatically redeem Reward Dollars for deposits into their account.

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¹ Cash back is received as Reward Dollars that can be redeemed for a deposit into an Amex High Yield Savings Account or for other select options.
² Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened.