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American Express National Bank announced today that it will be launching its first consumer checking account, American Express Rewards Checking. The account comes with a 0.60% Annual Percentage Yield (APY) interest rate — which is significantly higher than the national average of 0.03% on interest checking accounts — and a debit card that customers can use to earn one rewards point for every $2 spent with the card on eligible purchases. Eligible purchases include most transactions, but don’t include purchases that are a cash equivalent, such as purchasing a gift card. The rewards can be redeemed for deposits into your Amex Rewards Checking account. (Terms apply.)
The account is available now to customers who are current American Express consumer credit card holders.
Other benefits include no monthly maintenance fees and no minimum balance requirements, and no minimum balance to open the account. American Express won’t charge overdraft or nonsufficient fund fees on this account; customers will instead have a transaction declined if it would lead to an overdraft.
Customers will have access to more than 37,000 fee-free MoneyPass ATMs nationwide from which they can withdraw cash, and American Express service representatives are available 24/7 via phone and chat to assist customers.
“Our members keep telling us they want more from us, and this new account will give them the option to have all of the great value and benefits that set our accounts and services apart,” says Liz Bergman, vice president of Digital Checking and Debit Product Management at American Express.
The new account will also be integrated with AmEx’s existing mobile app, says Bergman, and customers will be able to make mobile check deposits, send money and use other online services through the app.