American Express's New Checking Account Lets You Earn Rewards Points Just Like a Credit Card
Most checking accounts don’t pay interest or allow you to earn points or cash back on purchases the way credit cards do.
But American Express is combining both these perks with its new American Express Rewards Checking account. Customers can earn one point for every $2 spent on eligible purchases with the account's debit card. Plus, the Amex Rewards Checking account pays a 0.50% APY on your entire balance.
The typical checking account today pays no interest on balances, and the 0.50% APY offered by Amex's new account is much better than the 0.06% national average interest rate on savings accounts. In other words, the Amex Rewards Checking Account functions much like a high-yield savings account. There are no maintenance fees and no minimum balance requirements with Amex's new checking account either.
American Express Rewards Checking: What to know
