American Express Rewards Checking review
American Express Rewards Checking isn't available on Finder right now.
- Fee
- $0 per month
- APY
- 1.00%
- Minimum deposit to open
- $0
Our verdict
A rewards checking account with no monthly maintenance fees — but you’ll have to be a current customer.
The American Express Rewards Checking account offers both interest and cashback rewards. It was released in 2022 as Amex's first-ever consumer individual checking account. You earn a 1.00% APY on all balances, and you can earn membership reward points: one point for every $2 spent on eligible purchases made with the debit card. There's no opening deposit required and no monthly maintenance fees. But to qualify for this account, you must have a US Amex consumer credit card that's at least three months old, and business checking customers aren't eligible right now, either.
Best for: Current Amex credit card holders who want a free rewards checking account.
Pros
-
$0 monthly fees
-
No opening deposit required
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Earn 1% APY
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Earn points with debit card transactions
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No fees with MoneyPass ATMs
Cons
-
Must have US Amex consumer credit card
-
No physical branches
-
No online bill pay
Who is American Express Rewards Checking best for?
The American Express Rewards Checking account is designed for current Amex customers who have a US Amex consumer credit card. If you’ve been considering getting an Amex credit card, this checking account is worth looking into once you’ve had the credit card for at least three months.
It’s best for anyone in need of a low-maintenance, everyday interest-bearing checking account that earns decent rewards.
Also, customers are limited to opening one Amex Rewards checking account, but joint account holders are accepted.
What we like about Amex Rewards Checking
The Rewards Checking account is free to open and maintain, thanks to its lack of a monthly maintenance fee, having no balance requirements and requiring no opening deposit.
American Express also has a network of over 37,000 MoneyPass ATMs you can use for free. There’s also no overdraft, nonsufficient funds or returned check fees. If you try to make a transaction that would put your account in a negative balance, Amex will decline it.
Rewards and high APY
As the name suggests, Amex’s Rewards Checking account comes with some sweet rewards.
The account is interest-bearing, offering up to 1.00% APY on all balances. While this is lower than the best high-yield checking accounts, it’s still a very competitive rate and is higher than the national average of 0.08%, as reported by the FDIC in November 2024.
Amex also features its Membership Rewards Program. With the Rewards Checking account, you earn one point for every $2 spent on eligible debit purchases, which equals about 8 cents per point. There’s no limit to how many points you can earn. To access your points, log in to your account to redeem them. You can use your points for the following purposes:
- Purchasing gift cards for Amazon, Best Buy, Grubhub, Dell.com and more
- Donating your points to JustGiving for various US charities
- Covering New York City cab fares
- Sending points to American Express Travel program
- Transferring points to other loyalty programs
Where it falls short
As an online bank, there are no physical American Express branch locations, so your customer service is limited to online communications and 24/7 phone support at 800-446-6307.
One of the biggest drawbacks is the fact that you must have an existing Amex credit card to qualify. If you decide to open a credit card to specifically qualify for the Rewards Checking account, you may be paying an annual fee to maintain the credit card, which could be anywhere from $95 to $695 per year. But there are Amex credit cards with no annual fees, such as the Blue Cash Everyday Card.
The account also lacks online bill payments, and you can’t send any wire transfers.
Amex Rewards Checking’s fees and access
| Type of fee | Fee details |
|---|---|
| Monthly service | $0 |
| Opening deposit | $0 |
| ATMs |
|
| Debit card fees |
|
| Overdraft or nonsufficient funds | $0 |
| Wire transfers |
|
| Other fees |
|
Compare American Express Rewards Checking to other top checking accounts
Compare checking accounts by monthly fees, opening deposits and APYs.
How to open American Express Rewards Checking
To get the Rewards Checking account, you must have an active Amex consumer credit card that’s been open for at least three months. If you don’t have an Amex credit card, compare the top Amex credit cards here.
If you already have a credit card, apply for the American Express Rewards Checking account online. It doesn’t require an opening deposit, but you’ll need to fund the account within 60 days.
American Express customer experience
| BBB accredited | No |
|---|---|
| BBB rating | Not rated |
| BBB customer reviews | 1.1 out of 5 stars, based on 511 customer reviews |
| Trustpilot score | 1.6 out of 5 stars, based on 5,096 customer reviews |
| Customer reviews verified as of | 02 December 2024 |
American Express is a well-known, global bank with over 150 years in the industry. Its customer reviews and complaints on its Better Business Bureau (BBB) profile showcase customer frustrations, mostly related to its credit cards, like unexpected account closures, issues with automatic payments, high APRs and poor customer service.
There are multiple Trustpilot profiles for Amex — none of which are verified — with an overall average rating of about 1.6 stars. Positive feedback often praises its cashback rewards, points system and travel perks, while negative reviews echo similar concerns about account closures, credit card issues and customer service.
All in all, Amex’s reviews mirror common complaints we see across major financial institutions.
Frequently asked questions
What kind of accounts does American Express offer?
Amex offers credit cards, savings accounts and now a consumer checking account. The bank is most well-known for its credit cards.
Is it hard to get a American Express account?
It may be difficult to qualfiy for the Amex checking account if you have poor credit. This is because the Amex checking account requires having a consumer Amex credit card that’s at least three months old. And when it comes to Amex credit cards, they typically require good to excellent credit to qualify (670 and higher).
Does Amex offer checks?
Yes, you have the option to buy checks with the American Express Rewards Checking account. You can order checks through its third-party check provider online or with the Amex app.
Bethany Finder
Editor, Banking
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