Review
Updated
Fact Checked
Nathan Alderman
American Express Card Members can enhance their membership with an online checking account that has no fees, offers a competitive APY (annual percentage yield), and earns debit card rewards. However, only those who have had an Amex card for at least three months are eligible to open one. Read our full review to find out if the American Express Rewards Checking account (member FDIC) is right for you.
Ratings Methodology
Rates as
of May 31, 2024
American Express Rewards Checking
Member FDIC.
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Best
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= Excellent
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= Good
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= Fair
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= Poor
= Best
= Excellent
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APY
1.00%
Rate info
APY = annual percentage yield
Min. To Earn APY
$0
- High APY
- Debit card rewards with no cap
- No monthly maintenance and minimum deposit fees
- 24/7 customer service
- Must be an American Express Card Member
- Banking services are limited
- Online-only bank
With Amex Rewards Checking, you can earn 1 Membership Rewards point for each $2 of eligible debit card purchase. There are no monthly fees or minimum balance requirements for the account. You can redeem your points for deposits into your Amex Rewards Checking account and there is no cap on how many points you can earn. The account offers a high APY (annual percentage yield) and earns rewards but those are limited to certain options.
Compare checking accounts
We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0%
Min. to earn: N/A
|
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
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Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0.50%
Rate info
You can earn the maximum savings APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
Cash bonus up to $300 with direct deposit set up (see details when you click 'Open Account')
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Rating image, 4.25 out of 5 stars.
4.25/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0.40% (up to 3.30%)
Rate info
To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. to earn: Monthly direct deposits totaling at least $1,500
|
Use the promo code AXOS300 when you apply for a Rewards Checking account by June 30th, 2024. Then have qualifying direct deposits to earn up to a $300 bonus!
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Full American Express Rewards Checking review
Top perks
High APY: Account holders can earn 1.00% APY on their checking account (as of September 11, 2023).
Debit card Membership Rewards with no cap: Account holders earn 1 Membership Rewards point for each $2 of eligible debit card purchases, and there are no caps on how many points you can earn.
No monthly maintenance and minimum deposit fees: There is no fee to open the account, no monthly fees, and no minimum balance requirements.
24/7 customer service: Account holders can access customer care professionals 24/7 online, over the phone, or via real-time chat.
What could be improved
Must be an American Express Card Member: You can only apply for this checking account if you've had an American Express consumer card account for at least three months. Current and prior American Express® Business Checking customers are not eligible to apply at this time.
Banking services are limited: American Express Rewards Checking accounts do not currently offer overdraft protection or online bill payment. You can use your account and routing numbers to set up payments from the account on other sites or with creditors.
Online-only bank: You can only open and manage your account online or in the American Express® App, available on iOS and Android only.
Fees
| American Express Rewards Checking | Monthly Maintenance | ATM Withdrawal | Overdraft | Stop Payment | Insufficient Funds |
|---|---|---|---|---|---|
| Fees | $0 | $0 | $0 | $0 | $0 |
Data source: American Express.
How to access your money
There are several ways to deposit and withdraw money from your American Express Rewards Checking account.
Deposits
You can fund your account through:
- ACH
- Direct deposit
- Mobile check deposit
- Wires
Withdrawals
You can withdraw money anywhere you see an American Express logo. There are 37,000 fee-free MoneyPass ATM locations nationwide.
- ATM
- ACH
- Checks
- Peer-to peer (P2P) payments on a third party site
- Wires
American Express Rewards Checking is right for you if:
- You are a current American Express Card Member (and have been for at least three months).
- You want to earn Amex Membership Rewards.
- You want to earn a competitive APY.
- You are comfortable with online banking.
- You don't need a full suite of banking services.
If American Express Rewards Checking isn't right for you, check out our full list of the Best Checking Accounts.
Keep reading about American Express® National Bank
-
Review sources
Our checking account methodology
At The Motley Fool Ascent, we rate checking accounts on a five-star scale (1 = poor, 5 = best). We evaluate all checking accounts across four main criteria: brand and reputation, APY and rewards, fees and minimum requirements, and perks.
Our scores are weighted as:
- Brand and reputation: 40%
- APY and rewards: 30%
- Fees and minimums: 15%
- Other perks: 15%
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
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Objectively, yes. Amex offers consumer banking accounts with no fees, high APYs, and useful perks. It is a fully online bank, however -- so if you're not comfortable doing your banking via the internet, it might not be right for you.
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American Express® National Bank is insured by the FDIC, meaning that up to $250,000 per account holder per institution is covered in case of bank failure. This means your money is safe with Amex.
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Not automatically, but you have the option to order paper checks for use with this account.
Our Banking Experts
David S. Chang, ChFC®, CLU® is an award-winning entrepreneur, keynote speaker, author, and consultant. He has over two decades of experience in the wealth management space and has been featured in dozens of news, radio, and podcast programs nationwide. He currently works as Head of IoT for the West Region of a Fortune 200 company. He is a graduate of the United States Military Academy at West Point and currently a Lieutenant Colonel in the California Army National Guard. He is an East-West Graduate Degree Fellow and has an MBA from the UCLA Anderson School of Management.
Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
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