American Express rolls out first digital consumer checking account

The new account comes as American Express has been pushing to add more Gen Z, millennial customers

American Express has unveiled Amex Rewards Checking, the company's first all-digital consumer checking account for eligible consumer card members in the United States. 

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The account offers a range of benefits, including:

  • One membership rewards point for every $2 spent on eligible debit card purchases, which can be redeemed for deposits into the account and contactless-enabled tap-and-go payments at participating merchants
  • An annual percentage yield rate of 0.5%, 10 times higher than the national rate.
  • Purchase protection for eligible purchases to cover accidental damage or theft
  • No monthly maintenance or minimum balance fees
  • 24/7 customer service via phone or chat
  • Fraud protection and monitoring
  • Fee-free ATM withdrawals with debit cards at 37,000 MoneyPass ATM locations nationwide

The new account comes as American Express has been pushing to add more Gen Z and millennial customers. In 2021, millennials and Gen Z customers represented around 60% of the company's new consumer accounts. 

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American Express' internal research finds that approximately 81% of Gen Z and millennial respondents surveyed by the bank use their debit card as a substitute for cash on certain purchases, such as a cup of coffee or ride-share services. 

"Our Members want more banking products and services from us," Eva Reda, American Express' executive vice president and general manager of consumer banking, said in a statement. "And they want more from their checking account, without giving up the benefits that are important to them."

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In addition to the Amex Rewards Checking account, the company offers savings accounts, certificates of deposit and a digital checking account for small businesses.