A real human writes – finally!
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Hey there! Fancy a chit chat about checking accounts? You know, the ones that usually don’t pay interest or offer swanky rewards, like points or cash back, like our dear credit cards do? Well, let’s shake things up because… drumrolls, please… American Express is seizing the game by the horns.
Now, they’re squeezing the coin purse harder (in a good way!) with the new American Express Rewards Checking account. Imagine this – you’re shopping and every $2 you burn on qualifying debit card transactions gets you a Membership Rewards point as a pat on the back. Plus, hold onto your pants, Amex Rewards Checking shells out a 0.50% APY on your total balance.
Sounds like we’re kidding, right? Nope. Most commoners (I mean, standard checking accounts) don’t offer any interest. So this 0.50% APY from Amex is a huge jump from the national sob story average of just 0.06% for savings accounts. That makes this account just as rewarding (pardon the pun) as a high-yield savings account, and guess what – no maintenance fees or minimum balance requirements! I’m not pulling your leg, honestly. This is the real deal from American Express.
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AMERICAN EXPRESS REWARDS CHECKING: WHAT YOU SHOULD KNOW
Now, to the nitty-gritty. How to get your mitts on this deal? The American Express Rewards Checking is open to long-time Amex consumer credit card holders. Sorry, folks with American Express Business Checking accounts, no cookies for you with this deal.
Snappily branded as their “first all-digital checking account”, it’s filled to the brim with nifty features like mobile check deposits and cozy integration with digital wallets like Apple Pay and Google Pay. Don’t worry if you’re old school – there’s a physical debit card too!
Most everyday transactions get you those sweet Membership Rewards points, except a few (like that sketchy prepaid card). Best part – accumulated points can pad up your checking account as deposits.
However, brushing away the sugar coat, the earn rate of one point per $2 still lags behind some credit cards. For instance, with the American Express Gold Card, you can hoover up to four points per dollar spent at our favorite haunts like restaurants.
If you’re already in the Amex Membership Rewards club, then these checking account-points can be redeemed the same old ways, like statement credits or other goodies. In a nutshell, this account is a lucrative package with interest, rewards, and extras, like:
- No monthly maintenance fee
- No minimum balance requirement
- A physical debit card thrown in
- Access to over 37,000 MoneyPass ATMs with no withdrawal fees
- 24/7 customer support on the line or over chat
Before you jump the gun, remember as of now, the account doesn’t have overdraft protection. If your funds are a bit thin, American Express may decline transactions as a tough love measure. Plus, unlike other accounts, they won’t cover fees for out-of-network ATM withdrawals. Yikes!
OTHER CHECKING ACCOUNTS WITH TOP FEATURES
The tantalizing mix of interest and rewards from checking accounts is pretty rare. But if Amex’s deal doesn’t tickle your fancy, feast your eyes on a few other contenders:
- Quontic Cash Rewards Checking: A 1.50% cash back on qualifying purchases, access to more than 90,000 fee-free ATMs, and absolutely no maintenance fees.
- Discover Cash Back Checking Account: Score 1% cash back on debit card purchases (up to $3,000 each month), no heartache of monthly or insufficient fund fees, and access to over 60,000 fee-free ATMs.
- Axos Bank Rewards Checking: Enjoy APY of up to 1% on balances, no monthly maintenance or overdraft fees, and unlimited reimbursement of domestic ATM fees.
Go forth and explore more flamboyant checking accounts with features that’ll make your jaw drop! Check out our comprehensive lists of the best checking accounts, best online banks, and the top-notch banks overall.
Now, talking about money never felt so jolly, did it? So here’s to us having more of these enlightening discussions in the future. Keep coming back for more money wisdom!
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