Amex Lets You Redeem Cash Back Into Savings and Checking Accounts
American Express has added a new way for eligible cash back cardholders to use their rewards.
U.S. consumer cash back cardholders can now redeem Reward Dollars directly into an American Express High Yield Savings Account, while eligible business cardholders can redeem rewards into an Amex Business Checking account.
For consumer cardholders, Reward Dollars transfer into an Amex High Yield Savings Account at a 1:1 rate. Once the money goes into the savings account, it can start earning the account’s APY with interest compounded daily.
For example, someone earning cash back with the Blue Cash Preferred Card can now move those Reward Dollars directly into an Amex HYSA instead of using them for a statement credit.
Business cardholders also get a similar option. Graphite Business Cash Unlimited Card members can redeem Reward Dollars into an American Express Business Checking account at a 1:1 rate.
There’s also no minimum redemption amount, so you don’t need to wait until you build up a large rewards balance. To redeem, cardholders can log into their Amex account online, select an eligible cash back card, choose the bank account option and enter the amount they want to deposit. Amex says redemption through the mobile app is coming soon.
This doesn’t replace the existing redemption options. Cardholders can still redeem Reward Dollars for statement credits and toward eligible purchases at Amazon.com checkout.
Amex is also planning another update for 2027. Consumer cardholders who have an Amex High Yield Savings Account will eventually be able to set up automatic Reward Dollar redemptions into their savings account.
