NEW YORK, Oct 31 — Please replace the release dated October 29, 2026 with the following corrected version to add the Cautionary Note Regarding Forward-Looking Statements paragraph at the end of the release.
The updated release reads:
American Express Connects Cash Back to High Yield Savings Accounts and Business Checking Accounts
- U.S. Consumer Cash Back1 Card Members can now redeem Reward Dollars for a deposit into an American Express® High Yield Savings Account, and watch their savings grow with a competitive Annual Percentage Yield.
- U.S. Business Cash Back Card Members can also now redeem Reward Dollars for a deposit into an American Express® Business Checking account.
Today, American Express introduced a new way for eligible U.S. Consumer and Business Cash Back Card Members to redeem rewards for a deposit into eligible American Express bank accounts, creating a more integrated experience across their Card and banking products and giving customers more options in how to redeem the rewards they earn.
U.S. Consumer Cash Back Card Members can now redeem Reward Dollars for a deposit directly into an American Express® High Yield Savings Account (HYSA), helping turn rewards into compounded growth2. Graphite™ Business Cash Unlimited Card Members can also now redeem Reward Dollars for a deposit into an American Express Business Checking account.
“Card Members want their rewards to be useful, flexible, and easy to put toward the things that matter most to them,” said Corey Timlin, Senior Vice President of Consumer Banking at American Express. “With the majority of our deposits coming from existing Card Members, we have a unique opportunity to bring Cards and banking closer together. By making it possible for Card Members to turn the rewards they earn into savings and everyday banking, we’re creating a more connected experience that helps them get even more value from their relationship with American Express.”
A More Connected Membership Experience for Cash Back Card Members
- For U.S. Consumer Cash Back Card Members, Reward Dollars can now be redeemed for a deposit directly into an Amex HYSA at a 1:1 redemption rate. Once deposited, those funds can earn the account’s competitive APY with daily compounding interest which is deposited monthly.
- For example, Blue Cash Preferred® Card Members can earn an industry-leading 6% cash back at U.S. supermarkets on up to $6,000 in purchases per year and on select U.S. streaming subscriptions then redeem those Reward Dollars for deposits directly into an Amex HYSA with a competitive APY.
- For Graphite™ Business Cash Unlimited Card Members, Reward Dollars can now be redeemed for a deposit directly into an Amex Business Checking Account at a 1:1 redemption rate.
- In 2027, American Express plans to introduce an additional feature that will give Consumer Card Members who also have an American Express HYSA the ability to automatically redeem Reward Dollars for deposits into their account.
How to Redeem Cash Back Reward Dollars for Deposits into an Amex High Yield Savings Account or a Business Checking Account
Redeeming Reward Dollars for a deposit into an Amex High Yield Savings Account or Amex Business Checking account takes just a few simple steps through an American Express online account, with redemption through the Amex App coming soon. Here’s how:
- Log in to your American Express account online.
- Select your eligible Cash Back Card and navigate to your Reward Dollars.
- Choose the option to redeem Reward Dollars for a deposit into your American Express HYSA (for U.S. Consumer Cash Back Card Members) or Business Checking Account (for U.S. Business Cash Back Card Members).
- Enter the amount of Reward Dollars you’d like to redeem for a deposit. There is no minimum redemption amount.
- Review and confirm your redemption of Reward Dollars for a deposit directly into your HYSA or Business Checking Account (as applicable), where you can begin earning interest.
Both U.S. Consumer Cash Back and Business Card Members can also continue to redeem Reward Dollars for statement credits and toward eligible purchases at Amazon.com checkout.
Earlier this year, the company announced American Express Business Banking – including a new high-yield Business Savings Account – designed to help businesses earn more on their deposits and manage more of their finances in one place. Learn more about Amex Business Banking.
Learn more about redeeming Reward Dollars for a deposit into an American Express HYSA or Business Checking Account.
Deposit accounts offered by American Express National Bank. Member FDIC.