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Amex Cash Back Cards: Rewards Can Now Go Straight Into a Bank Account
Eligible Amex cash-back cardholders can now move Reward Dollars into a high-yield savings or business checking account at a 1:1 rate, with no minimum.
What changed on October 29
Eligible U.S. Consumer and Business Cash Back Card Members at American Express can now redeem rewards for a deposit into an eligible American Express bank account, a option that arrived on October 29, 2026 [1]. There is no minimum amount required to redeem Reward Dollars for a deposit [1].
This piece covers which cards qualify, which accounts receive the money, and what to check before you redeem.
Which cards go to which accounts
U.S. Consumer Cash Back Card Members can redeem Reward Dollars for a deposit directly into an American Express High Yield Savings Account (HYSA) [1]. Cardholders of the Blue Cash Everyday and Blue Cash Preferred cards are among those who can do this [2].
On the business side, Graphite Business Cash Unlimited Card Members can redeem Reward Dollars for a deposit into an American Express Business Checking account [1]. That card earns unlimited 2% cash back on eligible purchases with no cap [2].
The details of the deposit
Reward Dollars redeemed for a deposit into an Amex HYSA are redeemed at a 1:1 rate [1]. The same 1:1 rate applies to deposits into an Amex Business Checking account [1].
Funds deposited into the HYSA can earn the account's APY with daily compounding interest, which is deposited monthly [1]. The account has no opening or monthly fees [2].
Opening the account and earning toward it
Redemption into an HYSA requires an open Amex HYSA [2]. If you do not already have one, you can apply for it during the redemption process [2].
Blue Cash Preferred Card Members can earn 6% cash back at U.S. supermarkets on up to $6,000 in purchases per year, then redeem those Reward Dollars for HYSA deposits [1].
The account behind the feature
The Amex HYSA is offered by American Express National Bank, a Member FDIC [1]. CNBC Select ranked it as a top choice in the big bank category [3].
Millennials and Gen Z represent more than half of Amex's HYSA accounts and about one-third of HYSA balances [2]. Earlier in 2026, American Express announced American Express Business Banking, including a new high-yield Business Savings Account [1].
What it means for you
If you hold a Blue Cash Everyday or Blue Cash Preferred card, you can redeem Reward Dollars as a deposit into an Amex HYSA [2]. If you carry the Graphite Business Cash Unlimited card, you can send Reward Dollars to an Amex Business Checking account [1].
Check that you have an open HYSA before you redeem, or plan to apply during the redemption process [2]. Because there is no minimum, any amount of Reward Dollars can be deposited [1], and each one moves at a 1:1 rate [1].
One thing to watch: Amex has not announced plans to let cash-back cardmembers convert Reward Dollars into Membership Rewards points [2].
Sources
- American Express Connects Cash Back to High Yield Savings Accounts and Business Checking Accounts — Yahoo Finance
- Exclusive: American Express adds high-yield savings account deposits as new Reward Dollars redemption method — The Points Guy
- American Express High Yield Savings Account review: A top choice for savers — CNBC
Written from the sources above and checked twice before publishing. How we work · Report an error
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