Amex Adds New Ways to Redeem Cash Back Into Savings and Checking Accounts

American Express is now offering eligible cash-back cardholders another way to use their rewards.

Starting October 29, 2026, eligible U.S. consumer cardholders can redeem their Reward Dollars directly into an American Express High Yield Savings Account. Certain business cardholders can also redeem rewards into an Amex Business Checking account.

Here’s what’s changing and how the new redemption options work.

Redeem Amex Cash Back Into a High Yield Savings Account

Eligible American Express consumer cash-back cardholders can now redeem Reward Dollars directly into an Amex High Yield Savings Account (HYSA).

The redemption rate is 1:1, meaning $50 in Reward Dollars translates to a $50 deposit. There’s no minimum redemption amount.

Once deposited, the funds earn interest at the account’s prevailing annual percentage yield (APY). Currently, that stands at 3.2%. Interest compounds daily and is credited monthly.

This applies to eligible consumer cash-back cards, including the Blue Cash Preferred Card from American Express.

Cardholders can continue redeeming their Reward Dollars for statement credits or eligible purchases at Amazon.com. The savings account option just gives eligible cardmembers another way to use their rewards.

And while the redemption value itself isn’t changing, depositing rewards into a savings account means that money can begin earning interest. Over time, that could help cardholders get a little more value from the cash back they’ve already earned.

According to the press release, American Express also plans to introduce automatic Reward Dollars deposits into eligible savings accounts sometime in 2027.

Business Cardholders Get a New Redemption Option, Too

American Express is also introducing a similar feature for its Graphite Business Cash Unlimited Card.

Eligible cardholders can redeem Reward Dollars directly into an American Express Business Checking account at a 1:1 rate. Here, too, there’s no minimum redemption amount.

That means $100 in cash-back rewards can be deposited as $100 into an eligible business checking account.

For now, Amex has only identified the Graphite Business Cash Unlimited Card as eligible for this feature. The company hasn’t announced whether other business cash-back cards will be included.

How to Redeem Amex Reward Dollars Into a Bank Account

To use either option, you’ll need an eligible American Express cash-back card and the corresponding Amex bank account.

Here’s how to redeem your rewards:

1. Log in to your American Express account online.
2. Select your eligible cash-back card and navigate to your Reward Dollars balance.
3. Choose the option to deposit rewards into your Amex High Yield Savings Account or Business Checking account.
4. Enter the amount you’d like to redeem.
5. Review and confirm the deposit.

There’s no minimum redemption amount, and American Express says the feature will also be available through its mobile app soon.