Amex Introduces a New Cash Back Redemption Option. Here’s What You Should Know

Do you already have an American Express® High Yield Savings Account, or are you considering opening one?

If the answer is yes, your Amex cash back rewards may have become a little more useful.

American Express has announced that eligible cash back cardholders can now convert Reward Dollars into a deposit for an American Express® High Yield Savings Account at a 1:1 rate. In other words, your cash back can go straight into an account earning an annual percentage yield (APY) of 3.20%¹ (as of ) — a relatively strong rate that’s easy to access.

Here’s a closer look at which cards qualify and how the process works.

How to turn rewards into a savings deposit

You can redeem Reward Dollars for a savings deposit through your American Express account. After logging in, select an eligible cash back card, such as the Blue Cash Everyday® Card from American Express or the Blue Cash Preferred® Card from American Express.

From there, head to your rewards section, choose the savings deposit option, and enter the amount you want to transfer. After you confirm, the funds will be sent to your savings account and begin earning interest.

There is no minimum amount of Reward Dollars required, so you can use the feature whether you want to deposit $5 or $500. American Express also says the option will soon be available in its mobile app. ³

Of course, you must first have an American Express® High Yield Savings Account. The account can be opened in minutes, offers a competitive APY, and does not require a minimum balance to open or to earn the highest APY².