If you hold either the Blue Cash Everyday® Card from American Express or the Blue Cash Preferred® Card from American Express, you now have a new way to redeem your Reward Dollars: as a deposit into an American Express high-yield savings account (HYSA).
American Express is also extending a similar redemption option to business cardmembers. Starting Oct. 29, Graphite™ Business Cash Unlimited Card cardholders can redeem Reward Dollars into an Amex Business Checking account.
Both redemption options are available at a 1:1 rate, meaning $100 in Reward Dollars can become a $100 deposit into an eligible Amex bank account.
Whether you’re saving for an emergency, a dream trip or your kid’s college fund, this is a great new way to make your cash back work for you.
Here’s what you need to know.
Redeem your Amex Reward Dollars for a high-yield savings account deposit
You can easily redeem your Reward Dollars for a deposit into your Amex high-yield savings account online or by calling Amex. Of course, you must have an open HYSA with Amex to use this redemption method. If you don’t already have an Amex HYSA, you can apply for one during the redemption process.
You must have either the Blue Cash Everyday or the Blue Cash Preferred to use your rewards this way. Cash back on these cards is earned as Reward Dollars that can be redeemed as a statement credit, for a deposit into an FDIC-Insured American Express High Yield Savings Account or at Amazon.com checkout.
Meanwhile, Graphite Business Cash Unlimited cardmembers can redeem their Reward Dollars for deposits into an Amex Business Checking account.
I view this as a worthwhile redemption, since it’s a great way to boost any savings fund you already have or kickstart a new one. Since Reward Dollars can’t be converted into Amex Membership Rewards points, you don’t need to worry about transfer partners to maximize the value you receive with each redemption. And, there’s no minimum redemption option.
Starting in 2027, Amex also plans to introduce automatic Reward Dollars deposits into eligible consumer cardmembers’ HYSAs. The issuer hasn’t yet shared whether cardmembers will be able to choose the amount or frequency of those deposits.
Why Amex is expanding its banking redemption options
The new redemption options are part of American Express’s broader efforts to connect its credit cards, rewards and banking products.
In responses provided to TPGhe company is seeing growing engagement with its banking products, particularly among younger customers
According to Timlin, U.S. consumer and small-business banking deposit balances grew 9% year over year in the second quarter of 2026, with the majority of deposits coming from cardmembers. Millennials and Gen Z also represent more than half of Amex’s HYSA accounts and approximately one-third of balances.
Timlin said these trends helped inform the new redemption option, which makes it easier for eligible cardmembers to turn their rewards into savings.
While Amex hasn’t announced plans to allow cash-back cardmembers to convert Reward Dollars into Membership Rewards points, Timlin said the company sees opportunities to continue connecting its cards, rewards and banking products.
Is it worth opening an American Express high-yield savings account?
It’s good financial practice to have a high-yield savings account, even if you aren’t able to save a substantial amount each month. While some checking accounts offer interest, you’ll generally receive a better return with a HYSA.
There are no opening or monthly fees associated with Amex’s HYSA. Your interest compounds daily and is paid out monthly.
As of Oct. 28, Amex’s HYSA offers a 3.20% annual percentage yield (APY), although the rate is variable and subject to change. This is fairly standard for HYSAs, making it a great spot to park your savings.
If you already have a competitive HYSA elsewhere, you may prefer to redeem your Reward Dollars as a statement credit and put the equivalent savings into your existing account.
How much cash back can I earn with an eligible Amex card?
The no-annual-fee Blue Cash Everyday (see rates and fees) earns 3% cash back on the following categories:
- U.S. supermarkets (on the first $6,000 in spending each calendar year, then 1% back)
- U.S. online retail purchases (on the first $6,000 in spending each calendar year, then 1% back)
- U.S. gas stations (on the first $6,000 in spending per calendar year, then 1% back)
Meanwhile, the $95-per-year ($0 introductory annual fee for the first cardmember year) Blue Cash Preferred (see rates and fees) offers more robust earning rates:
- 6% cash back at U.S. supermarkets (on the first $6,000 in spending each calendar year, then 1% back)
- 6% cash back on select U.S. streaming subscriptions
- 3% cash back on transit
- 3% cash back at U.S. gas stations
Both cards earn 1% cash back on purchases made outside their bonus categories. The Blue Cash Everyday will likely be sufficient for many, but if you spend a substantial amount each year on groceries and transit, you’ll appreciate the Blue Cash Preferred’s earning rates more.
If you maximize either card’s U.S. groceries category, as an example, you’d earn $180 in cash back with the Blue Cash Everyday and $360 back with the Blue Cash Preferred.
For business owners, the Graphite Business Cash earns unlimited 2% cash back on eligible purchases, with no cap.
All three cards earn cash back as Reward Dollars, but the new bank deposit options differ. Eligible consumer cash-back cardmembers can redeem into an Amex HYSA, while Graphite Business Cash Unlimited cardmembers can redeem into an Amex Business Checking account.
Bottom line
If you’re a current or prospective Blue Cash Everyday or Blue Cash Preferred cardholder, you now have the option to redeem your Reward Dollars for a deposit into your Amex high-yield savings account. If you’re team cash-back, this is a great opportunity to bolster your savings account for whatever goal you have in mind.
And business owners who carry the Graphite Business Cash Unlimited can also redeem their rewards into an Amex Business Checking account.
The new options won’t necessarily make your Reward Dollars worth more, since they redeem at a 1:1 rate. However, they provide a convenient way to put cash back toward savings or everyday banking needs.
Of course, you can still redeem your Reward Dollars for a statement credit or at Amazon checkout, if those are the redemption methods you prefer. Either way, having a cash-back card can help your dollars stretch a lot further.
To learn more, check out our full reviews of the Blue Cash Everyday and Blue Cash Preferred.
For rates and fees of the Amex Blue Cash Everyday, please click here.
For rates and fees of the Amex Blue Cash Preferred, please click here.
Editorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.
Source: thepointsguy.com
