American Express now lets Blue Cash Everyday and Blue Cash Preferred cardholders redeem Reward Dollars as a deposit into an Amex High Yield Savings Account. Each Reward Dollar becomes $1 in the account, and there's no minimum redemption.
How the Redemption Works
You need an open Amex High Yield Savings Account to receive the deposit. You can redeem on the Amex website now, and redemptions in the Amex app are coming.
What the Account Pays
As of October 28, the Amex High Yield Savings Account paid a 3.20% APY. That rate is variable and can change. Interest compounds daily and is paid monthly.
Which Cards Qualify
The Blue Cash Everyday and Blue Cash Preferred both qualify. Starting October 29, Graphite Business Cash Unlimited cardholders can redeem Reward Dollars into an Amex Business Checking account.
What Stays the Same and What Comes Next
You can still redeem Reward Dollars as a statement credit or at Amazon.com checkout. The new option changes where the money goes, not how much it's worth.
Amex plans to add automatic Reward Dollars deposits into eligible consumer cardholders' savings accounts in 2027. Until then, you start each redemption yourself.
What This Means for You
If you already have an Amex High Yield Savings Account, this is a way to send cash back straight to savings. If you keep your savings at another bank that pays more, take the statement credit and move the same amount there. Our Blue Cash Preferred review covers how that card earns.
