https://techcrunch.com/2022/02/08/american-express-launches-its-first-all-digital-consumer-checking-account/

American Express has launched its first all-digital consumer checking account, the company announced on Tuesday. The new offering, American Express Rewards Checking, is currently available for eligible U.S. Consumer Card Members. The launch comes as the emergence of digital banking services is causing traditional banks to enhance their digital strategies and offer more competitive banking offerings.

American Express says the new account offers Membership Rewards points for eligible debit card purchases, an annual percentage yield rate that is 10 times higher than the national rate and purchase protection for eligible purchases. The new offering also doesn’t have monthly maintenance fees or minimum balance fees. Amex Rewards Checking features a 0.50% APY and comes with a debit card that earns members one Membership Rewards point for every $2 spent on eligible purchases, which can be redeemed for deposits into customers’ Amex Rewards Checking accounts. Members can also access and manage their checking accounts on the American Express app and can deposit checks via the app.