If you have the Blue Cash Everyday® Card or the Blue Cash Preferred® Card from American Express, there’s a new option for using your Reward Dollars: you can now deposit them into an American Express high-yield savings account. American Express is expanding this offer to business cardholders as well. Beginning Oct. 29, those with the Graphite™ Business Cash Unlimited Card can also switch their Reward Dollars into an Amex Business Checking account.
Both payment methods convert at a 1:1 ratio—so, for example, $100 in Reward Dollars would give you a $100 deposit into a qualifying Amex bank account. It’s a handy way to make cash back work for various saving goals, like emergency funds, vacations, or college savings for kids.
Here’s what to keep in mind.
Redeem Your Amex Reward Dollars for a High-Yield Savings Account Deposit
You can transfer your Reward Dollars to your Amex high-yield savings account either online or by calling customer service. Just remember, you’ll need to have an open HYSA with Amex to take advantage of this. If you don’t have one yet, you can apply during the redemption process.
This redemption method is exclusive to the Blue Cash Everyday and Blue Cash Preferred cards. The cash back from these cards is available as Reward Dollars, which you can use as a statement credit, deposit into an FDIC-insured Amex HYSA, or use at Amazon.com.
On the business side, Graphite Business Cash Unlimited cardholders can redeem their Reward Dollars into an Amex Business Checking account.
I think this is a pretty smart way to use your rewards. It’s a solid option for enhancing any savings you might already have, or to kick off a new savings goal altogether. Plus, since Reward Dollars don’t convert to Amex Membership Rewards points, you don’t have to think about maximizing value through different transfer partners. There’s no minimum redemption requirement either, which is nice.
Starting in 2027, Amex plans to implement automatic deposits of Reward Dollars into eligible consumer cardholders’ HYSAs. They haven’t yet specified whether customers will have the choice over how much or how often these deposits occur.
Why Amex is Expanding Its Banking Redemption Options
This new option reflects American Express’s efforts to integrate its credit card, rewards, and banking services more closely together. Corey Timlin, Amex’s head of consumer banking, mentioned in a recent email to TPG that they are seeing increased engagement with their banking offers, particularly among younger users.
He pointed out U.S. consumer and small-business deposit balances rose 9% year-over-year in the second quarter of 2026, primarily driven by cardholders. Notably, Millennials and Gen Z comprise over half of Amex’s High Yield Savings Accounts and about one-third of their account balances.
Timlin indicated that understanding these trends contributed to creating the new redemption option, simplifying the process for cardholders to convert rewards into savings.
Though Amex hasn’t indicated any plans to allow cash-back cardholders to switch Reward Dollars for Membership Rewards points, Timlin mentioned there are ongoing opportunities to enhance the connections between cards, rewards, and banking products.
Is it Worth Opening an American Express High-Yield Savings Account?
It’s generally a good idea to have a high-yield savings account, even if you’re not saving large amounts every month. While some checking accounts do provide interest, a HYSA typically offers a better return.
Amex’s HYSA comes with no opening or monthly fees, and your interest compounds daily, which gets paid out monthly.
As of Oct. 28, the annual percentage yield (APY) for Amex’s HYSA is 3.20%. This rate is variable, but it’s quite competitive for a HYSA, making it a solid choice for holding your savings.
If you’re already using a competitive HYSA elsewhere, you might decide to redeem your Reward Dollars for statement credits instead and move that equivalent amount to your current account.
How Much Cash Back Can I Earn with an Eligible Amex Card?
The Blue Cash Everyday, which has no annual fee, offers 3% cash back in several categories:
- At U.S. supermarkets (on the first $6,000 of spending per calendar year, then 1% back)
- With U.S. online purchases (on the first $6,000 of spending each calendar year, then 1% back)
- At U.S. gas stations (on the first $6,000 in spending per calendar year, then 1% back)
On the other hand, the Blue Cash Preferred, which costs $95 annually (with a $0 introductory fee for the first year), provides even better earning opportunities:
- 6% cash back at U.S. supermarkets (on the first $6,000 in spending each calendar year, then 1% back)
- 6% cash back on qualifying U.S. streaming subscriptions
- 3% cash back on transit expenses
- 3% cash back at U.S. gas stations
Both cards also earn 1% cash back on non-bonus category purchases. The Blue Cash Everyday should meet the needs of many, but if you’re spending significantly on groceries and transit, the earning potential of the Blue Cash Preferred might be more appealing.
For instance, if you maximize the grocery category on either card, you could rack up $180 cash back with the Blue Cash Everyday but earn $360 with the Blue Cash Preferred.
Business owners using the Graphite Business Cash earn an unlimited 2% on eligible purchases without any caps.
While all three cards generate cash back as Reward Dollars, their new bank deposit options vary. Eligible consumer cash-back cardholders can redeem into an Amex HYSA, while Graphite Business Cash Unlimited users can redeem into an Amex Business Checking account.
Bottom Line
If you’re a current or future cardholder of the Blue Cash Everyday or Blue Cash Preferred, you can now redeem your Reward Dollars for deposits into your Amex high-yield savings account. For those who value cash back, this is a handy opportunity to enhance your savings account tailored to your specific objectives.
Likewise, business owners with the Graphite Business Cash Unlimited can also use their rewards for deposits into an Amex Business Checking account.
These new options won’t necessarily elevate the value of your Reward Dollars since they still function at a 1:1 rate. However, this provides a practical route for putting cash back toward savings or managing daily banking necessities.
Of course, if you prefer those other avenues, you can stick to redeeming Reward Dollars as statement credits or at Amazon checkout. Having a cash-back card is a good way to stretch your budget further.
To get more details, check out our comprehensive reviews of the Blue Cash Everyday and Blue Cash Preferred.
