Since October 29, 2026, Blue Cash Everyday and Blue Cash Preferred cardholders have a new way to redeem Reward Dollars from American Express. Each one turns into a $1 deposit in an Amex High Yield Savings Account. Graphite Business Cash Unlimited cardholders get the same option into Amex Business Checking. There’s no minimum redemption, and Amex plans automatic deposits in 2027.
What changed
- Before: cash back on these cards came as Reward Dollars with two uses, as a statement credit or at Amazon.com checkout, according to Doctor of Credit.
- Now: the Blue Cash Preferred page lists a third option, a deposit into an Amex High Yield Savings Account insured by the FDIC. The Blue Cash Everyday page says the same.
- Business cards: the Graphite Business Cash Unlimited Card, which pays 2% cash back for a $295 annual fee, now sends Reward Dollars to an Amex Business Checking account.
- Rate: 1:1, so $100 in Reward Dollars becomes a $100 deposit.
- Coming in 2027: automatic deposits into the savings account. Amex hasn’t said whether you’ll pick the amount or how often it runs, per The Points Guy.
- Who it affects: holders of these three credit cards. Cards that earn Membership Rewards points, such as the Gold and Platinum, don’t get it.
Key terms
- Where it works: on the Amex website for now. Doctor of Credit reports the app is coming soon, and The Points Guy says phone redemptions work too.
- You need the account: the deposit only goes into an Amex savings or checking account in your name. Amex lets you apply for the savings account during the redemption.
- The savings account: Amex’s High Yield Savings page promises “No minimum balances and no monthly fees.” The rate moves, though. Amex says “Interest rate and APY are subject to change at any time without notice”, so check the current APY before you move money.
- No minimum: any amount of Reward Dollars qualifies, the same as a statement credit.
- FDIC coverage: deposits sit with American Express National Bank, a Member FDIC bank, insured to at least $250,000 per depositor, per ownership category.
What a year of Blue Cash rewards adds up to
The Blue Cash Preferred pays 6% cash back at U.S. supermarkets on up to $6,000 a year, then 1%, for a $95 annual fee after a $0 first year. The no-fee Blue Cash Everyday pays 3% in three categories, U.S. supermarkets, U.S. online retail and U.S. gas stations, each on up to $6,000 a year.
| Card | Spend | Cash back a year | Interest a year per 1% APY |
|---|---|---|---|
| Blue Cash Preferred | $6,000 at U.S. supermarkets | $360 | $3.60 |
| Blue Cash Everyday | $6,000 at U.S. supermarkets | $180 | $1.80 |
| Blue Cash Everyday | $6,000 in each 3% category | $540 | $5.40 |
| Graphite Business Cash Unlimited | $100,000 on anything | $2,000 | $20.00 |
The math: $6,000 at 6% is $360, and $360 at 1% interest earns $3.60 a year. Multiply the last column by the account’s current APY to get your figure.
Our take
This card benefit doesn’t make the cards earn more. A Reward Dollar was worth $1 as a statement credit yesterday, and it’s worth $1 in savings today. What changes is where the money lands. A statement credit tends to disappear into next month’s spending. A deposit sits in an interest-bearing account, which suits anyone using their cash back to save for a trip or an emergency fund.
The interest itself is small. A full year of 6% grocery cash back on the Blue Cash Preferred earns $360, and at a 3% APY that pays about $10.80 in its first year. The habit matters more than the interest. If you already have an Amex savings account, switch your redemptions to it. If you don’t, open one only if you’d use it for more than your cash back, since a separate bank account is one more login to manage.
For a points collector, the bigger question is whether cash back is the right currency at all. We value Membership Rewards at about 2.0 cents per point in our points valuation guide, while each Reward Dollar is worth exactly $1. The Amex Gold earns 4 Membership Rewards points per dollar on groceries. At our valuation, that returns about 8 cents per dollar, against 6 cents on the Blue Cash Preferred. That only holds if you transfer points to airline partners and book good awards. If you want simple cash, the Blue Cash cards are still a clean choice, and our best travel credit cards guide covers the points side.
Owners of business cards like the Graphite get the most out of this. On $100,000 of spend, $2,000 a year of rewards now goes straight into business checking without touching the card statement. If your business also holds a points card, our Membership Rewards accounts post explains how Amex now keeps each card’s points apart.
FAQ
Which Amex cards deposit cash back into a savings account?
The Blue Cash Everyday and Blue Cash Preferred redeem Reward Dollars into an Amex High Yield Savings Account. The Graphite Business Cash Unlimited can redeem into Amex Business Checking.
What’s the redemption rate for Reward Dollars to savings?
It’s 1:1, so $100 in Reward Dollars becomes a $100 deposit, the same as a statement credit.
Is there a minimum redemption?
No. Any amount of Reward Dollars goes into the account.
Can I redeem Reward Dollars into savings in the Amex app?
Not yet. It works on the Amex website now, and Amex says the app is coming soon.
Do Membership Rewards points work for savings deposits?
No. The new option covers Reward Dollars from the Blue Cash and Graphite cards only.
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