Eligible American Express cardholders can now redeem Reward Dollars for HYSA deposits. You can redeem Reward Dollars at a 1:1 redemption rate, which means 1 Reward Dollar equals a $1 deposit in your account. Effective immediately, you can redeem rewards online. Redemptions through the Amex app are coming soon.<\/p>\n
Currently, an American Express HYSA offers a variable APY of 3.2%, which is compounded daily and credited monthly. This APY is subject to change, but it gives you a good idea of what you can earn. Although not the highest on the market, it's still six times the national average.<\/p>\n This new redemption method is available to anyone with an American Express High Yield Savings Account and one of the following cash back cards<\/a>:<\/p>\n This is just another way to use your Reward Dollars. You can keep redeeming your dollars for statement credits or eligible purchases at checkout on Amazon<\/a>. For now, you'll need to start the process manually, but in 2027, American Express plans to introduce automatic deposits to make saving even easier.<\/p>\n $0Rates & Fees<\/a> Excellent, Good<\/p><\/div><\/div> $0 intro annual fee for the first year, then $95Rates & Fees<\/a> Excellent, Good<\/p><\/div><\/div> In addition, American Express is launching an opportunity to redeem your Reward Dollars earned on select business cards to an American Express Business Checking account. This is available on the following cards:<\/p>\n Redeeming Reward Dollars for savings account deposits is a great way to invest your earnings from everyday spending. While we advocate earning transferable rewards points<\/a> redeemable for book premium cabin flights, many people prefer cash back for its simplicity.<\/p>\n This new redemption method most impacts the Blue Cash Everyday and Blue Cash Preferred.<\/p>\n If you are a cardholder of the no-annual-fee Blue Cash Everyday (Rates & Fees<\/a>), you'll earn 3% cash back at U.S. supermarkets, 3% cash back on U.S. online retail purchases, 3% cash back at U.S. gas stations, on eligible purchases for each category (up to $6,000 per year, then 1%), and 1% cash back on other eligible purchases. Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit or at Amazon.com checkout.<\/p>\n Let's say you max out each bonus category each year. You could earn a total of $180 cash back from U.S. supermarkets, $180 from U.S. gas stations, and $180 from U.S. online retailers, or $540 in cash back each year. If you redeem your cash back as a deposit into a HYSA with a 3.2% APY, you could earn almost $1,000 in interest over the next 10 years without making any contributions beyond your Reward Dollars.<\/p>\n It's certainly not enough to retire on, but having $6,364 in a savings account ($5,400 from your deposits and $964 from interest) from purchases you were already making is great. These estimates are based on SoFi's savings account calculator<\/a> because American Express doesn't offer a similar calculator, so your actual savings may vary.<\/p>\n Related: Blue Cash Everyday vs Blue Cash Preferred \u2014 Which Is Right for You?<\/a><\/strong><\/p>\n American Express has officially launched HYSA redemptions for select cardholders. This is a pretty neat development, and it's a creative way to get more value from cash back that otherwise offers a fixed return. While we're still fans of cards that earn transferable points, more ways to redeem rewards \u2014 and boost your savings account \u2014 are always a great thing.<\/p>\n Page Contents<\/p> If you have an eligible American Express credit card that earns cash back, you now have a new redemption method. American Express just launched a new way to redeem your Reward Dollars: as deposits into an American Express high-yield savings account (HYSA). Here’s what we know so far.<\/p>\n","protected":false},"author":105,"featured_media":283745,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_wpscppro_dont_share_socialmedia":false,"_wpscppro_custom_social_share_image":0,"_facebook_share_type":"","_twitter_share_type":"","_linkedin_share_type":"","_pinterest_share_type":"","_linkedin_share_type_page":"","_instagram_share_type":"","_medium_share_type":"","_threads_share_type":"","_google_business_share_type":"","_bluesky_share_type":"","_mastodon_share_type":"","_selected_social_profile":[],"_wpsp_enable_custom_social_template":false,"_wpsp_social_scheduling":{"enabled":false,"datetime":null,"platforms":[],"status":"template_only","dateOption":"","timeOption":"","customDays":"","customHours":"","customDate":"","customTime":"","schedulingType":""},"_wpsp_active_default_template":true},"categories":[12069],"tags":[12790,14753],"coauthors":[36518],"class_list":["post-283665","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-american-express","tag-cash-back"],"acf":[],"_links":{"self":[{"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/posts\/283665","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/users\/105"}],"replies":[{"embeddable":true,"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/comments?post=283665"}],"version-history":[{"count":15,"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/posts\/283665\/revisions"}],"predecessor-version":[{"id":283815,"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/posts\/283665\/revisions\/283815"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/media\/283745"}],"wp:attachment":[{"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/media?parent=283665"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/categories?post=283665"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/tags?post=283665"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/coauthors?post=283665"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"Example](\"https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2026\/10\/Hero-Asset-White-Background-scaled.jpg\")
Which cards are eligible?<\/span><\/h3>\n
\n
![\"Blue](\"https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2022\/07\/BlueCashEveryday-CardArt-e1657816483860.png\")
<\/div><\/div>
(Terms apply)<\/span><\/p><\/div>![\"Blue](\"https:\/\/cdn.nextinsure.com\/imaging\/opt\/da0edfdc-e3f5-4c89-9af0-94cee8a7356e.jpg\")
<\/div><\/div>
(Terms apply)<\/span><\/p><\/div>\n
Should You Redeem Reward Dollars for HYSA Deposits?<\/span><\/h2>\n
![\"Savings](\"https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2026\/10\/SoFi-savings-account-calculator-750x662.png\")
Bottom Line<\/span><\/h2>\n