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02/14/2022

Amex Expands Reach Into Financial Services With Digital Checking Accounts

PYMNTS.com

There may be no financial services product quite as universal as the checking account.

Liz Bergman, VP of digital checking and debit product management at American Express, told PYMNTS in an interview that the digital age demands checking accounts that move well beyond simple withdrawals and deposits.

The conversation came as American Express on Tuesday (Feb. 8) launched its first all-digital consumer checking offering.

Key to the appeal, she said, is an annual percentage yield (APY) that is 10 times the current market rate — and now stands at 50 basis points. Amex also joins a growing list of banks offering customers points, long the sole domain of credit cards, for using their checking accounts. Account holders will be able to earn rewards points on eligible purchases.

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