An Amex checking account makes sense if you already use Amex credit cards and want to keep your banking in one place, but it is not the right choice for everyone.
American Express offers checking accounts through American Express Bank, a separate entity from the credit card division. The account comes with a debit card, online banking, and bill pay. Whether it is worth opening depends on what you need from a checking account and how much you already rely on Amex for credit.
The main reason to open one is convenience: you see all your Amex activity — credit cards, checking, savings — in a single login. If you are already paying Amex bills and tracking rewards, having your checking account there too reduces the number of websites you need to manage. The second reason is that Amex sometimes offers cash bonuses to new checking account holders, though these vary by time and are not always available.
The main reason not to open one is that Amex checking accounts come with fewer ATM locations and fewer physical branches than traditional banks. If you need to deposit cash or withdraw money frequently, you may find yourself paying fees or traveling out of your way.
Key Takeaways
- American Express checking accounts have no monthly maintenance fee, but ATM access is limited compared to national banks.
- You can deposit checks through a mobile app and transfer money between your Amex accounts when ready, which is convenient if you use multiple Amex products.
- Cash deposits require a trip to an Amex branch or a partner bank, and out-of-network ATM withdrawals charge a fee.
- An Amex checking account works best as a secondary account if you are already an Amex customer, not as your primary bank.
How ATM access and cash deposits actually work
American Express does not operate a nationwide ATM network the way Chase or Bank of America does. Instead, you get access to a limited set of Amex-branded ATMs and partner ATMs through networks like MoneyPass. The exact number of ATMs available to you depends on where you live — urban areas have more access than rural ones.
If you use an out-of-network ATM, you pay a fee. Amex does not charge you directly, but the ATM operator does, usually between $2 and $3 per withdrawal. Some checking accounts reimburse out-of-network fees, but Amex checking accounts do not.
For cash deposits, you have two options: deposit at an Amex branch if one is near you, or use a partner bank. Amex has partnerships with some regional and national banks that allow you to deposit cash at their branches. Which banks are partners depends on your state. You can find the list on the Amex website before you open an account.
Monthly fees and what you actually pay
Amex checking accounts have no monthly maintenance fee, which is the same as most online banks and many traditional banks. You do not pay to hold the account open or to use basic features like transfers and bill pay.
Where you may pay fees is in three places: out-of-network ATM withdrawals (charged by the ATM operator, not Amex), overdrafts, and wire transfers. Overdraft fees vary — Amex may decline the transaction instead of charging a fee, depending on your account history. Wire transfer fees are typically $15 to $25 for outgoing domestic wires.
If you rarely use ATMs and do not send wires, your actual cost is zero. If you withdraw cash from out-of-network ATMs regularly, the fees add up quickly.
Rewards and bonuses on the checking account itself
Amex sometimes offers cash bonuses to new checking account holders — typically $100 to $300 — but these are not permanent. The bonus is available for a limited time, and the terms change. You may need to set up direct deposit or maintain a minimum balance to earn it.
The checking account itself does not earn interest on your balance. Some Amex savings accounts do earn interest, but the rate is usually lower than online banks like Marcus or Ally offer. If you are opening an account primarily to earn interest on savings, a dedicated online savings bank will serve you better.
The real value of an Amex checking account is not the account itself — it is the integration with Amex credit cards. If you use Amex cards for rewards, having your checking account in the same place makes it easier to track spending and pay your bill.
When an Amex checking account makes practical sense
An Amex checking account works well if you meet most of these conditions: you live in or near a city with Amex branch access, you already hold one or more Amex credit cards, you rarely need to deposit cash, and you do not withdraw cash from ATMs more than once or twice a month.
It also makes sense if you want a secondary account for specific purposes — for example, a place to park money you are saving for a large purchase, or an account linked to a specific Amex credit card for bill pay. In that case, the limited ATM access matters less because you are not using it as your primary bank.
An Amex checking account does not make sense if you need frequent cash access, live in a rural area with no Amex branches, or prefer to keep your banking and credit cards separate. In those cases, a traditional bank or online bank will serve you better.
How to compare this to other checking accounts
Before you open an Amex checking account, compare it to at least one other option in the same category. If you want a no-fee account with online banking, compare Amex to Ally Bank, Charles Schwab, or a local credit union. If you want a traditional bank with branch access, compare to Chase, Bank of America, or your local bank.
The comparison should focus on three things: where you actually withdraw cash and whether that bank has ATMs there, whether the account charges monthly fees or overdraft fees, and whether you get any bonus for opening. Do not choose based on rewards alone — the convenience of ATM access and branch deposits matters more in daily life than a one-time bonus.
You can also open an Amex checking account and keep another account at a traditional bank. Many people do this: they use the Amex account for bill pay and transfers, and use a traditional bank account for cash deposits and withdrawals. This approach gives you the convenience of Amex integration without the friction of limited ATM access.
What happens if you close the account later
If you open an Amex checking account and decide it is not right for you, closing it is straightforward. You can close it online or by calling customer service. Make sure you have transferred any remaining balance to another account and stopped any automatic payments or direct deposits first.
Closing the account does not affect your Amex credit cards — the checking account is separate. You can keep your credit cards open and active while closing the checking account.
Frequently Asked Questions
Can I deposit checks with an Amex checking account?
Yes. You can deposit checks through the mobile app by taking a photo of the front and back, or by mailing a check to Amex. Mobile deposits usually clear within one to two business days. You cannot deposit checks at a branch because Amex does not have traditional teller services.
Does Amex checking work with direct deposit?
Yes. You can set up direct deposit from your employer or other sources. Amex provides routing and account numbers for this purpose. Direct deposits typically arrive on the same schedule as they would at any other bank.
What is the minimum balance required?
Amex checking accounts have no minimum balance requirement to open or maintain the account. However, some promotional bonuses may require you to maintain a balance or set up direct deposit for a certain period to earn the bonus.
Can I use my Amex debit card everywhere?
Yes, the debit card works at any merchant that accepts Visa (Amex checking debit cards run on the Visa network). You can use it for purchases, online shopping, and ATM withdrawals. Out-of-network ATM withdrawals charge a fee, but purchases do not.
Is my money safe in an Amex checking account?
Yes. American Express Bank is FDIC-insured, which means deposits up to $250,000 per account are protected if the bank fails. This is the same protection you get at any FDIC-insured bank.