Exclusive: American Express adds high-yield savings account deposits as new Reward Dollars redemption method

If you hold either the Blue Cash Everyday® Card from American Express or the Blue Cash Preferred® Card from American Express, you now have a new way to redeem your Reward Dollars: as a deposit into an American Express high-yield savings account (HYSA).American Express is also extending a similar redemption option to business cardmembers. Starting Oct. 29, Graphite™ Business Cash Unlimited Card cardholders can redeem Reward Dollars into an Amex Business Checking account.Both redemption options are available at a 1:1 rate, meaning $100 in Reward Dollars can become a $100 deposit into an eligible Amex bank account.Whether you're saving for an emergency, a dream trip or your kid's college fund, this is a great new way to make your cash back work for you.Here's what you need to know.Redeem your Amex Reward Dollars for a high-yield savings account depositYou can easily redeem your Reward Dollars for a deposit into your Amex high-yield savings account online or by calling Amex. Of course, you must have an open HYSA with Amex to use this redemption method. If you don't already have an Amex HYSA, you can apply for one during the redemption process.You must have either the Blue Cash Everyday...