Blue Cash Everyday, Blue Cash Preferred and the legacy Cash Magnet qualify for cashback-to-savings transfers. These eligible U.S.
consumer cash-back cards let members redeem Reward Dollars as deposits into an Amex High-Yield Savings Account. Reward Dollars are the cash-back balance earned on those cards. A High-Yield Savings Account, or HYSA, is an FDIC-insured Amex savings account that earns interest on deposits.
Table of Contents
- Which consumer cards qualify?
- What is the transfer worth?
- What account do you need for the deposit?
- What does not go to savings?
Which consumer cards qualify?
Blue Cash Everyday qualifies for HYSA deposit redemption. American Express lists cash back received as Reward Dollars redeemable for a deposit on its Blue Cash Everyday card page.
Blue Cash Preferred also qualifies, including the Morgan Stanley Blue Cash Preferred version. The legacy Cash Magnet Card is also listed among eligible cards, according to an AwardWallet report. Cash Magnet is now closed to new applications.
What is the transfer worth?
Savings redemptions convert at 1:1 value with no minimum. That means $50 in Reward Dollars becomes a $50 HYSA deposit.
American Express announced the no-minimum 1:1 redemption in its October 29 announcement. Small balances can move in full. Larger balances keep their full value too.
What account do you need for the deposit?
The destination must be an open Amex High-Yield Savings Account. American Express requires the cardmember to be primary or second-named owner on that account, as stated in its cash-back benefits terms. Check eligibility before you redeem:.
- Hold an eligible consumer cash-back card in good standing.
- Open an Amex HYSA if you do not have one.
- Confirm you are listed as primary or second-named owner.
What does not go to savings?
Business cash-back transfers do not go to savings. Upgraded Points reports that Graphite Business Cash Unlimited Rewards transfer instead to Amex Business Checking.
That distinction keeps savings transfers consumer-card only. American Express also says members must initiate transfers manually for now. It plans to add automatic Reward Dollars deposits into the HYSA in 2027.
