Launched yesterday, the checking account and its debit card offer rewards, round-the-clock support, and purchase protection. It’s the company’s first checking account for consumers.

Why should we care?
In comparison with JPMorgan’s aggressive fintech acquisition strategy, American Express seems to prefer partnerships with startups rather than inhaling them. It’s working with Opy, the U.S. subsidiary of Australian Openpay, to let consumers pay in installments for purchases in healthcare and automotive sectors. It’s also diving into financial planning through an alliance with seven-person startup BodesWell. Such a collaborative approach may help AmEx retain the scrappier qualities of its partners’ products, and learn from them, which may make for AmEx services that are more compelling to younger consumers in the long run. The company’s checking account—which doesn’t have a monthly maintenance fee or require a minimum balance—may be one symbolic move in that direction. Millennial and Gen Z customers see little value in paying annual fees for financial services, especially with fintechs offering many of those same services for free. Fintechs may be pushing AmEx to compete directly with them, and to become more like them in the process.