American Express (AMEX  ) recently announced it is launching its first digital checking account for customers. The company's consumer banking system is known as the Amex Rewards Checking and is currently available only in the United States.

American Express customers will be able to, as a bonus feature for all transactions that are conducted, gain points when using their debit cards in order to receive one point for every two dollars spent. They will also be able to receive a 0.50% annual yield on their balances.

"The reason we are putting together this really nice [annual percentage yield] and the rewards is to absolutely maximize the loyalty we can get from those customers," Eva Reda, general manager at American Express, said in a press statement. "The time just feels right based on where customers' heads are, who's using the product and how mass this sort of a solution is quickly becoming."

This new account will also come along with fraud protection and monitoring, in addition to availability for customer service through phone or live chat. One of the core reasons that American Express has decided to come out with these digital banking services is that this trend is becoming increasingly popular, particularly when it comes to the desire to employ more competitive banking methods.

Some of the other key features that the Amex Rewards Checking offers, according to American Express, are: no monthly maintenance costs or minimum balance expenses; Purchase Protection on American Express Debit Card investments that cover accidental theft; banking via the American Express App; cost-free ATM transactions with debit cards at 37,000 MoneyPass ATM locations; and so on.

With the introduction of American Express' first digital checking account, there will surely be an increased amount of competition among other banking systems that are now utilizing these methods.