Now American Express has introduced its Savings Accelerator Plan. One percent of purchases with the American Express One credit card are deposited into the customer's American Express High-Yields Savings Account.
Currently, American Express High-Yield Savings Account is paying 3.15%. There are no minimum balance requirement. It's not nearly as good as EmigrantDirect, but it's a lot better than Bank of America's 0.5% savings rate.
The credit card has a feature called Interest Protection which may be good for those who keep balances. Most credit cards eliminate the grace period for new purchases when you're carrying a balance. With the American Express One Card, you never pay interest on new purchases, even if you are carrying a balance.
The card does have an annual fee of $35 which is waived for the first year.
For an extra incentive, American Express is offering a $25 signup bonus which will be deposited into the High-Yield Savings Account approximately 8-12 weeks after the first purchase transaction.
More discussion about these new bank card reward programs can be found in this USA Today article.