American Express is a bank most well-known for its credit card offers. I know American Express credit card offers are often quite generous and their Membership Rewards program is one of the best.
But until recently, American Express hasn’t had too many bonuses on their bank accounts.
Last year, they had an offer for their High Yield Savings (it has since expired) and they always seem to have their ever-green Business Checking offer, but now they’ve added a nice little offer on their Rewards Checking account too.
Table of Contents
American Express Rewards Checking – $300
American Express has a Rewards Checking account that really should get more attention than it does. It’s a checking account that offers you 1.00% APY, which is already noteworthy in a world where most checking accounts offer nothing.
There are no monthly fees, no minimum deposit, and you earn 1 Membership Rewards point for every $2 of eligible debit card purchases. Being able to earn rewards on a debit card is also quite rare.
Plus, they have a welcome bonus of $300 when you open an account by 7/30/2026 and receive total of $7,500 or more of Qualifying Direct Deposits within the first 90 days of account opening. Bonus is deposited within 8-12 weeks of satisfying the requirements.
You aren't eligible if you have an existing or previously have had an existing Rewards Checking Account.
⚠️ One big caveat – they are currently only accepting applications from existing Card Members with a U.S. Basic Consumer Card issued by American Express National Bank with 5 days tenure. Current and prior American Express Business Checking customers are not eligible to apply at this time.
👉 Learn more about American Express Rewards Checking
(Offer expires 7/30/2026)
American Express High Yield Savings – $350
American Express has a high-yield savings promotion (potentially a targeted offer, because I saw it in my credit card account as an offer and the link asks you to log in) where you could get a $350 cash bonus when you deposited $25,000 or more into a high-yield savings account within the first 30 days of account opening and then keep it there for 60 days.
The offer will appear as a banner at the top of the screen.
👉 Learn more about American Express Rewards Checking
(Offer expires 6/13/2025)
American Express Business Checking – 30,000 Membership Rewards Points
Do you run a business? Does it need a checking account?
American Express has an offer where you can get 30,000 Membership Rewards Points if you:
- Deposit $5,000 within 20 days of opening your account, AND
- Maintain an average account balance of $5,000 for 60 days, AND
- Make 10 or more qualifying transactions within 60 days of opening your account.
Qualifying transactions include mobile deposits, and electronic/online transactions including ACH, Wire, and Bill Payments.
This account also offers 1.30% APY on balances up to $500,000 and has no monthly maintenance fees.
How do these offers compare?
The American Express Rewards Checking offer is pretty good for an offer that requires just a single direct deposit. It has a very long time horizon, you have until December 10th, so you have a long time to switch it over. I know a lot of retirees on Social Security often complain that switching that direct deposit takes several weeks, which makes it hard for other bonuses, but this one seems tailor-made for that timeline.
Here are comparable offers – as you can see, the welcome bonus amount is quite competitive for a direct deposit of that size:
SoFi Money – $50 or $400
SoFi Money will give you $50 or $400 if you open an account and make direct deposits of at least $1,000. The bonus will be based on the total amount of those direct deposits in a 30-day evaluation period.
U.S. Bank – up to $450
Earn up to $450 when you open a new U.S. Bank Smartly® Checking account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through 6/18/2026. Member FDIC.
Get started with an initial deposit of $25 within 60 days. Offer may not be available if you are an existing U.S. Bank customer or live outside of the U.S. Bank footprint.
BMO Checking – $400 cash bonus
BMO is offering a $400 cash bonus bonus* when you open a BMO Checking account and have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening. It is a very straightforward offer that is available nationwide.
*Conditions apply
Capital One 360 Checking – $250
Capital One 360 has a $250 cash bonus when you open a new account and then receive two direct deposits each of $500 or more within 75 days of account opening. Valid for new 360 Checking account customers. If you had a If you had a 360 Checking, Simply Checking, or Total Control Checking account with Capital One on or after January 1, 2022, you are ineligible.
