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:
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American Express Rewards Checking – $250
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 $250 when you open an account by 10/31/2023 and receive a qualifying direct deposit of $500 or more by December 10th. Bonus is deposited within 8-12 weeks of satisfying the requirements.
⚠️ 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 3+ months tenure. Current and prior American Express Business Checking customers are not eligible to apply at this time.
(Offer expires 10/31/2023)
American Express High Yield Savings – $350 [EXPIRED]
American Express previously had a high-yield savings promotion where you could get a $350 cash bonus when you deposited $25,000 or more into a high-yield savings account. This offer last expired in late 2022 and has yet to return.
We will update this post if they bring it back.
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:
⭐ BMO Smart Advantage Checking – $400
BMO Bank is offering a $400 bonus* when you open a BMO Smart Advantage Checking and when you have a total of $4,000 or more in qualifying direct deposits within the first 120 days. It is a very straightforward offer that is available nationwide.
⭐Citi Priority Account – up to $2000
Citi Priority is offering up to $2000 bonus when you open an account by 1/9/2024. Then, within 20 days of opening your account, deposit at least $10,000 in New-to-Citi® funds and keep it there for 60 days after the 21st day. The bonus amount is based on how much you can transfer but the lowest tier starts at $10,000.
Discover Online Savings Account – $150 or $200
Discover Bank is offering a $150 or $200 bonus when you open your first Discover Online Savings Account with the promotion code WH923 and deposit at least $15,000 into the account within 30 days. You get $150 if you deposit $15,000 or more and $200 if you deposit $25,000.
Bank of America – $200 Bonus Offer
Bank of America offers a $200 Bonus Offer cash bonus if you open a new account and Set up and receive qualifying direct deposits totaling $2,000 or more into that account within 90 days of account opening. It has a monthly fee that is easy to have waived.
Chase Total Checking® – $200
Chase Bank will give you $200 when you open a Total Checking account and set up and receive a direct deposit within 90 days. There is a $12 monthly fee that is waivable with a monthly direct deposit of just $500, so no gotchas on this deal!