American Express, a bank renowned for its appealing credit card proposals, is particularly famous for its generous offers and top-notch Membership Rewards program.

However, it has been perceived that American Express was not previously as active in providing bonuses on their banking accounts.

Just last year, they provided an enticing offer for their High Yield Savings, but it has since ceased to exist. The constant feature has been their perennial Business Checking offer. Recently though, they have introduced an attractive offer on their Rewards Checking account as well.

American Express Reward Checking – Earn $250 Bonus

American Express presents an under-the-radar Rewards Checking account offering a notable 1.00% APY, standing out in an environment where most checking accounts yield nothing.

This account comes without monthly charges or minimum deposits and provides you with 1 Membership Reward point for every $2 spent using your eligible debit card—a rather unique feature.

Additionally, by opening an account before 10/31/2023 and making a qualifying direct deposit of $500 or more by December 10th, you will earn a $250 welcome bonus. Expect the bonus to arrive within 8-12 weeks upon meeting these conditions.

(Offer valid until 10/31/2023)

American Express High-Yield Savings – $350 Bonus [EXPIRED]

Previously, American Express ran a high-yield savings campaign offering a $350 cash bonus on depositing $25,000 or more into a high-yield savings account. This offer expired towards the end of 2022, with no signs of renewal thus far.

We’ll keep you posted if there are any changes.

American Express Business Checking – Gain 30,000 Membership Rewards Points

If you’re running a business needing a checking account, consider American Express’s offer to earn 30,000 Membership Rewards Points. To qualify:

  • Deposit $5,000 within 20 days post account opening
  • Maintain an average balance of $5,000 for a span of 60 days
  • Make 10 or more transactions within 60 days of creating your account

Qualified transactions encompass mobile deposits, electronic/online transactions, including ACH, Wire, and Bill Payments. This account also offers 1.30% APY on balances up to $500,000 and charges no monthly maintenance fees.

Comparing these Offers

The American Express Rewards Checking offer stands out due to its extended timeline allowing users to switch over comfortably. The offer is seemingly designed for retirees on Social Security who often struggle with changing direct deposits due to time constraints.

Below are similar offers indicating how competitive the welcome bonus is for a direct deposit of this size:

  • Citi Priority Account: Earn up to $2000 bonus by opening an account by 1/9/2024, depositing at least $10,000 in New-to-Citi® funds within 20 days, and maintaining it for 60 days post the 21st day.
  • Discover Online Savings Account: Earn a $150 or $200 bonus by opening your first account using the promotion code WH923 and depositing at least $15,000 into the account within 30 days.
  • Bank of America: Get a $200 cash bonus by opening a new account and setting up and receiving qualifying direct deposits totaling $2,000 or more into that account within 90 days of account opening.
  • Chase Total Checking®: Receive $200 upon opening a Total Checking account and setting up and receiving a direct deposit within 90 days.