Updated 6:52 p.m. UTC May 19, 2024
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American Express is perhaps best known for its glitzy credit cards, but it also provides basic banking services, some of which come with handsome promotions.
Account details and annual percentage yields (APYs) are accurate as of May 19, 2024.
American Express promotions
American Express bank products shouldn’t be ignored, especially since its CD rates and savings yields are some of the highest in the industry. Moreover, it also advertises bonuses and promotions for new checking account customers.
American Express® Business Checking: Earn 30,000 Membership Rewards® points
American Express gives business owners the chance to earn 30,000 Membership Rewards® points when they open a new Business Checking account. This welcome offer is a great way to boost your rewards balance.
How to qualify
You must open a new Amex Business Checking account and follow these three steps to qualify for the 30,000 Membership Rewards® points:
- Deposit at least $5,000 within 30 days of account opening.
- Maintain an average daily balance of $5,000 or more for 60 days.
- Complete five qualifying transactions like mobile deposits, check deposits and ACH transactions within 60 days.
As long as you meet these three requirements, American Express will deposit the 30,000 Membership Rewards® points into your linked Membership Rewards account within eight to 12 weeks. You can redeem points as statement credits or for gift cards and travel through the Rewards program.
Expiration date
No expiration date.
How to waive fees
The Amex Business Checking account has no monthly maintenance fees and it earns a yield of 1.30% APY on balances up to $500,000. No interest is earned on account balances over $500,000. You can also earn Membership Rewards points on debit card purchases.
If you’re in the market for a business credit card, Ameix has a variety of options. Find out which American Express business credit card suits your needs.
EXPIRED: American Express® Rewards Checking: Get a $250 bonus
American Express had a $250 welcome bonus for new Reward Checking account customers, but this offer expired on October 31, 2023. We will provide an update should it return.
How to qualify
The account was previously offering a $250 bonus after opening an American Express Rewards Checking account and making a qualifying direct deposit of at least $500 into the new account by Dec. 10, 2023. Amex would deposit this $250 welcome bonus into your account within eight to 12 weeks of meeting the requirements.
Expiration date
This offer expired on October 31, 2023.
How to waive fees
The American Express Rewards Checking account has no monthly fees or minimum deposit requirements. It’s a high-yield checking account that earns a competitive interest rate on your balance, as well as Membership Rewards points on eligible debit card purchases.
How to open an American Express account
American Express is recognized as one of the best online banks — and it has an easy application process to boot. Open a bank account online in minutes using these steps.
- Go to American Express’s website and navigate to the account you’d like to open.
- Provide some basic personal information like your name, address, date of birth and Social Security number.
- Submit a valid ID like a driver’s license or passport.
- For business accounts, you’ll need your business name, tax ID number and documents proving business ownership. You’ll also need to answer questions about the industry you are in, revenue and plans for use of the account.
- Fund your initial deposit, which can be as little as $0.
- Select your delivery preferences for your debit card and checks.
- American Express will review your application and verify your identity electronically. If approved, your account will be ready to use online or with its mobile app.
Frequently asked questions (FAQs)
Yes, American Express periodically offers various types of bank bonuses and promotions, ranging from cash bonuses to rewards points.
American Express offers welcome bonuses intermittently. The timing of these offers can vary and may be linked to seasonal promotions or broader marketing campaigns.
Yes, most promotions have a set expiration date by which you must meet all qualifying criteria.
Not currently. However, American Express may occasionally offer promotions for existing customers. This could include special rewards on credit cards or bonus points for certain activities.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
