American Express is a globally recognized payment company and one of the largest commercial banks in the U.S. by assets. With a history dating back to 1850, American Express continues to expand its reach among consumers.
One way that American Express National Bank appeals to new consumers is through its bank bonus promotions. Right now, consumers and business owners can earn hundreds of dollars by opening select checking and savings accounts and completing qualifying tasks during the promotional period.
How Can You Earn an American Express Bank Bonus?
Banks, including American Express, sometimes offer cash bonuses to draw in new customers. The best bank bonuses typically require customers to open a new bank account and complete qualifying activities, like setting up direct deposits or meeting balance requirements.
Qualifying activities are often easy to complete, making them more appealing to consumers while being an effective marketing tool for banks. Earning a bank bonus through American Express may require completing multiple qualifying activities or keeping a larger balance than some other banks require.
Here are the new-account promotions currently available from American Express. Offer details are accurate as of March 20, 2023.
American Express Bank Promotions for 2023
American Express® Business Checking*: 30,000 Membership Rewards® Points
What is the offer? Earn 30,000 American Express Membership Rewards points when you open an American Express Business Checking account and reach an account balance of $5,000 or more from qualifying deposits within the first 30 days of account opening. You must also maintain an average account balance of $5,000 or higher for the following 60 days and complete five or more qualifying transactions within 60 days of account opening..
When do you receive your bonus? American Express will credit points to a linked Membership Rewards account within eight to 12 weeks after completing promotion requirements.
Is there a time limit on the offer? American Express hasn’t set a deadline for its current Business Checking promotion.
Where is this offer available? The promotion is available for qualified business owners eligible to open an American Express Business Checking account. You must currently have an Amex consumer or business credit card to open a Business Checking account.
Can you open this account in-branch? As an online bank, you can only open an American Express bank account online.
Can you avoid the monthly service fee? American Express doesn’t charge a monthly service fee on Business Checking accounts.
American Express® High Yield Savings Account Offer*: Earn a $350 Bonus
What is the offer? Earn a $350 cash bonus when you open a new American Express High Yield Savings account, deposit at least $25,000 by March 3, 2023, and hold the funds in the account through May 2, 2023.
When do you receive your bonus? It’s unclear how long American Express will take to deposit the bonus into your savings account after meeting promotion requirements. You do not have to keep a balance of at least $25,000 after the initial holding period, but the account must be in good standing when the bank deposits the bonus.
Is there a time limit on the offer? You must deposit qualifying funds by March 3, 2023 and keep them in the savings account through May 2, 2023.
Is this offer available where you live? As a targeted offer, it’s only available to select American Express cardholders who receive direct communication from American Express.
Can you open this account in-branch? American Express doesn’t have any bank branches, so you can only open an American Express bank account online.
Can you avoid the monthly service fee? American Express doesn’t charge a monthly maintenance fee for its High Yield Savings accounts.
What Else Should You Know About American Express Bank Bonus Offers?
Offers Are Only Open to Existing American Express Customers
You must be an existing American Express cardholder to receive targeted offers or qualify online for bank promotions.
American Express Promotions Are Usually Targeted Offers
Some American Express bank promotions are targeted toward specific cardholders. To qualify for a targeted offer, you must receive direct communication from American Express, either by mail or email.
You Must Be a New Account Holder To Qualify
American Express bank promotions aren’t available for customers who currently have or have previously opened the account tied to the promotion. If you’re currently an American Express banking customer or previously held a bank account with Amex, you may qualify for promotions related to other American Express products.
You Must Keep a Promotional Balance for a Specific Amount of Time
Many American Express bank promotions require new customers to deposit and keep a specified amount of money in the account during the promotional period.
The bank offers bonuses to entice new customers, so naturally, it prefers customers to keep accounts open long term. Your account must be open and in good standing until American Express deposits the bonus in your account.
Your Bonus May Be Taxable
The IRS considers cash bank bonuses to be interest income for tax purposes, so they must be reported annually. American Express may send you a 1099-INT tax form detailing the bonus offer amount.
How To Open an American Express Bank Account
You can open an American Express bank account online through the bank’s website. To qualify for bank promotions, you must apply using the email address that received the targeted offer or the supplied targeted offer link. As mentioned, some accounts may require you to be an existing American Express credit cardholder to open a bank account. Before applying, check with American Express for specific application requirements for each account type.
American Express bank bonuses might be worth the effort if you’re an existing Amex cardholder and can meet the promotion’s balance requirements. It’s also a good option if you’re looking for a new checking or savings account and prefer to bank digitally through an online bank.
Remember, most American Express promotions are targeted offers. You must be an existing Amex cardholder and receive the offer directly from the bank to qualify for the cash bonus.
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Frequently Asked Questions (FAQs)
Are bank account bonuses worth it?
Bank bonuses can be a quick way to boost your bank account balance if you meet promotion requirements. Typically, you must be a new account holder and complete qualifying activities, like receiving a certain number of deposits or keeping a minimum balance, to receive the bonus.
Do bank account bonuses count as income?
Bank bonuses are considered interest income by the IRS. If you receive a cash bonus from a bank, you must report it to the IRS. Your bank may send you a 1099-INT tax form detailing the bonus received.
How long does it take to get the $350 bonus from American Express?
American Express may take eight to 12 weeks or longer to process bank bonuses. The specific time varies depending on the promotion. Your bank account must be open and in good standing at the time of processing to receive the bonus.
Who is eligible for American Express bank bonuses?
Most American Express bank bonuses come as targeted offers, either by mail or email, to existing cardholders. To qualify for these promotional offers, you must receive direct communication from American Express.