American Express Bank Bonus Guide
American Express offers up to $550 across checking and savings bonuses for new customers. With no monthly fees, nationwide availability, and competitive savings APY, Amex banking is a strong choice for bonus hunters looking to stack checking and savings offers. Here is everything you need to know.
Amex Savings Bonuses
Amex Checking Bonuses
How to Earn the American Express Bank Bonuses
Step 1: Open the account(s) online
Open a new American Express checking and/or High Yield Savings account at americanexpress.com. Both accounts have no monthly fees. You can open both simultaneously to earn both bonuses.
Step 2: Meet the requirements
For the savings bonus, deposit $25,000 or more and maintain the balance for 90 days. For the checking bonus, complete the qualifying activities within the promotional period. Check the specific offer terms for full details.
Step 3: Wait for the bonus to post
The savings bonus typically posts within 14 days after meeting requirements. The checking bonus typically posts within 30 days. Keep accounts open and in good standing until bonuses post.
Step 4: Keep accounts open
The checking account has a 180-day early closure period. Closing before 180 days may result in the bonus being clawed back. Since both accounts have no monthly fees, there is no cost to keeping them open.
Why American Express Is Great for Bank Bonuses
No Monthly Fees
Both the checking and High Yield Savings accounts have zero monthly maintenance fees. No minimum balance requirements to avoid fees. You keep every dollar of your bonus.
Nationwide Availability
Unlike regional banks like KeyBank, American Express banking is available in all 50 states. Apply entirely online with no branch visit required.
Competitive Savings APY
The Amex High Yield Savings account earns a competitive APY that makes the account worth keeping even after the bonus posts. Your $25,000 deposit continues earning interest while you hold it.
No Hard Credit Pull
American Express does not perform a hard credit inquiry for bank account applications. Opening checking and savings accounts will not affect your credit score.
American Express Bonus Eligibility Rules
- •New customer required: You must not currently have an American Express checking or savings account (depending on the offer). Check specific offer terms for any waiting period if you previously held an account.
- •Savings: $25,000 deposit for 90 days: Deposit at least $25,000 in new funds and maintain the balance for 90 days to earn the $300 savings bonus.
- •Checking: 180-day account hold: Keep the checking account open for at least 180 days to avoid any early closure clawback of the bonus.
- •No hard pull: American Express only does a soft inquiry for bank account applications. Your credit score is not affected.
- •ChexSystems varies by product: The checking account is ChexSystems-sensitive, but the savings account is not. If you have ChexSystems issues, consider the savings bonus first or explore banks that do not use ChexSystems.
- •Online only: American Express banking is entirely online with no physical branches. All applications and account management through their website or app.
American Express Bonus vs Other Bank Bonuses
How does the Amex bonus stack compare? Here is a quick comparison with other popular bank bonuses.
| Bank | Total Bonus | Monthly Fee | Min Deposit | Availability |
|---|---|---|---|---|
| Amex | $550 (checking + savings) | $0 | $25,000 (savings) | Nationwide |
| Chase | $200-$500 | $12 (waivable) | Varies | Nationwide |
| Discover | $150-$200 | $0 | Varies | Nationwide |
| KeyBank | $300-$500 | $0 (Smart Checking) | N/A (DD required) | 15 states |
American Express offers one of the highest combined bonus totals at $550 with no monthly fees. The trade-off is the $25,000 deposit requirement for the savings bonus, which ties up capital for 90 days. If you have the funds available, the effective return is strong. For those with less to deposit, the $250 checking bonus alone is competitive. See all options on our highest bonuses page.
Tax Implications
Bank bonuses are taxable income. American Express will issue a 1099-INT or 1099-MISC form for bonuses. If you earn both the $300 savings and $250 checking bonuses ($550 total), expect to report the full amount on your tax return. In the 22% federal tax bracket, $550 in bonuses costs approximately $121 in federal taxes, leaving you with $429 net. For more details, read our bank bonus tax guide.
American Express Bonus Strategy Tips
Stack checking + savings for $550 total
Open both accounts at the same time. The checking and savings bonuses have separate requirements, so you can complete them simultaneously. This maximizes your total return from a single bank relationship.
Time the savings deposit strategically
The $25,000 needs to stay for 90 days. Plan around when you need the funds. If you have money sitting in a low-yield account elsewhere, moving it to Amex earns you the $300 bonus plus a competitive APY during the hold period.
Note the checking expiration date
The checking bonus has an expiration date. Make sure to open the account and meet requirements before the offer expires. Check the specific offer details for the current deadline.
Keep accounts open after the bonus
Since both accounts have no monthly fees, there is zero cost to keeping them open long-term. The savings account continues earning a competitive APY, making it a solid savings option even after the bonus posts.
Frequently Asked Questions
Does American Express offer a checking account bonus?
Yes. American Express periodically offers a checking account bonus for new customers. The current offer is $250 for meeting requirements within the promotional period. The Amex checking account has no monthly fees.
Does American Express offer a savings account bonus?
Yes. American Express offers a $300 bonus on its High Yield Savings account when you deposit $25,000 or more and maintain the balance for 90 days. The account has no monthly fees and earns a competitive APY.
Can I get both the Amex checking and savings bonus?
Yes. American Express offers separate bonuses for checking and savings accounts. You can open both to earn up to $550 total. The checking and savings requirements do not overlap, so you can complete them simultaneously.
Does American Express do a hard pull or ChexSystems check?
American Express does not do a hard credit pull for bank account applications. However, the checking account is ChexSystems-sensitive, meaning they may check your ChexSystems report. The savings account is not ChexSystems-sensitive.
How long does it take to receive the American Express bonus?
The savings bonus typically posts within 14 days after meeting the deposit and holding requirements. The checking bonus typically posts within 30 days after meeting the requirements. Keep the account open and in good standing until the bonus posts.
Does American Express charge monthly fees on bank accounts?
No. Both the American Express checking and High Yield Savings accounts have no monthly maintenance fees. There are no minimum balance requirements to avoid fees, making them cost-free to maintain after earning the bonus.
Is American Express banking available nationwide?
Yes. American Express banking products are available nationwide as online-only accounts. There are no branch locations, but you can manage everything through the Amex website and mobile app.
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