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American Express Rewards Checking Account Deposit Bonus

American Express sent out a targeted offer for a deposit bonus for their Rewards Checking account. The offer is for a $200 bonus after at least $5,000 in eligible deposits within 30 days of account opening. Check and see if you are targeted for this bonus. The offer expires 03/05/23.

American Express Rewards Checking account bonus after eligible deposits
American Express Rewards Checking account opening bonus after eligible deposits

In addition to charge cards and credit cards, American Express offers a personal checking account and a business checking account. There is now a bonus of $200 after opening a (personal) Rewards Checking account and completing an initial deposit requirement.

Amex Rewards Checking account welcome offer detail

This appears to be a targeted offer that was sent out by email. See a screenshot of the offer below for reference.

Amex Rewards Checking account welcome bonus

The terms of the Amex Rewards Checking account welcome offer are included below:

American Express® Rewards Checking $200 Deposit Welcome Offer

Earn a Welcome Bonus of $200 deposited into a new American Express® Rewards Checking account after you do each of the following: 

  • Click the “Apply Now” button in this email and complete the application by 03/05/2023 and receive approval for an American Express Rewards Checking account in your name. 
  • Make eligible deposits totaling at least $5,000 into your American Express Rewards Checking account within thirty days of opening your account. 
  • Maintain an Average Daily Balance‡ of $5,000 or more in your American Express Rewards Checking account for ninety days starting on the calendar day after you first make eligible deposits totaling at least $5,000 (“Maintenance Period”). 

After you have completed all the above qualifying criteria, American Express will deposit your Welcome Bonus into your Rewards Checking Account within 8-12 weeks. 

– Amex Rewards Checking account welcome offer terms

The offer is similar to other opening bonuses for a new checking account, requiring a minimum amount of deposits into the new account within a certain number of days after account opening. Keep in mind that this offer does require maintaining the $5,000 minimum average daily balance for 90 days after the account has reached $5,000.

However, unlike other offers that require a direct deposit to fulfill said requirement, this offer allows deposits from funds transferred from non-Amex accounts, as indicated by the definition of “eligible deposits” in the terms:

Eligible deposits are any deposits except (i) deposits using our Redeem for Deposits feature, (ii) deposits from interest payments, provisional credits, reversed credits, internal transfers from American Express High Yield Savings accounts, and (iii) other fraudulent, nonstandard, or suspicious deposits that we deem ineligible in our sole discretion.

– Amex Rewards Checking account welcome offer terms

Important to note that transfers from the Amex Savings accounts do not count toward eligible deposits. Also keep in mind that the welcome bonus may be reported on IRS Form 1099. Please consult your tax advisor if you have questions about the tax treatment of the welcome bonus.

Account and offer availability

This offer appears to be targeted, so be sure to check your email inbox and see if you have this offer. The offer expires 03/05/23. Furthermore, according to the Amex Rewards Checking website, this checking account is only available to Consumer Card Members who have had a Card account for at least 3 months. Those that already have an Amex Business Checking account are also not eligible to open a Rewards Checking account.

Amex Rewards Checking account benefits

In addition to the welcome bonus, the Amex Rewards Checking account has the following key benefits.

  • Interest earning: The Amex Rewards Checking account earns 1.00% APY (as of 02/12/23).
  • Membership Rewards (MR) point earning: Earn 1 MR point for each $2 of eligible debit card purchases. Although this is worse than most credit cards which earn at least 1 point per dollar spent, there may be some instances that a debit card may be useful (e.g., the merchant charges a lower fee for using a debit card or does not accept credit cards).
  • No fee or minimum deposit to open
  • No monthly fees
  • ATMs: Amex uses MoneyPass ATMs for fee-free withdrawals.
  • Purchase Protection: This benefit is available on Amex credit/charge cards but also built into the debit card. Specifically for this account, it can help protect eligible purchases against accidental damage or theft, for up to 90 days from the purchase date. The coverage is limited up to $1,000 per occurrence, up to $50,000 per account per calendar year.

The MR points earned through this account can be redeemed as deposits (0.8 cents per point). They can also be redeemed through Amex MR-earning cards, which will allow one to transfer the points to partner programs, redeem the points for statement credits (generally 0.6 cents per point) or gift cards, or book travel through the Amex Travel portal.

One limitation of the Amex Rewards Checking account is that it is digital-only, meaning that there are no physical branches.

The Takeaway

Amex Rewards Checking account now offers a $200 welcome bonus after depositing at least $5,000 within 30 days of account opening and subsequently maintaining it for 90 days. This targeted offer expires 03/05/23, so be sure to check if you have this offer that may be sitting in your email inbox.

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