The Amex checking account bonus lineup just got a refresh on both sides of your wallet, with 35,000 Membership Rewards points on the table for a new Business Checking account and $300 in cash for the personal Rewards Checking account. Amex also quietly reorganized its banking products this month, folding Business Checking and a brand new 2.95% APY Business Savings account into one umbrella called American Express Business Banking. If you have a business, a paycheck, or both, there is real money sitting here, and neither account charges a monthly fee.
Here is exactly how each offer works, the fine print that trips people up, and who should skip these entirely.
The 35,000 Point Business Checking Bonus
American Express is offering 35,000 Membership Rewards points when you open your first Business Checking account and complete three steps. You need to deposit at least $5,000 in eligible new money within 30 days of opening, maintain an average daily balance of at least $5,000 for 60 days starting from the day your deposits hit that threshold, and complete five qualifying transactions within 60 days of account opening.
The points post to the Membership Rewards account linked to your Business Checking within 8 to 12 weeks of completing everything. For context, Amex has sent targeted offers on this account as high as 70,000 points, but those required invitations and larger deposits. This 35,000 point version is publicly available, which makes it the most accessible Business Checking offer we have seen in a while.
One eligibility rule matters more than everything else: if your business currently has or has ever had an Amex Business Checking account, you are not eligible. This is a once-per-business bonus with no reset clock.
The account itself is free. There are no monthly maintenance fees, no minimum balance requirements, and you earn 1.00% APY on balances up to $500,000, a rate Amex adjusted effective September 15, 2026. The debit card earns 1 Membership Rewards point per $2 spent, and you get fee-free withdrawals at more than 70,000 Allpoint and MoneyPass ATMs.
What Counts as a Qualifying Transaction
This is where people accidentally miss the bonus. Qualifying transactions are mobile deposits, check deposits by mail, and electronic or online transactions including ACH transfers, wires, and bill payments made to or from your account. Debit card purchases do not count. Transfers between your own Amex accounts do not count. Zelle payments do not count either, per the current terms.
The easy play is small ACH transfers. Five separate transfers of any size between your Business Checking and an external bank account will satisfy the requirement, as long as they post within 60 days of opening. Just do not shortcut it by shuffling money between Amex accounts, because those are explicitly excluded.
Cashing Out Points Through Business Checking
Business Checking unlocks something no Amex credit card does on its own: a cash exit for Membership Rewards points. The standard Redeem for Deposits rate is 1,000 points for $8, or 0.8 cents per point. If you also hold The Business Platinum Card and it is linked to the same Membership Rewards account, that rate jumps to 1,000 points for $10, a flat 1 cent per point, on up to 1,000,000 points per calendar year.
Think of this as a floor, not a goal. At 1 cent per point, the 35,000 point bonus is worth $350 in cash, but transfer partners routinely deliver far more value when the timing and redemption line up. As an educational illustration, 35,000 points transferred to a partner like Avianca LifeMiles or ANA can cover a one-way award that would cost several times $350 in cash. Transfer values are never guaranteed and depend entirely on award availability, so treat the cash floor as your worst case rather than your plan. The Business Platinum route also only makes sense if the card already earns its $895 annual fee for you on its own merits.
There is one more quiet benefit worth knowing. Because Business Checking carries its own Membership Rewards account, it can keep your points alive with no annual fee if you ever close your Amex cards, as long as the accounts are linked and pooling correctly.
The $300 Rewards Checking Bonus
On the personal side, Amex is offering $300 when you open your first Rewards Checking account by February 1, 2027 and receive $7,500 or more in Qualifying Direct Deposits within 90 days of opening. The bonus deposits into your checking account within 8 to 12 weeks of qualifying.
Eligibility is narrower than a typical bank bonus. Amex is currently only accepting applications from people who hold a U.S. Basic Consumer Card, are an additional cardmember on one, or have an existing Amex High Yield Savings account or CD. If you have or ever had a Rewards Checking account, you are not eligible.
The account mirrors the business version: no fees, 1.00% APY, 1 Membership Rewards point per $2 in debit purchases, and the same 70,000+ fee-free ATM network.
The Direct Deposit Fine Print That Actually Matters
Read this part twice, because it is the most common way people lose this bonus. A Qualifying Direct Deposit must be an ACH transfer from an employer or government source, meaning a paycheck, pension, government benefit like Social Security, or a tax refund. Person-to-person transfers, pushes from another bank account, transfers from your Amex savings, mobile check deposits, and points redemptions all explicitly do not count.
In practice, that means routing real payroll. If your employer lets you split direct deposit, sending a portion to Rewards Checking until you cross $7,500 within the 90 day window is the cleanest path. Self-employed readers running payroll through their S-corp can typically qualify by directing paychecks here, though how any individual payroll provider codes its transfers is outside your control, so give yourself buffer time inside the window.
The New 2.95% Business Savings Account
Alongside these offers, Amex launched Business Savings on September 15, 2026 with a 2.95% APY, no minimum balance, and no monthly fees. There is no welcome bonus attached, but it pairs neatly with Business Checking: instant transfers between the two are free, interest compounds daily, and everything lives in the same Amex app login as your cards. If you are parking the $5,000 for the checking bonus anyway, anything beyond that requirement earns nearly triple the checking rate next door. The APY is variable and can change at any time.
Business Checking vs. Rewards Checking at a Glance
Frequently Asked Questions
How long does the Amex checking account bonus take to post?
Both bonuses post within 8 to 12 weeks of completing all qualifying activities. The business bonus arrives as Membership Rewards points in your linked rewards account, while the personal bonus arrives as a $300 deposit into the checking account itself.
Can I earn both bonuses?
Yes. The offers are entirely separate products with separate requirements, one for an eligible business and one personal. Earning one has no effect on your eligibility for the other.
Is the Amex checking account bonus taxable?
Amex states that both welcome bonuses may be taxable income and may be reported on IRS Form 1099. Bank account bonuses, unlike credit card welcome offers, are generally treated as interest income, so plan for that at tax time and consult your tax professional.
Do these count against Amex credit card welcome offer eligibility?
No. These are deposit account bonuses from American Express National Bank and are separate from credit card welcome offers and Amex’s once-per-lifetime card bonus rules.
Bottom Line
An Amex checking account bonus worth 35,000 points on the business side and $300 on the personal side, with no fees on either account, is a strong combined haul for money you were likely holding somewhere anyway. The business offer is the standout given the cash-out flexibility and transfer partner upside, while the personal offer is a straightforward win for existing Amex cardmembers who can redirect payroll for three months. Just respect the fine print on qualifying transactions and direct deposits, because that is where these bonuses are won or lost.
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Welcome offers are subject to change. Valid as of September 19, 2026. Terms apply. See footer for advertiser disclosure.
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