I get most of my miles and points bonuses through new credit card sign-ups. But, many banks also give cash or miles/points bonuses for opening up checking and savings accounts. I’ve dabbled with new bank account bonuses a bit, but not too often. However, yesterday I saw a post on Thrifty Traveler that caught my eye.
Amex Business Checking 50k Bonus
Open up a new American Express business checking account and earn 50,000 Amex Membership Rewards points after maintaining a $5000 deposit for 60 days and performing 5 qualifying transactions.
What are the 5 or more qualifying transactions you have to do within 60 days of opening the account?
- mobile deposits
- check deposits by mail
- electronic/online transactions including ACH, Wire, and Bill Payments
I applied for this account online, and at first I received this message:
But thankfully, just a few minutes later, I received an email that I was approved.
I plan to do 5 online electronic transfers to deposit $5000 and qualify for the bonus.
Things to Note
- This offer expires 12/12/2023 11:59:59 EST
- You can apply as a sole proprietorship with your own social security number
- You don’t have to have an American Express credit card to qualify
- The previous bonus was 30,000 points, but it’s been as high as 60,000 points in the past
- Amex does a soft inquiry on your credit
- Amex will send a 1099 statement for you to pay taxes on the points bonus (worth $500 of income)
- The account has no monthly fee
- Account earns 1.3% APY
- If you don’t have an American Express credit card that earns Membership Rewards points, you can’t use Amex’s full range of transfer partners nor qualify for any transfer bonuses that pop up. However, you can transfer your bonus points to these partners:
- British Airways
- Cathay Pacific
- Singapore Airlines
- Virgin Atlantic
If you have $5000 in savings that you don’t need for a few months, you can open up an American Express business checking account and earn 50,000 Amex Membership Rewards points. Make sure you keep your balance at $5000 or more and complete the 5 transactions within 60 days.
Nancy lives near Dallas, Texas, with her husband and three kids. Her favorite vacations include the beach, cruising and everything Disney.