Update 2/9/24: A new round went out to a lot of people, this time for a lower $300 bonus. Same $25k requirement.
Offer at a glance
- Maximum bonus amount: $350
- Availability: Nationwide but targeted
- Deposit required: $25,000 for 90 days
- Hard/soft pull: Soft pull AFAIK, but not confirmed
- ChexSystems: Unknown
- Credit card funding: None
- Monthly fees: None
- Early account termination fee: None mentioned
- Household limit: None listed
- Current Rate:
1.75%3.30% APY - Expiration date: October 8, 2022
Contents
The Offer
Targeted offer sent out via e-mail (subject line ‘<name>, earn a $350 bonus with Amex Savings’)
- American Express is offering some cardholders an offer to open a new American Express Savings account and get a $350 bonus when you deposit at least $25,000 by October 8, 2022 and hold the fund through January 6, 2023.
The Fine Print
- This offer is only available to customers new to American Express Savings. This Offer is not available to (i) non-American Express Card Members, (ii) American Express Card Members who did not receive this email from American Express directly, or (iii) American Express Card Members who have been named as a primary or joint holder on an active American Express Savings Account (High Yield Savings, CD or IRA).
- You, as the direct recipient of this email can only be eligible for 1 offer. The new High Yield Savings Account must be opened using the email address that directly received this email, and the recipient of this email must be named as the primary holder when opening the new account. In the event that more than one person shares the email address to which this email was delivered, the individual named in the body of the email will be treated as the recipient eligible for this offer. In the event multiple accounts are opened by the eligible recipient, the High Yield Savings Account with the highest balance will be eligible.
- A cash bonus amount of $350 will be credited to your new account after you, as the primary account holder, deposit a total of $25,000 or more of new money (not transferred from an existing American Express Savings, checking or debit account) into a new American Express High Yield Savings Account by 11:59pm ET on October 8, 2022. A “new” account for this purpose is an account that is opened on or after the date on which this email was sent by American Express. High Yield Savings Accounts that were active prior to the date on which this email was sent by American Express are not eligible for this offer.
- At the time the bonus is credited, your account must be open, in good standing and not restricted to qualify. Your balance may decline after the 90-day holding period, but the account must remain open and in good standing.
- All bank bonuses are taxable and you’ll receive a 1099 from American Express for this
Avoiding Fees
Monthly Fees
This account has no monthly fees to worry about
Early Account Termination Fee
No early termination fee is mentioned.
Our Verdict
This seems to have been sent out to a lot of people, but it’s targeted and not everyone got it. We’ve seen similar offers before from Amex, and this one is better than prior offers. Given Amex already offers a decent interest rate, the added $350 on top makes this a nice deal.
Update History:
- Update 2/1/23: Another round of this $350 bonus went out today. Funds must be deposited by March 3, 2023 and held through May 2, 2023. (ht San & ESIS)
3/3/24 Instant approval with Chex frozen. Currently have numerous accts.
Has anyone been successful in doing a wire transfer to the Amex savings account? Tried to do it with my Wells Fargo but failed
its an offer aimed at people who don’t understand interest rates, but do respond to dollar signs.
What do you mean by that? Their current APY of 4.35% is obviously not the highest you can get, but it’s on par with the other bigger-named HYSAs (Ally, Marcus, CapOne, Discover, etc.). The graphic shown in this post with the 1.75% APY (& really all of the info) is from a previous offer, when that was around the average going rate for a HYSA.
And see this comment for the APY over the holding period for this offer. ~11.5% APY for those 2 months (assuming the 4.35% is consistent till May 8), then you can move your money back to your 5+% account.
Just opened was targeted via email. No confirmation of promo, no promo code, no tracking that I can see. I screenshot everything so 🤞. Also amex has no plaid connectivity so everything has to be done the old fashioned way.
Anyone know when wells Fargo transfer limits reset I can do $15k standard on March 1 (I’m doing Wf bonus) how quickly can I get another transfer? Days hopefully I have to the 8th to get $25k in the account.
Same also targeted and I opened and transfer 25k that posted on 2-9-2024. I’m not a huge fan of there being no tracker/promo code/email following funding of requirements. I’ll just leave the money in there until 5-8, hopefully a email will come eventually letting know it’s tracking.
I did the checking account they did verify via email that bonus was deposited. Amex does take takes out of did for me anyway for the checking account bonus.
A general comment on AMEX bonuses. I did the one in 2023 for 60,000 MR points on a business account, and I received a $600 1099-INT (I think, possibly MISC).
“We may also cancel this account and other accounts you may have if gaming behavior is shown.”
😆
Received this offer, only been with Amex for just over a year. Now I just need $25k.
Good for you. I’m with them for 20 years, never had their savings account and got nothing. Maybe they really track how much bonus you got over the years.
Money market account pays 5 percent they are going to have to up that bonus or their interest rate.
They are paying 4.35% + the bonus is 1.2%
If someone is already in a decent MMF like VMFXX @ 5.28, not enough of a value prop to move
More than doubling isn’t enough of a value prop?
$300 for $25k held for 60 days at 4.35% APY is 11.55% APY total. That’s quite a bit better than 5% APY.
$481.25 vs. $208.33
I received an email and opened an account under my own name. I then noticed that the email was addressed to spouse. Any DP on how strict AMEX is with this type of situation?
My last treasury buy was at 5.35% for 3 months. Since they are local tax free (and this Amex offer wouldn’t be), it’s pretty much a wash for me. And I don’t have to open a new account at Amex, just use my regular old boker.
unless I’m missing something, where can i get 3-month TBill that pays ~$572 ($300 bonus + ~$272 on 4.35% interest) on $25K? That local tax to make it a wash would be wild…