Update 5/27/24: There is also a 70k offer with targeted language.
Update 5/27/24: Deal is back, terms still say ‘This Welcome Offer is only available to select businesses who were solicited directly by American Express and who must apply with their existing credentials through the link provided. Offer cannot be forwarded, transferred, or used more than once.‘
Offer at a glance
Maximum bonus amount: 50,000 membership rewards
Availability: Nationwide
Direct deposit required: None
Additional requirements: $5,000 deposit; 10 transactions
Hard/soft pull: Soft pull
ChexSystems: Unknown
Credit card funding: None
Monthly fees: None
Early account termination fee: None listed
Household limit: None listed
Expiration date: 12/12/2023
The Offer
Direct link to offer | New link
American Express is offering a bonus of 50,000 Membership Rewards points when you open a new business checking account and complete the following requirements:
Deposit $5,000 within 30 days of account opening
Maintain an average balance of $5,000 for 60 days after account opening
Make 5 or more qualifying transactions within 60 days of account opening (qualifying transactions are mobile deposits, and electronic/online transactions including ACH, Wire, and Bill Payments)
The Fine Print
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
This account has no monthly fees to worry about.
There is no early account termination fee mentioned.
Incoming and outgoing ACHs are free, and incoming international ACHs are free. Incoming domestic wires are free. Outgoing domestic wires cost $20 each.
Foreign Transaction Fee (Foreign Purchases & ATM Transactions): 2.7% of the amount of each transaction after conversion to US dollars
Our Verdict
Previous best bonus was 60,000 points, if you missed out on that bonus then this is worth doing as I’m not sure we will see that come back anytime soon. Don’t think you can do this bonus if you’ve done the personal bonus either. We will add this to our best bank bonus page.
Useful posts regarding bank bonuses:
A Beginners Guide To Bank Account Bonuses
Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
PSA: Don’t Call The Bank
Introduction To ChexSystems
Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
What Banks & Credit Unions Do/Don’t Pull ChexSystems?
How To Use Our Direct Deposit Page For Bank Bonuses Page
Common Bank Bonus Misconceptions + Why You Should Give Them A Go
How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
Affiliate Links & Bank Bonuses – We Won’t Be Using Them
Complete List Of Ways To Close Bank Accounts At Each Bank
Banks That Allow/Don’t Allow Out Of State Checking Applications
Bank Bonus Posting Times
Post history:
Update 1/12/24: AmEx PR has reached out with the following clarification: This Welcome Offer is only available to select businesses who were solicited directly by American Express and who must apply with their existing credentials through the link provided. Offer cannot be forwarded, transferred, or used more than once. Terms apply.
Update 1/7/24: Offer is back now with 50k at this link through 3/31/24 (this is close to the best offer we’ve seen at 60k which expired a year ago). (Hat tip to reader roboat) Update: note, readers are saying this offer is not tracking property and is only tracking at 30k. They say it’s targeted.
Update 11/7/23: You no longer need to be an American Express credit cardholder to be eligible for this account.