Amex Rewards Checking: Grab a $300 Bonus with Your Paycheck

If you've been thinking about adding a checking account with no monthly fees and a little extra cash in your pocket, American Express has a tempting offer on the table right now. They're dangling a $300 bonus for new Rewards Checking customers who can steer a decent chunk of their paycheck their way. Let's break down what it takes to get that money and whether it's worth your time.

What’s the Catch? Not Much, But There Are a Few Hoops

First things first: this isn’t a no-strings-attached giveaway. You need to be an existing Amex customer—specifically, a U.S. Basic Consumer Card Member (or an additional card member on such an account) for at least five days before you apply. If you’ve got an Amex High Yield Savings account or a CD, that also counts. But here’s the kicker: if you’ve ever had a Rewards Checking account before, you’re out of luck. This bonus is strictly for first-timers.

Once you’re in, you’ll need to set up qualifying direct deposits totaling $7,500 or more within the first 90 days. That’s a pretty hefty sum, but if you’re used to funneling your salary into one account, it’s not a stretch. Just make sure your deposits actually qualify—more on that in a sec.

What Counts as a Qualifying Direct Deposit?

Amex is pretty specific about what they’ll accept. They want to see ACH transfers from an employer or the government—think paychecks, pensions, Social Security, or tax refunds. That’s it. Person-to-person transfers from apps like Venmo or PayPal? Nope. Moving money from your own savings or another checking account? Doesn’t count. Even internal transfers from your Amex Savings account are a no-go. And forget about depositing a check—that won’t help either.

So, if you’re planning to just shuffle money around between accounts to hit the threshold, you’ll be disappointed. You need a real, recurring income stream to make this work.

Why This Account Might Be Worth Keeping Around

Beyond the bonus, Amex Rewards Checking is a solid no-frills account. There are no monthly maintenance fees, no minimum balance requirements, and you’ll earn a competitive 1.00% APY on your balance—which is way better than the national average. Plus, the debit card earns 1 Membership Rewards point for every $2 you spend. It’s not a huge earner, but if you’re already in the Amex ecosystem, those points can add up.

You also get access to a network of over 70,000 fee-free ATMs through Allpoint and MoneyPass, and the Amex app lets you manage your checking, savings, and credit cards all in one place. Mobile check deposit and bill pay are there too, making it a practical everyday account.

Things to Watch Out For

The biggest gotcha is the direct deposit requirement. If you don’t have a regular paycheck or government benefit that you can redirect, this bonus is going to be tough to snag. And remember, you can’t have had a Rewards Checking account before—so if you closed one years ago, you’re not eligible.

Also, keep in mind that the bonus isn’t instant. Amex says it’ll deposit the $300 into your account within 8 to 12 weeks after you meet the requirements. So don’t expect that cash to show up overnight.

One more thing: while the debit card rewards are nice, don’t go overboard with spending just to earn points. The earn rate is low, and you’re better off using a credit card that gives you more value per dollar. Use this account for what it’s meant for—everyday banking and that sweet bonus.

Bottom Line

• You must be an existing Amex consumer cardholder (or have an Amex savings/CD) and never have had a Rewards Checking account.
• You need $7,500 in qualifying direct deposits (payroll or government) within 90 days to earn the $300 bonus.
• No monthly fees, no minimums, and a 1% APY make this a decent place to park your cash even after the bonus.
• The bonus pays out 8-12 weeks after you qualify, so be patient.

Common Questions