[Targeted] American Express High Yield Savings Account $350 Bonus

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

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)