American Express is offering a $300 bonus for new Rewards Checking accounts through July 30, 2026. If you're already an Amex cardholder and can handle the direct deposit requirement, this is one of the easier bank bonuses available right now.

The Offer Details

To earn the bonus, you need to open a new American Express Rewards Checking account and receive $7,500 or more in qualifying direct deposits within 90 days of account opening. The $300 bonus will post 8-12 weeks after you complete the requirements.

Important eligibility notes: You must be a current American Express consumer cardholder for at least five days before applying. If you've ever had an Amex Rewards Checking account before, you're not eligible for this bonus. Each person can only have one Rewards Checking account.

What Counts as a Direct Deposit

This is where bank bonuses can get tricky. American Express specifically states that qualifying direct deposits must be ACH transfers from an employer or government entity. This includes:

• Payroll deposits from your employer
• Pension payments
• Government benefits like Social Security
• Tax refunds

What doesn't qualify: peer-to-peer transfers (Venmo, PayPal), account-to-account transfers, deposits via check, or transfers from your Amex Savings account. Unlike some other banks, Amex appears to enforce these restrictions strictly.

The Account Features

The Rewards Checking account has no monthly fees and no minimum balance requirements, which makes it worth keeping open even after earning the bonus. The account includes a debit card that earns 1 Membership Rewards point per $2 spent.

That earning rate is nothing to get excited about. At 0.5 points per dollar, you're better off using literally any rewards credit card. The debit card is useful for ATM access, but don't plan any manufactured spending schemes around it.

Is This Worth Your Time?

If you already have regular direct deposits from an employer or government source, this is straightforward free money. The $7,500 requirement is high enough that you'll likely need a full paycheck or two deposited, not just a small transfer.

For couples with Amex cards, this represents a potential $600 in bonuses since each person can open their own account. Just make sure you both qualify and can each meet the direct deposit requirement independently.

The real limitation here is the lifetime language. If you had a Rewards Checking account years ago and closed it, you can't take advantage of this offer. American Express has been tightening restrictions across all their products, and this is no exception.

Don't have an American Express card yet? Consider starting with the Amex Gold Card or Amex Platinum Card to become eligible for this checking bonus.

Apply for the American Express Rewards Checking account before July 30, 2026.

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