[Expired] [Targeted] American Express High Yield Savings Account 25,000 Membership Rewards Point Bonus

Deal has ended, view more bank account bonuses by clicking here.

Offer at a glance

Maximum bonus amount: 25,000 Membership Rewards
Availability: Nationwide but targeted
Deposit required: $25,000 for 90 days
APY: 1.15%
Hard/soft pull: Soft pull AFAIK, but not confirmed
ChexSystems: Unknown
Credit card funding: None
Monthly fees: None
Early account termination fee:
Household limit: None listed
Expiration date: July 18th, 2020

Contents

1 The Offer
2 The Fine Print
3 Avoiding Fees
- 3.1 Monthly Fees
- 3.2 Early Account Termination Fee
4 Our Verdict

The Offer

Targeted offer sent out via e-mail with subject line ‘Starting to look ahead? We are here to help with an exclusive offer.’

American Express is offering some existing cardholders 25,000 Membership Rewards points when you deposit $25,000 or more into an American Express Personal Savings account by July 18th and maintain that balance for at least 90 days

The Fine Print

Offer not available to non-American Express customers or to American Express customers who did not receive this email from American Express directly.
25,000 Membership Rewards points will be credited to your account within 8-12 weeks after you, as the primary account holder, deposit a total of $25,000 (the “Threshold Amount”) or more of new money (not transferred from an existing Personal Savings account) into your American Express Personal Savings account by July 18, 2020 and hold those funds in your account through October 16, 2020. Our obligation to credit your account is also contingent on you not engaging in abuse, misuse, or gaming in connection with this offer in any way, as described below.
The following deposits do NOT count towards the Threshold Amount: earned interest.
We may consider the number of Personal Savings accounts you have opened and closed as well as other factors in deciding on your offer eligibility. We may not credit Membership Rewards points, we may freeze Membership Rewards points already credited, or we may take away Membership Rewards points from your account, if we determine in our sole discretion that you have engaged in abuse, misuse, or gaming in connection with the offer in any way or that you intend to do so. For example, if you cancel your Personal Savings account within 12 months after acquiring it; or cancel or downgrade your card account within 12 months. We may also cancel this account and other accounts you may have with us. NOTE: The value of the bonus may be taxable income to you and may be reported on IRS Form 1099. You are responsible for any federal or state taxes resulting from the bonus. Please consult your tax advisor if you have questions about the tax treatment of the bonus.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

This account has no monthly fees to worry about

Early Account Termination Fee

I’m unsure if there is any early account termination fee.

Our Verdict

Very good deal, especially if you value Membership Rewards at 1¢+. The account itself is competitive at 1.15% when compared to other basic savings rates and even if you value MR at 1¢ it works out to be an extra 4% APY. If this wasn’t targeted we’d be adding it to the best savings bonus page. As far as I know this is the first time American Express has offered a sign up bonus on this account.

Hat tip to readers Chris R, Michael, Brijesh N & @seriouslyrick

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