Open New American Express Savings Account, Get 25K Membership Rewards Points
Check your emails for an offer from American Express that can earn you a bonus of 25,000 Membership Rewards points for opening a new savings account. The targeted offer is for those who have a Platinum Card. Subject of email is “Starting to look ahead? We are here to help with an exclusive offer”.
Offer
Earn 25,000 Membership Rewards points when you deposit $25,000 or more into an American Express Savings Account by July 18, 2020 and hold for 90 days. The American Express High-Yield Savings Account earns 1.15% APY. The account has no monthly fees, but looks like you need to keep it open for 12 months.
The offer was sent out by email, and seems to target American Express Platinum cardholders. The link included in the email brings you to a generic page that doesn’t mention the bonus.
Offer Terms
- 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 (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).
- 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.
Guru’s Wrap-up
A very good bonus for those who received an offer directly by email. The account also earns 1.15% APY and you just need to keep the $25K in there for three months. However, looks like you need to keep the account open for 12 months and you can’t cancel or downgrade your card account within 12 months. That’s a a big requirement for Amex Platinum cardholders. Also with what we have seen from Amex recently, it could be strictly enforced or points could be clawed back later on.
HT: JP at Gift Card Report
