Most bank bonuses pay you in cash. This one pays you in a currency points collectors actually want. American Express just raised the welcome offer on its business checking account to 35,000 Membership Rewards points, and there’s no direct deposit requirement. If you run a business or a side hustle and can park $5,000 for two months, this is one of the more interesting bank offers available right now.
Offer details checked October 19, 2026. Amex shows the current welcome offer and its terms only during the application, so confirm the amount and requirements on American Express’s business banking page before you apply. See our Advertiser Disclosure for how we work with partners.
Amex Business Checking Bonus at a Glance
| Detail | What you need to know |
|---|---|
| Welcome offer | 35,000 Membership Rewards points |
| Account | American Express Business Checking |
| Deposit requirement | $5,000 in new money, held for about 60 days |
| Activity requirement | About 10 qualifying transactions |
| Direct deposit needed | No |
| Monthly fee | None |
| Interest | Variable APY on balances up to $500,000 (reported at about 1%) |
| Who qualifies | Businesses that have never had an Amex Business Checking account |
What Changed: Why 35,000 Points Is Worth a Look
This welcome offer has moved around a lot. It launched years ago at 20,000 points, climbed to 30,000, briefly hit 60,000, then settled back down. In mid-September 2026 it was raised to 35,000 points. At the same time, the interest rate on the account was reported to drop to about 1% APY.
That trade-off matters, and we’ll do the math on it below. The short version: the points are the reason to open this account, not the interest.
[Image suggestion: A small business owner working on a laptop in a home office. Alt text: “Opening an American Express Business Checking account for Membership Rewards points”]
How to Earn the 35,000 Membership Rewards Points
The requirements below follow the structure Amex has used for this offer through several versions. Amex has historically kept the same mechanics when it changes the point amount, but read the terms shown in your application to confirm the exact numbers.
- Open your first American Express Business Checking account. You’re not eligible if your business currently has, or has ever had, one of these accounts.
- Deposit at least $5,000 in new money shortly after opening. In past versions, the deadline was 20 days from account opening. Money moved from another Amex Business Checking account, or points redeemed as a deposit, doesn’t count.
- Keep an average balance of $5,000 for 60 days.
- Complete 10 qualifying transactions within 60 days of opening. Previous terms counted mobile check deposits, ACH transfers, wires, and bill payments. Business debit card purchases did not count toward this requirement.
- Wait for the points. Earlier terms said points post to your Membership Rewards account within 8 to 12 weeks of completing everything, and the checking account must still be open when they do.
How Much Are 35,000 Membership Rewards Points Worth?
This is the question that decides whether the offer is good for you. Here’s how the value changes depending on how you use the points.
| How you redeem | Value per point | Value of 35,000 points |
|---|---|---|
| Deposit into Business Checking (most cardholders) | 0.8 cents (reported) | $280 |
| Deposit into Business Checking with a Business Platinum Card | 1 cent | $350 |
| Transfer to airline and hotel partners | Varies, often more | Depends on the redemption |
The Business Platinum figure comes straight from Amex: Business Platinum Card Members can convert 10,000 points into $100, on up to the first 1 million points each calendar year, as long as the card and the checking account are linked to the same Membership Rewards account.
The real upside is transfers. Membership Rewards points can move to airline programs such as British Airways Avios and Air France-KLM Flying Blue, and a well-chosen business class redemption can stretch each point well beyond one cent. We won’t put a single number on that, because it depends entirely on the route and the award space you find. Just know that cash-out is the floor, not the ceiling.
One thing new members should know: Amex says that if you’re new to Membership Rewards, points earned through Business Checking can be deposited or transferred to select travel partners. You don’t need an Amex credit card to use them.
The Real Cost: Doing the Interest Math
Parking $5,000 in an account paying about 1% isn’t free when high-yield savings accounts pay more. Let’s put a number on it.
Say your money would otherwise earn about 3.2% in a high-yield savings account. The gap is roughly 2.2 percentage points. On $5,000 over 60 days, that works out to about $18 in lost interest ($5,000 x 2.2% x 60 / 365).
So you give up roughly $18 in interest to earn points worth at least $280 in cash, and potentially much more in travel. That’s an easy trade for most people. The math only gets worse if you leave a large balance sitting in the account long after the bonus posts.
[Image suggestion: A simple chart comparing interest earned versus points value. Alt text: “Amex Business Checking bonus value versus lost interest”]
Do You Qualify for Amex Business Checking?
You need a U.S. business, but it doesn’t have to be large. Amex asks for the following when you apply:
- An Employer Identification Number (EIN) or Taxpayer Identification Number (TIN)
- Articles of Organization or a Certificate of Formation
- A driver’s license, state ID, or passport for each owner
- A Social Security Number and ID verification for anyone owning 25% or more
- A DBA certificate if you operate under more than one name
- A U.S. business address and basic information about your industry and size
Some readers of other bank bonus sites have reported approval as sole proprietors using their Social Security Number, but treat that as anecdotal. Amex also excludes some industries outright, including money service businesses, cryptocurrency, internet gambling, and marijuana-related businesses.
Opening the account has been reported as a soft pull. There’s no minimum opening deposit, but Amex says you need to fund the account within 120 days to keep it open.
Features Worth Keeping After the Bonus
Unlike many bonus accounts you’ll want to close in six months, this one can earn a permanent spot in your wallet:
- No monthly fees and no minimum balance requirement
- 1 Membership Rewards point per $2 on eligible Business Debit Card purchases
- Fee-free withdrawals at 70,000+ Allpoint and MoneyPass ATMs
- Connections to QuickBooks Online and Xero
- Zelle, ACH, same-day ACH, wires, and mobile check deposits
There’s also a strategic benefit. A fee-free account linked to Membership Rewards may help keep your points alive if you ever close your Amex credit cards, so long as the points are pooled in the same account. Confirm how your accounts are linked before relying on this.
6 Tips to Make Sure Your Points Post
- Read the terms on the application page and screenshot them. Amex’s public page doesn’t display the full offer.
- Fund with outside money. Transfers from another Amex Business Checking account don’t count as new money.
- Front-load your transactions. Schedule a handful of ACH transfers and bill payments in the first few weeks so you aren’t scrambling near day 60.
- Don’t count debit card swipes toward the 10 transactions. Use transfers, bill pay, and mobile deposits instead.
- Keep the average balance above $5,000 for the full 60 days. A large withdrawal in week seven can drag the average below the line.
- Expect a tax form. Amex says the welcome offer may be taxable and may be reported on an IRS Form 1099.
How This Compares to Other Business Bank Bonuses
If you’d rather have cash, the Capital One business checking bonus of $500 is the closest comparison, and it also skips the direct deposit requirement. For personal accounts, the Chase checking bonus of up to $900 and the Bank of America checking bonus of up to $500 both pay cash but require payroll direct deposits.
For anyone already collecting Membership Rewards, though, the Amex offer has a unique edge: the bonus lands in the same pool as your card points, ready to transfer when you find the right award.
Takeaway
The American Express Business Checking welcome offer is now 35,000 Membership Rewards points for depositing about $5,000, holding it for 60 days, and completing roughly 10 qualifying transactions. That’s worth at least $280 in cash, or $350 with a Business Platinum Card, and often more when transferred to travel partners. The account has no monthly fee, so you can keep it after the bonus. Check the exact terms in your application, front-load your transactions, and keep that average balance above $5,000.
