If you are a business owner looking to open a new checking account or considering switching to a new one, now is a great time to consider American Express Business Checking. The company has recently increased the welcome bonus for this account from 30,000 to 60,000 Membership Reward points, which we estimate to be worth around $360-$600 in value. This offers ends January 3, 2023.
Keep in mind, "business owner" is a broad term that can refer to anyone who owns and operates a business, regardless of the legal structure of the business. This includes individuals who are sole proprietors. If you are a sole proprietor, you can apply for a business checking account using your social security number rather than an employer identification number (EIN). Business checking accounts are generally flexible in terms of who is eligible to apply, so you do not need to be a corporation or LLC to qualify.
American Express Business Checking offers a competitive 1.3% APY on balances up to $500,000. This account has no minimum balance requirement and zero maintenance fees (which is uncommon among business checking accounts). It also comes with a debit card that allows you to earn one membership reward point for every $2 spent on eligible purchases.
The 60,000 bonus point promotion period ends on January 3rd where it will be 30,000 bonus points thereafter. When you open an account, all you need to do is the following to qualify for the welcome bonus:
- Make eligible deposits of $5,000 or more within 20 days of opening your first account
- Maintain an average account balance of $5,000 for 60 days
- Make 10 or more qualifying transactions within 60 days of opening your account
That's it. Just have $5,000 of emergency funds sitting in the account for 60 days (then you can move it elsewhere or use it) and if you are already spending for your business, just use the debit card for purchases going forward to reach the qualify transactions requirement.
To make sure you are on top of your welcome bonus requirements, you can log into your American Express business checking account online and view the welcome bonus tracker.
How to Apply
You can apply for the American Express Business Checking account on their website here. On the application page, you will first be asked if you have an American Express Card account or not.
If you have an American Express Card account, simply just login and complete the rest of the application. The approval decision usually happens immediately after the application is submitted. If there is a delayed response, an email will be sent out shortly to inform you of the decision.
Unfortunately, if you are not already an American Express Card member, you cannot apply and will have to join a waitlist. It is not clear how long it will take to get off the waitlist. In the worst case, American Express will still offer 30,000 bonus points after this promotional period ends.
Business checking accounts are a useful tool for separating your business finances from your personal finances, which can make it easier to organize your financial records when tax season arrives. We use American Express Business Checking for our business banking needs and we have had a pleasant experience so far. We will likely do a follow up of our experience near the end of 2023.
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