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Amex personal savings account offer - 25k MR points for a $25k deposit

Amex personal savings account offer - 25k MR points for a $25k deposit

Old Jun 15, 20, 10:42 am
  #1  
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Amex personal savings account offer - 25k MR points for a $25k deposit

Got an interesting offer in my inbox this morning (targeted).

Open an AMEX Personal Savings Acct, deposit $25k, and hold for 90 days and they will give you 25k MR Points. Current interest rate is 1.15% APY.

My emergency cash is right now with Synchrony at a comparable rate, I might move some of it to AMEX to take advantage of this promo. As all rates are so bad right now and unlikely to improve in the short term I don't see a lot of downside. And if I need to pull the money and spend it, would be for a true emergency situation wherein I would not care about forfeiting the points.
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Old Jun 15, 20, 11:30 am
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I don't see a downside either if the 90 days is doable. I would love to be targeted for that one!
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Old Jun 15, 20, 12:37 pm
  #3  
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Amex Personal Savings bonuses

I received an offer email from Amex for 25K MR points if I open a Personal Savings account with them and hold $25K in it for at least 90 days. I expect the bonus would be taxable, as is typically the case with savings account sign-up bonuses, but assuming they're still counting MR points as worth 1 cent each for tax purposes, I still consider that a decent deal (on top of the current 1.15% APY interest earned on the savings account, which is respectable by current standards).

(If anyone else is interested in the same offer, it is targeted, but I had started the application process for an Amex Personal Savings account a month or so ago and gave up when I came across some other options that seemed more attractive. So it seems possible I received the bonus offer as a result of having abandoned my previous attempt, after having gotten 1 or 2 "you forgot to complete your application" emails previously. So it could be worth starting and abandoning an application to see if you also get the offer.)

But, I noticed that the offer email has the same "no gaming" language as most Amex card offers have nowadays:
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.
So I am a bit more torn about taking them up on the offer. I initially was excited to take advantage of the offer and put $25K in for 90 days and then withdraw it all, but clearly that would be a bad idea. It is not clear if withdrawing some or most of the money but keeping the account open with a lower balance for at least 12 months would keep you in the clear. I was originally thinking I might want to withdraw the money from Amex because for a while recently Capital One was offering 1.5% APY while Amex was offering something like 1.2% or 1.3%; it appears they're now both offering 1.15%, so the urgency to withdraw from Amex is also reduced -- but, there's always a chance I might have a need for some of the $25K as well, and it would suck to ruin my future SUB potential earnings with Amex because I didn't end up keeping the $25K balance with them for whatever extended period of time. (I also already have plenty of MR points and no immediate uses planned for them.) It's also possible, maybe even likely, that the rate gap between Amex and other providers may resurface at some point in the future.

Any data points or thoughts?
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Old Jun 15, 20, 1:13 pm
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Originally Posted by PV_Premier View Post
.... I don't see a lot of downside. ....
Does the offer mention if American Express will issue a 1099 for the points, and the value they will assign for income tax purposes?
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Old Jun 15, 20, 1:23 pm
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Originally Posted by mia View Post
Does the offer mention if American Express will issue a 1099 for the points, and the value they will assign for income tax purposes?
Yes (yes they will), and no.
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Old Jun 15, 20, 1:51 pm
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Of course, I opened an account last month and then got this email. I called on the off chance they would honor it retroactively; they said no
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Old Jun 15, 20, 3:30 pm
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Originally Posted by ucdtim17 View Post
Of course, I opened an account last month and then got this email. I called on the off chance they would honor it retroactively; they said no
Opened our account in March with them and Iím now feeling annoyed at missing the promo myself
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Old Jun 15, 20, 4:58 pm
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Originally Posted by bgriff View Post
(If anyone else is interested in the same offer, it is targeted, but I had started the application process for an Amex Personal Savings account a month or so ago and gave up when I came across some other options that seemed more attractive. So it seems possible I received the bonus offer as a result of having abandoned my previous attempt, after having gotten 1 or 2 "you forgot to complete your application" emails previously. So it could be worth starting and abandoning an application to see if you also get the offer.)
Another DP here - I too had previously started and abandoned the application in favor of the Capital One bonus and was targeted for this offer.
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Old Jun 15, 20, 5:23 pm
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Originally Posted by ucdtim17 View Post
Of course, I opened an account last month and then got this email. I called on the off chance they would honor it retroactively; they said no
So could you just open another account and move over most of your funds from the old one? Or do you consider it as too risky?

Originally Posted by Crackedhead View Post
Another DP here - I too had previously started and abandoned the application in favor of the Capital One bonus and was targeted for this offer.
Another DP - I got the email. Never had or even attempted/considered opening an Amex Savings account.
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Old Jun 15, 20, 5:45 pm
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I just turned back on my email preference for Amex savings products.
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Old Jun 16, 20, 1:24 am
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Originally Posted by mia View Post
Does the offer mention if American Express will issue a 1099 for the points, and the value they will assign for income tax purposes?
The precise language from the e-mail offer I received is as follows:

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.
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Old Jun 16, 20, 5:11 am
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Originally Posted by notquiteaff View Post
Never had or even attempted/considered opening an Amex Savings account.
When I opened mine 18 or 22 months ago the APR was 2.15%. Now 1.1%. Whenever they slash it further they send me an email reminding me that the shrunken interest rate is "still more than 10 times what the major banks pay," but still. Amex doesn't also lower the balance rates on its card products.
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Old Jun 16, 20, 5:17 am
  #13  
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Originally Posted by BearX220 View Post
.... Amex doesn't also lower the balance rates on its card products.
They may not have reduced the standard rate, but they do make targeted offers with reduced rates:

Pay over Time: What is your interest rate?

I wouldn't expect a general rate reduction now. The cost of funds in falling, but the default rate is rising.
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Old Jun 16, 20, 7:27 am
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I received this offer, but also have an offer from Cap One for $150 cash if I add $20k to an existing savings account. I find the cash from Cap One more appealing, as my trust in Amex has steadily decreased. I particularly dislike how they set an objective standard (90 days) then purport to reserve the right to claw the points back after that based on their own subjective, discretionary criteria.
Originally Posted by BearX220 View Post
When I opened mine 18 or 22 months ago the APR was 2.15%. Now 1.1%. Whenever they slash it further they send me an email reminding me that the shrunken interest rate is "still more than 10 times what the major banks pay," but still. Amex doesn't also lower the balance rates on its card products.
Agreed. Chase has unilaterally cut the rates on my cards recently. Amex's continue to be sky-high. They've also gotten very stingy in applying loopholes to Amex offers and otherwise holding back on earned MR.
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Old Jun 16, 20, 10:03 am
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I recently put cash into Marcus which was paying 1.30%. A week later and they cut the rate to 1.05%. I guess I should have gotten a CD but the rate is still better than TBills. If Amex is dangling 25k MR in targeted offers to earn 1.15% I'll wait until I get the offer.
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