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American Express introduced a new high-yield Business Savings account with a 2.95% APY, no minimum balance, and no monthly fees, integrating it with existing
American Express has launched a new high-yield Business Savings account offering an annual percentage yield (APY) of 2.95% [1]. This move is part of the company's strategy to integrate financial solutions into its Amex Business membership, aiming to provide a more connected banking experience for businesses [1].
| At a glance | |
|---|---|
| New Product | High-yield Business Savings account [1] |
| Annual Percentage Yield (APY) | 2.95% [1] |
| Account Features | No minimum balance, no monthly fees [1] |
| Integration | Combines with Business Checking and Amex Card products [1] |
The new Business Savings account, announced on Tuesday, September 15, offers a 2.95% APY, with no minimum balance requirements or monthly maintenance fees [1]. Customers can manage the account, along with Business Checking and American Express card products, online or through the Amex App [1]. The APY is subject to change [1].
This launch follows American Express's report in July that its commercial billed business increased by 5% in the second quarter, with small- to medium-sized businesses (SMBs) in the U.S. and large/global corporations showing similar growth rates [1]. Travel and entertainment spending among commercial customers also rose by 8% during the same period [1]. The company has been piloting a new expense management platform with middle-market customers [1].
Eva Reda, executive vice president of global commercial services at American Express, stated that businesses are seeking more value from banking services, including competitive returns and tools that automate processes and integrate seamlessly into their operations [1].
The introduction of the high-yield savings account is part of a broader strategy by American Express to expand its integrated financial solutions for businesses [1]. The company plans to introduce a new method for Graphite Business Cash Unlimited Card members to redeem Reward Dollars for deposits into their Business Checking accounts later this year [1]. Additionally, a new payroll solution powered by Gusto, featuring AI-powered insights, is slated for launch early next year [1].
Customers can now apply for Business Savings, Business Checking, or both through a single application, streamlining the onboarding process [1]. This integration aims to create a unified financial management platform for businesses [1].
American Express's move into high-yield business savings reflects a competitive push to offer more comprehensive financial services to its commercial client base, leveraging its existing card and checking infrastructure to attract and retain business customers [1].
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American Express integrates services by allowing customers to apply for Business Savings and Business Checking through a single application and manage these products alongside card accounts in the Amex App. As of September 15, the company also plans to introduce AI-powered payroll insights and new reward redemption options for business customers.
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