American Express Expands Business Banking with High-Yield Savings Account

American Express is expanding its banking offerings for businesses with the launch of a new high-yield savings account. The American Express Business Savings account offers a competitive Annual Percentage Yield (APY) of 2.95% with no minimum balance requirements or monthly maintenance fees.

The account allows businesses to make and receive transfers online or through the Amex app, including ACH, wire transfers, and check deposits at no additional cost. Instant transfers to and from an American Express Business Checking account are also available with no transfer fee.

American Express is also introducing a new payroll solution within the Business Checking account, powered by Gusto, which will help customers enroll, manage, and run payroll all within American Express Business Checking. The solution includes AI-powered insights to simplify payroll operations for businesses.