Amex Expands Business Banking Services with New Savings Account

American Express is expanding its banking offerings for businesses with a new high-yield savings account and enhanced features for existing customers.

The company launched American Express Business Savings, which offers a competitive Annual Percentage Yield (APY) of 2.95% with no minimum balance requirements or monthly maintenance fees.

Besides the new savings account, Amex is also introducing a feature that will allow Graphite Business Cash Unlimited Card Members to redeem Reward Dollars for deposits into their American Express Business Checking accounts at a 1:1 redemption rate later this year.

Additionally, American Express is partnering with Gusto to provide an AI-powered payroll solution within the Business Checking account early next year. This will help businesses manage payroll quickly and accurately while staying compliant.