AmEx Expands Business Banking with High-Yield Savings Account
American Express is expanding its presence in business banking by introducing a high-yield savings option for clients. The new Business Savings account offers an annual percentage yield of 2.95% as of September 15, with no minimum balance or monthly maintenance fee.
The launch also includes the Graphite Business Cash Unlimited Card rewards deposit feature, expected later this year, and a Gusto-powered payroll solution with AI insights, set to arrive early next year. These additions broaden AmEx's role in business finances by providing customers with a one-stop-shop for banking and card products.
A survey of 1,165 small-business financial decision-makers found that 82% believe excess cash could be put to better use in savings. The survey also revealed that 93% of businesses want banking and financial tools to work together seamlessly, while 81% prioritize better visibility into upcoming payroll payments.