Amex Expands Business Services with High-Yield Savings Account Launch

Amex has launched a business high-yield savings account designed to help users earn more on their deposits and manage their finances in one place. This new offering comes as part of Amex's strategy to expand its services for business members. The account offers an APY of 2.95% and allows customers to make and receive transfers online or through the app.

The savings account can be applied for alongside a business checking account, with both available through one application. Customers will be able to manage their banking alongside their American Express Card products online or in the Amex App. This integration aims to provide businesses with easier management of their finances and more rewarding banking services.

As part of this expansion, Amex plans to introduce a new way for Graphite Business Cash Unlimited card members to redeem reward dollars for deposits into their business checking accounts later this year. Early next year, the company will also launch an AI-powered payroll solution with insights to help businesses streamline their financial processes.

Eva Reda, EVP of global commerce services at Amex, stated that 'businesses are looking for more value from their banking services, including competitive returns and simple tools that help them automate processes and fit seamlessly into how they operate.' With this new offering, Amex aims to provide businesses with the integrated financial solutions they need.