AmEx Launches Business Savings Account with 2.95% Yield

American Express has launched a high-yield savings account for small businesses, offering a 2.95% annual percentage yield as of September 15.

The new account is part of American Express's effort to deepen its relationship with customers and increase deposit growth on its existing $157 billion deposit base.

While the company hasn't disclosed specific targets or expected acquisition costs, analysts believe that a business using AmEx for cash management, payroll services, and card rewards will concentrate more of its financial activity on the platform.

American Express shares finished Friday at $311.56, up 0.13% from Thursday's close, but down 4.0% from their September 15 close.

The Business Savings account has no minimum balance and no monthly maintenance fee, making it an attractive option for businesses looking to manage cash effectively.