Amex Launches High-Yield Business Savings Account Amid Banking War

American Express is escalating its business banking war with the launch of a new high-yield Business Savings account, offering an annual percentage yield (APY) of 2.95%. The account comes with no minimum balance requirement and no monthly maintenance fees.

The APY can change at any time before or after the account is opened, according to American Express' press release. Customers can now apply for Business Savings, Business Checking, or both through a single application and manage their banking alongside their American Express card products online or in the Amex App.

By bringing Business Savings and Business Checking together under American Express Business Banking, the company aims to create a more connected banking experience for businesses. This move is part of its strategy to add integrated financial solutions to Amex Business membership.