Amex Unveils Business Savings Account with Integrated Payroll and Rewards

American Express has launched its Business Savings account, completing its core product stack since acquiring Kabbage in 2020. This new account offers a 2.95% annual percentage yield (APY) on all balances with no minimum balance requirement or monthly maintenance fees.

The account is offered through American Express National Bank, a Member FDIC institution, and is available immediately to US small and mid-sized businesses. Deposits are FDIC-insured up to $250,000 per depositor.

American Express operates differently from challenger banks like Brex, Mercury, and Relay, which build software layers on top of partner banks. American Express has a payment network accepted at 170 million merchant locations worldwide and is also a card issuer with over 4.3 million US small business customers.