American Express Launches High-Yield Business Savings Account

American Express detailed the rollout of a high-yield Business Savings account on Tuesday, Sept. 15. The product carries a 2.95% annual percentage yield as of that date, requiring no minimum balance and no monthly maintenance fees. Users may transfer funds via online channels or the Amex App, though the yield remains subject to change before or after account opening.

The release frames the launch as a step toward integrating financial solutions within Amex Business membership. A single application now allows customers to open Business Savings, Business Checking, or both. The company stated it intends to permit Graphite Business Cash Unlimited Card members to apply Reward Dollars to Business Checking deposits later this year. A payroll solution featuring AI-driven insights, powered by Gusto, is also scheduled for release early next year.

Eva Reda, executive vice president of global commercial services at American Express, noted in the statement, “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.” She added, “With Amex Business Banking, businesses now have banking tools that make it easy and rewarding to manage their finances, all in one place.”

In July, the firm disclosed a 5% increase in commercial billed business for the second quarter. Commercial travel and entertainment spending also climbed 8% during that period. American Express reported starting a pilot for a new expense management platform with middle-market clients in July.