American Express Launches Business Checking Account, Debit Card

After years of proving to be a small business ally, American Express has announced a new offering for business owners. This week, Amex introduced its Business Checking account aimed at small and mid-sized businesses. While the offering will connect with existing Amex Business Credit Cards, it will also include a Business Debit Card — the first ever issued by American Express in the United States.

In terms of benefits, the account will offer 1.1% APY on balances of up to $500,000 while having no monthly maintenance fees or minimum balance requirements. Additionally, customers can enjoy fee-free access to more than 37,000 ATMs that are part of the MoneyPass network. What’s more, starting in “early 2022,” Business Checking customers will be able to earn Membership Rewards points as well as redeem MR points for checking account deposits.

To celebrate the launch, Amex is also offering a welcome bonus for new business checking customers. Currently, businesses can earn a $300 deposit when they deposit at least $5,000 within 10 days of opening their account, maintain an average account balance of at least $5,000 for 60 days, and make 10 or more qualifying transactions within that 60-day timeframe. Note that all three requirements must be met in order to obtain the bonus.

Announcing the new offering, Amex EVP of Global Commercial Services Dean Henry stated, “We built the new American Express Business Checking from the ground up because businesses told us they want more from their existing checking account. It’s a customer first, full-service digital business checking account that makes cash management easy, processes a range of payment types and earns high-yield interest on balances up to $500,000.” He added, “This is business checking with the best of American Express – security, service and rewards they can invest back into their business.”

The addition of a business checking account continues American Express’s longtime small business initiative. Most famously, the company was a founder of the now widespread retail holiday Small Business Saturday. Elsewhere, Amex acquired the business lending platform Kabbage last year.

Overall, the new American Express Business Checking account could be a good option for small business owners — especially those who are already in the Amex ecosystem. With the upcoming ability to earn and redeem MRs through the platform, this could prove to be a valuable cash flow companion for entrepreneurs. Plus, the 1.1% APY is fairly strong given today’s current interest rates. For more information and to apply for Amex’s new account, business owners can check out the Business Checking page.

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Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded in 2015 to focus on personal finance and the emerging FinTech markets.

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