American Express has launched a high-yield Business Savings account featuring an annual percentage yield of 2.95%. The account requires no minimum balance and carries no monthly maintenance fees. Customers can manage transfers online or via the Amex App, with the company noting that the yield rate remains subject to change.
The company is consolidating its financial offerings under the Amex Business Banking brand. Clients can now apply for both Business Savings and Business Checking through a single application process. This integration allows users to manage their banking services alongside existing American Express card products within a unified digital interface.
The strategy includes upcoming updates for cardholders. Later this year, Graphite Business Cash Unlimited Card members will gain the ability to redeem Reward Dollars as deposits into their Business Checking accounts. Additionally, American Express plans to introduce an AI-powered payroll solution in partnership with Gusto early next year.
In its second-quarter report released in July, American Express noted a 5% increase in commercial billed business. Growth was consistent across both small-to-medium enterprises and large global corporations. Furthermore, travel and entertainment spending among commercial clients grew by 8% during the same period.
