American Express opens Business Checking to Small Businesses

2 mins read

American Express® Business Checking is now accessible to all U.S. small businesses that meet specific criteria, expanding its availability beyond American Express cardholders. Previously limited to cardholders, the Business Checking account is designed to meet the needs of small businesses, offering a digital banking experience with no monthly fees, 24/7 service, and the ability to earn and redeem American Express Membership Rewards points.

Most U.S. businesses are eligible for the Business Checking account, with some exceptions. Nonprofits, money service businesses, and enterprises dealing with cryptocurrency, internet gambling, or marijuana do not qualify. Additionally, current and previous American Express Rewards Checking account holders are not eligible to apply.

Gina Taylor, Executive Vice President and General Manager of Business Blueprint and Banking at American Express, highlighted the feedback from small businesses that inspired the creation of the product. The Business Checking account provides a fully digital experience, allowing easy management through the American Express website or the American Express Business Blueprint™ app, available on iOS and Android.

Key features of the Business Checking account include:

  • Annual Percentage Yield (APY) of 1.30% on balances up to $500,000, significantly higher than the national average.
  • No monthly maintenance fee or minimum balance requirement.
  • Earn 1 Membership Rewards point for every $2 spent on an eligible Business Debit Card purchase.
  • Integration with the Membership Rewards program, allowing points to be converted to gift cards, cash-back deposits, or redeemed with travel partners.
  • Limited-time welcome bonus: Earn 50,000 American Express Membership Rewards points by opening an account, reaching an account balance of $5,000 or more within the first 30 days, maintaining an average balance of $5,000 or higher for the next 60 days, and completing five or more qualifying transactions within 60 days.

The Business Checking account aims to provide small businesses with tools to manage cash flow, earn rewards, and simplify their operations.