American Express® Launches New Fully Digital Business Checking Account for U.S. Small and Mid-Sized Businesses, with First-Ever Amex-Issued Debit Card

Rhea-AI Summary

American Express (AXP) launched a new fully digital Business Checking account for small and mid-sized enterprises, offering a competitive APY of 1.1% on balances up to $500,000. Customers can earn a $300 welcome bonus and enjoy no monthly fees or minimum balance requirements. The account integrates with existing American Express Cards and includes features like 24/7 customer support and access to a vast ATM network. Starting in early 2022, users will also earn Membership Rewards points, enhancing the value for business owners.

Positive

• New Business Checking account offering a $300 welcome bonus.
• Competitive APY of 1.1% on balances up to $500,000.
• No monthly maintenance fees or minimum balance requirements.
• Integration with existing American Express cards for seamless banking.
• Availability of Membership Rewards points starting in early 2022.

Negative

• None.

• Earn $300 deposit as a welcome bonus¹ with a new Business Checking account
• Earn interest on balances up to $500,000 with a competitive APY of 1.1%²
• No monthly maintenance fees or minimum balance requirement
• Full-service digital banking that makes it easy to access and manage your checking account, while also connecting to existing American Express Cards

NEW YORK--(BUSINESS WIRE)-- American Express^® (NYSE: AXP), the leading small business Card issuer in the U.S.³, today introduced its new Business Checking account designed for small and mid-sized (SME) businesses. This fully digital Business Checking account offers a secure, high-yield, and low fee digital banking experience with a competitive APY of 1.1% on balances up to $500,000². The checking account connects with existing American Express Credit Cards and comes with a Business Debit Card, the first to be issued in the U.S. by American Express.

American Express® Business Checking Mobile (Graphic: Business Wire)

“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. Plus, customers will soon be able to earn and redeem Membership Rewards^® points,” said Dean Henry, Executive Vice President of Global Commercial Services at American Express. “This is business checking with the best of American Express – security, service and rewards they can invest back into their business.”

In early 2022, Business Checking customers will be able to earn Membership Rewards^® points and redeem them for deposits into their Business Checking account⁴.

The announcement further expands American Express’ small business offerings within and beyond the Card, building on its acquisition of Kabbage, a FinTech providing small business cash flow solutions.

U.S. small and mid-sized businesses can now apply for the new Business Checking account in as little as 10 minutes and, if approved, receive all the initial features listed below:

• Welcome Bonus: New Business Checking customers will earn a $300 deposit as a welcome bonus¹.
• Competitive APY: Benefit from high-yield APY of 1.1% on balances up to $500,000².
• No Monthly fees: Enjoy $0 monthly maintenance fee and no minimum balance requirement.
• ATM Access via Moneypass: American Express has also partnered with MoneyPass^® to offer a network of 37,000 fee-free ATMs to Business Checking customers for ATM cash withdrawals and balance inquiries.
• Supports multiple transaction types: Access a full suite of payment options to receive and transfer funds including Debit Card, Bill Pay, ACH, Wire transfers and Check.
• Connected Membership Features: View your existing American Express Cards and your Business Checking account all in one place. Starting in 2022, Business Checking customers will be able to earn Membership Rewards points and redeem them for deposits into their Business Checking account⁴.
• Fast onboarding process: Apply and get a decision in as little as 10 minutes – all without needing to step foot into a bank branch.
• Simple and intuitive app functionality: Manage your account via a full-feature, one-stop iOS app, including mobile check deposit capability.
• View-based access: Provide members on your team with access to view your Business Checking account. Additional role-based functionalities to come in 2022.
• Trusted customer service: Access to 24/7 support and American Express specialists, just a call or click away.

To learn more about American Express Business Checking or to apply, visit americanexpress.com/en-us/business/checking.

ABOUT AMERICAN EXPRESS

American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, instagram.com/americanexpress, linkedin.com/company/american-express, twitter.com/americanexpress, and youtube.com/americanexpress.

Key links to products, services and corporate responsibility information: personal cards, business cards, travel services, gift cards, prepaid cards, merchant services, Accertify, Kabbage, Resy, corporate card, business travel, diversity and inclusion, corporate responsibility and Environmental, Social, and Governance reports.

Source: American Express Company

Location: U.S.
___________________________
¹ Upon completing qualifying activities
² APY and cap subject to change
³ Nilson Report for non-American Express purchase volume in 2020; American Express based on internal data
⁴ Details about important redemption limitations and other terms coming soon

View source version on businesswire.com: https://www.businesswire.com/news/home/20211028005659/en/

MEDIA

AMERICAN EXPRESS

Taylor Grip

Taylor.e.grip@aexp.com

Source: American Express

FAQ

What are the benefits of the new American Express Business Checking account?

The American Express Business Checking account offers a $300 welcome bonus, a competitive APY of 1.1% on balances up to $500,000, no monthly fees, and integration with existing American Express cards.

When can customers start earning Membership Rewards points with the new Business Checking account?

Business Checking customers will be able to earn Membership Rewards points starting in early 2022.

Is there a minimum balance requirement for the American Express Business Checking account?

No, there is no minimum balance requirement for the American Express Business Checking account.

How long does it take to apply for the new Business Checking account from American Express?

Customers can apply for the new Business Checking account in as little as 10 minutes.

What features does the American Express Business Checking account include?

Features include 24/7 customer support, mobile check deposit, access to a network of 37,000 fee-free ATMs, and support for various transaction types.