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American Express Business Checking: A High-Yield Account With 24/7 Customer Support

This American Express account has no monthly fee and offers one of the best interest rates for business checking accounts.
By Kelsey Sheehy
Last updated on March 25, 2024
Edited byRyan Lane
Fact checked and reviewed

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Our Take

The bottom line:

The American Express Business Checking account checks a lot of boxes, with no monthly or incidental fees and a competitive APY. Its only major drawback is not supporting cash deposits.

American Express® Business Checking

Checking
Member FDIC
Monthly fee
$0
APY
1.30% With $0 min. balance for APY
Bonus
$0 Requirements to qualify

Pros & Cons

Pros

  • No monthly fees or minimum opening deposit.
  • No excess transaction fees or overdraft fees. No charge for incoming wires.
  • Earn 1.30% APY on balances up to $500,000.
  • 24/7 customer support.
  • No fees at more than 70,000 MoneyPass and Allpoint ATMs in the U.S.

Cons

  • Can’t deposit cash.
  • No outgoing international wire transfers.

How does American Express National Bank compare?

Bluevine Business Checking

Deposits are FDIC Insured

at Grasshopper Bank

at Bluevine

at LendingClub Bank

Monthly fee

$0

Monthly fee

$0

Monthly fee

$10.00

Waived with $500 minimum balance

APY

2.25%

With $0 min. balance for APY

APY

2.00%

With $0 min. balance for APY

APY

1.50%

With $0 min. balance for APY

Bonus

N/A

Bonus

N/A

Bonus

N/A

Full Review

American Express launched its fully digital American Express Business Checking account in October 2021, bringing a household name to a space filled with lesser-known banks and fintech companies.
The keeps pace with other online accounts, with no monthly fees or charges for things like overdrafts, stop-payment requests and incoming wire transfers. But American Express Business Checking goes a step further than most , offering 24/7 live customer service, a competitive interest rate and a generous welcome bonus.
Account holders can deposit funds via mobile check deposit, ACH and wire transfers, and they can withdraw funds from any of the 37,000-plus MoneyPass ATMs free of charge. But you can't deposit cash and you may incur fees from the ATM owner when using out-of-network ATMs.

American Express Business Checking is best for small-business owners who:

  • Will take advantage of AmEx Membership Rewards points.
  • Want a business checking account that earns interest.
  • Don't deal in cash, like e-commerce businesses.
Need an account that accepts cash deposits? also offers unlimited fee-free deposits at compatible MoneyPass and SUM ATMs.

American Express business banking at a glance

American Express Business Checking
Monthly fee:
$0.
Minimum opening deposit:
$0.
APY:
1.30%
on balances up to $500,000.
Transactions:
Unlimited.
Cash deposits:
Not supported.
Bonus:
Earn 30,000 Membership Rewards points, which is equivalent to $240 when converted to a cash deposit into your business checking account. Other redemption options available. Terms apply.

How to open an American Express Business Checking account

Opening an American Express is relatively straightforward. You can apply online or via the mobile app in a matter of minutes by providing some basic information about your business — industry, revenue, business email — and yourself. Once approved, you have 60 days to fund your account through ACH or wire transfer.

What you need to open an account

American Express asks for the following information from those applying for a business account:
  • Business name, legal structure and industry.
  • Annual revenue.
  • Personal name, address, date of birth.
  • Social Security number and U.S. government-issued photo identification for each beneficial owner (more than 25% stake in the business).
You also need to upload certain business documents with your application, depending on your business entity type, including articles of incorporation, certificate of formation or a certificate.

American Express Business Checking welcome offer

New American Express Business Checking customers can net the following welcome offer:
Earn 30,000 Membership Rewards points, which is equivalent to $240 when converted to a cash deposit into your business checking account. Other redemption options available. Terms apply.
To earn the welcome bonus, you need to meet each of the following requirements:
  • Deposit a total of $5,000 or more within 30 days of account opening. Funds transferred from another American Express Business Checking account do not qualify.
  • Once you meet the deposit requirement, you must maintain an average balance of $5,000 for the next 60 days.
  • Complete at least five transactions within 60 days of account opening. Qualifying transactions include mobile deposits, ACH transfers, wire transfers and bill payments. Transfers between AmEx business checking accounts held by your business do not qualify.

Where American Express Business Checking stands out

No fees: The American Express Business Checking account has no monthly fee and very few incidental fees. Customers do not pay fees for nonsufficient funds, stop payment requests or e-checking. Incoming wire transfers, domestic and international, are also free. Outgoing domestic wire transfers are $25 each.
High APY: American Express offers a solid interest rate for a business checking account (
1.30%
APY). It also has a higher ceiling than other high-yield business accounts, allowing customers to earn interest on balances up to $500,000. For instance, offers a higher APY (
2.00%
), but only on balances up to $250,000. Just keep in mind that American Express accounts are only insured for up the standard $250,000 by the Federal Deposit Insurance Corp.

🤓 Nerdy Tip

If you want to earn even more interest and don't need access to features like checks or a debit card, consider a . Our top picks earn as much as
4.00%
APY.
24/7 customer support: American Express offers customer support online, by phone and via the app 24 hours a day, seven days a week — a feature rarely found with business accounts, even online business accounts.
AmEx Membership Rewards: In addition to the welcome bonus, American Express Business Checking customers can earn 1 Membership Reward point for every $2 spent on eligible business debit card purchases. If you already earn via one of the issuer's , you can pool your rewards, which can be redeemed in several ways.
Note: AmEx business debit cards are capped to $5,000 in purchases and $1,000 in cash withdrawals per day. These limits reset at 3 a.m. EST each day.

Where American Express Business Checking falls short

Can’t deposit cash: American Express Business Checking does not allow cash deposits. You can only add funds via ACH or wire transfer, or via mobile check deposit (on iPhones only, more on that below). Businesses that deal with cash on a regular basis should look for a that offers easy cash deposits, with no caps or fees, such as or the .
At Allpoint® and MoneyPass® locations in the U.S., you can withdraw cash and get balance information with no fee. Access to ATMs outside of the Allpoint® and MoneyPass® networks are subject to fees by the ATM owner and/or network. ATM withdrawal limits apply. American Express applies foreign exchange fees to withdrawals in foreign currencies. American Express does not accept ATM cash deposits into your Business Checking account at this time. Visit americanexpress.com/atm-locator to find participating ATMs in the U.S.
All information about the American Express® Business Checking has been collected independently by NerdWallet and has not been reviewed or provided by the issuer or provider of this product or service.

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