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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.
Last updated on November 8, 2023
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. But you need an Amex business or consumer credit card to apply for the account.
Full review

American Express® Business Checking

Checking
Member FDIC
Monthly fee
$0
APY
1.30%
Bonus
$300 Requirements to qualify

Pros & Cons

Pros

  • No monthly fees or minimum opening deposit.
  • Unlimited fee-free transactions; no overdraft fees.
  • Earn 1.30% APY on balances up to $500,000.
  • 24/7 customer support.

Cons

  • Can’t deposit cash.

How does American Express National Bank compare?

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 free business checking account 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 online business accounts, 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:

  • Business owners looking for a high-yield business account.
  • E-commerce businesses or other companies that do not deal with cash.
Need an account that accepts cash deposits? LendingClub Tailored Business Checking 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 $300 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 business checking account 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 DBA 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 $300 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 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 one of the best interest rates for business checking accounts (
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.
Bluevine Business Checking
offers a higher APY (
2.00%
) but only on balances up to $250,000.

🤓 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 business savings account. 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: 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 AmEx Membership Rewards via one of the issuer's business credit cards, 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 business bank account that offers easy cash deposits, with no caps or fees, such as LendingClub Tailored Checking or the NBKC business account.
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.