American Express Escalates Business Banking War With High-Yield Savings Launch

American Express unveiled a new high-yield Business Savings account to bolster its business banking offerings, according to a Tuesday (Sept. 15) press release. The account boasts an annual percentage yield (APY) of 2.95%, with no minimum balance, zero monthly maintenance fees, and the convenience of online transfers or transactions via the Amex App. However, it's important to note that the APY is subject to change at any time prior to or post-account opening, as stated in the release.

In addition to the high-yield Business Savings, American Express also introduced the ability to apply for Business Savings, Business Checking, or both via a single application. Furthermore, customers can seamlessly manage their banking alongside their American Express card products through the online platform or Amex App.

The company's strategy to unify Business Savings and Business Checking under American Express Business Banking aims to provide businesses with a more interconnected banking experience, according to the release. This move is part of American Express' broader plan to offer integrated financial solutions to Amex Business membership.

Eva Reda, executive vice president of global commercial services at American Express, commented that businesses are seeking enhanced value from their banking services, including competitive returns and streamlined tools to automate processes and integrate smoothly into their operations. She added, "With Amex Business Banking, businesses now possess banking tools that make managing finances effortless and rewarding, all in one place."

In July, American Express reported a 5% increase in commercial billed business for the second quarter, with small- to medium-sized businesses (SMBs) in the US and large/global corporations growing at the same rate. Travel and entertainment spending among commercial customers also rose by 8%. Moreover, the company commenced piloting a new expense management platform with middle-market customers. American Express B2B coverage is available daily through the B2B newsletter.