NEW YORK — American Express has introduced a 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 interest rate of 1.1% on balances up to $500,000. 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.
“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.”
Early next year, the company says Business Checking customers will be able to earn Membership Rewards points and redeem them for deposits into their Business Checking account.
The announcement expands American Express’ small business offerings within and beyond the Card, building on its acquisition in 2020 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:
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