American Express launches business savings account with 2.95% APY

American Express (NYSE: AXP) has launched a high-yield Business Savings account, offering businesses a 2.95% annual percentage yield (APY) with no minimum balance requirements or monthly maintenance fees, according to a company statement.

The account is offered through American Express National Bank, a Member FDIC institution, and is available as of Sept. 15, 2026. Businesses can apply for the savings account alongside an existing Business Checking account through a single application, with both products now grouped under the American Express Business Banking umbrella.

The Business Savings account includes ACH transfers, wire transfers, and check deposits at no additional cost, with same-day ACH available for a $10 fee. Instant transfers between Business Checking and Business Savings carry no transfer fee. The account also integrates with accounting software and bank linkages.

Customers who open a new Business Checking account may be eligible for a welcome offer of 35,000 Membership Rewards points after completing qualifying activities.

American Express also announced two forthcoming features. Later this year, holders of the Graphite Business Cash Unlimited Card will be able to redeem Reward Dollars directly into a Business Checking account at a 1:1 rate. Early next year, the company plans to introduce a payroll solution within Business Checking, powered by Gusto, along with AI-powered payroll insights. Small Business Card Members will be eligible to earn a monthly credit deposited in their Business Checking account after completing qualifying activities related to the payroll feature.

"Businesses are looking for more value from their banking services, including competitive returns and simple tools that help them automate processes and fit seamlessly into how they operate," said Eva Reda, Executive Vice President of Global Commercial Services at American Express.

The company cited an internal Amex Trendex survey of 1,165 small business financial decision makers, conducted July 30–Aug. 4, 2026, in which 82% said their excess cash could be better used in a savings account, and 65% said streamlining payroll is a priority over the next 12 months.

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