Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our partners, however, our opinions are our own. Terms apply to offers listed on this page.
Pros and cons
American Express Business Checking
Annual Percentage Yield (APY)
1.30% APY on the first $500,000 in your account
Minimum Deposit Amount
$0
American Express Business Checking
Annual Percentage Yield (APY)
1.30% APY on the first $500,000 in your account
Minimum Deposit Amount
$0
On American Express National Bank (Member FDIC)’s website
Details
Annual Percentage Yield (APY)
1.30% APY on the first $500,000 in your account
Minimum Deposit Amount
$0
Pros & Cons
Highlights
Additional Reading
American Express Business Checking may be a good choice if you want a business checking account with zero minimum balance requirements, zero monthly service fees, and unlimited fee-free transactions.
Typically, business checking accounts don’t offer any interest, but with American Express Business Checking, you’ll be able to earn 1.30% APY on the first $500,000 in your account.
American Express Business Checking also allows you to get a welcome bonus of 30,000 Membership Rewards points if you fulfill the following requirements:
- Open American Express Business Checking and deposit $5,000 or more within the first 30 days.
- Maintain an average daily balance of $5,000 or more 60 days after your account balance has initially reached $5,000 or more
- Make five or more qualifying transactions (mobile deposits, check deposits by mail, ACH transfers, wire transfers, or Bill Payment transactions) within the first 60 days of opening your account.
You’ll also earn one Membership Rewards point for every $2 spent using an American Express Business Debit Card. Membership Rewards points can be redeemed for things like travel or gift cards.
How American Express Bank works
American Express is an online-only bank with bank accounts, credit cards, and personal loans. American Express has access to 37,000 free ATMs in the MoneyPass ATM network.
Customer service is available 24/7 by phone.
The American Express Business Checking mobile app is only available in the Apple store. The mobile app has received 2.8 out of 5 stars.
Your American Express accounts are FDIC insured for up to $250,000 per depositor.
American Express Bank trustworthiness and BBB rating
The Better Business Bureau grades business based on whether they respond effectively to customer complaints, advertise honestly, and have transparent business practices. The BBB gives American Express an A+ rating.
A good BBB rating doesn’t necessarily guarantee a smooth relationship with a company, though. Consider reading online customer reviews or talking to customers of American Express to see if it might be a good fit.
American Express has been involved in one recent public controversy.
In 2022, American Express National Bank paid $430,500 in a settlement with the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC). In the settlement, OFAC accused the bank of processing transactions on an account where the supplemental card holder was linked to illegal drug distribution and money laundering.
How American Express Business Checking compares
1.30% APY on the first $500,000 in your account
Learn more
On American Express National Bank (Member FDIC)’s website
American Express vs. Axos Bank
If you’re searching for a bank that offers multiple business account options, Axos Bank will likely be a more compelling option. Axos Bank has business checking accounts, business savings accounts, business money market accounts, and business CDs.
You might prefer American Express if you’re a credit card customer who only wants to open a business checking account. American Express Business Checking also pays a higher interest rate than the Axos Bank Business Savings Account and Axos Bank Business Money Market Account.
American Express vs. BlueVine
BlueVine is an online banking platform that has an interest-earning business checking account. Similarly to American Express Business Checking, the BlueVine Business Checking Account has a $0 minimum opening deposit, no monthly services fees, and unlimited fee-free transactions.
The most notable difference between these two accounts is how the interest rate works. The BlueVine Business Checking Account pays 2.00% APY on the first $100,000 in your account if you spend $500 per month with a BlueVine business debit card or receive $2,500 per month in customer payments. Meanwhile, American Express Business Checking pays 1.30% APY on the first $500,000 in your account and does not have transaction requirements.
Insider’s Featured Small Business Cards
-
Ink Business Unlimited® Credit Card
-
Ink Business Cash® Credit Card
Earn unlimited 1.5% cash back on every purchase made for your business.
$900 bonus cash back after you spend $6,000 on purchases in the first three months from account opening
Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year. Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Earn 1% cash back on all other purchases.
$900 bonus cash back after you spend $6,000 on purchases in the first three months from account opening
Frequently asked questions
Yes. American Express does offer a business checking account.
You must have an American Express consumer or business credit card to be eligible for an American Express Business Checking account. If you have the American Express® Rewards Checking Account, you won’t be able to open American Express Business Checking.
If you currently are not eligible for American Express Business Checking, there is a waitlist you can sign up for, though.
Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our partners, however, our opinions are our own. Terms apply to offers listed on this page.
Pros and cons
American Express Business Checking
Annual Percentage Yield (APY)
1.30% APY on the first $500,000 in your account
Minimum Deposit Amount
$0
American Express Business Checking
Annual Percentage Yield (APY)
1.30% APY on the first $500,000 in your account
Minimum Deposit Amount
$0
On American Express National Bank (Member FDIC)’s website
Details
Annual Percentage Yield (APY)
1.30% APY on the first $500,000 in your account
Minimum Deposit Amount
$0
Pros & Cons
Highlights
Additional Reading
American Express Business Checking may be a good choice if you want a business checking account with zero minimum balance requirements, zero monthly service fees, and unlimited fee-free transactions.
Typically, business checking accounts don’t offer any interest, but with American Express Business Checking, you’ll be able to earn 1.30% APY on the first $500,000 in your account.
American Express Business Checking also allows you to get a welcome bonus of 30,000 Membership Rewards points if you fulfill the following requirements:
- Open American Express Business Checking and deposit $5,000 or more within the first 30 days.
- Maintain an average daily balance of $5,000 or more 60 days after your account balance has initially reached $5,000 or more
- Make five or more qualifying transactions (mobile deposits, check deposits by mail, ACH transfers, wire transfers, or Bill Payment transactions) within the first 60 days of opening your account.
You’ll also earn one Membership Rewards point for every $2 spent using an American Express Business Debit Card. Membership Rewards points can be redeemed for things like travel or gift cards.
How American Express Bank works
American Express is an online-only bank with bank accounts, credit cards, and personal loans. American Express has access to 37,000 free ATMs in the MoneyPass ATM network.
Customer service is available 24/7 by phone.
The American Express Business Checking mobile app is only available in the Apple store. The mobile app has received 2.8 out of 5 stars.
Your American Express accounts are FDIC insured for up to $250,000 per depositor.
American Express Bank trustworthiness and BBB rating
The Better Business Bureau grades business based on whether they respond effectively to customer complaints, advertise honestly, and have transparent business practices. The BBB gives American Express an A+ rating.
A good BBB rating doesn’t necessarily guarantee a smooth relationship with a company, though. Consider reading online customer reviews or talking to customers of American Express to see if it might be a good fit.
American Express has been involved in one recent public controversy.
In 2022, American Express National Bank paid $430,500 in a settlement with the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC). In the settlement, OFAC accused the bank of processing transactions on an account where the supplemental card holder was linked to illegal drug distribution and money laundering.
How American Express Business Checking compares
1.30% APY on the first $500,000 in your account
Learn more
On American Express National Bank (Member FDIC)’s website
American Express vs. Axos Bank
If you’re searching for a bank that offers multiple business account options, Axos Bank will likely be a more compelling option. Axos Bank has business checking accounts, business savings accounts, business money market accounts, and business CDs.
You might prefer American Express if you’re a credit card customer who only wants to open a business checking account. American Express Business Checking also pays a higher interest rate than the Axos Bank Business Savings Account and Axos Bank Business Money Market Account.
American Express vs. BlueVine
BlueVine is an online banking platform that has an interest-earning business checking account. Similarly to American Express Business Checking, the BlueVine Business Checking Account has a $0 minimum opening deposit, no monthly services fees, and unlimited fee-free transactions.
The most notable difference between these two accounts is how the interest rate works. The BlueVine Business Checking Account pays 2.00% APY on the first $100,000 in your account if you spend $500 per month with a BlueVine business debit card or receive $2,500 per month in customer payments. Meanwhile, American Express Business Checking pays 1.30% APY on the first $500,000 in your account and does not have transaction requirements.
Insider’s Featured Small Business Cards
-
Ink Business Unlimited® Credit Card
-
Ink Business Cash® Credit Card
Earn unlimited 1.5% cash back on every purchase made for your business.
$900 bonus cash back after you spend $6,000 on purchases in the first three months from account opening
Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year. Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Earn 1% cash back on all other purchases.
$900 bonus cash back after you spend $6,000 on purchases in the first three months from account opening
Frequently asked questions
Yes. American Express does offer a business checking account.
You must have an American Express consumer or business credit card to be eligible for an American Express Business Checking account. If you have the American Express® Rewards Checking Account, you won’t be able to open American Express Business Checking.
If you currently are not eligible for American Express Business Checking, there is a waitlist you can sign up for, though.
