American Express launches high-yield savings account for businesses

American Express has launched a high-yield business savings account as part of an expansion of its business banking offering. The new product is designed to help companies earn interest on deposits while managing banking and American Express Card products in one environment.

The savings account is being integrated with the existing American Express business checking account. Customers can apply for either product or both through a single application and manage them online or through the Amex App.

Business savings joins the Amex banking platform

The new savings account offers an annual percentage yield of 2.95%. Customers can make and receive transfers online or through the mobile app.

The account also supports integrations with accounting software and external bank connections. American Express is positioning the product as part of a broader effort to bring more business finance functions into one platform.

Amex plans further additions to its business banking offering

The launch forms part of American Express's strategy to expand and integrate its services for business customers. Additional products and features are already planned.

Later this year, Graphite Business Cash Unlimited card members will gain a new option to redeem reward dollars as deposits into their business checking accounts. American Express also plans to introduce a payroll solution with AI-powered insights early next year.

American Express focuses on value and automation

Eva Reda, EVP, global commerce services at American Express, said businesses increasingly expect banking products to combine competitive returns with tools that simplify financial operations.

“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.

“With Amex Business Banking, businesses now have banking tools that make it easy and rewarding to manage their finances, all in one place.”