full review
American Express launched the all-digital American Express Business Checking Account in October 2021, bringing a household name to an industry crowded with lesser-known banks and fintech companies.
Account holders can deposit funds via mobile checks, ACH, and wire transfers and withdraw funds from over 37,000 MoneyPass ATMs for free. However, he cannot deposit cash and using his out-of-network ATM may incur fees from the ATM owner.
American Express Business Checking is ideal for small business owners who:
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Take advantage of Amex Membership Rewards points.
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You need a business checking account that earns interest.
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Don't treat cash like e-commerce.
American Express Business Banking Overview
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american express business check |
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|---|---|
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Monthly fee: |
$0. |
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Minimum deposit amount: |
$0. |
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AP: |
1.30% Balance up to $500,000. |
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transaction: |
Unlimited. |
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Cash deposit: |
Not supported. |
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Bonus: |
Earn 30,000 Membership Rewards points. This equates to $240 in cash deposited into your business checking account. Other redemption options are also available. Terms and conditions apply. |
How to open an American Express Business Checking account
What you need to open an account
American Express requests the following information from those applying for a business account:
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Trade name, legal structure, industry.
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revenue.
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An individual's name, address, and date of birth.
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Social Security number and U.S. government-issued photo identification for each beneficiary (25% or more equity in the business).
American Express Business Check Welcome Offer
Earn 30,000 Membership Rewards points. This equates to $240 in cash deposited into your business checking account. Other redemption options are also available. Terms and conditions apply.
To qualify for the Welcome Bonus, you must meet each of the following requirements:
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Please deposit a total of $5,000 or more within 30 days of opening your account. Funds transferred from another American Express Business Checking account are not eligible.
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Once you meet the deposit requirements, you must maintain an average balance of $5,000 for the next 60 days.
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Complete at least 5 transactions within 60 days of account opening. Eligible transactions include mobile deposits, ACH transfers, wire transfers, and bill payments. Transfers between your company's Amex Business checking accounts are not eligible.
What's great about American Express Business Checking?
No fees: American Express Business Checking accounts have no monthly fees and few incidental fees. Customers do not have to pay fees or stop payment requests or electronic checks for insufficient funds. Domestic and international incoming wire transfers are also free. The sending fee for domestic wire transfers is $25 per transaction.
1.30%
AP). It also has higher limits than other high-yield business accounts, allowing customers to earn interest on balances up to $500,000. for example,
Bluevine Business Check
Offers a higher APY (
2.00%
) but only if your balance is up to $250,000. Keep in mind that American Express accounts are only insured up to the standard $250,000 by the Federal Deposit Insurance Corporation.
🤓 Otaku Tips
If you want to earn more interest but don't need access to features like checking or debit cards, consider a business savings account.Our Top Picks Earn Income
4.00%
Appy.
24/7 customer support: American Express offers 24/7 customer support online, by phone, and via the app. This feature is rarely seen in business accounts, even online business accounts.
Note: Amex Business Debit Cards are limited to $5,000 in purchases and $1,000 in cash withdrawals per day. These limits reset every day at 3:00 AM ET.
Where American Express Business Checking falls short
You can withdraw cash and get balance information without fees at Allpoint® and MoneyPass® locations in the United States. Access to ATMs outside the Allpoint® and MoneyPass® networks is subject to fees imposed by the ATM owner and/or network. ATM withdrawal limits apply. American Express applies foreign exchange fees to withdrawals in foreign currencies. At this time, American Express does not accept ATM cash deposits into business checking accounts. To find participating ATMs in the United States, visit americanexpress.com/atm-locator.
All information regarding American Express® Business Checking is collected independently by NerdWallet and is not verified or provided by the publisher or provider of this product or service.
