Our Take
5.0
NerdWallet rating
The bottom line:
The American Express Business Checking account checks a lot of boxes, with no monthly or incidental fees and a competitive APY. Its only major drawback is not supporting cash deposits.
American Express® Business Checking
Checking
Member FDIC
Monthly fee
$0
APY
1.30% With $0 min. balance for APY
Bonus
N/A
Learn more
at American Express National Bank, Member FDIC
Pros & Cons
Pros
- No monthly fees or minimum opening deposit.
- No excess transaction fees and no charge for domestic incoming wires.
- Earn 1.30% APY on balances up to $500,000.
- 24/7 customer support.
- No fees on withdrawals at more than 70,000 MoneyPass and Allpoint ATMs in the U.S.
Cons
- Can’t deposit cash.
- No outgoing international wire transfers.
- Does not offer jointly-owned accounts.
- Only one debit card per account.
How does American Express National Bank compare?
American Express® Business Checking Member FDIC | Grasshopper Business Checking Account Member FDIC | Bluevine Business Checking Deposits are FDIC Insured |
|---|---|---|
at American Express National Bank | at Grasshopper Bank | at Bluevine |
Monthly fee $0 | Monthly fee $0 | Monthly fee $0 |
APY 1.30% With $0 min. balance for APY | APY 1.80% With $25,000 min. balance for APY | APY 1.50% With $0 min. balance for APY |
Bonus N/A | Bonus N/A | Bonus $300 Requirements to qualify |
Full Review
American Express launched its fully digital American Express Business Checking account in October 2021, bringing a household name to a space filled with lesser-known banks and fintech companies.
The free business checking account keeps pace with other online accounts, with no monthly fees or charges for things like stop-payment requests and incoming wire transfers. But American Express Business Checking goes a step further than most online business accounts, offering 24/7 live customer service, a competitive interest rate and a generous welcome bonus.
Account holders can deposit funds via mobile check deposit, ACH and wire transfers, and they can withdraw funds from more than 70,000 MoneyPass and Allpoint ATMs in the U.S. free of charge. But you can't deposit cash and you may incur fees from the ATM owner when using out-of-network ATMs.
American Express Business Checking is best for small-business owners who:
- Want a business checking account that earns interest.
- Don't deal in cash.
- Value a highly rated app and 24/7 customer support.
- Will take advantage of AmEx Membership Rewards points.
Who should consider an alternative to American Express?
Businesses that deal in cash. LendingClub Tailored Business Checking offers unlimited fee-free deposits at compatible MoneyPass and SUM ATMs, and that account pays an interest rate comparable to AmEx's.
Business owners who want the highest interest rate. Bluevine business checking offers
1.5
% APY on all balances up to and including $250,000 (terms apply), and its mobile app has ratings nearly as high as AmEx's.American Express business banking at a glance
American Express Business Checking | |
|---|---|
Monthly fee: | $0. |
Minimum opening deposit: | $0. |
APY: | 1.30% on balances up to $500,000. |
Transactions: | Unlimited. |
Cash deposits: | Not supported. |
Bonus: | Earn 30,000 Membership Rewards points. Convert Membership Rewards® points into deposits directly into your American Express®Business Checking account. Other redemption options available. Terms apply. |
How to open an American Express Business Checking account
Opening an American Express business checking account is relatively straightforward. You can apply online or via the mobile app in a matter of minutes by providing some basic information about your business — industry, revenue, business email — and yourself. Once approved, you have 60 days to fund your account through ACH or wire transfer.
What you need to open an account
American Express asks for the following information from those applying for a business account:
- Business name, legal structure and industry.
- Annual revenue.
- Personal name, address, date of birth.
- Social Security number and U.S. government-issued photo identification for each beneficial owner (more than 25% stake in the business).
You also need to upload certain business documents with your application, depending on your business entity type, including articles of incorporation, certificate of formation or a DBA certificate.
American Express Business Checking welcome offer
New American Express Business Checking customers can net the following welcome offer:
Earn 30,000 Membership Rewards points. Convert Membership Rewards® points into deposits directly into your American Express®Business Checking account. Other redemption options available. Terms apply.
To earn the welcome bonus, you need to meet each of the following requirements:
- Deposit a total of $5,000 or more within 30 days of account opening. Eligible deposits are any deposits except those using the Redeem for Deposits feature, deposits from interest payments, and deposits from any otherAmerican Express® Business Checkingaccounts.
- Once you meet the deposit requirement, you must maintain an average balance of $5,000 for the next 60 days.
- Complete at least five transactions within 60 days of account opening. Qualifying transactions include mobile deposits, check deposits by mail and electronic transactions including ACH transfers, wire transfers and bill payments. Business debit card transactions and deposits using the Redeem for Deposits feature are not qualifying transactions.
Where American Express Business Checking stands out
No fees: The American Express Business Checking account has no monthly fee and very few incidental fees. Customers do not pay fees for stop payment requests or e-checking. Incoming wire transfers, domestic and international, are also free. Outgoing domestic wire transfers are $25 each.
High APY: American Express offers a solid interest rate for a business checking account (
1.30%
APY). It also has a higher ceiling than other high-yield business accounts, allowing customers to earn interest on balances up to $500,000. Just keep in mind that American Express accounts are only insured for up the standard $250,000 by the Federal Deposit Insurance Corp. 🤓 Nerdy Tip
If you want to earn even more interest and don't need access to features like checks or a debit card, consider a business savings account. Our top picks earn as much as3.70%
APY. 24/7 customer support: American Express offers customer support online, by phone and via the app 24 hours a day, seven days a week — a feature rarely found with business accounts, even online business accounts.
AmEx Membership Rewards: In addition to the welcome bonus, American Express Business Checking customers can earn 1 Membership Reward point for every $2 spent on eligible business debit card purchases. If you already earn AmEx Membership Rewards via one of the issuer's business credit cards, you can pool your rewards, which can be redeemed in several ways.
Note: AmEx business debit cards are capped to $5,000 in purchases and $1,000 in cash withdrawals per day. These limits reset at 3 a.m. EST each day.
Where American Express Business Checking falls short
Can’t deposit cash: American Express Business Checking does not allow cash deposits. You can only add funds via ACH or wire transfer, or via mobile check deposit (on iPhones only, more on that below). Businesses that deal with cash on a regular basis should look for a business bank account that offers easy cash deposits, with no caps or fees, such as LendingClub Tailored Checking.
No jointly owned accounts: If your business has multiple owners and you want equal control over your business checking account, look elsewhere — AmEx doesn't offer jointly owned accounts. Consider Relay instead.
No employee debit cards: AmEx only issues one debit card per account, which means you can't hand additional debit cards to your co-owners or employees. If your business needs employee debit cards, try the nbkc Business Account — you can order an unlimited number of debit cards and set up spend controls for each one.
Note on
American Express® Business Checking
: At Allpoint® and MoneyPass® locations in the U.S., you can withdraw cash and get balance information with no fee. Access to ATMs outside of the Allpoint® and MoneyPass® networks are subject to fees by the ATM owner and/or network. ATM withdrawal limits apply. American Express applies foreign exchange fees to withdrawals in foreign currencies. American Express does not accept ATM cash deposits into your Business Checking account at this time. Visit americanexpress.com/atm-locator to find participating ATMs in the U.S.All information about the American Express® Business Checking has been collected independently by NerdWallet and has not been reviewed or provided by the issuer or provider of this product or service.
Learn more
at American Express National Bank, Member FDIC
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