Business Insider's personal finance team compared American Express® Business Checking to the best business checking accounts and found it to be an industry leader. We found it to be excellent for small businesses that needed easy access to ATMs nationwide.
This account has no monthly service fee, offers 1.30% APY on the first $500,000 in your account (Annual Percentage Yield), and lets you earn 30,000 Membership Rewards® points if you meet certain criteria.
no monthly service fee
1.30% APY on the first $500,000 in your account
$0
30,000 Membership Rewards® points
- Earn 1.30% APY on the first $500,000 in your account
- Earn a welcome bonus if you meet certain requirements
- Earn Membership Rewards points for debit card purchases
- No monthly maintenance fees
- No minimum balance requirements
- No incoming domestic wire transfer fees
- No international ACH transfer fees
- No overdraft fees
- No fee for stop payments
- No fee for physical check processing
- No fee for mobile deposit capture
- No out-of-network ATM fees
- $25 outgoing domestic wire transfer fee
- Costs for a physical checkbook varies from third-party vendor based on items ordered
- No reimbursements if you're charged by an out-of-network ATM provider
- Can't deposit cash
American Express Business Checking is a great option if you have an eligible U.S. small business. This account has no monthly service fee, offers 1.30% APY on the first $500,000 in your account, and lets you earn 30,000 Membership Rewards® points if you meet certain criteria.
American Express Business Checking- American Express Business Checking is now available to any eligible U.S. small business
- To earn 30,000 Membership Rewards points you must meet the following requirements: 1) Receive $5,000 or more in qualifying deposits within the first 30 days of opening your account; 2) Maintain an average account balance of $5,000 for the next 60 days, and 3) make 5 or more qualifying transactions within the first 60 days of opening your account
- Earn 1 Membership Rewards point for every $2 spent using an American Express Business Debit Card
- Access to more than 70,000+ Allpoint® and MoneyPass® ATMs
- Earn 1.30% APY on the first $500,000 in your account
- No interest earned on balances over $500,000
- Interest compounded and deposited monthly
- FDIC insured
American Express Business Checking Pros and Cons
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About American Express National Bank
American Express National Bank (Member FDIC) is an online-only bank with bank accounts, credit cards, and personal loans. American Express National Bank has access to free ATMs in the MoneyPass and Allpoint ATM networks.
In 2023, the online financial institution launched American Express® Business Blueprint, a free cash-flow management app small business owners may use. The American Express® Business Blueprint mobile app has received 2.8 out of 5 stars in the Google Play store and 4.8 out of 5 stars in the Apple store.
Your American Express National Bank accounts are FDIC-insured for up to $250,000 per depositor.
American Express National Bank Business Banking Services and Products
In addition to offering a business checking account, American Express National Bank also has business credit cards and a payment solutions system.
A few of our top picks from our best small business credit cards are from American Express. The bank is a strong option if you're interested in getting these services, but also keep in mind that other banks may offer more variety, too. Some banks offer a variety of business checking accounts for different needs, as well as business savings accounts, business CDs, and business money market accounts.
American Express National Bank also offers a personal rewards checking account, a high-yield savings account, and CDs. If you want to do both business and personal banking at the same place, that should be something else to consider, too.
American Express National Bank User Experience and Customer Support
American Express National Bank doesn't have physical branches, so you'll have to consider other options if you prioritize a traditional banking experience.
The online institution offers 24/7 customer support for business checking accounts by phone, so it's a great choice if traditional customer service hours for banks don't work for you.
According to the J.D. Power 2024 U.S. Direct Banking Satisfaction Study, which measures overall customer satisfaction at online banks, American Express was ranked below the segment average. The study also points out while customers from online banks indicated higher satisfaction than brick-and-mortar banks, there have still been declines year over year.
Is American Express National Bank Trustworthy?
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 NR (No Rating) because it is responding to previously closed complaints.
American Express has been involved in one recent public controversy.
In 2022, American Express 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 cardholder was linked to illegal drug distribution and money laundering.
American Express Business Checking Review
American Express® Business Checking may be a good choice if you want a no-fee checking account for a business. It has no minimum balance requirements, no monthly service fee, and unlimited fee-free transactions.
Features of American Express Business Checking
American Express Business Checking Interest Rates
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.
If you're strictly searching for a competitive interest rate on a bank account, though, the best business savings accounts have higher rates than high-yield business checking accounts.
Choosing between these high-yield business bank accounts will depend on the main purpose of your account. Business checking accounts are optimal for managing business expenses, while business savings accounts are a good place for storing money for savings goals or excess funds.
American Express Business Checking Membership Rewards
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 this balance amount
- 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, making it a cash-back debit card. Membership Rewards points can be redeemed for things like travel or gift cards. You can track your rewards progress on the American Express mobile app or online.
American Express Business Checking Fees and Charges
American Express® Business Checking has no account opening fee, no monthly service fee, no incoming domestic wire transfer fee, no non-sufficient funds fee, and no stop pay fee.
There are still a few fees to be mindful of, though. American Express® Business Checking does have a $10 same-day domestic ACH transfer fee, a $25 outgoing domestic wire transfer fee, and 2.7% foreign transaction fee. If you want to get physical checks, the cost for a checkbook varies, depending on the charge from a third-party vendor.
If you use an ATM that isn't in the Allpoint or MoneyPass ATM network, American Express won't reimburse ATM fees if you're charged by the bank or out-of-network provider.
American Express Business Checking Fraud Prevention
If you're interested in how to prevent bank fraud, American Express says in its fraud protection guarantee that it won't hold you responsible for fraudulent charges as long as you've followed the debit card terms and conditions and reported the fraudulent charge as soon as you learn about it. Following the debit card terms and conditions includes not letting other people make business debit card purchases using your card.
Keep in mind that debit cards generally don't have the same protections against fraud that credit cards do. That being said, the American Express ® Business Debit Card does come with Purchase Protection. Purchase Protection lets you submit a claim if an item you buy with the card is accidentally damaged, stolen or lost within 90 days of making the purchase. There's a $1,000 coverage limit per item, and a $50,000 coverage limit per year.
To make sure you don't have any fraudulent charges on your account, make sure to regularly review your recent transactions. You can do this on the mobile banking app or online. You can also put your American Express® Business Debit Card in a digital wallet on your phone to keep you from losing the card or from having it physically stolen.
Opening an American Express Business Checking Account
First, you must be eligible to apply for the American Express® Business Checking before opening an account.
American Express allows business owners from most U.S. businesses and industries to apply. However, if you own a non-profit, a money service business, a cryptocurrency business, an internet gambling business, or a marijuana-related business, you won't be able to open an American Business Checking Account.
When you're opening the business checking account online, you'll need to provide an employer identification number (EIN) or taxpayer identification number (ITIN), your driver's license, and your Social Security Number.
Regarding business documentation, you'll need to answer questions about your business industry, location, and revenue. You may also need to share documentation, like a "Doing Business As" certificate, Articles of Organization, or a Certificate of Formation. If there are multiple business owners, you may also need to provide a partnership agreement or written document that specifies the role of each owner.
Once you're approved for the American Express® Business Checkingg Account, you'll be able to link an external bank account and deposit money. American Express may close a bank account for inactivity if a deposit hasn't been made within 120 days of application approval.
How the American Express Business Checking Account Compares
American Express Business Checking vs. Axos Bank Business Checking
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 an Amex credit card customer or you only want to open a business checking account. American Express® Business Checking also pays a higher interest rate than the Axos Bank Business Savings Account, which has up to 1.01% (depending on balance) APY, and Axos Bank Business Money Market Account, which has 0.20% APY.
American Express Business Checking vs. Bluevine Business Checking
Bluevine is an online banking platform that has an interest-earning business checking account. Similarly to the American Express® Business Checking, the Bluevine Business Checking Account has a $0 minimum opening deposit, no monthly service 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 1.50% APY on up to $250,000 when you meet one of the monthly eligibility requirements. Meanwhile, American Express® Business Checking pays 1.30% APY on the first $500,000 in your account and does not have transaction requirements.
Bluevine also offers a 3.70% APY on balances up to $3 million when you join the Bluevine Business Checking Premier Account plan with a $95 monthly fee.
BlueVine Business Checking Account Review
Why You Should Trust Us: How We Reviewed American Express Business Checking
For our American Express® Business Checking banking review, we used our bank account methodology. We rate each account on a scale from one to five stars. A business checking account with a one-star rating is the lowest possible. It means the product requires significant improvement. Meanwhile a business checking account with a 5 star rating is the highest possible, and indicates a strong choice. As American Express® Business Checking has received 4.5/5 stars it is ranked on the higher end of our scale.
For business checking accounts, we consider many of the same factors we would for personal checking accounts: minimum opening deposit, monthly service fees, overdraft protection, ATM network and fees, customer support, mobile app ratings, miscellaneous banking features, security, and ethics. In addition, we also consider monthly transaction limits. We rate each of these categories with a score from zero to five, then calculate the weighted average to get the final business checking account score.
We also follow our editorial standards when reviewing banks and banking products.
American Express Business Checking FAQs
American Express® Business Checking pays a good interest rate, especially since many free business checking accounts do not offer interest. However, keep in mind that there are online banks that offer even more competitive interest rates on business savings accounts.
American Express® Business Checking has no monthly service fee.
If you're a new American Express® Business Checking customer, you are eligible to earn rewards through business banking. To get 30,000 Membership Rewards® points, you must open an account, receive $5,000 or more in qualifying deposits within the first 30 days of opening your account, maintain an average account balance of $5,000 for the next 60 days, and make 5 or more qualifying transactions within the first 60 days of opening your account.
American Express lets you connect your account to QuickBooks. You can also make mobile check deposits through the app.
You are eligible to open American Express® Business Checking if you have an eligible U.S. small business. Non-profits, money service businesses, and internet gambling businesses are a few examples of businesses that are not eligible.
American Express National Bank might be a good option if you are looking for a free high-yield business checking account. It also might be worth considering if you're interested in one of the best American Express business cards.
