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.
American Express Business Checking Account Options
(Member FDIC) only has one business checking option: the American Express® Business Checking account. It does offer business credit card, business lines of credit, and business payment products as well, though.
Overview of American Express Business Checking Accounts
American Express® Business Checking may be a good choice if you want a low-fee checking account for a business. It has no minimum balance requirements, no monthly service fee, and unlimited fee-free transactions.
If you use an Allpoint ATM or a Moneypass ATM, you won't be charged any ATM fees; however, if you use a third-party ATM and it charges you fees, the bank will not reimburse you. Some of the best banks to avoid ATM fees will reimburse out-of-network ATM fees.
American Express Business Checking Key Features and Benefits
About American Express National Bank
(Member FDIC) is an online-only bank with bank accounts, credit cards, and personal loans. It 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. In addition to letting you manage your business accounts, this app will let you link external accounts so you can track them, too. Just keep in mind that not every external bank account will be able to connect to the app.
The American Express® Business Blueprint mobile app has received 4.3 out of 5 stars in the Google Play store and 4.8 out of 5 stars in the Apple store.
Your accounts are FDIC-insured for up to $250,000 per depositor.
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 without needing to worry about minimum balance requirements.
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 checking account 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 on eligible purchases using an American Express® Business Debit Card, making it a cash-back debit card.
Most purchases are eligible, but purchasing or paying for things like cash advances, gift cards, balance transfers, prepaid debit cards, fees or interest charges, and foreign exchange fees aren't.
Membership Rewards points can be redeemed for things like travel or gift cards, as well as direct deposits into your account at the rate of $8 for 1000 points. If you have the American Express Business Platinum Card and business checking account linked to the same Member Rewards Account, you can redeem up to 1 million points at a rate of $10 for 1000 points. 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 Monthly Service Fees
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. The business checking account 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.
American Express Business Checking Overdraft Fees
doesn't charge overdraft fees for its business checking account because it doesn't let you overdraft your account. If you try to overdraft your account, your payment will be denied. The best banks for avoiding overdrafts offer free overdraft protection services.
American Express Business Checking ATM Fees
If you use an ATM that isn't in the Allpoint or MoneyPass ATM network, won't reimburse ATM fees if you're charged by the bank or out-of-network provider.
American Express Business Checking Pros and Cons
American Express Business Checking Pros
- Earn 1.30% APY on the first $500,000 in your account
- Earn 30,000 Membership Rewards® points if you fulfill specific membership requirements
- No monthly bank maintenance fees
- 24/7 customer support by phone
- Cash-back debit card
American Express Business Checking Cons
- Can't deposit cash
- Can't overdraw account
American Express Business Checking Account Alternatives
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 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 Business Interest Checking, which pays up to 1.01% (depending on balance) 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
American Express National Bank User Experience and Customer Support
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, was ranked below the segment average. The study also points out, that while customers from online banks indicated higher satisfaction than brick-and-mortar banks, there have still been declines year over year.
American Express Business Checking Fraud Prevention
If you're interested in how to prevent bank fraud, 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. Your debit card will also allow for contactless and chip-based purchase options, which can help improve security.
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.
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 Express® 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 Checking Account, you'll be able to link an external bank account and deposit money. may close a bank account for inactivity if a deposit hasn't been made within 120 days of application approval.
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.
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
How does the interest rate for American Express Business Checking compare to other banks?
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.
Are there any monthly fees associated with American Express Business Checking?
American Express® Business Checking has no monthly service fee.
Can I earn rewards with American Express Business Checking?
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.
What kind of digital banking tools does American Express offer for business checking account holders?
lets you connect your account to QuickBooks. You can also make mobile check deposits through the app.
Is American Express National Bank a good bank for small businesses?
might be a good option if you are looking for a low-fee high-yield business checking account. It also might be worth considering if you're interested in one of the best American Express business cards.
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