American Express® Business Checking Account Review
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American Express® Business Checking, hosts a wide range of tools and accounts for small business owners. American Express® Business Checking is their free business checking account. If you’re looking for free business checking for your small business, it’s worth a look.
What is American Express® Business Checking?
American Express® Business Checking is a digital small business checking account that helps business owners run their small business more smoothly. With no monthly maintenance fees and a wide range of banking services, it offers robust solutions for small businesses.
With this business checking account, you can deposit funds using mobile check deposit on the Amex App or have fee-free ATM withdrawals at 70,000 Allpoint® and MoneyPass® ATM locations nationwide1. You can use the American Express® Business Checking debit card to make purchases accessing the money in your account, and monitor your funds.
The other major difference between this account and a similar one from a bank is that American Express® Business Checking offers a higher interest rate on funds than most traditional banks while still requiring no minimum balance and without charging high fees.
Great for U.S. businesses and industries
American Express® Business Checking
American Express® Business Checking offers eligible businesses a free, fully digital account with no monthly maintenance fees. American Express is currently accepting applications from eligible U.S. businesses. Not all applicants will be approved for a Business Checking account. Select industries or businesses engaged in certain activities are currently ineligible, such as money service businesses, cryptocurrency, internet gambling businesses, and marijuana related businesses. Eligible businesses can apply for an American Express® Business Checking account online in as little as 10 minutes. If approved for an account, customers will be able to link an existing bank account, deposit funds, and begin making transactions. American Express National Bank. Member FDIC. *To earn the 30,000 Membership Rewards with qualifying activities the following criteria must be met: 1) Deposit a total of $5,000 or more in eligible deposits within 30 days of opening your first account, AND Eligible deposits are any deposits except deposits using our Redeem for Deposits feature, deposits from interest payments, and deposits from any other American Express Business Checking accounts. 2) Maintain an average account balance of $5,000 for the next 60 days, AND 3) Make 5 or more qualifying transactions within 60 days of opening your account. Qualifying transactions are mobile deposits, check deposits by mail, and electronic/online transactions including ACH, Wire, and Bill Payments. Business Debit Card transactions and deposits using our Redeem for Deposits feature are not qualifying transactions. Members can convert Membership Rewards® points into deposits directly into your American Express® Business Checking account. o For new members: Points you earn, including the Welcome Bonus and from making Business Debit Card purchases, can be converted into deposits made directly into your Business Checking account. Terms apply. o For Membership Rewards-enrolled Card holders: You can choose to convert points into deposits directly into your Business Checking account or use them the same way you always have – for travel, gift cards, and more. Terms apply. o *Participating partners and available rewards are subject to change without notice.
Minimum Balance
No monthly minimum balance requirements
Monthly Cost
No monthly account maintenance fees
Monthly Free Transactions
See details
Noteworthy Perks
- 30,000 MR with qualifying activities*
- Earn 1.30% APY (annual percentage yield) on balances up to $500,000 as of 10/12/2022.
How American Express® Business Checking Works
Currently American Express® Business Checking is available to a range of different types of businesses including sole proprietorships, LLCs, and partnerships. However, not all applicants will be approved for a Business Checking account. Select industries or businesses engaged in certain activities are currently ineligible2. Eligibility requirements aren’t spelled out in detail, but American Express® notes applicants may not be able to open an account due to the financial condition of the company, industry risk, fraud or other criteria.
Documentation requirements vary by business type but may include EIN, social security number, business license, DBA, monthly credit card revenue, articles of organization, and personal identification3.
There are no minimum deposits or minimum account balances requirements. Once you are signed up you can begin linking external accounts and funding it via direct deposit, ACH, wire transfer, or mobile check deposit. From there you can integrate your checking account with other American Express® platforms if you choose.
Funds can be managed entirely online through a fully digital banking experience.
You’ll get a American Express® Business Checking debit card you can use to pay for purchases or withdraw cash.
You can only have one debit card, so if you have a company with employees who need to use a card while on the road, you may need to look at supplementing with a business credit card. In addition, you are limited to one account holder and can’t add authorized users or beneficiaries.
Pros and cons of American Express® Business Checking
As with any checking account there are going to be certain benefits and drawbacks you have to consider. Since each small business is unique, their needs will also be unique. That being said, this list covers most of the pros and cons small business owners care about.
Pros
- No minimum deposit to open account
- No minimum balance requirement
- Free in-network ATM withdrawals
- Competitive 1.30% APY on balance up to $500,000⁴
Cons
- Foreign transaction fees
- No employee debit cards
American Express® Business Checking features
The top feature of American Express® Business Checking is the combination of an interest-bearing business checking account with low fees. But there are additional features to consider.
Eligible customers can earn Membership Rewards® points on qualifying debit card purchases. New customers can earn 30,000 Membership Rewards® points after completing qualifying activities.5 Membership Rewards® points can be converted into deposits directly into your American Express® Business Checking account. Points earned including the Welcome Bonus and those from Business Debit Card purchases can be redeemed as deposits into your account. Membership Rewards® enrolled Card holders may also choose to redeem points for travel, gift cards, and other rewards as usual. Terms apply6
Generally, though, this is an online checking account so you should be comfortable using the American Express® mobile app, online platform, mobile check deposit, and eStatements.
Rates and fees
One of the best things about the American Express® Business Checking account is that your funds—up to $500,000— are eligible to earn 1.30% APY.
There are no tiers or add ons for American Express® Business Checking customers meaning the pricing stays at $0 for account holders. The only time you will encounter fees is for things like foreign transaction fees, out-of-network ATM operator fees, outgoing domestic wire, and outgoing same day ACH7.
Who is American Express® Business Checking best for?
American Express® Business Checking is best for small businesses that don’t frequently deal with cash or foreign transactions. Unfortunately, as a fully digital account, it does not support ATM cash deposits, which may make it less ideal for businesses that frequently handle physical cash. But for startups and other small businesses that want their money to earn a decent APY and are comfortable with online and mobile banking, American Express® Business Checking can be a good option.
Disclosures:
1 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. 2 American Express is currently accepting applications from eligible U.S. businesses. Not all applicants will be approved for a Business Checking account. Select industries or businesses engaged in certain activities are currently ineligible, such as money service businesses, cryptocurrency, internet gambling businesses, and marijuana related businesses. 3 To open American Express® Business Checking, you will need: Employee Identification Number (EIN) or Taxpayer Identification Number (TIN), Articles of Organization or a Certificate of Formation, Information from a Driver’s License, State I.D., or Passport for each owner, A Social Security Number (SSN) and ID verification for any Beneficial Owner with ownership of 25% or more. A “Doing Business As” (DBA) certificate only if your business operates under more than one name. A U.S. business address o Information about your industry, size, and the purpose of your account. 4 1.30% APY - Effective October 12th, 2022. 5 The following criteria must be met to earn the 30,000 Membership Rewards® points: (1) Deposit a total of $5,000 or more in eligible deposits within 30 days of opening your first account, AND Eligible deposits are any deposits except deposits using our Redeem for Deposits feature, deposits from interest payments, and deposits from any other American Express Business Checking accounts. (2) Maintain an average account balance of $5,000 for the next 60 days, AND (3) Make 5 or more qualifying transactions within 60 days of opening your account. Qualifying transactions are mobile deposits, check deposits by mail, and electronic/online transactions including ACH, Wire, and Bill Payments. Business Debit Card transactions and deposits using our Redeem for Deposits feature are not qualifying transactions. 6 Participating partners and available rewards are subject to change without notice. 7 Rates & fees table: https://www.americanexpress.com/en-us/banking/business/checking-account/agreement/rates-and-fees/?intlink=business-checking-sticky&eep=59235
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Gerri Detweiler
Education Consultant, Nav
Gerri Detweiler has spent more than 30 years helping people make sense of credit and financing, with a special focus on helping small business owners. As an Education Consultant for Nav, she guides entrepreneurs in building strong business credit and understanding how it can open doors for growth.
Gerri has answered thousands of credit questions online, written or coauthored six books — including Finance Your Own Business: Get on the Financing Fast Track — and has been interviewed in thousands of media stories as a trusted credit expert. Through her widely syndicated articles, webinars for organizations like SCORE and Small Business Development Centers, as well as educational videos, she makes complex financial topics clear and practical, empowering business owners to take control of their credit and grow healthier companies.