American Express launches high-yield business savings account

American Express has launched a high-yield Business Savings account offering a 2.95% annual percentage yield (APY). The new account features no minimum balance requirements and no monthly maintenance fees. Customers can manage transfers online or via the Amex app, with the ability to make instant, fee-free transfers to and from American Express Business Checking accounts.

This expansion is part of a broader strategy to provide integrated financial solutions for business members. Later this year, Graphite Business Cash Unlimited card members will be able to redeem reward dollars for deposits into their Business Checking accounts. Additionally, American Express plans to introduce a Gusto-powered payroll solution early next year, which will include AI-driven insights to help businesses manage and automate payroll processes within the Amex ecosystem.