American Express launches high-yield business savings account

American Express has launched a new high-yield Business Savings account designed for U.S.-based small business owners to assist with cash management. The account offers a 2.95% APY on balances and can be paired with an American Express Business Checking account to allow fee-free transfers between the two.

The savings account features no monthly maintenance fees and no minimum monthly balance requirements. To open an account, businesses must fund it within 120 days. The service is available to most small businesses, though certain industries—including cryptocurrency, money services, internet gambling, and marijuana—are excluded.

Users can manage their accounts through the American Express app or online, with integration available for accounting tools such as QuickBooks Online, Xero, Plaid, and Yodlee. While standard transfers and check deposits are free, same-day ACH transfers incur a $10 fee.