If you currently have an American Express consumer or business credit card, then your business is eligible to open a business checking account with American Express. The account has no monthly fees and minimum balances, and customer service via phone is available around the clock. Businesses eligible for an account can get a 1.30% annual percentage yield (APY) on balances up to $500,000. It is a solid digital-only business checking account held back only by its limited availability.
Pros
- 1.30% APY on balances up to $500,000
- No monthly fees and minimum balance requirements
- 24/7 customer service by phone
Cons
- Currently available only to American Express Card Holders and former Kabbage checking customers
- Cash deposits unavailable
- Android app has a much lower rating than iOS app
Features
- Free American Express Debit Card
- Mobile check deposit
- View your Amex business products through the company’s Blueprint App
- Checks can be deposited via mobile capture or by mailing them to American Express National Bank, PO Box 30381, Salt Lake City, UT 84130-9997
- Other products include payment solutions, business credit cards, and business line of credit
How American Express Business Checking Stacks Up With Its Competitors
Monthly Fee | APY | Same-day ACH Fee | Availability Requirements | |
|---|---|---|---|---|
 Amex Business Checking | N/A | 1.30% on balances up to $500,000 | $10 | Amex credit card or former Kabbage customers |
 Mercury Business Checking | N/A | N/A | Same-day ACH transfers unavailable | N/A |
 Standard Business Checking | N/A | 1.5% for qualifying balances of $250,000 and less | $10 | N/A |
When Amex Business Checking Is a Good Fit
- You or your business is an American Express Credit Card holder: You or your business must have either a consumer or business credit card through Amex to qualify for a business checking account.
- You want customer service outside of banking hours: Not only does American Express offer various ways to reach its customer service—including chat and mail—but it also has customer service by phone 24/7.
- You want to earn competitive interest: The Amex Business Checking account pays you 1.30% APY on balances of $500,000 and less. There are no minimum balance or monthly activity requirements to earn interest.
When To Choose an Amex Alternative
- You are not an Amex customer and want a traditional bank: If you aren’t an American Express cardholder but want business checking from a long-standing traditional bank, consider Chase. It offers three business checking accounts and a full suite of banking products. Read our Chase business checking for a breakdown of the bank’s checking accounts and products.
- You want to earn interest on balances above $500,000: American Express business checking limits interest earning to balances of $500,000 and less. Mercury allows you to request for its treasury product once you reach $250,000 in balances with no cap. See our review of Mercury business checking for more information.
- You have a heavy cash transaction volume: The American Express business checking account does not support cash deposits. If your business relies on cash, then consider Bank of America, which offers a monthly cash deposit allowance of $7,500 on its basic account. Check out our Bank of America business checking review for details.
American Express Business Checking Overview
Amex Business Checking Requirements
To open an American Express Business Checking account, you will need the following documents in addition to being an American Express credit card customer:
- Your employee identification number (EIN) or taxpayer ID number (TIN)
- Your articles of organization or certificate of formation
- Information from a driver’s license, state ID, or passport for each owner
- A Social Security number 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 United States business address
- Information about your industry, size, and the purpose of your account
Amex Business Checking Features
Online & Mobile Banking
American Express offers a mobile banking application called the American Express Business Blueprint™. This lets you view all your business checking, lending, and credit card products in one application.
However, the experience seems to be different on iOS devices compared to Android, according to user reviews. The Blueprint App received 4.8 stars on the App Store[1] (based on around 8,500 reviews). While users liked that the app was easy to use and navigate, they also said that they found it buggy. Many basic features, such as scheduling payments and viewing canceled checks and vendors paid, are unavailable.
Meanwhile, the Blueprint App received only a 3.0 rating on Google Play[2] (based on approximately 600 reviews). Reviewers said that the app was consistently buggy. They complained that transaction histories failed to display sufficient information and that there was no way to reach customer service through the app.
Interest-earning Checking
You can earn 1.30% APY on all balances of up to $500,000 with American Express business checking. The APY is variable and can change at any time without notice before or after an account is opened.
Account Opening Welcome Bonus
You can earn 30,000 membership reward points as a sign-up bonus if you open a new account and complete qualifying activities. See Amex’s welcome offer page for more information on the terms and conditions.
American Express Business Debit Card
Each business checking account comes with an Amex Business Debit Card. Every $2 spent on eligible purchases earns you one membership reward point, which you can use on participating travel merchants, such as Delta, Hilton, and Marriott. You can also turn them into deposits for your business account.
The card lets you withdraw money for free from 37,000 MoneyPass ATMs nationwide. Amex doesn’t charge for out-of-network withdrawals, but you may pay third-party ATM operator fees.
Customer Service
One major benefit of American Express business checking is the ability to get customer service 24/7. You can also use the company’s FAQs section or chat feature on its website.
By phone, you can call 24/7 at (855) 497-1040.
If you need to contact the bank via mail, use this address:
American Express National Bank
PO Box 30384
Salt Lake City, UT 84130
Other American Express Business Products
American Express also offers payment solutions, business lines of credit, and business credit cards.
By using American Express Payment Solutions, you can control employee spending, make vendor payments, and set up automated payments. You can also access American Express Global Pay, allowing you to send payments worldwide.
You can apply for an American Express business line of credit, with loans repaid in six, 12, 18, or 24 months. You must be at least 18 years of age, have a time in business of 12 months, have a FICO credit score of at least 660, and have an average monthly revenue of at least $3,000 to qualify. Amex landed a spot in our roundup of the best unsecured business loans for its line of credit, which we recommend for low-revenue businesses.
American Express offers a wide variety of business credit cards. Our guide to the best American Express business credit cards discusses the issuer’s different cards. Each offers different perks and benefits. See our article for more information on which credit card might be right for your business.
American Express Business Checking Review From Users
No customer has left an Amex business checking review on user review platforms. Most of the online reviews for American Express are instead related to the company’s credit card products.
The company received an overall rating of 3.9 on WalletHub[3] (based on about 23,200 reviews). Users said that they found it difficult to reach customer service, and when representatives finally arrived, they were misinformed and unhelpful.
The company is less favorably reviewed on Trustpilot[4], receiving a rating of 1.5 (based on around 4,100 reviews). One user had issues with a wire transfer from the company taking too long.
Bottom Line
For business owners who are already American Express credit card customers, the Amex business checking is a strong choice. You can earn interest on balances up to $500,000 and get an account with no monthly fees. If this account were open to all businesses, it would likely be one that we would frequently recommend in our buyer’s guides.
User review references:
[1]App Store
[2]Google Play
[3]WalletHub
[4]Trustpilot
