American Express Launches High-Yield Business Savings Account
On September 15, American Express introduced the American Express® Business Savings account to help small businesses manage their cash flow. The high-yield savings option offers a competitive annual percentage yield (APY) of 2.95%, with no monthly maintenance fees or minimum deposit requirements. It can be paired seamlessly with an existing Amex Business Checking account, allowing for easy money transfers without additional costs. To open the account, U.S.-based small business owners must provide standard documentation such as their EIN/TIN and business formation documents. The service is not available to businesses in certain industries like cryptocurrency or marijuana. American Express also offers a companion checking account with an APY of 1.30% on balances up to $500,000. The new savings product aims to provide small businesses with accessible and fee-free digital banking solutions while offering competitive interest rates compared to traditional business accounts.
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