American Express launches small business checking account and debit card


American Express, one of the leading issuers of cards for small businesses in the United States, has launched a new all-digital bank account for small businesses.

The Company current account provides small businesses with a secure, high-yield, low-fee digital banking experience. It comes with an Annual Percentage Return (APY) of 1.1% on balances up to $ 500,000.

The new Business Checking account connects to existing American Express credit cards. Businesses also receive a business debit card.

American Express launches small business checking account and debit card

Dedicated business accounts, like American Express’s new business chequing account, can help small businesses look and function on a more professional level. The digitization of these accounts goes even further by simplifying and streamlining cash management.

Earning high yielding interest rates is also favorable at a time when many small businesses are still feeling the effects of the pandemic.

Customer-focused, full-service digital business account

Dean Henry, Executive Vice President of Global Business Services at American Express, commented on the launch of the new fully digital Business Checking account for small businesses in the United States:

“We built the new American Express Business Checking from scratch because businesses told us they wanted more of their existing checking account. It is a full-service, customer-focused digital business current account that facilitates cash management, processes a range of payment types, and generates high-yielding interest on balances up to to $ 500,000. In addition, customers will soon be able to earn and redeem Membership Rewards points.

“It’s about verifying business with the best of American Express – security, service and rewards that they can reinvest in their business,” Henry continued.

Membership Reward Points

From the start of 2022, Business Checking customers will be able to earn Membership Rewards points. They will be able to exchange them for deposits in their Business Checking account.

Another perk that small businesses can enjoy with the new Business Checking account includes a deposit of $ 300 as a welcome bonus. Account holders will not have to pay monthly fees and there are no minimum balance requirements.

In addition, small businesses with Business Checking accounts will have access to a network of 37,000 toll-free ATMs, as American Express has partnered with MoneyPass to provide such a privilege.

The customer will also have access to a comprehensive one-stop-shop application that includes mobile check deposit capability.

Having access to digital business chequing accounts that offer a number of benefits and trusted customer service can prove to be an invaluable asset for small businesses, freeing up their time from banking commitments so they can continue to manage. their business.

Image: American Express

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