The American Express Business Checking Account is a digital-only, fee-free business banking solution designed for eligible U.S. small businesses and existing American Express cardholders. It offers a competitive 1.3% APY on balances up to $500,000, with no monthly maintenance fees, minimum balance requirements, or overdraft fees, making it an attractive option for businesses seeking interest on their checking balances without traditional banking constraints. The account is accessible through the Business Blueprint mobile app, which integrates checking, credit card, and lending products into a single platform, and supports mobile check deposits and integration with accounting software like QuickBooks.
A notable feature is the ability to earn Membership Rewards points at a rate of one point for every $2 spent on eligible purchases using the Amex Business Debit Card, with a sign-up bonus of 30,000 points available upon meeting qualifying activities, such as depositing $5,000 within 20 days and maintaining an average balance of $5,000 for 60 days. Account holders also benefit from free ATM withdrawals at over 37,000 MoneyPass locations nationwide and no fees for domestic ACH transfers or incoming wires. The account is held by American Express National Bank, Member FDIC, providing federal insurance protection up to $250,000 per account.
Despite its strengths, the account has several limitations. It is not available to businesses in certain industries, including cryptocurrency, online gambling, and marijuana-related ventures, and does not accept cash deposits, which may be a drawback for businesses that rely on cash transactions. The mobile app is currently only available for iOS devices, excluding Android users from full mobile functionality, and the app has a relatively low rating of 3.5 out of 5 stars. Additionally, a 2.7% foreign transaction fee applies to international purchases, which can be costly for businesses with frequent overseas activity. Customer service is available 24/7 via phone or chat, but some users have reported issues with account freezes or credit limit reductions, though these are often attributed to security measures.
Overall, the American Express Business Checking Account is well-suited for tech-savvy, non-cash-based small businesses that are already Amex cardholders or wish to build a relationship with the brand. Its high interest rate, lack of fees, and rewards integration are significant advantages, particularly for businesses with balances under $500,000. However, the absence of physical branches, limited mobile access for Android users, and foreign transaction fees are notable drawbacks that may deter some applicants. The account’s availability to any eligible U.S. small business, regardless of existing Amex card ownership, has expanded its accessibility since late 2023.
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Can I earn rewards with American Express Business Checking?
If you're a new American Express Business Checking customer, you are eligible to earn rewards through business banking. To get 30,000 Membership Rewards points, you must open an account, receive $5,000 or more in qualifying deposits within the first 30 days of opening your account, maintain an average account balance of $5,000 for the next 60 days, and make 5 or more qualifying transactions within the first 60 days of opening your account.
What kind of digital banking tools does American Express offer for business checking account holders?
American Express National Bank lets you connect your account to QuickBooks. You can also make mobile check deposits through the app.
What are the benefits of a Business Checking account?
Ever since i've opened my account I have been met with nothing but technical issues.
For whatever reason, Plaid doesn't integrate with Amex business checking, this means that it won't sync with 99% of softwares out there.
After waiting endlessly, they released a *broken* Quickbooks integration. Every transaction gets imported to QBO as "Online Payment / Transfer". No description, no way to know where the money came from or was going to.... completely useless. You cant even import your transactions, only their PDF statements contain the actual statement descripors.
My business checking account doesnt even sync with BLUEPRINT (an american express software that they pushed very heavily as of late) my amex business checking transactions don't appear in my blueprint "money in / money out" stats. So I cant even get analytics on my cashflow within the AMEX ecosystem...
I created this account because of the higher APY than my capitalone business checking account, boy was that a mistake. This undercooked product has been the bane of my relationship with AMEX, and their tech team has seemingly completely neglected it. Why? How could an institution with this much popularity and history fumble a product so hard.
Looking for advice on a better business checking account to switch to, preferably with 1.4% APY, but at this point I just want something that works seamlessly and isn't a technical mess.
EDIT: Yes, I've spoken to support numerous times and raise all the issues listed. The best response I got was "Thats just how the app works right now" this was many months ago.
So, I searched and most threads are a year old or more, which can be an eternity in this space. I’m thinking of changing from a local bank to AMEX for my business checking account.
I’m a home inspector and 85%+ of my transactions are credit, the rest checks with maybe 4-5 a year out of 350 clients or so paying with cash. For the last 4 years or so, I’m with a local community bank and like the fact that at least my money is being used in the community. However, they are so antiquated. From the website, to the app, and the fact that for customer service you have to call a branch or go to a branch. I was willing to overlook it so far due to their work in the community, until…
I write myself a check each month for a draw and deposit it to my personal account, as I’ve done the last 8 years or so. I also pay one vendor with a check each month, the rest are through credit cards. Due to issues with Fidelity where my wife and I’s account is suddenly holding checks for weeks due to other people committing fraud, I’m looking into adding ACH, which supposedly does not get held by Fidelity. My current business bank says their process to enable ACH is for me to come into the branch, with a printed copy of a tax return, so they can send that underwriting. Like, I’m not asking for a loan, only to send my own money using a 40+ year old process.
I have a business savings account with Live Oak, but their checking pays no interest and while I’d probably avoid it due to the balances I carry, they technically charge a monthly fee.
I have an AMEX and a Chase business credit card now. Chase is right out due to all the complaints I see people having.
So, AMEX is out there paying a little interest, no monthly fee and free ACH. Seems like a no brainer to switch. I’ll just hold the cash like I do now(my software still tracks the payment for accounting and tax purposes) and can still deposit checks using an app, and never go into a branch, just like now. I can still get checks for the one I pay per month.
Does anyone that read this far see any issues?