Prime Highlights-
- American Express launches high-yield Business Savings account, unifying banking under Amex Business Banking.
- New payroll solution powered by Gusto brings AI powered insights to Business Checking customers.
Key Facts-
- Business Savings offers a high APY with no minimum balance or monthly maintenance fees.
- Graphite Card Members can soon redeem Reward Dollars into Business Checking at a one to one rate.
Background-
American Express has expanded its banking offerings for businesses by launching a new high-yield Business Savings account, designed to help companies earn more on their deposits and manage more of their finances in one place.
Business Checking and Business Savings now come together under American Express Business Banking, giving customers a single application to open either or both accounts and manage their banking alongside their American Express Card products online or through the Amex app.
The new Business Savings account offers a high Annual Percentage Yield with no minimum balance requirements or monthly maintenance fees, along with online transfers, instant moves between accounts, accounting software integration and round the clock support.
Eva Reda, executive vice president of Global Commercial Services at American Express, said businesses want stronger returns and simple tools that help them automate processes and fit seamlessly into how they operate, calling the new offering rewarding and easy to manage.
Later this year, Graphite Business Cash Unlimited Card Members will be able to redeem Reward Dollars for deposits directly into their Business Checking account at a one to one rate, reflecting rising demand for connected banking and financial tools.
Early next year, the financial services company plans to introduce a new payroll solution powered by Gusto, letting customers enroll, manage and run payroll within Business Checking, alongside an AI powered tool offering richer payroll insights and helping businesses stay compliant.
