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The bottom line: American Express Business Checking is a great option if you have an eligible U.S. small business. This account has American Express Business Checking – Fees Display, offers American Express Business Checking, and lets you earn American Express Business Checking – Ongoing Bonus if you meet certain criteria. You won’t be eligible if you have an American Express® Rewards Checking Account – Product Name Only, though. If you don’t qualify to open this account, you’ll find options on Insider’s list of the best free business checking accounts.
American Express Business Checking Pros and Cons
ProsCons
Earn American Express Business Checking
Earn American Express Business Checking – Ongoing Bonus if you fulfill specific membership requirements
No monthly service fees
24/7 customer support by phone
Current and prior American Express® Rewards Checking Account – Product Name Only aren’t eligible Can’t deposit cash
About American Express Bank
American Express is an online-only bank with bank accounts, credit cards, and personal loans. American Express has access to 37,000 free ATMs in the MoneyPass ATM network. It also launched American Express Business Blueprint, a free cash-flow management app small business owners may use.
Customer service is available 24/7 by phone.
The American Express Business Blueprint mobile app has received 3.0 out of 5 stars in the Google Play store, and 4.8 out of 5 stars in the Apple store.
Your American Express accounts are FDIC insured for up to $250,000 per depositor.
Is American Express Bank Trustworthy?
The Better Business Bureau grades business based on whether they respond effectively to customer complaints, advertise honestly, and have transparent business practices. The BBB gives American Express an NR (No Rating) because it is responding to previously closed complaints.
American Express has been involved in one recent public controversy.
In 2022, American Express National Bank paid $430,500 in a settlement with the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC). In the settlement, OFAC accused the bank of processing transactions on an account where the supplemental card holder was linked to illegal drug distribution and money laundering.
American Express Business Checking FAQs
Is American Express a good bank for small businesses?
American Express might be a good option if you are looking for a free business checking account. It also might be worth considering if you’re interested in one of the best American Express business cards.
Who can open American Express Business Checking?
You are eligible to open American Express Business Checking if you have any eligible U.S. small business. If you have American Express® Rewards Checking Account, you won’t be able to open American Express Business Checking, though.
What is the limit on the American Express business debit card?
You can withdraw a maximum of $1,000 per day from ATMs with the Amex business debit card. There is a purchase limit of $5,000 per day.
American Express Business Checking Review
American Express Business Checking may be a good choice if you want a business checking account with no minimum balance requirements, American Express Business Checking – Fees Display, and unlimited fee-free transactions.
Typically, business checking accounts don’t offer any interest, but with American Express Business Checking, you’ll be able to earn American Express Business Checking.
American Express Business Checking also allows you to get a welcome bonus of American Express Business Checking – Ongoing Bonus if you fulfill the following requirements:
Open American Express Business Checking and deposit $5,000 or more within the first 30 days.Maintain an average daily balance of $5,000 or more 60 days after your account balance has initially reached $5,000 or moreMake five or more qualifying transactions (mobile deposits, check deposits by mail, ACH transfers, wire transfers, or Bill Payment transactions) within the first 60 days of opening your account.
You’ll also earn one Membership Rewards point for every $2 spent using an American Express Business Debit Card. Membership Rewards points can be redeemed for things like travel or gift cards.
How the American Express Business Checking Account Compares
American Express Business Checking vs. Axos Bank Business Checking
If you’re searching for a bank that offers multiple business account options, Axos Bank will likely be a more compelling option. Axos Bank has business checking accounts, business savings accounts, business money market accounts, and business CDs.
You might prefer American Express if you’re an Amex credit card customer or you only want to open a business checking account. American Express Business Checking also pays a higher interest rate than the Axos Bank Business Savings Account and Axos Bank Business Money Market Account.
American Express Business Checking vs. BlueVine Business Checking
BlueVine is an online banking platform that has an interest-earning business checking account. Similarly to American Express Business Checking, the BlueVine Business Checking Account has a BlueVine Business Checking Account minimum opening deposit, no monthly services fees, and unlimited fee-free transactions.
The most notable difference between these two accounts is how the interest rate works. The BlueVine Business Checking Account pays BlueVine Business Checking Account APY on the first $250,000 in your account if you spend $500 per month with a BlueVine business debit card or receive $2,500 per month in customer payments. Meanwhile, American Express Business Checking pays American Express Business Checking and does not have transaction requirements.
BlueVine Business Checking Account Review
Why You Should Trust Us: How We Reviewed American Express Business Checking
For our American Express Business Checking banking review, we used our bank account methodology. We rate each account on a scale from 0 to 5.
For business checking accounts, we consider many of the same factors we would for personal checking accounts, such as minimum opening deposits and monthly fees. But we also look at things that are specific to business accounts, such as monthly transaction limits.