American Express does not offer a traditional business savings account
American Express does not have a business savings account product. The company focuses on charge cards, credit cards, and merchant services rather than deposit accounts like savings or checking. If you are looking for a place to hold cash reserves for your business, you will need to open an account at a bank, not through American Express.
This is a meaningful distinction. American Express is a card issuer and payment processor, not a bank holding deposits. Even though American Express Bank exists and holds some customer funds, it does not market or offer savings accounts to business owners as a standalone product.
Key Takeaways
- American Express does not offer business savings accounts or traditional deposit accounts of any kind.
- American Express Bank processes payments and holds funds temporarily related to card transactions, but does not function as a depository institution for business cash reserves.
- Business owners who use American Express cards can deposit revenue into a separate business bank account at a traditional bank or credit union.
- Some American Express business cards offer cash back or rewards that can be applied to your statement, but this is not the same as earning interest on savings.
What American Express business products actually do
American Express offers business credit cards and charge cards that help you manage spending and cash flow. These cards come with features like expense tracking, employee card programs, and rewards that return a percentage of what you spend. But none of these products hold your money in an interest-bearing account.
When you use an American Express business card, the company processes the transaction and sends you a bill. You pay that bill from your business bank account. American Express does not hold your operating cash or pay you interest on a balance.
Some American Express cards do offer cash back — typically 1 to 5 percent depending on the card and the category of purchase. That cash back appears as a credit on your statement or can be deposited into a linked bank account, but it is not stored with American Express.
Where to open a business savings account instead
You will need to open a business savings account at a bank or credit union. Traditional banks like Chase, Bank of America, and Wells Fargo all offer business savings accounts. Online banks like Marcus, Ally, and Axos also offer business savings products, often with higher interest rates than brick-and-mortar banks.
Credit unions in your area may also offer business savings accounts, sometimes with lower fees and competitive rates. You can search for credit unions near you through the CO-OP Network or Shared Branch locator.
When you choose a business savings account, compare the interest rate, monthly fees, minimum balance requirements, and how often interest compounds. Some accounts charge a fee if your balance drops below a certain threshold, while others have no minimum at all.
How to use American Express alongside a business bank account
Many business owners use American Express cards for spending and a separate business bank account for holding cash. This setup lets you earn rewards on card purchases while keeping your reserves in an account that earns interest.
You can set up automatic transfers from your business bank account to pay your American Express bill each month. This keeps your card account current and avoids late fees. Some business owners also use their bank account to sweep excess cash into a money market account or short-term investment, which American Express does not offer.
If you want to track all your business finances in one place, look for accounting software like QuickBooks or Xero that can connect to both your American Express card and your business bank account. This gives you a unified view of spending and cash flow without requiring American Express to hold your deposits.
Why American Express does not offer savings accounts
American Express operates as a payment network and card issuer, not as a bank accepting deposits from the public. To offer savings accounts, a company must be chartered as a bank and insured by the Federal Deposit Insurance Corporation (FDIC). American Express has chosen not to pursue this charter for consumer and business savings products.
This business model keeps American Express focused on card services, merchant processing, and travel benefits. It also means American Express does not have to maintain the capital reserves and regulatory compliance that come with holding customer deposits.
Frequently Asked Questions
Can I earn interest on my American Express business card rewards?
No. Cash back or rewards points appear as a credit on your statement or can be transferred to a linked bank account, but American Express does not hold them in an interest-bearing account. If you want your rewards to earn interest, transfer them to a high-yield savings account at a bank.
Does American Express Bank offer any deposit products?
American Express Bank primarily processes payments and holds funds temporarily related to card transactions. It does not market deposit accounts like savings or checking to business owners. If you see American Express Bank mentioned, it is usually in the context of payment processing, not deposit banking.
What if I want to keep my business money with American Express?
You cannot. American Express does not accept business deposits. You must open a business bank account elsewhere. Many business owners use an American Express card for spending and rewards, then deposit revenue into a separate business bank account at a traditional bank or credit union.
Are there any American Express products that function like savings?
No. American Express offers cards and merchant services, not savings products. The closest alternative is to use an American Express business card for spending, earn cash back, and deposit that cash back into a high-yield savings account at a bank.