American Express does not offer a traditional business savings account
American Express Bank does not have a standalone business savings account product. If you are looking for a place to park cash reserves for your business, American Express offers business money market accounts instead, which function similarly to savings accounts but typically come with higher interest rates and may require larger minimum balances.
American Express also offers business deposit products through its banking division, but these are limited in scope compared to what you would find at a traditional bank. The company focuses primarily on credit cards, charge cards, and payment processing for businesses rather than full-service banking.
If you already use American Express for business payments or credit, you may see promotional offers for their deposit accounts when you log into your account online. These offers vary by business size and account history.
Key Takeaways
- American Express offers business money market accounts, not traditional savings accounts, through American Express Bank.
- Money market accounts typically require higher minimum deposits than savings accounts but pay higher interest rates.
- American Express is primarily a credit and payment company, not a full-service bank, so deposit product options are limited.
- If you need a business savings account, you will likely need to open one at a traditional bank or credit union alongside your American Express business credit card.
- Interest rates and minimum balance requirements for American Express deposit products change regularly and vary based on current market conditions.
What American Express Bank actually offers
American Express Bank operates as a limited-purpose bank focused on deposit and lending products for businesses. The main deposit option is the American Express Business Money Market Account, which allows you to earn interest on business cash while maintaining some liquidity.
These accounts typically come with a minimum opening deposit requirement, which varies. You can usually write checks or make transfers, though there may be limits on the number of withdrawals per month. Interest rates are variable and tied to market conditions, so they change over time.
American Express also offers business certificates of deposit (CDs) if you want to lock money away for a fixed period in exchange for a may provide rate. These are separate from savings or money market products and require you to commit your funds for a specific term—usually ranging from three months to five years.
How a money market account differs from a savings account
A money market account sits between a traditional savings account and a certificate of deposit. It typically pays more interest than a savings account because it requires a larger minimum balance and may restrict how often you can withdraw funds.
Money market accounts often come with check-writing privileges or a debit card, giving you more access to your money than a CD would. However, federal rules limit certain types of withdrawals to six per month, though this rule is not always enforced strictly by all banks.
If you need frequent access to your business cash and want to earn interest, a money market account works. If you need to move money in and out constantly, a traditional business checking account at any bank may be more practical, even if it earns little or no interest.
Minimum deposits and interest rates
American Express does not publish fixed minimum deposit requirements on its website, as these change based on market conditions and current promotions. You will need to contact American Express Bank directly or log into your business account to see current terms.
Interest rates on money market accounts are variable, meaning they can go up or down based on what the Federal Reserve does with its benchmark interest rate. When rates are rising, American Express may increase what it pays. When rates fall, so does your earnings.
To compare what American Express offers against other banks, check the current rates on sites that track deposit products, or call American Express directly at the number on your business account statement. Rates change frequently, so a quote from three months ago is not reliable now.
When to use American Express for business deposits versus a traditional bank
If you already have an American Express business credit card and want to keep all your business finances in one place, an American Express money market account can make sense. You would see all your charges and deposits in one login, which simplifies record-keeping.
However, if you need a full range of banking services—business checking, savings, loans, wire transfers, and merchant services all from one institution—a traditional bank or credit union will give you more options. Many businesses use American Express for credit and payment processing while banking elsewhere for deposits and checking.
American Express money market accounts work best if you have cash reserves you want to earn interest on but do not need to access frequently. If you need to pay vendors, employees, or bills regularly, you still need a business checking account elsewhere.
How to find current rates and terms
Log into your American Express business account online and look for any offers or promotions related to deposit products. American Express often shows these in a banner or notification area when you first log in.
You can also call American Express Bank directly using the phone number on the back of your business card or on your account statement. A representative can tell you current rates, minimum deposit requirements, and whether you are currently may be able to access for any promotional rates.
If you do not have an American Express business account yet, you can visit the American Express website and navigate to the business banking section to see what deposit products are currently being offered to new customers.
Alternatives if American Express does not meet your needs
If you need a traditional business savings account, consider opening one at your current bank, a credit union, or an online bank. Online banks often pay higher interest rates on savings accounts than brick-and-mortar banks, though they do not offer in-person service.
Many small business owners keep multiple accounts: a business checking account at a traditional bank for daily operations, a savings or money market account for reserves, and an American Express business card for expenses and rewards. This approach gives you the best of each service.
Credit unions often offer competitive rates on business savings accounts and may have lower minimum deposit requirements than American Express or large national banks. If your business is may be able to access to join a credit union, it is worth comparing their rates and terms.
Frequently Asked Questions
Can I transfer money between my American Express business card and a money market account?
You cannot transfer directly from a credit card to a deposit account, but you can make a payment from your money market account to pay down your American Express business card balance. Money moves from the deposit account to American Express, not the other way around.
Does American Express offer FDIC insurance on money market accounts?
Yes. Deposits at American Express Bank are insured by the FDIC up to $250,000 per depositor, per account type, just like deposits at any other FDIC-insured bank. This means your business cash is protected if the bank fails.
What happens to my interest rate if the Federal Reserve raises or lowers rates?
Your rate will change, but not immediately. American Express typically adjusts rates within a few days to a few weeks after a Federal Reserve decision, though the timing varies. Your rate may go up or down depending on which direction the Fed moved.
Can I set up automatic transfers into a money market account from my business checking account?
Yes, most money market accounts allow automatic transfers from a linked checking account. You can set this up through your American Express online account or by calling customer service. This makes it easy to move money into savings regularly without thinking about it.
Is there a penalty if I withdraw money from an American Express money market account early?
Money market accounts do not have early withdrawal penalties like CDs do. However, there may be limits on how many withdrawals you can make per month, and some withdrawals may take a few business days to process. Check your account terms for specific withdrawal rules.