American Express recently Jumped into the market with a new service called American Express Business Checking Account for business owners and has introduced a checking account for businesses, adding another feather to their servicing cap.
They have come up with their first checking account for the business owners and have launched the first debit card. Along with that, they are providing perks like a 1.1% annual percentage yield on balances of up to $500,000.
As per updates, they are also planning to introduce a Membership reward program on checking accounts that have not been provided by any other financial issuances yet.
So, it should be one of its kind to give more benefits to the checking account owners.
Table of Contents
Welcome Bonus
If you apply for a business checking account for the first time, you can get the $300 credit deposit with the below qualifying activities:
- Make a Deposit of $5,000 within 10 days of opening your account.
- You need to Maintain an average account balance of $5,000 for initial 2 months (60 days)
- You will also need to Make a minimum of 10 or more qualifying transactions within 60 days from the account opening date.
The Key Rewards & Benefits
A $300 credit deposit welcome bonus :
When you apply for a business checking account for the first time, you can easily get a $300 credit deposit by ensuring you make a deposit of $5000 within 10 days of account opening.
You also have to maintain an average balance of $5000 for 2 months and ensure you make a minimum of 10 or more transactions within 60 days from the date you open the account to get the credit deposited.
1.1% APY on balances up to $500k :
The best part about opening an American Express business checking account is the lucrative 1.1% APY which is being offered to the business checking account owners on balances of up to $500,000.
There are many other business checking accounts that do not offer any additional interest on the balance. There are a few who does offer but have different terms, including lower APYs.
In addition, American Express-owned Kabbage account holders will earn 1.10% APY on up to $100,000 in deposits, a Kabbage debit card, and free access to in-network ATMs, among other features.
No monthly maintenance fees
Unlike all the other financial institutions, you do not have to pay any maintenance fee to keep the account open and operative. It is completely free with no hidden charges. A few examples of services with no fees are
| Monthly account maintenance | Additional accounts | Mobile deposit capture |
| E-checks | Outgoing and incoming returns | Non-sufficient funds |
| Stop pay | Billing inquiry | Duplicate credit/debit received |
| Admin processing | Statement copy | Physical checks processing |
24/7 support from specialists
Anytime you are stuck with a transaction, have a query about deposit, incoming or outgoing funds transfer, American Express has 24/7 support available over the Phone or Chat.
Fee for services :
- Domestic ACH: No fee
- Incoming Domestic Wire : No fee
- Domestic Wire (Outgoing): $20
International ACH (Incoming): No fee
Conclusion
The Business Checking from American Express provides the best of benefits and features to business owners who can have an interest-bearing and no maintenance fee checking account.
It will provide you the means to make the deposit and withdraw funds, mobile check deposited, and do all types of transactions from any location like Bill Pay, ACH, and wire transfer.
They also have an annual [percentage yield (APY) of 1.1% which is the highest in the industry and best in comparison to other financial institution that charges you a lot of maintenance fee and give you minimum to no returns.
If you want to have credit cards likes American Express Platinum and a Business checking account in one place, American Express Business Checking should be a good choice.
The 1.1% APY in return and no maintenance fees surely make this an appealing option.
You will also have access to all the options online and, a one-stop app that includes mobile check deposit and BillPay, it will certainly avoid a lot of hassle and will surely give you a one-stop-shop.
