American Express Expands Business Banking With High-Yield Savings Account

American Express is pushing beyond its core corporate-card and payments franchise into business banking, targeting small and midsize companies with a broader mix of deposit, payment and lending services. The expansion puts Amex in more direct competition with traditional banks and fintech providers, while giving the company another way to deepen relationships with merchants and cardholders and build a more stable base of customer deposits.

Amex has launched a business savings account offering a 2.95% annual percentage yield with no minimum deposit requirement. Customers can also convert credit-card rewards points into cash deposits, linking the new product to the company’s established loyalty ecosystem. The launch marks the latest step in Amex’s business-banking push, which is expected to expand further with an AI-powered payroll system planned for early 2027.