American Express has introduced its new Business Checking account designed for small and mid-sized (SME) businesses in the United States.

This fully digital Business Checking account offers a secure, high-yield, and low fee digital banking experience with a competitive APY of 1.1% on balances up to US$500,000.

The checking account connects with existing American Express Credit Cards and comes with a business debit card.

In early 2022, Business Checking customers will be able to earn membership rewards points and redeem them for deposits into their business checking account.

The announcement further expands American Express’ small business offerings, building on its acquisition of Kabbage, a fintech providing small business cash flow solutions.

American Express said that US small and mid-sized businesses can now apply for the new business checking account in as little as 10 minutes.

“We built the new American Express Business Checking from the ground up because businesses told us they want more from their existing checking account. It’s a customer first, full-service digital business checking account that makes cash management easy, processes a range of payment types and earns high-yield interest on balances up to $500,000.

 

Plus, customers will soon be able to earn and redeem Membership Rewards® points. This is business checking with the best of American Express – security, service and rewards they can invest back into their business.”

said Dean Henry, Executive Vice President of Global Commercial Services at American Express.