American Express does not offer a traditional business savings account

American Express Bank does not have a business savings account product. The bank focuses on deposit accounts tied to credit card spending and cash management for businesses, but a standalone savings account with interest is not part of their lineup. If you are looking for a place to hold business cash and earn interest, you will need to look at other banks.

What Amex does offer is the American Express Business Deposit Account, which functions more like a money market or sweep account than a savings account. It holds cash from your business credit card activity and can earn interest, but it works differently from how a traditional savings account operates at other banks.

Key Takeaways

  • American Express Bank does not offer a standalone business savings account product.
  • The American Express Business Deposit Account holds cash from card spending and can earn interest, but it is tied to card activity rather than independent deposits.
  • Interest rates and terms vary based on your account balance and current market conditions, so you should check directly with Amex for current rates.
  • If you need a dedicated business savings account, traditional banks and online banks offer products that may better suit your needs.

How the American Express Business Deposit Account works

The Business Deposit Account is a cash management tool designed to hold funds generated by your American Express business credit card. When you make purchases on the card and pay the balance, the funds can be swept into this account where they sit and earn interest. You do not deposit money into it directly the way you would with a savings account at another bank.

The account is meant to consolidate cash from your business card activity in one place. Interest accrues on the balance, but the rate depends on the current environment and your account size. Amex does not publish a fixed rate; you need to contact them directly or log into your account to see what rate applies to your balance.

This structure makes sense if you are already using an American Express business credit card and want to earn something on the cash you are holding. It is less useful if you want to deposit money independently or if you do not use Amex cards.

Interest rates and minimum balances

American Express does not advertise a set interest rate for the Business Deposit Account. The rate changes based on market conditions and your account balance tier. You will need to log into your Amex business account or call their business banking line to see the current rate for your balance level.

There is typically a minimum balance requirement to open and maintain the account, though the exact amount is not published on their website. Amex may also have tiered rates, meaning higher balances earn higher rates. Again, this varies and you should confirm the current terms directly with the bank.

Because rates are not fixed and change with the market, comparing this account to savings accounts at other banks requires checking current numbers on both sides. Online banks and traditional banks publish their rates publicly, which makes comparison easier.

When the American Express Business Deposit Account makes sense

This account is useful if you run a business that uses American Express cards heavily and you want to consolidate the cash you are holding. If your card spending generates regular balances and you want those funds to earn interest rather than sit idle, the Amex account does that without requiring you to move money to a separate bank.

It also works if you value having everything in one place — your card, your spending, and your cash reserves all within the same Amex relationship. Some business owners prefer that simplicity over juggling multiple banks.

The account does not work well if you do not use American Express cards, if you want to make regular independent deposits, or if you need the flexibility of a true savings account where you control when money goes in and out.

Alternatives if you need a business savings account

If American Express does not fit your needs, most traditional banks and online banks offer business savings accounts. These are standalone products where you can deposit money directly, withdraw it when you need it, and earn interest on the balance. Banks like Chase, Bank of America, Wells Fargo, and Citibank all have business savings accounts, as do online banks like Marcus, Ally, and Axos.

Online banks typically offer higher interest rates than traditional banks because they have lower overhead costs. The tradeoff is that you cannot walk into a branch, though most offer phone and online support. Traditional banks offer branch access but usually lower rates.

You can also use a business money market account, which is similar to a savings account but may have different withdrawal rules and higher interest rates. Some banks offer both and let you choose based on how often you need to access the money.

How to check if American Express is right for your business

Start by looking at your current banking setup. If you already use American Express business cards and you want to keep cash in one place, contact Amex directly to ask about the Business Deposit Account and see the current interest rate for your expected balance. They can also explain any fees or minimum balance requirements that explore.

If you do not use Amex cards or you need a more flexible savings account, get quotes from at least two or three other banks. Compare the interest rate, minimum balance, fees, and how straightforward it is to move money in and out. The difference in rates between banks can be significant, especially if you are holding a large balance.

You can also use both — keep your Amex card cash in the Amex account and open a separate business savings account at another bank for other funds. Many businesses do this to optimize both their card rewards and their interest earnings.

Frequently Asked Questions

Can I deposit money directly into an American Express Business Deposit Account?

No. The account is designed to hold cash from your American Express business card activity, not to accept direct deposits. If you need a place to deposit money independently, you will need a business savings account at another bank.

What is the current interest rate on the American Express Business Deposit Account?

American Express does not publish a fixed rate. The rate varies based on market conditions and your account balance. You must contact Amex directly or log into your account to see the current rate for your balance level.

Is there a monthly fee for the American Express Business Deposit Account?

American Express does not advertise a monthly fee on their website, but you should confirm the current terms and any potential fees by contacting them directly. Fee structures can change and may depend on your account balance or activity.

Can I withdraw money from the American Express Business Deposit Account whenever I want?

Yes, you can withdraw funds, but the mechanics depend on how your account is set up. Some accounts sweep funds automatically; others require you to request a transfer. Ask Amex about withdrawal options and timing when you open the account.

How does the American Express Business Deposit Account compare to a regular business savings account?

The main difference is that Amex's account is tied to card activity, while a traditional savings account lets you deposit money independently. Traditional accounts also usually have published rates and clearer terms. Amex's account works best if you already use their cards and want to keep everything in one place.