American Express does not offer a traditional business savings account
American Express Bank does not have a separate business savings product. The bank offers business checking accounts and money market accounts, but not a dedicated savings account with the structure you would find at a traditional bank. If you are looking for a place to hold business reserves or earn interest on idle cash, American Express routes you toward their money market account instead.
This matters because the difference changes how your money works. A money market account at American Express functions differently than a savings account—it typically requires a higher minimum balance, offers variable interest rates, and may limit the number of withdrawals you can make per month. Understanding what American Express actually has available prevents you from explore for a product that does not exist.
Key Takeaways
- American Express Bank offers business checking and money market accounts, but no traditional business savings account.
- Their money market account requires a higher opening deposit than most savings accounts and pays interest that changes with market conditions.
- If you need a straightforward business savings account, you will need to look at other banks or credit unions.
- American Express business accounts are primarily built around their checking and payment products, not deposit savings.
What American Express Bank offers instead of savings
American Express Bank's main deposit product for businesses is the Business Money Market Account. This account pays interest on your balance, but it is structured differently than a savings account. Money market accounts typically require a minimum opening deposit—the amount varies and changes based on current rates and promotions—and the interest rate you receive depends on your balance tier and current market conditions.
The account also comes with check-writing privileges and a debit card, which a traditional savings account would not. This hybrid structure means you get some of the liquidity of a checking account with interest earnings closer to what a savings account would provide. However, the trade-off is that the minimum balance requirement is usually higher than what you would need for a basic savings account elsewhere.
American Express also offers a Business Checking Account that does not pay interest. This is their core product for day-to-day business transactions. If you want both a place to conduct transactions and earn interest on reserves, you would need to open both the checking account and the money market account.
How the money market account works compared to savings
A money market account is a hybrid between a checking account and a savings account. You earn interest on your balance, but you also get limited check-writing ability and a debit card. The interest rate is not fixed—it moves with market conditions, so what you earn this month may be different next month.
Savings accounts, by contrast, are simpler: you deposit money, earn interest, and typically cannot write checks or use a debit card. The trade-off with American Express's money market account is that you get more flexibility in accessing your money, but you also accept that your interest rate will fluctuate. Some money market accounts also limit how many withdrawals you can make per statement cycle, though rules around this have loosened in recent years.
If you are comparing American Express to other banks, check whether those banks offer a true business savings account with a fixed or promotional rate. Many regional and online banks have business savings products with lower minimum balances and simpler terms than a money market account.
Minimum balance and fees to know about
American Express Bank's Business Money Market Account requires a minimum opening deposit. The exact amount is not fixed and changes based on promotions and market conditions, so you will need to check their current terms when you visit their website or call. This minimum is typically higher than what you would need for a business checking account.
The account also has a monthly maintenance fee, though American Express sometimes waives this fee if you maintain a certain balance or set up direct deposit. Read the fee schedule carefully—some accounts waive the fee only if you meet specific conditions, and if you fall below the minimum balance, you may be charged a fee on top of losing the higher interest rate.
There are also limits on how many times per month you can withdraw funds or transfer money out of the account. These limits vary by account type and may change, so confirm the current rules before opening. Exceeding the withdrawal limit typically results in a per-transaction fee.
Why American Express focuses on checking, not savings
American Express built its business banking around payment processing and cash management for companies, not around deposit products. The company's core strength is in credit cards, charge cards, and payment networks. Their bank products exist to support businesses that use American Express for payments, not to compete directly with traditional banks on savings rates.
This means American Express is not trying to be your primary bank for holding long-term reserves. They want to be the bank you use for daily transactions and payment processing. If you are looking for a bank that prioritizes high-yield savings accounts and deposit products, American Express is not the right fit. If you are already using American Express for business payments and want a place to park your operating cash, their money market account may work.
Where to look if you need a business savings account
If you want a straightforward business savings account, you have several options. Online banks like Marcus by Goldman Sachs, Ally Bank, and others offer business savings accounts with no minimum balance or low minimums, and their rates are often higher than what traditional banks offer. Credit unions also offer business savings accounts, sometimes with better terms than banks if you are a member.
Regional banks in your area may have business savings products tailored to local businesses. These accounts sometimes come with relationship benefits—like lower fees on other services or better rates if you also open a checking account with them. The key is to compare the minimum balance requirement, the current interest rate, any monthly fees, and withdrawal limits across a few options before deciding.
If you are already using American Express for business payments and want to keep everything in one place, their money market account is a reasonable choice. But if you are choosing a bank specifically for savings, you will likely find better terms elsewhere.
Frequently Asked Questions
Can I earn interest on my American Express business checking account?
No. The American Express Business Checking Account does not pay interest. If you want to earn interest on business funds, you need to open their Business Money Market Account in addition to the checking account. Some businesses keep a checking account for transactions and a money market account for reserves.
What is the current interest rate on the American Express money market account?
Interest rates change frequently and depend on your balance tier. You will need to visit the American Express Bank website or call their business banking line to see the current rate. Rates are variable, meaning they can go up or down based on market conditions.
Can I transfer money between my American Express checking and money market accounts?
Yes, you can transfer between accounts, but money market accounts typically have limits on how many transfers or withdrawals you can make per month. Exceeding that limit may result in a fee. Check the account terms for the current withdrawal limits before opening.
Do I need both a checking and money market account with American Express?
No. You can open just a checking account if you only need a place to process transactions. You can open just a money market account if you only want to hold reserves and earn interest. Many businesses open both to separate their transaction account from their savings account, but it is not required.
What happens if my balance drops below the minimum?
If your balance falls below the minimum required balance, you will typically lose the higher interest rate tier and may be charged a monthly maintenance fee. Some accounts waive the fee if you maintain the minimum, so read the fee schedule to understand what applies to your account.