American Express Business Checking Review 2024: Is It Legit?

American Express Business Checking Review 2024: Is It Legit?

American Express National Bank (Member FDIC) is renowned for its credit cards, but its American Express Business Checking (Member FDIC) is also impressive. 

This account has minimal fees, earns interest, and benefits from Amex’s highly regarded customer service. Discover if this account is the right fit for your small business in this American Express Business Checking review.

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American Express Business Overview

American Express launched its fully digital Business Checking account in October 2021, introducing a household name to a market dominated by lesser-known banks and fintech companies.

This free business checking account competes well with other online options, offering no monthly fees or charges for services like stop-payment requests and incoming wire transfers. What sets American Express Business Checking apart is its 24/7 live customer service, competitive interest rate, and generous welcome bonus.

Account holders can deposit funds via mobile check deposit, ACH, and wire transfers. Withdrawals can be made free of charge from more than 70,000 MoneyPass and Allpoint ATMs in the U.S. However, cash deposits are not accepted, and fees may apply when using out-of-network ATMs.

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Pros & Cons of American Express Business


  • No monthly fees or minimum opening deposit is required
  • No excess transaction fees or charges for incoming wires
  • Earn a competitive 1.30% APY on balances up to $500,000
  • Access to 24/7 customer support
  • No fees at over 70,000 MoneyPass and Allpoint ATMs nationwide
  • Earn Membership Rewards® points on business debit card purchases
  • Frequent welcome offers


  • Need help to deposit cash
  • Lack of physical branches
  • Outgoing international wire transfers are not available

Account Basics

The American Express Business Checking account is the sole business bank account offered by American Express. However, the bank also provides a range of other services, including credit cards, merchant services, and lending solutions.

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American Express Business Checking Account

The American Express Business Checking account is free, with no monthly maintenance fees and minimum balance requirements. It offers a generous 1.30% Annual Percentage Yield (APY) on balances up to $500,000, though no interest is earned on amounts exceeding this limit.

In addition to interest, you can earn 1 Membership Rewards® point for every $2 spent on eligible Business Debit Card purchases, which is rare for business checking accounts.

This account also comes with a competitive welcome bonus. You can earn 30,000 American Express Membership Rewards® points by opening an account and meeting the following criteria:

  • Reach an account balance of $5,000 or more from qualifying deposits within the first 30 days.
  • Maintain an average account balance of $5,000 or higher for 60 days.
  • Complete five or more qualifying transactions within 60 days of account opening.

Qualifying transactions include mobile deposits, check deposits by mail, and electronic/online transactions such as ACH, wire, and bill payments.

The account provides access to over 70,000 surcharge-free Allpoint and MoneyPass ATMs and supports mobile check deposits. While you can order checks through a third-party service, e-check services are included. However, cash deposits are not available.

American Express operates without physical branches, so customer service is available online or by phone. Currently, the bank does not support Zelle, so payment services are limited to ACH and wire transfers.

Other American Express Products and Services

In addition to the business checking account, American Express National Bank provides several other financial products:

  • Personal Rewards Checking Account
  • High-Yield Savings Account
  • Certificates of Deposit (CDs)

American Express also offers a variety of business and personal credit cards, merchant services, and a business line of credit, as described below.

Credit Cards

American Express credit cards are highly popular among both consumers and business owners. They offer a range of options, including cash-back cards, travel rewards cards, and premium personal and business credit cards. 

Additionally, there are several co-branded travel cards with partner hotels and airlines like Hilton and Delta and rewards cards that earn Membership Rewards points.

Here are a few popular American Express business cards (terms apply):

  • American Express® Business Gold Card
  • he American Express Blue Business Cash™ Card
  • The Blue Business® Plus Credit Card from American Express

Merchant Services

Business owners with a physical location or those who want to accept payments through their American Express Business Checking account should consider American Express Payment Accept. This service allows you to send custom URL payment links and create professional invoices. 

Payment Accept charges 2.25% per transaction, which is lower than many other payment processors. However, please note that this service is not currently accepting new customers, but you can join the waitlist if interested.

Line of Credit

The American Express® Business Line of Credit is available to businesses operating for at least one year with a minimum average monthly revenue of $3,000. Eligible businesses can borrow amounts ranging from $2,000 to $250,000. 

Existing American Express customers can log into their accounts and complete a pre-filled application, while non-customers can apply. Each application undergoes an approval and review process.

This line of credit allows approved businesses to borrow funds for business needs, with each draw treated as a new installment loan. The interest rates vary based on your credit profile and loan term. The total monthly fees over the loan term range as follows:

  • 3% to 9% for six-month loans
  • 6% to 18% for 12-month loans
  • 9% to 27% for 18-month loans
  • 12% to 18% for 24-month loans

Fees are variable and are charged per draw on the line of credit.

How to Access Your Money

Amex doesn’t have physical branches, but there are still numerous ways to manage your money.

Deposit Options

The main drawback is the inability to make cash deposits at a branch. However, you can fund your account through several alternative methods:

  • Online transfer from another Amex business account (transfers between personal and business Amex accounts are not possible)
  • ACH transfer from an external bank account
  • Wire transfer from an external account
  • Mobile check deposits using the Amex Business Blueprint mobile app
  • Deposits from accepted credit card payments (terms and fees apply)

The last option, accepting credit card payments, is a separate service called American Express Payment Accept. It allows you to accept credit card payments from clients and customers, and there are specific terms and fees associated with the service.

Withdrawal Options

While you can’t visit a branch to withdraw money from a teller, there are plenty of ways to access your funds, including the option to pull out cash:

  • Online transfer to another Amex business account (transfers between personal and business Amex accounts are not possible)
  • ACH transfer to an external bank account
  • Wire transfer to an external account (fees apply)
  • Withdraw money from an ATM
  • Make a debit card purchase

ATM withdrawals are free at thousands of in-network MoneyPass® ATMs. Withdrawals from non-network ATMs may incur fees, and foreign transactions will include a fee for withdrawing money in a foreign currency or from a foreign ATM.

Who Is American Express Best For?

American Express is an excellent choice for many businesses, from startups to larger companies, looking for comprehensive financial services in one place. It could be a good fit for your business if you want to:

  • Earn Membership Rewards points through your checking account
  • Benefit from a competitive APY on your account balance
  • Have a business checking account with no monthly fees
  • Earn rewards on debit card spending
  • Utilize an online-only bank accessible from anywhere
  • Enjoy the perks of being an American Express personal or business credit cardholder

Customer Service

One major benefit of American Express business checking is the availability of 24/7 customer service. You can also use the company’s website’s FAQs section or chat feature. You can call 24/7 at (855) 497-1040 for phone support.

American Express Business Alternatives


Small business owners deserve a checking account that enhances their daily operations, not limits them. Bluevine Business Checking accounts could be the perfect solution. 

While no fees and unlimited transactions are standard for online business checking accounts, Bluevine offers one of the best interest rates available: 2.00% on balances up to $250,000.

It’s important to note that Bluevine is a financial technology company, not a bank. Their banking services are provided by Coastal Community Bank, which is insured by the Federal Deposit Insurance Corp. and participates in the Insured Cash Sweep program via the IntraFi network.

>> Get Started With Bluevine >>


Lili is a financial technology company offering business checking accounts ideal for digitally savvy business owners who rarely use checks. Partnering with Choice Financial Group, Lili provides banking services and insures deposits up to $250,000 through the Federal Deposit Insurance Corp.

Initially designed for freelancers when it launched in 2018, Lili has since expanded its online business checking accounts to accommodate most business entity types. Additionally, they have introduced higher deposit and transfer limits to support larger businesses.

>> Get Started With Lili >>


With minimal fees, interest-bearing accounts, and an extensive ATM network, Axos Bank is an excellent option for those who prefer digital banking. Axos offers a broader range of accounts than many online banks, helping you save on fees. While it might not offer the highest savings rates, the yields and rewards on its checking accounts are impressive.

The Axos Bank Rewards Checking account stands out with no monthly maintenance fee and unlimited domestic ATM fee reimbursements. Additionally, it offers a maximum APY that surpasses many savings account rates. Your earnings will depend on how you use the account and the other Axos Bank accounts you hold.

>> Get Started With Axos Bank >>

Frequently asked questions

No, American Express Business Checking isn’t compatible with Zelle, which is common for business bank accounts.

Yes, you can integrate your American Express Business Checking account with QuickBooks accounting software. Additionally, you can connect your Amex business credit cards for seamless financial management.

No minimum income or revenue requirement exists to open an American Express Business Checking account. Additionally, no minimum deposit is needed to open the account, though a deposit may be required to qualify for a welcome bonus.

Yes, American Express’s Business Checking account is FDIC insured for up to $250,000 per depositor for each account ownership category. Businesses with deposits exceeding $250,000 should be aware that amounts over this limit may not be protected.

Bottom Line – American Express Business Checking Review

American Express is renowned for issuing both personal and business credit cards, offering some of the best business cards on the market. It recently ranked top in the industry in a J.D. Power study.

Their business checking account also boasts unique features, such as a 1.3% APY and the ability to earn Membership Rewards points, similar to a credit card. This makes it an ideal choice for small businesses that travel frequently and already take advantage of the travel perks offered by American Express business credit cards.


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Judith Harvey is a seasoned finance editor with over two decades of experience in the financial journalism industry. Her analytical skills and keen insight into market trends quickly made her a sought-after expert in financial reporting.