American Express, renowned for its credit card services, also offers a competitive business checking account tailored to meet the needs of small businesses. In 2024, this account stands out with its lucrative welcome bonus, interest rates, and fee structure.
Here's a comprehensive review of what the American Express Business Checking account offers.
Key Features of American Express Business Checking
Welcome Bonus
The American Express Business Checking account starts strong with an appealing welcome bonus:
- Eligibility: Deposit $5,000 or more within the first 30 days and maintain that balance for 60 days while completing five or more qualifying transactions.
- Reward: 30,000 American Express Membership Rewards points, which equate to approximately $600 in value (based on The Points Guy's valuation of 2 cents per point).
This welcome bonus offers a substantial return simply for using the account as your primary business banking solution.
No Monthly Maintenance Fees
Unlike many competitors, such as BFA’s Business Advantage Fundamentals account which charges a $16 monthly fee under certain conditions, the American Express Business Checking account boasts no monthly maintenance fees. This feature significantly reduces the cost of managing your business finances.
Interest Earnings
- Rate: Earn a 1.3% APY on your checking account balance, up to $5 million.
- Comparison: While not as high as the 2% APY offered by some niche banks like BlueVine, the advantage here is that there are no specific conditions (like minimum transaction requirements) to start earning interest.
If you want to learn more about the Bluevine Business Checking Account, check out our detailed review right here.
Other Financial Transactions and Fees
- Domestic ACH Payments: Unlimited domestic ACH payments are included, with a charge of $10 for same-day ACH payments.
- ATM Access: Withdraw cash without fees at any Allpoint and MoneyPass ATMs nationwide.
- Foreign Transaction Fees: A fee of 2.7% applies to transactions not in US dollars, which is something to consider for businesses dealing internationally.
Integration and Rewards
- QuickBooks Compatibility: Easily integrate your checking account with QuickBooks for streamlined bookkeeping and accounting.
- Debit Card Rewards: Earn 0.5 points for every dollar spent using your debit card, a rare feature for business debit cards, which typically don't offer rewards.
Comparing with Other Business Checking Accounts
When compared to other top small business checking accounts, American Express stands out primarily due to its rewards program and the absence of monthly fees. However, for businesses that transact heavily in foreign currencies or require more robust international banking features, other options might be more suitable.
Conclusion
The American Express Business Checking account is a solid choice for small businesses in 2024, especially for those who value straightforward banking with rewards. With its competitive APY, lack of monthly fees, and lucrative welcome bonus, it is well-suited for businesses looking to maximize their financial efficiency.
For businesses considering this checking account, the benefits clearly outweigh the minimal fees, making it a potentially excellent choice for handling daily transactions and savings.
If you’re interested in signing up or learning more about American Express, check out the articles linked below: