American Express launched on September 15 a new high-yield business savings account offering a 2.95% APY with no minimum deposit requirement and no monthly maintenance fees. The Amex Business Savings account can be paired with the existing Amex Business Checking account, allowing fee-free transfers between the two accounts. U.S.-based small business owners can apply by providing their Employer Identification Number, Articles of Organization and valid identification, though certain industries such as cryptocurrency, money services, online gambling and marijuana are excluded. Competitors in the market include Axos Bank at 3.60% APY and Live Oak Bank at 2.75% APY, both also offering no minimum deposit and zero monthly fees.
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