American Express offers a range of financial services aimed at small business owners, including business checking, lines of credit, and payment services. Find out if Amex is right for you.
WRITTEN & RESEARCHED BY
Expert Contributor
Last updated onUpdated
REVIEWED BY
Expert Contributor
| Total Rating |
3.8 |
|---|---|
| Fees & Rates4.2 | |
| Services3.6 | |
| Rewards4.1 | |
| Features3.8 | |
| Eligibility Requirements3.7 | |
| Application Process4.8 | |
| Sales & Advertising Transparency2.3 | |
| Customer Service3.1 | |
| User Reviews2.6 | |
Monthly Fee Range
$0/monthAPY Range
1.3%Account Types Offered
CheckingTable of Contents
American Express is one of the most popular credit card issuers, but now Amex offers banking as well. American Express Business Checking is an online business bank account backed by one of the nation’s largest credit and charge card companies. How does it compare to the best business bank accounts available?
Formerly known as Kabbage Checking until its recent Amex rebranding, this business checking account once stood out with its high APY and access to credit. Does American Express’s business checking carry on that legacy?
Let’s dive into this full review and see.
| Services3.6 |
|---|
| Banking Services 3.0 |
| Online Portal & Mobile App 5.0 |
Best known as a popular credit card issuer, American Express also offers:
While Amex gets points for offering many additional business services, the company only offers business checking and no business savings options.
In addition to business checking, American Express offers more than a dozen business credit cards with various reward schemes. Some, like the Blue Business Cash Card, are among the best rewards credit cards available.
| Rewards4.1 |
|---|
| Quality & Value Of Earned Rewards 4.1 |
The American Express Business Checking account has a good amount of perks, including a high APY for a checking account, cashback earning, and a welcome bonus.
Amex offers 1.3% APY on balances up to $500K. This balance cap is significantly higher than other high-APY checking accounts.
You can earn 1x points for every $2 you spend with your Amex Business Checking debit card and can cash these points in for cash deposits or travel rewards. Amex works with Delta, Hilton, Marriott, and other travel partners.
| Fees & Rates4.2 |
|---|
| Pricing 5.0 |
| Transaction Fees 3.0 |
| Transparency 5.0 |
When it comes to fees, the American Express Business Checking account has no monthly fees, ACH fees, or ATM fees, which we appreciate.
| Fee | Cost |
|---|---|
| Monthly Fee | $0/month |
| Opening Deposit | $0 |
| ACH Fee | $0 ($10 for same day) |
| Wire Transfer Fee | $0 - $25 |
| ATM Fee | $0 |
| Foreign Transaction Fee | 2.7% |
| Cash Deposit Fee | N/A |
However, the company does charge a significant foreign transaction fee and a hefty outgoing wire transfer fee. Fortunately, there are free ACH fees, so you will likely be able to get around the latter.
There’s also no cash deposit fee, but that’s because there’s no cash deposit feature.
| Eligibility Requirements3.7 |
|---|
| Eligibility Qualifications 4.0 |
| Eligibility Availability 4.0 |
| Eligibility Transparency 3.0 |
To qualify for the American Express business checking account, you must be a current American Express Basic Cardholder with a US consumer or business card issued by American Express National Bank.
| Requirement | Eligibility |
|---|---|
| Business Type | All |
| Credit Score | N/A |
| Location | US |
| Account Minimum | $0 |
While Amex doesn’t give specific revenue or credit history requirements, the company does say that this information is required during the application process, so it is factored in somehow. This lack of transparency surrounding requirements is a bit disappointing and factored into our overall rating.
| Features3.8 |
|---|
| Transaction Types Supported 4.0 |
| Transaction Limits 4.0 |
| Standard Banking Features 4.0 |
| Finance Management Features 3.5 |
| Extras 3.0 |
American Express Business Checking offers many features that make life easier for small business owners. Amex offers accounting integrations, decent transaction limits, and many standard banking features, as well as a few extra touches like checkbooks and access to Allpoint and MoneyPass ATMs.
However, the American Express Business Checking Account is missing one key feature: cash deposits. The company also offers fewer finance management features than many of its competitors. You won’t find cash flow management or financial reporting with Amex.
Here’s a list of what you can find with the American Express Business Checking Account:
| Application Process4.8 |
|---|
| Ease & Transparency Of Application 4.4 |
| Application Timeline 5.0 |
| Opening Deposit Requirements 5.0 |
It’s free to apply and easy to do so online, and Amex says you can expect approval within 10 minutes or less. American Express gets points for having a transparent application process with quick processing times and no opening deposit requirements.
| Sales & Advertising Transparency2.3 |
|---|
| Sales Practices 2.0 |
| Web Presence 3.7 |
While American Express is relatively transparent about its business checking product, there are a significant number of complaints that the company’s customer service and professionalism do not live up to what’s promised.
| Customer Service3.1 |
|---|
| Personal Support 3.3 |
| Self-Service 3.0 |
When operating as Kabbage, this bank account’s customer service left a lot to be desired. When I called Kabbage with questions at the time of my last review, I faced a long hold and ended up being promised a call back that never came. According to customer reviews, it’s not much better with Amex.
| American Express Business Checking Customer Service | Availability |
|---|---|
| Phone Support | |
| Email Support | |
| Support Tickets | |
| Live Chat | |
| Dedicated Support Representative | |
| Knowledge Base or Help Center | |
| Videos & Tutorials | |
| Company Blog | |
| Social Media |
While there’s the occasional positive review, there are far more negatives about American Express’s customer service. Granted, many of the reviews aren’t specifically related to the Business Checking account product, but it doesn’t bode well for the company at large.
There’s also a fairly limited amount of support options compared to its competitors.
| User Reviews2.6 |
|---|
| User Feedback 2.0 |
| Review Site Aggregate 2.8 |
American Express is a well-known global name in business finance, with a history dating back to 1850. The company’s business banking services are much newer, however, and there aren’t a lot of user reviews to comb through in forming an opinion of American Express Business Checking. The majority of Amex reviews concern its card services.
The best way I found to get banking-specific reviews was by checking the American Express Business Checking Mobile apps, which received an aggregate score of 2.8/5 stars.
While the majority of the negative reviews online weren’t specific to Amex Business Checking, the severity of the complaints (fraudulent charges, broken security features, unauthorized account withdrawals, etc.) is enough to make us pause and question the company as a whole. Plus, the mobile app reviews specifically are overwhelmingly negative.
It is worth noting that despite the negative reviews, there were quite a few positive reviews from customers who have been long-standing Amex users with multiple Amex services that expressed loyal satisfaction with the company.
Unlike a lot of online-only banking options, Amex is a direct bank and a member of the FDIC. Your funds deposited in an American Express Business Checking account are insured up to at least $250K per depositor.
American Express uses advanced fraud protection systems, including account monitoring, online protection, and fraud alerts.
| Amex Business Checking Review | |
|---|---|
| Business Size | Startups and new small businesses |
| Rewards Rate | 1.3% APR on balances up to $500K |
| Choose If You Need | Interest-earning account and rewards debit cards |
A small business owner searching for business banking services may find a lot to like about American Express. Compared to opening a business account with a traditional bank, Amex’s checking account is a great alternative for small business owners.
Amex’s interest-bearing business checking account is an attractive feature. On top of access to a line of credit and cards for anything you might want to finance, you’ll find it easy to access the cash already in your Amex Business Checking account. There are few fees, decent features, and an easy application process.
However, we aren’t convinced that this account is the best fit for all small business owners.
For one thing, it’s open only to current American Express cardholders. For another, there’s no cash deposit feature. Finally, we find the lack of positive online user reviews troubling. We think it’s fair to expect an online-only bank to have a solid mobile app (especially from an established global corporation with resources aplenty), and the Amex app leaves us underwhelmed.
If you share our concerns, we urge you to take a look at some alternatives. After all, this isn’t the only no-fee online bank option. Small business owners, in particular, may find an option they like on our list of the best free business bank accounts. If your business is a little larger or more complex, you might find a match on our list of the best business bank accounts for LLCs instead.
The Merchant Maverick Seal of Approval 🏆
American Express Business Checking |
|---|
After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see American Express Business Checking for yourself.
The Merchant Maverick Seal of Approval 🏆
American Express Business Checking |
|---|
After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see American Express Business Checking for yourself.
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Our team of experts spends hours on every review so that we can find the best companies to recommend to our readers. American Express Business Checking made the cut.
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