American Express is offering a $300 bonus when you open a new business checking account! This Amex checking account for businesses also earns a 1.1% APY and has no monthly fees.
Grab this business bank bonus today. See the promo details below!
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What is American Express Business Checking?
Amex, a leading card issuer for small businesses, launched a new low-cost business checking account in 2021.
The American Express Business Checking account features a 1.1% APY for balances up to $500,000, the ability to connect with existing American Express credit cards, and a limited-time welcome bonus promo.
Business Checking $300 Promotion
Get a $300 bonus when you open an American Express Business Checking account and complete the following requirements:
- Deposit $5,000 within 10 days of opening an account
- Maintain an average account balance of $5,000 or more for 60 days
- Make 10 or more qualifying transactions within 60 days of opening an account
Qualifying transactions include mobile deposits, electronic or online transactions, ACH, wire, and bill payments. Transfers between business checking accounts held by the same business don’t qualify.
Expiration: None listed
Household Limit: None
Direct Deposit Required: No
Soft/Hard Pull: Soft
Early Account Termination Fee: None
Account Fees (and how to avoid them)
Fortunately, this business checking account has no monthly service fees to worry about.
Bonus Terms & Conditions
- You can receive only one new Business Checking account $300 account opening deposit per business
- The first checking account opened by the business is the only checking account eligible for the $300 account opening deposit
- After you have completed all the requirements, the $300 bonus will be deposited into your American Express Business Checking account within 8-12 weeks
- This account opening deposit may be taxable income to you and may be reported on IRS Form 1099. You are responsible for any federal or state taxes resulting from the $300 account opening deposit. Please consult your tax advisor if you have questions about the tax treatment of the $300 account opening deposit.
Can I open a business checking account without a business?
A lot of people think they can’t open a business bank account because they don’t have an Employer Identification Number (EIN). That’s simply not true.
Many small businesses are run by individuals. Do you sell on eBay, blog online, or have a side hustle? Then you have a business.
So when you open a business bank account like this American Express business checking account, just use your Social Security number during the application process along with your DBA (doing business as) name.
How much does it cost to open this business checking account?
There is no cost to open an American Express Business Checking account, and there are no monthly minimum balance requirements or maintenance fees.
You can find a full list of other applicable rates and fees here.
What are the benefits of the American Express Business Checking account?
American Express Business Checking offers benefits for businesses such as:
- 1.1% APY on balances up to $500k
- No monthly account maintenance fees
- No minimum balance requirement
- Personalized customer service with real, live people
- Use your business debit card for purchases, ATM cash withdrawals and balance inquiries
The Bottom Line
It’s extremely rare to find a business checking account that has a juicy welcome bonus, no monthly service fees, AND offers a high interest rate.
I’m definitely signing up for this offer due to the $300 promo, and will most likely make it the primary checking account for my business because of its high interest rate.
I also like the free incoming wire transfer (my current bank charges for both incoming and outgoing wires).
For those who have a lot of cash sitting in their business accounts, note that American Express allows opening additional accounts – up to 10 accounts per business. Each one earns 1.1% APY on balances up to $500,000 so you can max out at $5 million.