American Express Launches Business Savings Account at 2.95% APY, With Gusto Payroll Integration Planned for 2027
American Express Launches Business Savings Account at 2.95% APY, With Gusto Payroll Integration Planned for 2027 #
American Express has expanded its small-business banking suite with the launch of the American Express Business Savings account, a high-yield deposit product offering a 2.95% annual percentage yield with no minimum balance requirement and no monthly maintenance fees, according to the company’s announcement published on September 15, 2026.
The new account joins the Business Checking account Amex introduced in 2021. Both can now be opened through a single application, a change the company says is designed to consolidate more of a business owner’s finances within the Amex platform. Deposits for both products are held at American Express National Bank and are FDIC-insured. Customers opening a new Business Checking account are also eligible for a welcome offer of 35,000 Membership Rewards points upon completing qualifying activities.
The savings launch is the first of several planned moves. Later in 2026, Graphite Business Cash Unlimited Card members will be able to redeem Reward Dollars as direct deposits into their Business Checking accounts at a 1:1 redemption rate. In early 2027, Amex plans to roll out a payroll solution built in partnership with workforce management platform Gusto. The integration will allow customers to enroll, manage, and execute payroll directly from within the Business Checking interface and will include AI-powered payroll insights to help owners track and interpret compensation data.
American Express said the broader push is intended to help businesses “put idle cash to work” while reducing the number of separate platforms owners need to manage. The company has more than 4.3 million small-business customers in the United States.
The launch comes as established card networks and financial brands have moved into business banking, competing with digital-first startups for small-business customers. American Express is connecting its deposit accounts to its card rewards infrastructure, giving customers a single platform for spending, saving, and payroll. Deposit rates remain a competitive factor for attracting business balances.
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