The news: American Express launched high-yield savings accounts (HYSAs) for businesses, per a press release. Amex said it will link Graphite Business Cash Unlimited card rewards to the new accounts.

The credit card company also said that it will roll out a new solution through Gusto that uses AI to streamline payroll.

How we got here: Amex is deepening its services beyond the premium credit cards it’s best known for.

"Business Savings builds on the company's strategy to expand Amex Business Membership with integrated financial solutions that deliver more value and help businesses operate more efficiently," an Amex spokesperson told EMARKETER.

Total deposits held with Amex grew 5.1% YoY in Q2 2026, hitting $157 billion, per Amex’s earnings.

Those broader services have been an effective cross-sell. While just 10% of cardholders currently keep deposits with Amex, 75% of balances are held by card members.

That combination has proven particularly potent for younger cardholders: 60% of all Amex consumer deposits belonged to millennials and Gen Zers, even though those cohorts account for 38% of Amex’s US credit card spend.

What this means: Business HYSAs play into what CEO Steve Squeri called Amex’s “aggressive commercial card road map,” which started with the new Graphite business card.

Amex added 800,000 new commercial cardholders in Q2, flat from Q1 2026 and a tick above the 700,000 it added each quarter between Q2 2025 and Q4 2025. Value-added services like payroll management coupled with competitive HYSAs could help it attract more small-business clients, which account for 81% of Amex’s commercial payment volume.

It needs a compelling value proposition to accelerate SMB adoption, particularly after losing both the Lowe’s and Amazon small-business credit card portfolios.

Implications for banks: When it comes to SMBs, Amex may be pulling off the fintech strategy better than most fintechs—and banks need to take notice.

Like a fintech, Amex has no physical bank branches; all its checking, savings, and card services are online. Like a fintech, Amex is also using high-yield savings accounts and cross-product rewards structures to incentivize consolidating SMB’s finances with one provider.

Unlike a fintech, though, Amex has decades of brand recognition and prestige undergirding its new product launches.

Amex is already the largest business credit card issuer in the US, per Javelin. If it can parlay that scale into more robust banking and business management services, it could quickly take market share away from competitors.

But a strategy that hinges on HYSAs is risky—SMBs carry the same hot money risks as consumers, and digital-first competitors may find that when businesses face tough economic conditions, they seek help where they can walk into a building and talk to a banker.

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