Business Insider's personal finance team compared the Brex Business Account (formerly known as the Brex Cash Account) to the best business checking accounts and found its a standard offering.
It's a good option if you have an incorporated business and are looking for a rewards business credit card, unlimited free monthly transactions, and a high interest rate. If you want more business banking options or want to open a business bank account that lets you deposit cash, other business checking accounts will be a better fit.
Brex Business Banking Options
Brex Business Account is a cash management account. A cash management account is a type of account you can find from fintech companies. It serves as an alternative option to traditional bank accounts.
Some of Brex's advanced features include a business rewards credit card and a high interest rate on funds you deposit into a money market fund. It also has tools that help you auto-fill invoices, manage your bills, and more.
no monthly service fee
3.99%
$0
Pros
Cons
The Brex Business Account is a good option if you have an incorporated business and are looking for a rewards business credit card, unlimited free monthly transactions, and high interest rate. You’ll want to look elsewhere if you want a business debit card and options for depositing cash.
Brex Business AccountBrex Business Account Overview
Brex is an online fintech company that provides services for businesses. Brex is not a bank, but it is partnered with several financial institutions to provide banking services, like the FDIC Sweep Program. You can find a list of banks partnered with Brex here.
It has a business account, rewards credit card, and business services like expense management and financial planning tools.
The Brex Business Account has two main strengths: It's affordable, and it has advanced features you might not find with other business accounts.
As for affordability, Brex has a $0 minimum opening deposit, and there's no monthly service fee. You can also make an unlimited number of free monthly transactions. Many business checking accounts allow a certain number of withdrawals per month, then charge a small fee for each additional transaction.
But Brex isn't the best choice if you're looking for a simple business account that fills your basic needs. You can't use ATMs or deposit cash.
Brex Business Account Key Features and Benefits
The Brex Business Account comes with different money storage options: a checking account, a money market fund, and a cash sweep program. All three accounts involve storing your money with different outside vendors. Your three money storage options are:
- Vault: Keep your money in the Vault to take part in a cash-sweep program. This account is FDIC-insured by Brex's partner banks. Because Brex has multiple partner banks, your funds are insured for up to $6 million. Uninvested cash does not earn any interest, though.
- Treasury: Invest your money in a money market fund that yields 3.99% APY. Invested money is not FDIC-insured, but can be a good tool for earning more with your account.
- Checking: Put your money where it will be easiest to automate bills and payments with ACH and checks. This checking account is the only money storage option that lets you transfer funds to and from external sources. Brex also allows you to send wires in over 40 currencies. Your money is insured up to $250,000 in this account, and it does not earn any interest.
In comparison, a bank account cannot be invested, and it's always FDIC- or NCUA-insured at a federally insured financial institution.
Brex Fees and Charges
The Brex Business Account has no account opening fees, no monthly service fee, and no wire transfer fees.
Brex has three subscription plans. All the plans have the Brex Business Account, but they have different tools and services to support your business.
The Essential Plan is best for startup companies and is no cost. The Premium Plan is most suited for mid-sized companies that are growing and is $12 user/month. The Enterprise Plan is for global companies and has custom pricing, so you must contact sales for more information.
Brex Business Account Pros and Cons
Brex Business Account Pros
- $0 minimum opening deposit and no monthly service fee
- Earn 3.99% APY by investing money in a money market fund
- Non-invested money is FDIC-insured for up to $6 million
- Unlimited free monthly transactions
- Automated bill pay and expense management tool
Brex Business Account Cons
- No physical locations
- Only available to incorporated businesses
- No ATM network and cannot use a Brex card to deposit cash
- No interest earned on funds not invested in a money market fund
Brex Business Account Alternatives
Brex Business Account vs. Axos Business Banking
Axos Bank is the better option if you want a more traditional business banking experience. Axos Bank has business checking, savings, CD, and money market accounts, so you can choose the accounts that fit your needs and do all of your banking with the same company. It has a great free business checking account and offers unlimited out-of-network ATM fee refunds.
You may prefer Brex for more niche perks, like a rewards credit card or a high yield on invested funds.
Brex Business Account vs. Bluevine Business Checking
The Bluevine Business Checking Account pays 1.30% APY on balances up to $250,000. To qualify for this rate, you must either spend $500 per month using your Bluevine debit card or receive customer payments of $2,500 or more each month.
While this is a lower rate than what you'll earn on invested funds with Brex, you'll earn it on your regular balance — which means you can earn a competitive interest rate and receive FDIC insurance through Bluevine's partner bank simultaneously.
Brex will be better if you need more FDIC insurance, though. With Bluevine, up to $3 million is secure in an account. Because Brex has multiple partner banks, you can insure up to $6 million.
Bluevine Business Checking Review
Brex User Experience and Platform
The Brex mobile app has 4.9 out of 5 stars in the Apple store and 4.4 out of 5 stars in the Google Play store. Keep in mind that Brex has received fewer than 7,000 reviews in either app store, though. Traditional banks with business banking products have received significantly more reviews.
Brex provides 24/7 customer support, both via live chat and over the phone.
Is Brex Trustworthy?
The Better Business Bureau gives Brex an A+ rating. A strong BBB grade indicates that a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices.
Brex also has not been involved in any recent public controversies.
Why You Should Trust Us: How We Reviewed the Brex Business Account
At Business Insider, we used our bank account methodology to review Brex. For business checking accounts, we look at minimum deposits, monthly fees, free transaction limits, ATM access, customer service, mobile app ratings, miscellaneous features, and the company's ethics and security.
We assign each category a rating between 0 and 5, then calculate the weighted average to assign Brex a star rating. Our scale for star ratings is one to five stars. A one-star rating indicates a low score, while a five-star rating indicates a high score.
Brex Business Account FAQs
Is Brex a legit bank?
Brex is a legitimate fintech company, but it is not a bank. It is backed by multiple banks that provide FDIC insurance, so up to $6 million is safe should Brex shut down.
What types of rewards can businesses earn with Brex?
With the Brex Credit Card, you can use points for gift cards, travel accommodations, and statement credits.
Is there a fee to open a Brex Business Account?
There aren't any fees for opening the Brex Business Account. You can also open an account with $0.
How user-friendly is the Brex platform?
Brex has overall solid ratings in the Google Play and Apple store. Keep in mind it doesn't have as many reviews as other business banking options, though.
Is Brex a good business account?
Brex is a good business account if you have an incorporated business, want a competitive business rewards credit card, and would like to earn a high interest rate. It's relatively affordable, with a $0 minimum deposit, no monthly service fee, and unlimited monthly transactions. But if you want to use ATMs or need to deposit cash, it's not a good business account for your company.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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