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This article was last reviewed and updated on September 22, 2021.
The Brex Cash Account is on Personal Finance Insider’s list of the best free business checking accounts. This is technically a cash management account, which means you have access to more features than with a regular checking account.
You can deposit money into the Brex Cash account and send money to other accounts. But there is no debit card attached to this account – instead, Brex provides you with a credit card. You’ll earn cash on all purchases with the credit card, as well as discounts at select retailers. The account also includes business expense management tools, such as a tool for finding ways to save money on business purchases.
If you prefer a more traditional business checking account, Brex probably isn’t for you. But you might like it for its rewards credit card and management tools.
Annual percentage return (APY)
Nothing
Advantages
- No minimum opening deposit
- No monthly service fees
- Unlimited monthly transactions
- Money management tools
- Earn credit card rewards and redeem for gift cards, cash back, travel or redeem points for miles
- Benefit from discounts from partner companies
- No foreign transaction fees
- No incoming, outgoing, national or international bank transfer fees
The inconvenients
- No physical branches
- No debit card, only a credit card
- No way to deposit money
- Only available for incorporated businesses
- 50,000 sign-up bonus points after spending over $ 9,000 in the first 30 days
- Brex’s professional account is called Brex Cash. It’s a cash management account that works much like a business bank account for secure deposits, payments, tracking, and built-in expense management to understand your spending. It also comes with a credit card that is automatically paid off daily, like a debit card, except it boosts your business credit and gives you reward points on every purchase: 8x on ridesharing, 5x on Brex. Travel, 4x on restaurants / food delivery, 3x on Apple products, 3x on recurring software and 1x on everything else
- No charge to send unlimited ACHs, wire transfers and checks, even internationally
- The Brex Cash account and card are intended for all types of businesses
- Brex Mastercard® issued by Emigrant Bank, FDIC member. Brex Cash provided by Brex Treasury LLC, member of FINRA and SIPC. Brex Treasury is not a bank; Brex Cash is not a bank account. Testimonials may not represent the experiences of all customers. Conditions apply, visit brex.com.
Read our review
How Brex Works
Brex is an online financial services company that offers a cash management account and a credit card. When you deposit money into the Brex cash account, you can choose to have the money go to a Brex program account, which is FDIC insured through one of Brex’s partner banks up to $ 250,000. Or you can decide to invest the money in a government money market mutual fund – or you can choose a combination of cash and investments.
You will make all payments with a Brex credit card, not a debit card. But when you open a cash account, the money in your account automatically pays off your credit card on a daily basis, making it act the same as a debit card. You’ll earn competitive Cash Back Rewards by paying off your credit card daily, and you’ll build your business credit.
The Brex mobile app has 3.7 out of 5 stars in the Apple Store and 3.2 out of 5 stars in the Google Play Store.
To contact customer service before opening an account, complete an online form and wait for a response. You can chat with a representative live once you have an account, from 5:00 a.m. to 8:00 p.m. PT, seven days a week.
Is Brex Trustworthy?
Brex has no public controversy.
Better Business Bureau gives Brex a A + in reliability. A high BBB rating indicates that a business responds effectively to customer complaints, advertises honestly, and is transparent about business practices.
A good BBB score, however, does not guarantee that you will have a harmonious relationship with a company. You can always read customer reviews online or ask other business owners about their experiences with Brex.
How Brex Stacks Up To Similar Commercial Banking Options
We compared Brex to two other online business banking platforms: BlueVine and Axos Bank.
Brex vs. BlueVine
You may prefer BlueVine if you want a more traditional checking account with a debit card. BlueVine also pays a high interest rate on all balances less than $ 100,000.
Brex might be the best solution if you want to earn cash back rewards and boost your business’ credit rating.
Brex vs. Axos Bank
Axos Bank offers business, savings, money market and CD checking accounts, so you may like it if you want a more traditional banking experience. But its free checking account only allows 200 free transactions each month. If you do more monthly transactions, you might want to go with Brex.
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