Brex Business Account Review

Pros

• No fees or minimum balance
• High APY available
• Unlimited free deposits, payments, and transfers
• Access to instant revenue
• Linked rewards card

Cons

• No cash deposits
• No ATM access
• Available only to incorporated businesses

What Is A Brex Business Account?

Brex Business Account, formerly called Brex Cash, is a cash and finance management account that works similarly to a business bank account and is linked to the Brex corporate card. This business banking option continues to provide much of the functionality you’d expect to find with a traditional business bank account, while offering some unique perks that you find with online business bank accounts.

Brex was recently acquired by Capital One. We will continue to monitor any changes that may occur as a result of this acquisition.

The Brex business account consists of Checking, a commercial checking account provided by Column N.A., Member FDIC (an unaffiliated institution), and Treasury and Vault, cash management services provided by Brex Treasury LLC, Member FINRA/SIPC and a Capital One company.

The Brex Mastercard® Corporate Credit Card is issued by Emigrant Bank, Fifth Third Bank N.A., or Airwallex (Netherlands) B.V. (all unaffiliated institutions), pursuant to licenses by Mastercard International Inc

How Does A Brex Business Account Work?

With Brex, you can have access to traditional checking features like account deposits and transfers, as well as interest-earning treasury and vault features with a current APY* of up to 3.65%.

Brex’s treasury and vault operate as a money market account with a variable high yield. You can keep your deposits at a Brex partner bank, invest your funds into a Dreyfus Government Cash Management Investor Shares money market mutual fund, or divide your balance between these options.

Keep in mind that the money market option is not a bank account but an investment vehicle. As such, returns are not guaranteed, and you could lose money investing in this fund.

No matter what you choose, your Brex Business Account entitles you to unlimited corporate credit cards for yourself and your employees. Your card balance will be paid automatically each day using your Brex Business Account balance, and you’ll earn valuable rewards on purchases while building your business credit profile.

*Brex does not advertise its yield earnings as a traditional APY. When we mention APY throughout this review, remember that Brex’s yield earnings are an APY in function but not necessarily in name.

Services Offered By Brex

Brex aims to be a complete financial services provider. Brex provides:

• Brex Card: The Brex card is a corporate credit card that offers high rewards rates for some users.
• Brex Business Account: Includes both a checking account and money market account for managing your business’s cash.
• Empower: Through your Brex dashboard, you can access Empower, a separate linked software platform with enhanced spend management tools.
• Financial Modeling: Brex users can access a platform called Pry that enables forecasting, scenario planning, and KPI dashboards.

Brex Business Account Rewards & Perks

The Brex business account and the linked Brex corporate card deliver some significant rewards to users. In fact, the reward-earning potential for purchases made with the Brex card is among the highest we’ve seen, earning it a spot on our list of the best corporate credit cards.

Here is a rundown of the rewards available to Brex customers who add a Brex Business Account to their Brex Card:

• APY of up to 3.65%
• Up to $180k+ worth of partner perks
• Welcome bonus for new sign-ups
• 1x-7x rewards on all purchases made with the Brex card, with bonus points available

There’s no minimum for high-yield earnings, which is a nice touch and sets Brex apart from some competitors.

Rewards points from Brex never expire as long as your account is open and in good standing. You can use Brex points to pay for flights and hotels booked through Brex Travel or transfer them to partner airlines. You can also redeem Brex points as cash back into your Brex Business Account or for statement credit, gift cards, or cryptocurrency payouts.

Brex Business Account Fees

Many accounts claim to be “free,” but with Brex’s cash management account, it’s actually true.

Brex Business Account is free to use. You’ll pay no annual or monthly account fees. There are also no global or domestic ACH or wire transfer fees. Notably, you can use the Brex corporate card overseas without incurring any foreign transaction fees.

A Brex Business Account allows unlimited transactions, including check deposits via the mobile app, domestic and international wire transfers, and ACH transfers. However, you won’t be able to make any debit or ATM transactions because those features are not available.

Brex Business Account Eligibility Requirements

To qualify for a Brex business account, you’ll need to be incorporated as a corporation (S-corp, C-corp, LLC, or LLP) with an Employer Identification Number (EIN).

Brex is not available to businesses operating as sole proprietorships or other business structures. Beyond that, Brex is open to all types of businesses except those involved with prohibited activities and products. Brex also works with some types of nonprofits.

Additionally, Brex Business Account customers must operate in the US, provide services/products to US customers, or employ/contract with or plan to employ or/contract with US employees. Through a partnership with Firstbase, Brex supports foreign-based companies interested in incorporating in the US.

When evaluating applicants, Brex analyzes a company’s business model, sources of funding, and spending patterns, among other factors. Successful applicants meet at least one of these criteria:

• Equity investment of any amount and kind (from accelerator, angel, VC, or web3 token)
• More than $1 million in annual revenue
• 50+ employees
• Tech startups on a path to meeting the above criteria that are referred by an existing Brex customer or partner

You will not be subject to a personal credit check.

Brex Business Account Application Process

Creating a Brex business account is fairly simple. Once you’ve ensured that you meet the eligibility requirements, you can get started with a Brex Business Account online. You’ll be asked to complete the online application form using many of the standard requirements for opening a business bank account. Brex may or may not contact you for additional details before approving your account.

Brex, unfortunately, isn’t very clear about the details of its application process or the processing timeline.

Brex Business Account Features

Because Brex is a cash management account, it lacks some key functions you’d find with a traditional bank account.

Fast access to cash is one feature you won’t find with a Brex Business Account. With no ATM card and no debit card, you’ll find it difficult to get your hands on cash. There are no cash deposits or cashflow management, and integrations are limited.

You can use the Brex corporate card to pay for purchases, with the card balance paid daily (for most users) via the linked Brex Business Account.

Brex does offer:

• Free transfers
• Mobile check deposits
• Unlimited wire transfers
• Unlimited ACH transfers
• Unlimited employee cards
• Virtual & physical cards
• Card controls & spend limits
• Spend tracking
• eCommerce & POS integrations with instant payout options
• Checks

Note that funds deposited in a Brex Business Account may not be immediately available to you.

Here are typical Brex Business Account processing times:

Brex Sales & Advertising Transparency

Brex is fairly transparent with most of the information regarding the Brex Business Account; however, finding certain information is more difficult. For example, fee information is available but difficult to find, while application process information isn’t available at all unless you click the “get started” option.

Brex Customer Service

As a whole, Brex is generally well-liked by users, and its customer service is highly rated. In fact, some users say that Brex’s customer service is better than that of traditional banks.

Brex also appears to be responsive on social media, with active Twitter, Facebook, LinkedIn, and Instagram accounts.

Brex Business Account Reviews

Brex consistently scores fairly highly across user review sites and gets many positive customer reviews.

Brex customer reviews generally lump reviews of the Brex Card and the Brex Business Account together, making it difficult to find reviews of the Brex Business Account alone.

Let’s take a closer look at some of the complaints and praise specific to the Brex Business Account.

Negative Brex Business Account Reviews & Complaints

• Funding delays
• Dropped accounts
• Limited mobile app
• Problems recognizing/uploading receipts
• Low credit limits

Positive Brex Business Account Reviews

• Excellent service
• Easy setup
• Useful integrations
• Partner perks
• International transactions supported

Is A Brex Business Account Safe?

Brex Business Accounts are protected with FDIC insurance, and they are secure. Brex also protects its customers with fraud monitoring and protection, and the company offers secure browsing, authentication, authorization, data privacy, and full PCI-DSS certifications where available.

Brex’s corporate card operates on the Mastercard network and comes with World Elite Mastercard benefits, including zero liability and ID theft protection. Overall, both Brex Business Account and Brex cards are safe to use.

Final Verdict: Is Brex Business Account Worth It?

Brex’s no-fee structure and unlimited free transactions are reason enough to like Brex’s business account; the high APY and rewards rates are even better.

However, it’s important to remember that to qualify, you’ll need to have an existing Brex Card and use it to pay off your Brex corporate card balance daily.

If you want a cash management option to tie to your Brex card, then a Brex Business Account could be a great option, but if you want a full-fledged business checking and savings account, we recommend taking a look at these top online business bank accounts instead.