Brex Business Bank Account (Formerly Brex Cash) Review 2023

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 Brex Cash?

Brex Cash is a cash management account linked to the Brex corporate card offered by Brex Treasury, a FINRA-registered broker-dealer. Now renamed as, simply, Brex business account, this business banking option continues to provide much of the functionality you’d expect to find with a traditional business bank account.

Keep in mind that Brex is not a bank, and Brex business account is not a bank account.

Brex is a full financial stack offering services backed by traditional banks that guarantee Brex Cash accounts under their FDIC insurance. If you store your money in a standard Brex Cash account, you’re protected for up to $250,000. Invest your funds in Brex’s money market fund, and your money will earn a variable interest rate that currently stands at 4.92% as of this writing.

How Does Brex Bank Account Work?

Brex business account works in many ways like any business bank account. However, a Brex business account is a cash management account and not a traditional bank account.

Brex offers two options for cash management, including 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 Cash 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 Cash balance, and you’ll earn valuable rewards on purchases while building your business credit profile.

Brex Bank 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.

Of course, it’s important to note that users can earn points at the highest levels — up to 8x points — only if they agree to make Brex their exclusive corporate card and to make automatic daily payments using their linked Brex Cash account.

Here is a rundown of the rewards available to Brex customers:

• High APY: If you put some of all of your cash into Brex’s government money market mutual fund, your money will earn a variable interest rate that’s currently at 4.92%, based on an average seven-day yield, as of the time of this review. (Rates are subject to change; you can view the current rates online.)
• Partner Perks: Brex Cash customers can access special offers, discounts, and deals worth $180K+. Partners include Amazon Web Services, QuickBooks, UPS, Gusto, Slack, and more.
• Reward Points: Earn between 1x-8x on all purchases made with the Brex card, with rates depending on spending category and other factors.

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 Cash account or for statement credit, gift cards, or cryptocurrency payouts.

Brex Business Account Pricing & Fees

Brex Cash is free to use. You’ll pay no annual or account fees, and global and domestic ACH and wire transfers carry no fees. Notably, you can use the Brex corporate card overseas without incurring any foreign transaction fees.

A Brex Cash 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 with Brex Cash.

Brex 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 Cash 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 Features

Brex Cash delivers most of the features you’d expect to find in a business bank account. Remember that Brex is a cash management account and not a bank account, and it lacks some key functions.

What’s missing? Fast access to cash is one feature you won’t find with a Brex Cash account. With no ATM card and no debit card, you’ll find it difficult to get your hands on cash. You can use the Brex corporate card to pay for purchases, with the card balance paid daily (for most users) via the linked Brex Cash account.

You also won’t find access to credit in the form of loans, lines of credit, or credit cards, though Brex does offer startups access to a venture debt program. Remember, the Brex card is a charge card, and you won’t be able to carry a balance.

Let’s look next at what a Brex Cash account does have to offer users:

• Free Transfers: Add money to your account via check, wire transfer, or ACH payment, with no limit on free transactions.
• Savings: You can choose a traditional bank savings account, a government money market fund, or a mix of both. Interest rates vary, and you can expect a higher APY on funds in the money market.
• Unlimited Employee Cards: Request physical and/or virtual Brex corporate cards for some or all employees.
• Card Controls: Tailor employee cards with custom limits.
• Spend Tracking: Track employee expenses in real-time.
• Instant Revenue: Link your Brex account to your eCommerce platform or POS, and you can access instant payout. Supported platforms include Amazon, PayPal, Shopify, Square, and Stripe.
• Travel Perks: If you choose, use your reward points at Brex Travel, where you can access curated travel bookings with special corporate rates, 24/7 travel support, and travel concierge services.

Like all bank accounts, funds deposited in a Brex Cash account may not be immediately available to you.

Here are typical Brex Cash processing times:

Other Brex Features & Services

Brex aims to be a complete financial services provider. In addition to the Brex Cash cash management account, here are some other services Brex provides:

• Brex Card: The Brex corporate card is a charge card that offers high rewards rates (up to 8x) for some users.
• 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 Customer Service

As a whole, Brex is generally well-liked by users, and Brex customer service gets high marks overall. 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 highly across user review sites. Brex has a composite score of 4.5/5 stars on both G2, based on 1,125 reviews, and Capterra, with 128 reviews. Brex’s mobile apps are rated highly by users as well, with an average of 4.5/5 stars based on 966 reviews for the Android app and 4.9/5 stars based on 3,200+ reviews for the Apple app.

Let’s take a closer look at some of the complaints and praise Brex garners in Brex Cash reviews.

Negative Brex Cash Reviews & Complaints

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

Positive Brex Cash Reviews

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

Is Brex Cash Safe?

Brex Cash 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 Cash and Brex cards are safe to use.

How Does Brex Compare To Other Business Bank Accounts?

Brex business account holds up well on many levels compared to top business bank accounts. Brex offers unlimited free transactions, including domestic and international wires and all foreign transactions.

Keep in mind, though, that Brex business is a cash management account, not a bank account, and it’s not meant to function as a standalone bank account. Brex business account works best in tandem with the Brex corporate card.

Final Verdict: Is Brex Business Account Worth It?

Brex delivers most of the features and functions you’d expect to find in a business bank account and then some. 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 Brex is not a traditional business bank account. It’s a cash management account tied to the Brex corporate card. Open a Brex card account, and you’ll almost certainly be required to open a Brex business account and use it to pay off your Brex corporate card balance daily.

For these reasons, although we rate Brex highly, we don’t recommend it for businesses looking for a business bank account — unless they’re also searching for a corporate charge card at the same time. To be clear, Brex Cash is a safe way to store money, and you could earn a high APY on your savings.

If you’re searching for your first business bank account, you might find a better fit in our list of the best business bank accounts. If you’re looking for a corporate card, you’ll find that Brex has earned its place on our list of the best corporate credit cards. If Brex meets your expectations for a corporate card, we think you’ll be satisfied with the features and convenience a linked Brex Cash account offers.

Brex Cash FAQs

The Merchant Maverick Seal of Approval 🏆

Brex Business Account	Visit Site

After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see Brex Business Account for yourself.

The Merchant Maverick Seal of Approval 🏆

Brex Business Account	Visit Site

After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see Brex Business Account for yourself.

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