The Brex Cash Account is on Personal Finance Insider’s list of the best free business checking accounts. It’s technically a cash management account, meaning you have access to more features than you would with a typical checking account.
You can deposit money into the Brex Cash Account and send money to other accounts. But there isn’t a debit card attached to this account — instead, Brex provides you with a credit card. You’ll earn cash back on all purchases with the credit card, plus discounts at certain retailers. The account also includes business expense management tools, such as a tool for finding you ways to save money on business purchases.
If you prefer a more traditional business checking account, Brex probably isn’t for you. But you may like it for its rewards credit card and management tools.
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How Brex works
Brex is an online financial services company that provides a cash management account and a credit card. When you deposit money into the Brex Cash Account, you may select that the money go into a Brex program account, which is FDIC insured through one of Brex’s partner banks for up to $250,000. Or you might decide to invest the money in a government money market mutual fund — or you can choose a combination of cash and investments.
You’ll make all payments with a Brex credit card, not a debit card. But when you set up a cash account, the money in your account automatically pays off your credit card daily, which makes it act similarly to a debit card. You’ll earn competitive cash-back rewards by paying off your credit card daily, as well as 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 support before opening an account, fill out an online form and wait for a response. You can chat with a live representative once you have an account, from 5:00 a.m. to 8:00 p.m. PT, seven days per week.
Is Brex trustworthy?
Brex does not have any public controversies.
The Better Business Bureau gives Brex an A+ in trustworthiness. A strong BBB grade indicates that a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices.
A great BBB score doesn’t guarantee that you’ll have a smooth relationship with a business, though. You may still want to read online customer reviews, or ask fellow business owners about their experiences with Brex.
How Brex compares to similar business banking options
We’ve 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 under $100,000.
Brex could be the better fit if you want to earn cash-back rewards and build your company’s credit score.
Brex vs. Axos Bank
Axos Bank has business checking, savings, money market, and CD accounts, so you may like it if you want a more traditional banking experience. But its free business checking account only allows 200 free transactions each month. If you make more monthly transactions, you might want to go with Brex.