When it comes to choosing a bank, small business owners have a lot of options. But many times, business bank accounts come with monthly fees and limited ways to accept payments.
Kabbage Business Checking offers a useful alternative to business owners that want to manage their finances seamlessly online.
You’ll enjoy a virtually fee-free experience within an interest-bearing checking account that rewards you for your choice. Ready to find out more about Kabbage Business Checking? Continue reading our full review to get all of the details.
See how Kabbage Business Checking compares to other top business banks here >>>
- No monthly fees or minimum balance requirements
- Earn interest on balances under $100,000
- Easy integration with Kabbage Payments and Funding
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Kabbage Business Checking Details |
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Kabbage Business Checking |
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$300 cash deposit bonus after completing five debit card purchases within 45 days of account opening |
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What Is Kabbage Business Checking?
Kabbage has been around for several years as a lender that specializes in small business loans. Kabbage has been an American Express company since its acquisition in October 2020.
Also in 2020, Kabbage made the announcement that it would launch Kabbage Checking for business owners. Kabbage Business Checking is a low-fee account that’s specifically designed to handle the needs of small business owners.
What Does It Offer?
How can you use Kabbage? Here’s what the company has to offer.
Earn Interest On Your Deposits
It can be frustrating to let your money collect dust in a non-interest-bearing checking account. Luckily, Kabbage Business Checking will reward you for your deposits. As of October 2021, you can earn 1.10% APY (variable) on up to $100,000 of deposits.
Although the rate may change in the future, that is a relatively competitive rate for now. As every small business owner knows, every little bit helps add to the bottom line.
Use Reserves To Budget
You can set up up to five free Reserves within your Kabbage Business Checking account. This will allow you to keep your funds easily separated for different business goals and business budgeting.
For example, you might create a business emergency fund or save for a particular piece of machinery within your account. The funds in these sub-accounts will need to be transferred back into your primary account before they can be used.
Cash Withdrawals And Deposits
Transacting in cash can a problem with many online business checking accounts. However, Kabbage banking customers can withdraw cash for free at any of its 19,000+ in-network ATMs. You can also withdraw cash at out-of-network ATMs, but you may be charged a fee by the ATM operator.
Unlike many online banks, Kabbage also allows its customers to deposit cash at nearly 90,000 participating retailers and service centers across the nation. However, you will pay a fee of up to $4.95 for each cash deposit.
Highly-Rated Mobile App
You can manage your entire Kabbage Business Checking account anywhere directly from your phone. Both versions of the app have earned at least 4 out of 5 stars. However, the Apple version is noticeably higher, with a rating of 4.9 out of 5 stars.
Integration With Kabbage Products
The Kabbage Business Checking account is seamlessly integrated with Kabbage Funding, Kabbage Insights, and Kabbage Payments. With these integrations, you’ll be able to easily tap into business financing and collect payments directly through Kabbage.
Are There Any Fees?
One of the best things about the Kabbage Business Checking account is that there are very few fees to contend with. You won’t encounter a monthly fee or in-network ATM withdrawal fees.
However, if you use your debit card overseas, you’ll pay a foreign transaction fee of 3%. As previously mentioned, there’s a cash deposit fee of up to $4.95. And there’s a $25 fee for outgoing domestic wire transfers.
How Does Kabbage Business Checking Compare?
Kabbage Business Checking could be a great option for some business owners. You can use the low-fee checking account to integrate with your other business financing needs through Kabbage Financing and Kabbage Payments.
However, Kabbage won’t be right for everyone. For example, if you are a freelancer who’s looking for a bank that offers built-in tax tools, Lili might be a better choice. Or if you’re looking for a business banking solution that offers a ton of third-party integrations, Novo might be worth considering.
Want to explore your options? Here’s a rundown of our favorite business checking accounts.
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1.10% (on balances up to $100,000) |
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How Do I Open An Account?
Ready to move forward with Kabbage Business Checking? Begin by heading to the Kabbage website. Once you’re there, select the ‘Get started’ button.
At first, you may see a waitlist form. But if you scroll to the bottom, you can choose to start your Kabbage Business Checking application. First, you’ll need to provide your email address and create a password. If you’re already an American Express customer, you can use your American Express account to streamline the process.
Whether or not you are an American Express customer, you’ll be asked for some details about your business and yourself. Some details to have ready include your business name, the business tax identification number, proof of ownership, your Social Security Number, and address.
Is It Safe And Secure?
Kabbage is not a bank. However, the Kabbage Business Checking account is provided by Green Dot Bank, so funds are FDIC insured up to $250,000. Additionally, Kabbage uses bank-level security to keep your information safe.
How Do I Contact Kabbage Business Checking?
Kabbage provides several methods of communication. The first option is to call 888-986-8263. If you prefer email, then use support@kabbage.com. Finally, you can reach out over Facebook, Twitter, Instagram, LinkedIn, or YouTube @KabbageInc.
Kabbage has earned a very good reputation on Trustpilot. It currently has a customer rating of 3.8 out of 5 stars out of more than 6,700 reviewers. And over 80% of those reviewers had an excellent experience!
Is It Worth It?
An interest-bearing checking account with minimal fees is an attractive option for most small business owners. This is especially true when you consider the easy integration with Kabbage Funding and Kabbage Payments, which may come in handy along the way.
Based on customer feedback, you’ll likely find a pleasant experience with Kabbage as well. But that doesn’t mean that it will be the right fit for every business owner out there.
One thing that stands out in the mind of many business owners is the relationship of Amex and Kabbage, and the spin-off of their PPP Loan unit K-Servicing. American Express and Kabbage did not treat business owners who received a PPP Loan well, and many are still struggling to get loan forgiveness today. As such, the reputation of Kabbage is not the best in terms of customer service.
If you aren’t sure that Kabbage is the right choice for your business needs, compare your options here.
Kabbage Business Checking Features
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1.10% on up to $100,000 in deposits |
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Free withdrawals at 19,000+ in-network ATMs |
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Yes, but a fee will be charged of up to $4.95 |
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Out-Of-Network ATM Fee Reimbursements |
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Mon – Fri, 8 AM – 9 PM (ET) |
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Web/Desktop Account Access |
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22653 (through Green Dot Bank) |
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$300 cash deposit bonus after completing five debit card purchases within 45 days of account opening |
The post Kabbage Business Checking Review: Low-Cost, Interest-Bearing Checking appeared first on d0llars.
source https://d0llars.com/kabbage-business-checking-review-low-cost-interest-bearing-checking/
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