8 Best Brex Business Account Alternatives 2023
This article is part of a larger series on Business Banking.
Brex’s Business Account, formerly known as Brex Cash Management Account (CMA), is an excellent product. Though Brex tightened its qualification requirements in 2022, it is still a popular choice due to a customer’s ability to obtain FDIC insurance of up to $2.25 million with Brex’s partner banks. However, the company’s more stringent qualification requirements require some businesses to look for an alternative.
For businesses that lost accounts with Brex or cannot meet the stringent requirements, the providers in this guide offer excellent business checking accounts, other business service products, and great software integrations. Any of these options would make a great alternative to the Brex Business Account.
Here are the eight best Brex Business Account alternatives, with links directly to provider websites:
- Mercury*: Best overall for tech companies, startups & businesses needing additional FDIC insurance
- Bluevine*: Best for higher interest rates on checking accounts
- Oxygen*: Best digital-only provider for cash back on debit card purchases
- First Internet Bank: Best for online-only full-service banking
- Grasshopper: Best for flexible lending solutions and digital integrations
- Novo*: Best digital-only bank for rapid access to funds and faster payments
- Lili*: Best for digital tax preparation assistance
- Relay*: Best for businesses needing multiple accounts and debit cards
*Providers are financial technology (fintech) platforms backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership (Evolve Bank & Trust and Choice Financial Group for Mercury, Evolve Bank & Trust for Relay, Coastal Community Bank for Bluevine, Middlesex Federal Savings for Novo, Choice Financial Group, Inc. for Lili, and The Bancorp Bank for Oxygen).
Best Brex Business Account Alternatives at a Glance
Account Name | Monthly Fee | Transaction Fee | Annual Percentage Yield (APY) | Cash Deposit Fee | |
|---|---|---|---|---|---|
 | Brex Business Account | None | None | N/A | Cash deposits not accepted |
 | Business Checking | None | None | N/A | Cash deposits not accepted |
 | Business Checking | None | None | 2.0% on qualifying balances $250,000 or less | $4.95 per deposit (Green Dot locations) |
 | Business Checking | None | None | N/A | $4.95/deposit (Green Dot locations); Also through Plaid |
 | Business Checking | None | None | 0.50% on balances of $10,000 or more | Cash deposits not accepted |
 | Innovator Business Checking | None | None | Up to 2.25% | Cash deposits not accepted |
 | Business Checking | None | None | N/A | None; cash is deposited through money orders |
 | Business Checking Basic | None | None | None | $4.95 per deposit (Green Dot locations) |
 | Business Checking Basic | None | None | N/A | Accepted at Allpoint ATMs |
Mercury: Best Overall for Incorporated Tech Companies, Startups & Businesses That Need Additional FDIC Insurance
What We Like
- No monthly maintenance fees
- Physical and virtual debit cards
- Treasury product offers outstanding yield on balances over $500,000
Drawbacks
- Accounts unavailable to sole proprietorships
- Lacks paper check-writing abilities
- Limited lending options and no cash deposits
Features
- Earn interest with Mercury Treasury products if you have more than $500,000 in Mercury accounts and request Treasury
- Set customer user permissions for your team members
- Create auto-transfer rules for your accounts
- Integrate accounts with QuickBooks and Xero accounting software
- Virtual debit cards available right away, with physical debit cards arriving in the mail in a few days
- Physical checks unavailable
- Business payment integrations with Shopify, Stripe, Zapier, Amazon, and PayPal
- Email customer service available
- Savings account provided when you open checking,
- Other products include Mercury Treasury, capital and venture debt, and credit card
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
Monthly Fees | None |
Domestic Wire Transfer Fees | None |
International Wire Transfer Fees | None as long as it is sent through Mercury’s structure |
ATM Fees | No charge for out-of-network ATMs, although operator fees apply; free access to Allpoint ATM network (55,000 locations worldwide) |
Cash Deposited | Cash deposits not accepted |
APY | N/A |
*Mercury is a business fintech platform backed by Federal Deposit Insurance Corp. (FDIC)-insured Choice Financial Group and Evolve Bank & Trust. | |
When To Choose Mercury
For incorporated startups and tech companies who are looking for a new business bank, Mercury is our top choice for the best Brex Business Account alternative. Tech companies will enjoy its third-party software integrations, which are among the best in the industry. It also offers a perks page, allowing you to advertise deals for your business on its website.
The newest perk is the Mercury Vault product. With Vault, Mercury will use sweep accounts to help you insure your business funds for up to $5 million with the FDIC.
Its checking and savings accounts are free with no minimum deposit or balance requirements, which is great for startup businesses looking for fee-free banking.
If you spend $2,000 in the first 90 days on your debit card, you will receive $300 in cash back. In addition, Mercury offers an interest-bearing Treasury account. You can access that account by request once you have at least $500,000 in funds in your Mercury accounts. Currently, it is earning up to 5.43% APY, although the bank expects that to increase as the prime rate increases.
Most businesses incorporated in the United States are eligible for an account, except sole proprietorships and trusts.
If you are a business that lost its Brex account due to the lack of venture capital funding, Mercury offers both capital and venture debt products that can help your business grow. It also offers a credit card that can earn you 1.5% cash back, with unlimited virtual cards.
Outside of its debt products and credit card, it doesn’t offer any other types of lending. Nevertheless, it is a great choice for a digital-only bank with great software integrations and interest-earning account products.
Bluevine: Best for Higher Interest Rates on Checking Accounts
What We Like
- Interest-earning checking on balances of $250,000 or less
- Integrates with QuickBooks
- Excellent line of credit product
Drawbacks
- No savings, money market, and CD accounts
- No physical branch locations
- Fee for depositing cash
Features
- No monthly maintenance fee
- No minimum balance requirement
- Free debit card and two free checkbook orders per year
- Integrates with QuickBooks and Xero
- Connects with business payment solutions, including Stripe, PayPal, and Expensify
- Has live customer support from dedicated professionals
- Offers line of credit
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
ACH Fees | None |
Monthly Fees | None |
Teller Cash Withdrawal Fee | None |
Domestic Wire Transfer Fees | $15 for outgoing, incoming are free |
International Wire Transfer Fees | $15 for outgoing, incoming are free |
ATM Fees | Free at MoneyPass locations nationally; $2.50 plus operator fees for non-network ATM use |
Cash Deposited | $4.95 fee per transaction, available through Green Dot retail locations |
APY | 2% on balances of up to $250,000, once qualifications are met |
*Bluevine is a business fintech platform backed by FDIC-insured Coastal Community Bank. | |
When To Choose Bluevine
If you want to move your business funds to a business checking account with a high-interest yield, Bluevine is a great option. It provides an interest-bearing checking account, earning 2.0% APY on balances up to $250,000. You qualify for the APY as long as you either spend $500 a month with the debit card or receive $2,500 in customer payments monthly.
Bluevine has no monthly fees, transaction fees, minimum opening deposit, and minimum balance requirement. It also offers two free checkbook orders each year. In addition to its outstanding business checking product, it has the best business line of credit products and great software integrations.
The provider also launched sub-accounts to help customers manage their funds. It offers five sub-accounts, giving you a total of six accounts. Funds held across all accounts are eligible to earn interest if criteria are met.
Cash deposits will cost you $4.95 per transaction and can only be done at a Green Dot retail location. Also, Bluevine charges $2.50 for out-of-network ATM withdrawals in addition to third-party fees.
Oxygen: Best Digital-only Provider for Cash Back on Debit Card Purchases
What We Like
- Rare fintech that offers both personal and business banking
- No monthly fees or transaction fees
- Single-use virtual cards available for online shopping provide extra security
Drawbacks
- No free cash deposits
- Only one authorized user allowed per account
- No physical locations
Features
- Nationwide limited liability company (LLC) creation available through the Oxygen App
- 5% cash back rewards on everyday purchases with your debit card
- Ability to create single-use virtual cards to keep your business bank account secure
- Business savings product available with 1% APY on balances up to $20,000
- Multiple personal checking accounts available
- Free Oxygen Visa Business Debit Card and an unlimited amount of virtual cards
- Integrations with QuickBooks, Xero, Plaid, and Gusto
- Customer service via a toll-free phone number, email, social media support, and online help articles
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | None |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | No fees incoming; outgoing unavailable |
International Wire Transfer Fees | N/A |
ATM Fees | None at Allpoint ATMs; $3 out-of-network domestically; $5 out-of-network internationally |
Cash Deposited | $4.95 fee per transaction, available through Green Dot retail locations; can also deposit through link to external bank via Plaid |
APY | N/A |
*Oxygen is a business fintech platform backed by FDIC-insured The Bancorp Bank. | |
When To Choose Oxygen
For freelancers and creatives looking for an alternative to Brex or Nearside, Oxygen is a great choice. It is one of the few fintechs that provides personal and business banking options. For businesses that use a debit card frequently, it is a great option for a business bank account since it offers 5% cash back rewards on all debit card purchases.
For businesses considering becoming limited liability companies LLCs, Oxygen offers nationwide LLC creation in the Oxygen app powered by CorpNet, Inc. There are fees involved, which is one of the few services with a fee.
Oxygen was awarded the 2021 Best Overall FinTech Mobile App by the FinTech Breakthrough Awards, beating several other fintechs in this guide.
It also has a business bank account with no monthly fees, minimum balance requirements, and transaction limits. Deposits can be made through Green Dot locations for $4.95 per transaction and by in-app mobile check capture, via ACH or Plaid, from an outside account.
You can even open a business savings account, which earns 1% APY on balances up to $20,000. However, it has no outgoing and international wire transfers, and you cannot set up multiple users in the app. It is only open to a single sign-on per account, which puts it behind many other fintechs listed here.
First Internet Bank: Best for Online-only Full-service Banking
What We Like
- Fee-free banking
- Up to $10 ATM refund each month
- Full-service online-only bank
Drawbacks
- 0.50% APY on checking only available with an average daily balance of $10,000
- No cash deposits
- No physical branches
Features
- SBA loans and commercial loans
- Other business bank accounts available, including savings, money markets, and CDs—ranked among the best business savings accounts
- Personal accounts
- Health savings accounts (HSAs)
- Free debit card, with first replacement card free as well ($5 for each additional replacement)
- Checks available, with cost depending on style ordered
- Phone and email customer service during business hours
| |
|---|---|
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | $20 for outgoing, $15 for incoming |
International Wire Transfer Fees | $50 for outgoing, $15 for incoming |
ATM Fees | None; reimburses up to $10 per month in ATM fees |
Cash Deposited | No cash deposits accepted |
APY | 0.50% on balances of $10,000 or more |
When To Choose First Internet Bank
If you want to move from a digital cash management account to a full-service, online-only bank, First Internet Bank is an excellent choice. It offers interest-bearing checking and savings accounts, with a 0.50% APY on checking balances of more than $10,000 in your account with no maximum limit. It has a business savings that earns 0.90% APY and a money market that earns up to 4.93% APY. Both come with waivable monthly fees once you pass an average daily balance threshold.
For businesses with frequent ATM withdrawals, First Internet Bank refunds up to $10 in ATM fees each month. In addition to great bank accounts, it offers business CDs and various business lending products, including SBA loans, commercial real estate (CRE), commercial lending, and public finance. There is also software integration with QuickBooks.
First Internet Bank doesn’t accept cash deposits, and a $100 minimum opening deposit is required. Overall, it is a great option if you’re looking to move from Brex to a full-service bank that matches what a traditional brick-and-mortar bank provides.
Grasshopper: Best for Flexible Lending Solutions & Digital Integrations
What We Like
- Cash back on debit card purchases
- Interest-bearing account
- No monthly or transaction fees
Drawbacks
- No physical location
- Minimum $100 deposit required to open
- Cash deposits not accepted
Features
- 1% cash back on all online and in-store debit card purchases
- Autobooks software purchased by Grasshopper for all small business banking customers for digital invoicing and online payments
- No monthly or transaction fees; no minimum balance required
- 24/7 online and mobile banking
- Unlimited free ACH and incoming wires
- Physical and virtual debit card available
- Integration with QuickBooks
- Customer support via phone, live chat, email, secure message, and text message; also available through the app
- Other products include application programming interface (API) banking, treasury management, startup banking services, lending
 | |
|---|---|
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | No incoming wire fees; $10 for outgoing |
International Wire Transfer Fees | $5 for incoming; $25 for outgoing |
ATM Fees | Free at 45,000 Money Pass & Sum network ATMs |
Cash Deposited | Cash deposits not accepted |
APY |
|
When To Choose Grasshopper
For former Brex customers looking for an interest-bearing checking account with great software integrations and some unique lending options, Grasshopper is another excellent option to consider. It is another digital-only bank with a full range of banking products.
On its business checking product, it offers up to 2.25% APY with no cap. It also offers 1% cash back on all debit card online and in-person purchases. While Grasshopper has no minimum and no cap on APY earnings, you must have a minimum average balance of $10,000 and no NSF items over the previous 12 months to earn the cashback bonus.
In addition to its excellent business checking product, it provides SBA lending, CRE lending, yacht lending, venture capital, and private equity lending. It also allows unlimited transfers, including free wire transfers, both domestic and international. There are no monthly fees and no transaction limits.
Not only does Grasshopper integrate with QuickBooks, but the company provides Autobooks to each customer free of charge. Its drawbacks include requiring a $100 opening deposit and not accepting cash deposits.
Novo: Best Digital-only Bank for Rapid Access to Funds & Faster Payments
What We Like
- Refunds all ATM fees at month’s end
- No maintenance fees
- Novo Boost and Express ACH allow faster access to your funds
Drawbacks
- Unable to deposit cash directly
- Lack of savings accounts and lending products
- Noninterest drawing account
Features
- Integrate with business tools, such as QuickBooks, Xero, Slack, Stripe, Square, PayPal, Wise, and Shopify
- Set aside funds for taxes and other large business expenses with Novo Reserves
- Deposit checks directly through the mobile app
- Online banking includes unlimited invoicing and bill pay
- Novo Boost in coordination with Stripe allows you to access funds faster
- Express ACH lets you accept or receive same-day ACH payments
- Virtual debit card available immediately, one free physical debit card per user
- Paper checks can be sent straight from the app
- Live customer support from dedicated professionals
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | None to receive; cannot send wires domestically but can send fee-free ACH transfers |
International Wire Transfer Fees | Novo partners with Wise to send international wires for a “low” fee |
ATM Fees | All fees refunded at the end of the month |
Cash Deposited | None; money orders can be purchased and deposited through the app |
APY | N/A |
*Novo is a business fintech platform backed by FDIC-insured Middlesex Federal Savings. | |
When To Choose Novo
If you are looking for a digital-only, fee-free business banking experience to replace Brex, Novo may be the right choice for your business. Not only does it have no monthly fees, minimum deposit or balance requirements, and transaction limits, but it refunds all ATM fees at the end of each month.
In addition, its Novo Boost and Express ACH products allow you to receive and make payments faster than with other online banks. Novo Boost enables you to receive payments from your Stripe account quicker than other providers, whereas Express ACH allows you to accept or send same-day ACH payments.
To further expedite the payment process, users can now connect Stripe, Square, or PayPal and get paid via card, Apple Pay, Google Pay, PayPal, or Venmo.
It excels in digital integrations, with unlimited invoicing and excellent accounting and payment software integrations. With Novo, you can get up to five reserve accounts, and though you cannot order checks, you can send paper checks from its app.
One drawback is with cash deposits. Novo doesn’t charge for cash deposits, but you must purchase a money order and deposit it through the app, which you must buy. Many places sell money orders, including your local US Postal Service (USPS) location, for up to $2.40 for up to $1,000 money orders.
So long as you aren’t interested in getting lending or savings products from your checking account provider, Novo is a great option, especially for businesses with frequent ATM withdrawals.
Lili: Best for Digital Tax Preparation Assistance
What We Like
- No monthly fees for basic tier
- Lili Pro plan includes an automatic savings account that earns 4.15% APY on balances of $100,000 or less
- Tax Optimizer helps with tax preparation for small businesses
Drawbacks
- No physical locations
- Limits business accounts to doing business as (DBA) setups and single-owner LLCs
- No wire transfers
Features
- Free Visa business debit card
- Mobile banking
- Invoice software: Unlimited invoice creation
- Tax Optimizer: Tracks tax write-offs
- Balance Up: Fee-free overdraft coverage feature
- Physical checks unavailable
- Accounting software integration with QuickBooks and payment integrations with Venmo, PayPal, and CashApp
- Support by phone Monday through Friday, 9 a.m. to 7 p.m., at (855) 545-4380.
- Support by email at support@lili.co
- Lili Business Checking Pro available for $4.99 per month
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | Unavailable |
International Wire Transfer Fees | Unavailable |
ATM Fees | None at 38,000 MoneyPass ATMs (third-party ATM fees may apply); $2.50 for out-of-network |
Cash Deposited | $4.95 fee per transaction, available through Green Dot retail locations |
APY | None |
*Lili is a business fintech platform backed by FDIC-insured Choice Financial Group, Inc. | |
When To Choose Lili
Another fintech pushing hard for former Brex customers is Lili, which provides a solid business checking account with no monthly fees, transaction limits, minimum balance or deposit requirements. It offers two options: Lili Basic, which is free, and Lili Pro, which is $9 per month.
Both provide you with a debit card, the option to get paid faster with direct deposit two days early, built-in expense tracking, and no hidden fees. Lili Pro also gives you cashback rewards of 1% on all purchases, fee-free overdrafts up to $200, a savings account with a 4.15% APY on balances of $100,000 or less, and the ability to create and send unlimited invoices.
Lili Pro’s biggest perk is its tax optimizer. Through its app, it allows you to track potential tax write-offs, set aside money in a tax bucket, scan receipts, complete your schedule C automatically, and produce quarterly and annual expense reports. It’s a powerful tool, especially for small businesses without huge financial advising departments.
Users can now access their Lili account via browser login, in addition to the Lili app. Another recent change is Lili allows multimember LLCs, S corporations (S-corps), general partnerships, and limited liability partnerships to sign up for an account. This is in addition to sole proprietors (with or without a DBA) and single-member LLCs, which were already eligible for an account.
However, the account is unavailable to B corporations (B-corps), C corporations (C-corps), and nonprofit organizations.
The biggest drawback to Lili is the inability to send or receive wire transfers. Also, physical checks are unavailable. You can deposit cash, but it must be done through Green Dot retail locations for $4.95 a transaction.
Relay: Best for Businesses That Need Multiple Accounts & Debit Cards
What We Like
- No minimum balance or opening deposit required
- Wire transfers are very inexpensive and are free with Relay Pro
- No ATM fees charged by Relay, although third-party fees may apply out of network
Drawbacks
- No physical locations
- No interest-bearing checking
- No lending products
Features
- Fee-free online banking and money management platform
- Open up to 20 individual business checking accounts
- Issue up to 50 Visa debit cards
- Send and receive ACH transfers, checks, and wires
- Collect payments from PayPal, Stripe, Square, and more
- Relay Pro account available, which offers same-day ACH delivery, free wire transfers, and accounts payable support
- Customer service via email, mail, and web contact form, and the app
- Checks can be sent on users’ behalf for free; third-party checks unavailable
- Accounting software integrations with QuickBooks, Xero, and Plaid
- No lending product
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | Free for incoming; $5 for outgoing |
International Wire Transfer Fees | Free for incoming, $10 for outgoing |
ATM Fees | None at Allpoint ATMs; Relay doesn’t charge out-of-network ATM fees, although third-party fees will apply |
Cash Deposited | Accepted at Allpoint ATMs |
APY | N/A |
*Relay is a business fintech platform backed by FDIC-insured Evolve Bank & Trust and Thread Bank. | |
When To Use Relay
Switching to Relay is an excellent choice if your small business needs multiple accounts to separate business finances. You can get up to 20 checking accounts, which allows you to use accounts to set aside reserves for different expenses.
Relay is also a great choice if you send wire transfers frequently. With its basic business checking level, Relay Standard, the most you will pay for wire transfers is $10. If you upgrade to Relay Pro, they are entirely free. Neither checking product has transaction limits or minimum balance requirements, and you can open up to 20 checking accounts and issue up to 50 Mastercard debit cards for your team.
While Relay Standard is free, Relay Pro costs $30 per month—and the fee’s not waivable. However, the premium tier comes with a wide variety of business tools, including:
- Accounts payable support (including auto-imports from QuickBooks Online and Xero)
- Multi-step approval rules for bill payments
- Batch payments for bills
- One-click reconciliation of bills
- Same-day ACH delivery
- Free wire transfers
Also, Relay now allows you to make cash deposits at Allpoint ATMs, although you are limited to $1,000 per transaction. Its other drawbacks are that it is digital-only, so there are no physical locations to visit and, currently, it does not offer lending products.
How We Evaluated the Best Brex Business Account Alternatives
When we evaluated the best Brex Business Account alternatives, we considered
- Accounts that had similar offerings to Brex
- Monthly fees, if any, and how easily they are waived
- Required opening deposit and balance minimums
- Transaction limits before fees
- ACH and wire transfer fees
- ATM fees and availability
- Cash deposit fees and availability
- Interest yield, if applicable
- Other checking account perks
- Software integrations
- Other business services provided
- Lending products provided
- Customer service
- Customer reviews
What You Need To Qualify for a Brex Business Account
To qualify for a Brex Business Account, your business needs to meet one of the following criteria:
- Have received an equity investment of any amount, such as an accelerator, angel investor, venture capitalist (VC), or web3 token, or plan to in the near future
- Have more than $1 million a year in revenue
- Have more than 50 employees
- Have above $400,000 in cash (for midmarket and enterprise companies) or $50,000 for startups
- Be a tech startup on a path to meeting the criteria above and are referred by an existing customer or partner
If you do not qualify for a Brex account, see our list of the best Brex Business Account Alternatives in this guide.
What You Need To Open a Business Bank Account
Each provider on this list may require different documents to open a business bank account. Generally, you will need:
- Employer identification number (EIN) or Social Security number if you’re a sole proprietor
- Fictitious business name certificate or doing-business-as (DBA) certificate
- Business formation documents
- Organization documents, including your ownership agreements
- Business licenses
- Government-issued photo ID, such as a passport or driver’s license
You may want to refer to our guide on how to open a business bank account. It includes a downloadable checklist with requirements by business type.
Frequently Asked Questions (FAQs)
Who are the competitors of Brex?
Many financial technology companies are direct competitors to Brex. The biggest ones are Mercury, Novo, Bluevine, Lili, Oxygen, Relay, and Grasshopper.
Is Mercury better than Brex?
When comparing Brex vs Mercury, Mercury has advantages almost across the board now with the exception of being able to get FDIC insurance of up to $1 million with Brex. Mercury also now has a credit card product, which was the other area Brex had an advantage, and Mercury is easier to qualify for and allows you to access funds through an ATM. If you don’t need a true cash management system, Mercury is the better choice.
What bank does Brex partner with?
Brex has 27 partner banks, including Axos, Chase, LendingClub, and Merchants Bank of Indiana. Visit Brex’s website for its complete list of partners.
Bottom Line
Whether you are unable to qualify for a Brex Business Account, or you had your Brex account closed, the providers in this guide are great alternatives. They are all online-only banks that can provide many of the same services Brex and Nearside offered. Many surpass offerings by Brex, including some of the best small business checking accounts on the market. Compare the providers on the list and choose the one that best fits your business needs.
