The Brex Business account has no monthly fees, balance minimums, transaction limits, or transaction fees, which include ACH, checks, and wire transfers. It is an excellent business checking product for large firms and accelerator-, venture-, and angel-funded companies. Generally, startups should have a minimum cash balance of $50,000
This figure can be potentially lower if your company was referred by a Brex partner.
, while larger enterprises must have over $400,000 to qualify
Brex requires you to meet one of these:
• Received an equity investment from an accelerator, an angel investor, or a VC–or plan to soon
• Have higher than $1 million annual revenue
• Have over 50 employees
• Have over $500,000 cash
• Have above $400,000 cash for midmarket and enterprise companies and $50,000 for startups
• Are a tech startup on a path to meet the criteria above and is referred by an existing customer or partner. If you don’t meet these, contact Brex to see if your business qualifies.
for a Brex Business account.
With this account, you can choose to earn a high yield by investing your funds in a government money market fund The fund is held by Bank of New York Mellon and invested in Dreyfus Government Cash Management Investor Shares (DGVXX). The DGVXX is a money market fund that invests solely in securities that are issued or guaranteed by the US government or its agencies or instrumentalities, repurchase agreements backed by cash, and/or government securities and cash. Securities in your account are protected up to $500,000 through SIPC insurance. or opt to protect it for up to $6 million in FDIC insurance through a cash sweep policy using Brex’s partner banks. Your account also gives you access to a Brex Card, a powerful corporate card offering multiple rewards. However, it cannot be used for ATM cash deposits and withdrawals.
With a decade of banking experience, my solid financial background helps me provide the best answers to our audience in line with the Fit Small Business editorial policy.
I strive for accuracy, clarity, and objectivity in writing reviews and guides to ensure that small business owners can access impartial and critical information that supports their business decisions.
I also completed a Business degree and have substantial experience in facilitating account opening, performing KYC, and cross-selling different banking and investment products and services to both retail and preferred clients.
When writing this Brex business checking review, I visited the bank’s website to check for updated information. I also compared its business account with other financial providers to see how it stacks up. In addition, to learn more about how users view Brex’s checking product, I read users’ feedback on an online forum. Although the provider received an average rating, many who left Brex business bank account reviews praised the platform’s ease of use.
To find out the performance of its mobile app, I browsed through reviews on App Store and Google Play. I saw that ratings were high, which indicates many users appreciate the app’s functionality, although a few encountered login issues.
Pros
- No minimum balance or opening deposit requirement
- No monthly maintenance fees
- All ACH and wire transfers are free
- Fee-free Brex Card comes with all Brex Business accounts
- High-yield option available by investing in a money market fund
- Access to FDIC insurance of up to $6 million through a cash sweep program
Cons
- No ATM card option and cash deposits
- No physical locations and ATM access
- Not open to sole proprietors, unincorporated partnerships, and companies organized and/or registered outside the US
- Stringent requirements may make it difficult for some businesses to qualify
- You have over $250,000 and want it insured: Using its multiple partner banks, Brex can insure your business funds through the FDIC for up to $6 million.
- You make frequent money transfers: Brex offers ACH, check, and wire transfers for free.
- You don’t deal with cash regularly: Brex is ideal because it does not accept cash deposits.
- You don’t need to withdraw cash from an ATM: The Brex Card does not allow you to withdraw at an ATM.
- You have a well-funded or venture-backed high-growth startup: One of Brex’s qualification requirements is a minimum of $1 million in annual revenue. If you have an advanced startup or scaling business, Brex is a good fit.
Brex Alternatives & Comparison
Account Name | Monthly Service Fee | APY | Free Monthly Transactions | |
|---|---|---|---|---|
 | Business Account | None | Unlimited | |
Visit Brex
Provider is a fintech platform backed by and FDIC-insured through multiple supporting bank partnerships.
| ||||
 | Business Checking | None | None
Mercury Treasury seeks to earn net returns of up to 4.69% annually on your idle cash. Net yield numbers as of 11/18/2024, and assumes total Mercury deposits of $20M+. Treasury accounts are advised by Mercury Advisory LLC, an SEC-registered investment adviser (“Mercury Advisory”), and are custodied by Apex Clearing Corporation, a registered broker dealer and member FINRA / SIPC. Treasury accounts are not FDIC insured. | Unlimited |
Visit Mercury
Provider is a fintech platform backed by and FDIC-insured through a supporting bank partnership with Evolve Bank & Trust and Choice Financial Group.
| ||||
 | Standard | None | Unlimited | |
Visit Bluevine
Provider is a fintech platform backed by and FDIC-insured through a supporting bank partnership with Coastal Community Bank.
| ||||
 | Business Complete Banking® | $15, waivable | None | |
Best For | Learn More | |
|---|---|---|
 | You don’t meet Brex’s qualifications: To open a Brex account, you must comply with a strict set of requirements, which is challenging for small businesses. If your company is ineligible, consider Mercury since it accepts all business types and most US-incorporated businesses—except sole proprietors and trusts. Our Brex vs Mercury business checking comparison provides more information. | Read our Mercury business checking review |
 | You want to earn a competitive APY: Your cash with Brex will only earn interest when invested in a money market fund. Meanwhile, Bluevine Standard gives an APY rate of 1.5% on qualifying balances up to $250,000. | Read our Bluevine business checking review |
| You need to make regular cash deposits and ATM withdrawals: Brex exclusively operates online and has no branch locations and ATM access. If depositing cash and withdrawing from ATMs is a priority, choose Chase. It has over 15,000 ATMs and around 4,700 branches across 48 states. |
Brex Business Checking Reviews From Users
| Users Like | Users Dislike |
|---|---|
| Great user interface (UI) | Closure of account without notice |
| Reliable | Suspended account without fund access |
| Simplifies bookkeeping | |
| Great customer service | |
Brex’s rating is 3.0 out of 5 from over 560 reviews on Trustpilot[1]. Many of the Brex Business account reviews show satisfaction with the platform. Users liked the ease of navigating a well-designed UX and also praised the app’s reliability and streamlined process of bill payments and card transactions.
Another feature reviewers shared positive feedback on is the QuickBooks integration, which makes reconciling accounts fast and easy. Some also found Brex’s customer support outstanding. They said that the team was responsive and very helpful.
However, some users whose accounts were suspended and closed without notice gave negative feedback. They reported that the reasons for violating the agreement were unspecified, although it was stated that some accounts no longer met the monthly revenue requirement.
Meanwhile, the Brex mobile app is well-rated. On the App Store[2], it shows a rating of 4.9 from about 5,600 reviews, while on Google Play[3], it has a rating of 4.6 from over 1,000 reviews.
Users are pleased with the app’s smooth interface, quick wire transfer functionality, and convenient expense tracking features. However, some mentioned that depositing checks took time, which made the process tedious. Others also complained about experiencing glitches when they logged in.
Brex Business Checking Terms
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited |
Monthly Fees | None |
ACH Fees | None |
Domestic Wire Transfer Fees | No wire fees |
International Wire Transfer Fees | |
ATM Fees | No ATM card |
Cash Deposits | None; cash deposits are not accepted |
APY |
Brex Business Checking Requirements
Your business must meet the following Brex Business account requirements to qualify for an account. Note that only companies organized and registered in the US (e.g., C-corps, S-corps, LLCs, or LLPs) may apply for a Brex Account. Individual consumers, sole proprietors, unincorporated partnerships, and companies organized and/or registered outside the US are not permitted to open a Brex Account.
How to Open a Brex Business Checking Account
- Step 1: Visit the Brex website and choose the business banking product.
- Step 2: Click the Get Started button.
- Step 3: Enter your full name, work email, and mobile number.
- Step 4: Complete the required business information.
If your company is eligible, a representative will contact you for the next step.
Brex Business Checking Features
A Brex Business account serves as a business checking account. You can:
| |
Brex Card (see our Brex Card review) | The card offers:
|
Brex Empower |
|
Brex Customized User Permissions |
|
Brex Integrations (visit Brex’s integration page) |
|
Brex Rewards (see Brex's rewards page) |
|
Brex Expenses |
|
Brex Bill Pay |
|
Brex Mobile App |
|
Physical Checks | N/A, but checks can be sent from the app |
Customer Service |
|
Other Brex Business Products
- Business card
- Expense management
- Bill pay
- Travel
Frequently Asked Questions (FAQs)
No, Brex is a fintech company offering a business bank account that provides FDIC insurance coverage of up to $6 million through its partnership with multiple banks. It also allows you to place your cash in a government money market fund to earn a high yield.
Yes. You can build your business credit history when you use your Brex card and pay on time. Under the Brex platform agreement, it partners with Experian, Dun & Bradstreet, and Equifax to report your company’s payment history to one or more credit reporting agencies.
Yes, Brex assigns a credit limit based on your total cash balance. Also, if you hold cash with other financial providers that are not linked with Brex, you can furnish Brex with account statement copies to request an increase in your credit limit.
Yes. Brex requires its applicant to have an IRS-issued US EIN, a valid US incorporation, and a physical address. You would also need to be eligible to open an account, and your business must not be among the restricted industries. Refer to the Brex Platform Agreement to learn more about its eligibility requirements.
You can fund your Brex Business account through ACH, check, and wire transfer.
No. Brex does not offer a debit card with ATM access and has no physical location for in-person withdrawals.
Included in the list of Brex’s prohibited business activities are:
- Using a business account for personal spend
- Using accounts to facilitate money services businesses
- Activities involving gambling, including the development of gambling software
- Marijuana-related activities, including medical marijuana
- Sexually related services, including adult entertainment
- High-risk and high-interest-rate loans and/or payday loans
- Illicit drug trafficking or distribution
- Manufacturing of counterfeit goods
- Business models indicative of a Ponzi scheme or other deceptive business models
- Production, purchase, sale, distribution, or trading or manufacturing of guns, firearms, and other weapons
Bottom Line
Brex is a great choice for businesses looking for a high annual yield and transaction savings. It stands out from other providers with an excellent cash sweep policy, allowing for additional FDIC insurance for your business.
Thanks to extra FDIC protection, robust integrations and perks, 24/7 global customer support, and Brex cost-free business accounts, this provider is an outstanding choice for your large company or venture-backed startup. However, if ATM or branch access is one of your major needs, consider the other alternatives cited above.
User review resources:
[1]Trustpilot
[2]App Store
[3]Google Play