This article is part of a larger series on Business Banking.
For businesses that qualify, Brex Cash Management Account is an excellent business checking product. Your funds can earn a high-interest yield and are protected with up to $1.75 million in Federal Deposit Insurance Corp. (FDIC) insurance. In addition, you get access to the Brex Card, a unique and powerful business credit card product.
Recently, Brex tightened its qualifications for a Brex Cash Management Account. To be sure of qualification, your business and your potential Brex account will need to meet one of the following criteria:
- Received an equity investment of any amount, such as an accelerator, angel investor, venture capitalist, or web3 token)
- Have more than $1 million a year in revenue
- Have more than 50 employees
- Have above $500,000 in cash
- Are a tech startup that’s on a path to meeting the criteria above and is referred by an existing customer or partner
If you don’t meet these, you can contact Brex to see if your business qualifies as businesses that might soon meet one of the criteria and may still be eligible for an account. You can also check out our list of the best Brex Cash Management Account alternatives.
How Brex Cash Management Account Stacks Up With Its Competitors
Annual Percentage Yield (APY)
Cash Deposit Fee
Minimum Opening Deposit
Cash invested in money market earns up to 1.46% APY
N/A; bank doesn’t accept cash deposits
No ATM card available
Only earn interest in the Mercury Treasury product
N/A; bank doesn’t accept cash deposits
Free access to Allpoint ATM network
2.0% on balances up to $100,000
$4.95/deposit; accepted at Green Dot locations
No fees at 38,000+ MoneyPass ATMs nationwide
*Providers are financial technology (fintech) platforms backed and FDIC-insured through a supporting bank partnership (10 program banks are partnered with Brex; Evolve Bank & Trust for Mercury, and Coastal Community Bank for Bluevine).
When Brex CMA Is a Good Fit
We recommend Brex for the following scenarios:
- You make frequent money transfers: If you need to transfer money frequently, Brex is an excellent choice, as all ACH, check, and wire transfers are free.
- You don’t need to deposit cash: If your business doesn’t deal with cash regularly, Brex is ideal because it doesn’t accept cash deposits.
- You don’t need to withdraw cash: If your business doesn’t need to withdraw cash from an ATM, Brex is a good choice because the Brex Card doesn’t allow you to withdraw at an ATM.
- You have an advanced startup or a scaling business: Because of Brex’s new qualification requirements, if you have an advanced startup―with at least $1 million in annual revenue―or a scaling business, Brex is a good fit.
When Brex CMA Isn’t a Good Fit
While Brex offers a great online banking product, it might not be the best fit for your business. You might choose an alternative in the following scenarios:
- Your business needs to deposit cash regularly: Brex doesn’t allow you to deposit cash. If you’re depositing cash constantly, you might consider a bank with a physical location, such as Bank of America, Chase, or U.S. Bank.
- You need to withdraw cash from your account for your business: The Brex card doesn’t allow you to withdraw cash at all. Novo is a good digital banking alternative because it refunds all ATM fees at the end of each month.
- You need a full-service digital bank: While Brex offers some great business services, it doesn’t offer lending products. If you need a full-service digital bank, First Internet Bank is a great choice.
Brex CMA Overview
*Brex is a business fintech platform, which partners with 10 program banks that are FDIC-insured.
Brex CMA Requirements
To qualify for an account, Brex has a list of requirements your business must satisfy.
For more information on how to open a business checking account, check out our guide to opening a business bank account, which includes a convenient checklist to help you through the process.
Brex Cash Features
Brex’s Cash Management Account has some great features that can benefit your startup or scaling small business.
Brex Cash Management Account
Brex Cash serves as a business checking account. It has no opening deposit and minimum balance requirement, no transaction limit, and no monthly fees. All incoming and outgoing wires and ACHs are free, domestic and international.
Brex also allows you to invest extra funds in a money market, which is currently earning up to 1.46% APY. You cannot order physical checks, but you can send them from the app. While you cannot deposit or withdraw cash with Brex, you can issue an unlimited number of Brex Cards for free.
One of the biggest perks of Brex Cash is the Brex Card. It combines the credit-building benefits of a business credit card with access to your Cash Management account of a debit card.
You can choose the daily or monthly payment option with the Brex Card. Daily payment comes with every Brex Cash account while monthly requires an application. Both are fee-free, with no personal guarantee required, and report to credit bureaus, as with other business credit cards.
The terms, benefits, and qualifications of each card are listed in the table below.
Comes with every Brex Cash account
Companies that meet certain size and revenue requirements; requires application
100% of Brex Cash account’s available balance
Qualify for 10x to 20x higher limits than traditional corporate cards
Earn up to 8x rewards points on all card spend
Earn up to 7x rewards points on all card spend
How Card Is Paid
Paid daily from Brex Cash account balance
Billed monthly and can be paid from any account
The Brex Card offers 7x points on rideshares, 4x on Brex travel, 3x on restaurants, 2x on software, and 1x on all other spending. You can issue unlimited cards with custom limits and track team expenses. It comes with Mastercard Zero Liability Protection to protect your users from fraud.
One downside is your company must be organized with an EIN to qualify. It’s unavailable to sole proprietors and other unregistered businesses.
Brex’s latest product is its spend management program called Brex Empower. It allows you to control and monitor several aspects of your business finances. You can contact Brex’s sales department for more information about this product and any fees involved.
- Budgets: You can give employees a preapproved spending amount for a specific purpose. They can use a single Brex Card to spend from different budgets and can even update budgets from the Brex dashboard at any time. Several other budget features can be controlled, including approvals and policy creation.
- Expenses and reimbursements: You can control these using a Google Chrome extension, allowing the upload of receipts with one click. You can also leave comments on expenses and auto-validate receipts. Expenses can be split or itemized and reimbursed, and bills can be paid automatically.
- Integrations and application programming interfaces (APIs): You can integrate with Sage Intacct, QuickBooks, NetSuite, and more. There are extended API support, automated human resources information system (HRIS) offboarding, and universal enterprise resource planning (ERP) support via comma-separated value (CSV) files.
- Global support: Brex Cards will work in more than 100 countries. You can see transactions in your company’s base currency and in the local currency where expenses occurred. All cards―physical and virtual―can be set with a PIN, and physical cards include chips for extra security.
Outside of Brex Empower, the company offers dozens of integrations with companies in ERP/procurement, HRIS, workflow automation, and comms/authentication. Visit Brex’s website for the complete list of integrations available.
In addition to the Brex Card rewards, you can use Brex points to purchase Billboard advertising, executive coaching, team off-sites, and more. You can even extra Brex points by purchasing those items with cash on the Brex Card.
Brex also offers partner rewards of more than $180,000. Companies offering those rewards include AWS, Apple, QuickBooks, UPS, Gusto, Slack, Google Ads, Vouch, Experian, and Freshworks.
You can also earn 4x on travel, redeeming points for miles with Aeromexico, Air France KLM, Avianca, Singapore Airlines, Emirates, Asia Miles, and Qantas.
You can text or email receipts to Brex, and it’ll match them to expenses. You can sync expense data across systems to automate reconciliation. Custom spend reports that find ways to save your company money are also available.
Spending can be tracked in real-time on the app. Unique Brex Cards can be created for free with custom limits for each subscription, vendor, and employee.
Brex Bill Pay
You can manage all bills in one place. Invoices can be paid by forwarding an email, and you won’t pay transaction fees.
You can send payments from wire, ACH, or check for free, even internationally. You can also auto-sync with Xero or QuickBooks.
Brex offers Pry, a platform that helps founders manage budgets, hiring plans, financial models, and runways. It lets you get accurate financial forecasts in real-time and create scenarios to plan for different possible financial scenarios. Interactive dashboards show you real-time financial data to help display your current financial picture.
Brex CMA Pros & Cons
|No minimum balance or opening deposit requirement||No ATM card option and cash deposits|
|No monthly fees||No physical locations|
|All ACH and wire transfers are free||Not open to sole proprietors or unregistered businesses|
|Fee-free Brex Card comes with all Brex Cash accounts||Recently tightened qualifications may leave some businesses unable to qualify|
For incorporated businesses looking for a largely fee-free banking experience, Brex is an excellent choice. It has no minimum balance and opening deposit requirement, has no monthly fees, offers free wires and ACH transfers, and provides an unlimited number of fee-free Brex Cards.
However, businesses dealing with cash or needing physical locations might consider an alternative. Also, sole proprietors and unregistered businesses are ineligible, and other businesses might find eligibility more difficult with Brex’s recently-tightened requirements.
The Brex app is very highly rated on both Google Play and App Store. It has 4.4 out of 5 stars on Google Play (out of more than 630 reviews) and 4.9 out of 5 stars (with more than 1,600 reviews) on the App Store. Most users raved about the app’s interface on both systems, while some negative reviews revolved around accounts recently closed with Brex’s tightened qualification requirements.
Alternatives to Brex CMA
While Brex offers a great Cash Management Account product, it might not be the best fit for your business. Alternatively, your business may not qualify with Brex’s more stringent qualification requirements. If you need a digital bank that caters to tech companies and startups, has a checking that earns interest, or offers full-service banking products, you may want to consider one of the following alternatives:
- Mercury: Best overall for incorporated tech companies and startups, with great third-party software integrations and $200 cash back if you spend $2,000 on your debit card in the first 90 days.
- Bluevine: Best for a business checking account with a high-interest yield and for businesses that occasionally need to deposit cash, as you can do that at Green Dot Retail Locations for $4.95.
- First Internet Bank: Best for businesses wanting the same full-service banking options a traditional brick-and-mortar bank provides with the convenience of a digital-only bank.
If your business qualifies and primarily lives in the digital finance space, Brex Cash is a great option. Brex’s Cash Management Account and the Brex Card give you a largely fee-free banking experience. With the ability to spread funds across Brex partner banks, you can have up to $1.75 million insured by the FDIC. See if your business qualifies and if Brex’s features fit your business model. If so, Brex is an excellent choice.