The number of online banking options continues to increase giving businesses more financial options. One option we will look at is a newly launched business checking account.
Kabbage Checking will be paying off for small businesses at a time of uncertainty.
Atlanta-based Kabbage, Inc. provides cash-flow products to small businesses. The account enables customers to earn a 1.10% annual percentage yield. For a business checking account, this is one of the highest APY in the industry.
In addition to the interest paid out monthly, the account also features no opening or maintenance fees. Also, no minimum or daily balance requirements are in place. Businesses can deposit cash at any of 90,000 participating retailers and service centers nationwide. Withdrawing cash is for free across a network of 19,000 ATMs across the country.
The data and technology company will launch wire transfers and mobile remote deposits later in the year.
The account gives small businesses the same capabilities, convenience, and security of traditional checking accounts. An excellent setup without monthly fees or friction.
The company has helped more than 225,000 small businesses access services otherwise difficult to receive. Many long-time banking partners would only serve their largest customers during one of the largest financial crises in history.
“We believe in the businesses too often left out, overlooked and underestimated. Kabbage Checking is a new banking service built to give those small businesses an upper hand to earn more, save more and grow their business faster without sacrificing anything they expect from a bank,” Kabbage President Kathryn Petralia said.
Kabbage Checking also enables account holders to create up to five “wallets.” Manage cash flow, track goals, and issue payments electronically to manage bills. Also, use the Kabbage Debit MasterCard to access millions of merchants.
The new account also enables users to accept, deposit, pay, borrow, save and analyze funds through the Kabbage Platform. The company said this allows a seamless cash flow management experience.
Paired with Kabbage Insights, account holders will receive daily cash flow analyses and forecasts. Kabbage Payments integration helps plug cash flow gaps. Then paired with Kabbage Funding, accounts stay out of the red, eliminating overdrafts.