Many Brex customers recently received a notice that their Brex Cash Management accounts (CMAs) were being closed as of August 15, 2022. Brex is now focusing on startups and scaled companies; therefore, many account holders will be looking for a Brex Cash Management Account alternative for their business banking needs.
There are dozens of options available for customers looking for a similar, online-only business banking experience with limited fees and outstanding digital integrations. Here are the eight best Brex CMA alternatives:
- Mercury * : Best overall for incorporated tech companies and startups
- Bluevine * : Best for higher interest rates on checking accounts
- Novo * : Best for digital banking with no fees
- First Internet Bank : Best for online-only full-service banking
- Grasshopper : Best for flexible lending solutions and digital integrations
- Relay * : Best for businesses with frequent wire transfers
- Lili * : Best for digital tax preparation assistance
- Nearside * : Best for cash back rewards on debit card purchases
*Providers are financial technology (fintech) platforms backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership (Evolve Bank & Trust for Mercury and Relay, Coastal Community Bank for Bluevine, Middlesex Federal Savings for Novo, Choice Financial Group, Inc. for Lili, and Piermont Bank for Nearside).
Best Brex Cash Management Account Alternatives At a Glance
| Monthly Fee | Transaction Fee | Annual Percentage Yield (APY) | Cash Deposit Fee | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|---|---|
 Business Checking
| None | None | N/A | Cash deposits not accepted | Free access to Allpoint ATM network worldwide | None |
| Visit Mercury | ||||||
 Business Checking
| None | None | 1.5% on qualifying balances up to $100,000 | $4.95/deposit ( Green Dot locations ) | Free (MoneyPass ATMs nationwide); $2.50 for nonnetwork | None |
| Visit Bluevine | ||||||
 Business Checking
| None | None | N/A | None; cash is deposited through money orders | Refunds all ATM fees | None |
| Visit Novo | ||||||
 Business Checking
| None | None | 0.30% on balances of $10,000 or more | Cash deposits not accepted | None; reimburses up to $10/month in ATM fees | $100 |
| Visit First Internet Bank | ||||||
 Innovator Business Checking
| None | None | 1% $10,000 & over; 0.5% under $10,000 | Cash deposits not accepted | Free (MoneyPass and SUM network ATMs) | $100 |
| Visit Grasshopper | ||||||
 Business Checking Basic
| None | None | N/A | Cash deposits not accepted | Free (Allpoint ATM network) | None |
| Visit Relay | ||||||
 Business Checking Basic
| None | None | None | $4.95/deposit ( Green Dot locations ) | Free at MoneyPass locations; $2.50 for nonnetwork | None |
| Visit Lili | ||||||
 Business Checking
| None | None | None | Can be deposited through Allpoint ATMs | Free at Allpoint ATMs; $1 fee out-of-network plus third-party fees | None |
| Visit Nearside |
| Monthly Fee | Transaction Fee | Annual Percentage Yield (APY) | Cash Deposit Fee | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|---|---|
| Business Checking
| None | None | N/A | Cash deposits not accepted | Free access to Allpoint ATM network worldwide | None |
| Visit Mercury | ||||||
| Business Checking
| None | None | 1.5% on qualifying balances up to $100,000 | $4.95/deposit ( Green Dot locations ) | Free (MoneyPass ATMs nationwide); $2.50 for nonnetwork | None |
| Visit Bluevine | ||||||
| Business Checking
| None | None | N/A | None; cash is deposited through money orders | Refunds all ATM fees | None |
| Visit Novo | ||||||
| Business Checking
| None | None | 0.30% on balances of $10,000 or more | Cash deposits not accepted | None; reimburses up to $10/month in ATM fees | $100 |
| Visit First Internet Bank | ||||||
| Innovator Business Checking
| None | None | 1% $10,000 & over; 0.5% under $10,000 | Cash deposits not accepted | Free (MoneyPass and SUM network ATMs) | $100 |
| Visit Grasshopper | ||||||
| Business Checking Basic
| None | None | N/A | Cash deposits not accepted | Free (Allpoint ATM network) | None |
| Visit Relay | ||||||
| Business Checking Basic
| None | None | None | $4.95/deposit ( Green Dot locations ) | Free at MoneyPass locations; $2.50 for nonnetwork | None |
| Visit Lili | ||||||
| Business Checking
| None | None | None | Can be deposited through Allpoint ATMs | Free at Allpoint ATMs; $1 fee out-of-network plus third-party fees | None |
| Visit Nearside |
Mercury: Best Overall for Incorporated Tech Companies & Startups
Mercury:
What We Like
- No monthly maintenance fees
- No domestic wire fees
- Treasury product offers outstanding yield on balances over $250,000
What’s Missing
- Accounts unavailable to sole proprietorships
- Lacks paper check-writing abilities
- Limited lending options and no cash deposits
Features
- Earn interest with Mercury Treasury product if you have more than $250,000 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
Visit Mercury
Mercury Business Checking Overview
- Terms
- Features
| |
|
|---|---|
| Required Opening Deposit | None |
| Required Balance Minimum | None |
| Transaction Limit Before Fees | No limit |
| Automated Clearing House (ACH) Fees | None |
| Teller Cash Withdrawal Fee | None |
| Domestic Wire Transfer Fees | None |
| International Wire Fees | None as long as it is sent through Mercurys 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 | None; bank doesnt accept cash deposits |
| APY | N/A |
| Review | Read our Mercury Business Checking review |
| Open an Account | Visit Mercury * |
| |
|
|---|---|
| Debit Card | Virtual cards available right away, with physical debit cards arriving in the mail in a few days |
| Physical Checks | Cannot send physical checks |
| Accounting Software Integrations | QuickBooks and Xero |
| Business Payment Integrations | Includes Shopify, Stripe, Zapier, Amazon, and PayPal |
| Customer Service | Email customer service available |
| Invoicing Products | N/A |
| Other Products Available | Savings account provided when you open checking, Mercury Treasury, capital and venture debt |
| Review | Read our Mercury Business Checking review |
| Open an Account | Visit Mercury * |
*Mercury is a business fintech platform backed by FDIC-insured Evolve Bank & Trust.
When To Use Mercury
For incorporated startups and tech companies who are looking for a new business bank, Mercury is our top choice for the best Brex CMA 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.
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, youll receive $200 in cash back. In addition, Mercury offers an interest-bearing Treasury account. You can access that account by request once you have at least $250,000 in funds in your Mercury accounts. Currently, its earning up to 1.454% 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 have 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. However, it doesnt offer any other types of lending. Nevertheless, its 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
Bluevine
What We Like
- Interest-earning checking with 1.5% APY on balances of $100,000 or less
- Integrates with QuickBooks
- Excellent line of credit product
What’s Missing
- No savings, money market, and CD accounts
- No physical branch locations
- No customer service on weekends
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
Visit Bluevine
Bluevine Business Checking Overview
- Terms
- Features
| |
|
|---|---|
| Required Opening Deposit | None |
| Required Balance Minimum | None |
| Transaction Limit Before Fees | No limit |
| ACH Fees | None |
| Teller Cash Withdrawal Fee | None |
| Domestic Wire Transfer Fees | $15 for outgoing; incoming are free |
| International Wire Fees | $15 for outgoing; incoming are free |
| ATM Fees | Free at MoneyPass locations nationally; $2.50 plus operator fees for nonnetwork ATM use |
| Cash Deposited | $4.95 fee per transaction, available through Green Dot retail locations |
| APY | 1.5% on balances of up to $100,000, once qualifications are met |
| Review | Read our Bluevine Business Checking review |
| Open an Account | Visit Bluevine * |
| |
|
|---|---|
| Debit Card | Free debit card, mailed within 10 business days of application approval |
| Physical Checks | Two free checkbook orders per year |
| Accounting Software Integrations | QuickBooks and Xero |
| Business Payment Integrations | Includes Stripe, PayPal, and Expensify |
| Customer Service | Live customer support from dedicated professionals |
| Invoicing Products | N/A |
| Other Products Available | Line of credit |
| Review | Read our Bluevine Business Checking review |
| Open an Account | Visit Bluevine * |
*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 1.5% APY on balances up to $100,000. 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.
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.
Novo: Best for Digital Banking With No Fees
Novo
What We Like
- Refunds all ATM fees at months end
- No maintenance fees
- Free unlimited transactions
What’s Missing
- No interest-earning accounts
- No lending and savings products
- No cash deposits
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
Visit Novo
Novo Business Checking Overview
- Terms
- Features
| |
|
|---|---|
| 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 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 |
| Review | Read our Novo Business Checking review |
| Open an Account | Visit Novo * |
| |
|
|---|---|
| Debit Card | Virtual debit card available immediately, one free physical debit card per user |
| Physical Checks | Paper checks can be sent straight from the app |
| Accounting Software Integrations | QuickBooks and Xero |
| Business Payment Integrations | Includes Stripe, Square, PayPal, Wise, and Shopify |
| Customer Service | Live customer support from dedicated professionals |
| Invoicing Products | Free unlimited invoicing |
| No lending products | |
| Review | Read our Novo Business Checking review |
| Open an Account | Visit Novo * |
*Novo is a business fintech platform backed by FDIC-insured Middlesex Federal Savings.
When To Use Novo
If youre 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.
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 doesnt 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 $1.95 for up to $1,000 money orders.
As long as you arent interested in getting lending or savings products from your checking account provider, Novo is a great option, especially for businesses with frequent ATM withdrawals.
First Internet Bank: Best for Online-only Full-service Banking
First Internet Bank
What We Like
- Interest-earning checking and savings accounts available
- Up to $10 ATM refund each month
- No monthly maintenance fees
What’s Missing
- 0.30% APY on checking only available with an average daily balance of $10,000
- No cash deposits
- No physical branches
Features
- Small Business Administration (SBA) loans and commercial loans
- Other business bank accounts available, including savings, money markets, and certificates of deposits (CDs)ranked among the best business savings accounts
- Personal accounts
- Health savings accounts (HSAs)
Visit First Internet Bank
First Internet Bank Business Checking Overview
- Terms
- Features
| |
|
|---|---|
| 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 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 | 0.30% on balances of $10,000 or more |
| Review | Read our First Internet Bank Business Checking review |
| Open an Account | Visit First Internet Bank |
| |
|
|---|---|
| Debit Card | Free, with first replacement card free as well ($5 for each additional replacement) |
| Physical Checks | Cost varies depending on the type of checks ordered |
| Accounting Software Integrations | QuickBooks |
| Business Payment Integrations | N/A |
| Customer Service | Phone and email customer service available during business hours |
| Invoicing Products | N/A |
| Other Products Available | Business savings, business CDs, lending |
| Review | Read our First Internet Bank Business Checking review |
| Open an Account | Visit First Internet Bank |
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 0.30% APY on checking balances of more than $10,000 in your account with no maximum limit. It has money market and regular savings, which earn 0.70% 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, commercial lending, and public finance. Theres also software integration with QuickBooks.
First Internet Bank doesnt accept cash deposits, and a $100 minimum opening deposit is required. Overall, its a great option if youre 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
Grasshopper
What We Like
- Cash back on debit card purchases
- Interest-bearing account once minimum balance is met
- No monthly and transaction fees
What’s Missing
- 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
- 1% APY on all balances above $10,000
- 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
Visit Grasshopper
Grasshopper Business Checking Overview
- Terms
- Features
 |
|
|---|---|
| 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 |
| International Wire Fees | No incoming wire fees |
| ATM Fees | Free at 45,000 Money Pass & Sum network ATMs |
| Cash Deposited | None; cash deposits not accepted |
| APY | 1% on $10,000 and over; 0.5% under $10,000 |
| Review | Read our Grasshopper Bank Business Checking review |
| Open an Account | Visit Grasshopper |
| |
|
|---|---|
| Debit Card | Physical and virtual debit card available; 1% cash back online and in-store with debit card purchases |
| Physical Checks | N/A |
| Accounting Software Integrations | QuickBooks |
| Business Payment Integrations | Grasshopper provides Autobooks to each customer free of charge, built into online banking |
| Customer Service | Customer support via phone, live chat, email, secure message, and text message; also available through the app |
| Invoicing Products | Autobooks provided for free |
| Other Products Available | API banking, treasury management, startup banking services, lending |
| Review | Read our Grasshopper Bank Business Checking review |
| Open an Account | Visit Grasshopper |
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. Its another digital-only bank with a full range of banking products.
On its business checking product, it offers 0.5% APY on balances less than $10,000 and 1% APY uncapped on balances of $10,000 or greater. It also offers 1% cash back on all debit card online and in-person purchases.
In addition to its excellent business checking product, it provides SBA lending, commercial real estate 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.
Relay: Best for Businesses With Frequent Wire Transfers
Relay
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
What’s Missing
- No physical locations
- No cash deposits accepted
- No lending products
Features
- Fee-free online banking and money management platform
- Open up to 20 individual business checking accounts
- Issue up to 50 Mastercard 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
Visit Relay
Relay Standard Business Checking Overview
- Terms
- Features
| |
|
|---|---|
| Required Opening Deposit | None |
| Required Balance Minimum | None |
| Transaction Limit Before Fees | None |
| Monthly Fees | None |
| Domestic Wire Transfer Fees | Incoming are free; $5 for outgoing |
| International Wire Fees | Incoming are free; $10 for outgoing |
| ATM Fees | Free at Allpoint ATMs; Relay doesnt charge out-of-network ATM fees, although third-party fees will apply |
| Cash Deposited | No cash deposits accepted |
| APY | N/A |
| Review | Read our Relay Business Checking review |
| Open an Account | Visit Relay * |
| |
|
|---|---|
| Debit Card | Issue up to 50 Mastercard debit cards to your team |
| Physical Checks | Customers can have checks sent on their behalf for free; third-party checks unavailable |
| Accounting Software Integrations | QuickBooks, Xero, Plaid, and Gusto |
| Business Payment Integrations | Includes Stripe, Square, and PayPal |
| Customer Service | Email, mail and web contact form, through the app |
| Invoicing Products | Available; streamlined with Relay Pro |
| Other Products Available | No lending products |
| Review | Read our Relay Business Checking review |
| Open an Account | Visit Relay * |
*Relay is a business fintech platform backed by FDIC-insured Evolve Bank & Trust.
When To Use Relay
Switching to Relay is an excellent choice if your small business sends wire transfers frequently. With its basic business checking level, Relay Standard, the most youll pay for wire transfers is $10. If you upgrade to Relay Pro, theyre 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 fees 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
- Multistep approval rules for bill payments
- Batch payments for bills
- One-click reconciliation of bills
- Same-day ACH delivery
- Free wire transfers
There are some drawbacks to Relay. It doesnt accept cash deposits and currently doesnt offer lending products. And the fee for Relay Pro isnt waivable, unlike premium accounts from other banking providers.
Lili: Best for Digital Tax Preparation Assistance
Lili
What We Like
- No monthly fees for basic tier
- Lili Pro plan includes an automatic savings account that earns 1% annual percentage yield (APY)
- Tax Optimizer helps with tax preparation for small businesses
What’s Missing
- No physical locations
- Limits business accounts to doing business as (DBA) setups and single-owner limited liability companies (LLCs)
- No wire transfers
Features
- Free Visa business debit card
- Mobile banking
- Unlimited invoice creation
- Tax Optimizer tracks tax write-offs
- Fee-free overdraft coverage feature called BalanceUp
Visit Lili
Lili Business Checking Basic Overview
- Terms
- Features
| |
|
|---|---|
| Required Opening Deposit | None |
| Required Balance Minimum | None |
| Transaction Limit Before Fees | None |
| Monthly Fees | None |
| Domestic Wire Transfer Fees | Unavailable |
| International Wire Fees | Unavailable |
| ATM Fees | Free 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 |
| Review | Read our Lili Business Checking review |
| Open an Account | Visit Lili * |
| |
|
|---|---|
| Debit Card | Free Visa debit card |
| Physical Checks | Unavailable |
| Accounting Software Integrations | Built-In Expense Tracking, QuickBooks |
| Business Payment Integrations | Includes Venmo, PayPal, and Cash App |
| Customer Service | Phone: (855) 545 4380 (MondayFriday, 9 AM7 PM EST) Email: support@lili.co |
| Invoicing Products | Advanced invoicing software with unlimited invoices available with Lili Pro |
| Other Products Available | Lili Business Checking Pro for $4.99/month |
| Review | Read our Lili Business Checking review |
| Open an Account | Visit Lili * |
*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 . Its 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. Its a powerful tool, especially for small businesses that dont have huge financial advising departments.
It even offers a solid business checking account with no monthly fees, transaction limits, minimum balance, or deposit requirements. It has two checking options: Lili Basic, which is free, and Lili Pro, which is $4.99 a 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 cash back rewards of 1% on all purchases, fee-free overdrafts up to $200, a savings account with a 1% APY, and the ability to create and send unlimited invoices.
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.
Nearside: Best for Cash Back Rewards on Debit Card Purchases
Nearside
What We Like
- 2.2% cash back on all ATM purchases
- No monthly, NSF, and debit card replacement fees
- Business services such as LLC formation, EIN registration, and legal assistance (for a fee)
What’s Missing
- No wire transfers
- No interest-bearing checking option
- No mobile check deposit
Features
- For $39 a year, Nearside Sprout will form an LLC for your business
- For $99 a year, get a registered agent to help manage your legal documents
- When you file for an LLC through Nearside, it will register you for an EIN or Tax ID
- Get deals on Square, QuickBooks, Yelp, and other businesses through Nearside perks
Visit Nearside
Nearside Business Checking Overview
- Terms
- Features
| |
|
|---|---|
| Required Opening Deposit | None |
| Required Balance Minimum | None |
| Transaction Limit Before Fees | None |
| Monthly Fees | None |
| Domestic Wire Transfer Fees | Unavailable |
| International Wire Fees | Unavailable |
| ATM Fees | Free at Allpoint ATMs; $1 fee at out-of-network ATMs plus third-party fees |
| Cash Deposited | Can be deposited through Allpoint ATMs |
| APY | None |
| Review | Read our Nearside Small Business Checking Account review |
| Open an Account | Visit Nearside * |
| |
|
|---|---|
| Debit Card | Free debit card with free replacement; virtual card available until physical card arrives; cannot be used for lottery tickets, tobacco, firearms, and cryptocurrency |
| Physical Checks | Can send physical checks through the app |
| Accounting Software Integrations | Includes QuickBooks, Xero, and Expensify |
| Business Payment Integrations | Includes Lyft, Square, Amazon, Shopify, PayPal, Stripe, Venmo, and Square |
| Customer Service | Email: help@nearside.com Phone: 888-516-2369 (6 a.m.5 p.m. PST) |
| Invoicing Products | Includes QuickBooks and Expensify |
| Other Products Available | Nearside Sprout business services |
| Review | Read our Nearside Small Business Checking Account review |
| Open an Account | Visit Nearside * |
*Nearside is a business fintech platform backed by FDIC-insured Piermont Bank.
Nearside is currently transitioning banking partners. All accounts are currently backed by LendingClub Bank, National Association, but as of August 1, 2022, theyll be backed by FDIC-insured Piermont Bank. All current users are receiving new routing and account numbers for their accounts, but new customers shouldnt be affected by this change.
When To Choose Nearside
While former Brex customers might not need all of the business services provided by Nearside , the 2.2% cash back it provides on all purchases made with its debit card makes it an enticing choice. In addition, it offers thousands of dollars in savings on deals for accounting software, shareable documents, and POS tools.
You can deposit cash through the Allpoint ATM network. Withdrawals in-network are free, while out-of-network withdrawals will cost you $1 plus third-party fees.
For businesses looking to incorporate, Nearside offers Sprout, which can help you form an LLC, manage legal documents, and get a tax ID or EIN for an additional fee. While customers coming from Brex may already have this completed, it might be a perk if youre interested in starting a second business.
Nearsides drawbacks include the lack of mobile check deposits and wire transfers. Checks must also be deposited through the Allpoint network, which may be inconvenient if you deposit checks frequently.
How We Evaluated the Best Brex Cash Management Account Alternatives
When we evaluated the best Brex Cash Management account alternatives, we considered
- Accounts that had similar offerings to Brex Cash Management
- Monthly fees, if any, and how easily theyre 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
How to Appeal Your Brex Cash Management Account Closing
If you feel your Brex Cash Management Account is being closed in error, there are steps you can take to try to ensure your account isnt closed on August 15.
If your account meets any of the following criteria, email reopen@brex.com with verifying documentation to appeal the decision:
- Received an equity investment of any amount, such as accelerator, angel, venture capital (VC), or web3 token
- More than $1 million a year in revenue
- More than 50 employees
- More than $500,000 in cash
- Tech startups who are on a path to meeting the criteria above and are referred by an existing customer or partner
Brex also has a link with information about the next steps if your account is set to be closed on August 15.
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, youll need:
- Employer identification number (EIN) or Social Security number if youre 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 drivers license
Bottom Line
While each of the accounts listed here is slightly different from Brex Cash Management, there are great options if youre forced to find a new business checking provider. Before choosing a small business checking account , decide what features are most important for your business. Once you determine your bank needs, select the option from this list that best fits your business needs.
What is Evolve bank and Trust for Shopify
Evolve Bancorp, a bank based in Memphis, Tennessee , will be the bank behind Shopify Balance. Shopify needs a financial institution with a banking licence in order to offer Balance, as banking licenses are notoriously difficult to attain.
Is Evolve bank & Trust a real bank
Evolve Bank & Trust, a technology-focused financial services organization and Banking-as-a-Service (“BaaS”) provider , is a best-in-class financial institution offering specialized services in Open Banking, Commercial and Consumer Banking, Mortgages, SBA Lending, Physicians Lending Community Funding and Trust Services.
What company uses Evolve bank and Trust
Intuit, Zappos, Under Armour, Microsoft, Patagonia , and many other well-known names gained their first national exposure as honorees on the Inc. 5000.
Does Shopify have a banking license