Global financial service platform Kabbage announced on Wednesday the launch of Kabbage Checking, which is a new business checking account built for small businesses. According to Kabbage, the checking account gives small businesses the same capabilities, convenience, and security they expect with a traditional checking account, but without the monthly fees or friction.
“In minutes, small businesses can apply for a Kabbage Checking account, irrespective of their time in business, revenue, or prior relationship with Kabbage. There are no opening fees or maintenance fees for Kabbage Checking accounts and there are no minimum or daily balance requirements. Instead, Kabbage Checking pays you. All customers will earn a 1.10 percent annual percentage yield (APY) paid out monthly, one of the highest interest rates for a business checking account in the industry.”
Kabbage Checking has the following features:
- No minimum opening deposits: Begin banking at any stage of business
- Cash deposits: Deposit cash at one of 90,000 participating retailers and service centers nationwide
- Free ATM access: Withdraw cash at one of 19,000 in-network ATMs nationwide
- Wallets: Create up to five Wallets to track savings goals or manage cash flow
- Bill pay: Set up vendors, organize bills and issue payments electronically
- Kabbage Debit Mastercard: Access millions of merchants who accept Mastercard globally
While sharing details about the checking account, Kabbage President Kathryn Petralia, stated that Kabbage has helped more than 225,000 small businesses gain access to services many of their banking partners would have only provided to the largest customers. She further explained:
“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 went on to add that when new features launch later this year, Kabbage Checking will also support wire transfers and mobile remote deposits. All Kabbage Checking accounts are issued by Green Dot Bank, Member FDIC, and are insured up to the FDIC’s standard deposit insurance amount of $250,000.