The Kabbage™ Checking account is a business checking account with no maintenance fees and offers an incredible 1.10% APY on balances up to $100,000! You can also get a $300 bonus for opening an account! Learn more about this great banking product below!
Ninja Update 10/4/21: Offer is now available to the public! That’s an easy $600 in bonuses when you combine this with the $300 Chase business checking offer!
Kabbage is an online fintech company that was acquired by American Express in 2020. The company provides loans through an automated lending platform and banking products to small businesses.
Kabbage Checking Account
The online Kabbage Checking account is a rarity in the business world.
There are no set-up fees or monthly maintenance fees, and no minimum balance requirements. This is music to all business owners’ ears (including mine) because it’s really hard to find a business checking account that doesn’t nickel and dime you:
- Monthly Fee = $0
- In-Network ATM Withdrawal = $0
- Minimum Balance Requirement = $0
Not only is the pricing straightforward, but the Kabbage Checking account also offers an incredible 1.10% APY on balances up to $100,000!
This blows away all other business checking accounts I’ve come across. Other banks like Chase, Wells Fargo, and Bank of America don’t even come close.
In fact, it beats out the majority of personal checking and savings accounts too.
Kabbage $300 Checking Account Bonus
American Express is offering a $300 bonus when you open a Kabbage Checking account!
In order to earn a $300 cash deposit bonus, just complete a total of 5 debit card purchases within 60 days of account opening.
How Do I Enroll In The $300 Bonus Offer?
Click the direct link above to open an account with the $300 promotion. Kabbage will ask you to provide basic information about you and your business.
The questions are simple and the whole process took less than 10 minutes. I got instantly approved when I did it. They didn’t ask me any business financials or records either.
Can I Open a Business Checking Account Without a Business?
A lot of people think they can’t open a business bank account because they don’t have an Employer Identification Number (EIN). That’s simply not true.
Many small businesses are run by individuals. Do you sell on eBay, blog online, or have a side hustle? Then you have a business.
So when you open a business bank account like this Kabbage checking account, just use your Social Security number during the application process.
Kabbage Checking Fee Table
Like I mentioned earlier, the fees are extremely competitive. Here’s the fee table for the services Kabbage provides:
|In-Network ATM Withdrawal||$0|
|Cash Deposit Fee||Varies by retailer, up to $4.95|
|Out of Network ATM Withdrawal*||$0|
|Teller Cash Withdrawal Fee||$3.00 per transaction|
|Out of Network Balance Inquiry at ATMs*||$0|
|Foreign Transaction Fee**||3% of total transaction amount|
|Outgoing Domestic Wire Transfer Fee||$25 per transaction|
|Paper Check Fee||$20 for pack of 100|
$125 for pack of 250
- *You may be charged a fee by the ATM operator (and you may be charged a fee for a balance inquiry even if you do not complete a fund transfer).
- **This fee is in addition to any other fee that may apply to your transaction, such as, for example, the teller cash withdrawal fee.
The Bottom Line
I wouldn’t recommend products or services that I don’t believe in or use myself.
When I learned about this business checking account, I immediately opened an account with Kabbage. This pairs nicely with the Chase Business Complete Checking account I opened for the $300 bonus.
As a small business owner (The Money Ninja is an LLC business), I’m always looking for ways to maximize my finances. This Kabbage Checking account is an excellent choice for businesses with all its free features and eye-popping interest rate.
Yes, 1.10% APY is eye-popping given the current low interest rate environment we’re in. The rate isn’t 8.60% like what BlockFi is offering or the best place to put your personal savings, but it’s the perfect account for your business funds.