Question 1

How is the Brex business Account set up?

Accepted Answer

Each Brex Business Account comes with three sub-accounts:

Checking: Provided by Column N.A.,and enables management of deposits, reimbursements, payroll, and global payments from the Brex platform. Includes unlimited, free same-day ACH, checks send, and domestic wires. Up to 240 uniquely numbered checking accounts can be created under a single BBA for streamlined organization. Deposits are FDIC-insured up to $250,000.

Treasury: Treasury funds are invested in the Dreyfus Government Cash Management Fund (DGVXX), provided by Brex Treasury LLC, a FINRA- and SEC-registered broker-dealer, member SIPC. More information on the fund is available here and the current yield here.

Vault: Offered by Brex Treasury LLC, funds in Vault are allocated across 24 program banks, enabling up to $6 million in total FDIC-insured coverage.

Question 2

How is the Brex business account different from a bank account?

Accepted Answer

The Brex business account includes a Checking account provided by our partner Column NA, Member FDIC. As with any other bank account for startups, you can use your Brex business account for depositing checks and for sending and receiving payments via ACH, check, and wire—even internationally.

The Brex business account also goes way beyond the standard bank account. You also gain access to Treasury and Vault, a cash management account offered by Brex Treasury (a FINRA-registered broker-dealer). With Vault, you can elect to keep your deposits across multiple program banks, and if you do, you’ll be eligible for FDIC insurance up to $6M in total. With Treasury, you can invest your deposits into a government money market mutual fund for high-yield.

Question 3

Where is my cash actually stored?

Accepted Answer

Brex doesn’t hold customer funds on its balance sheet, other than certain funds in transit. When your funds land in your Brex business account, they are held in your Checking account at our partner bank, Column NA, Member FDIC. Brex also leverages its own broker dealer regulated by FINRA/SEC to sweep (i.e., move money before the end of the day) customer deposits in two ways.

First, funds can be swept into Treasury, a money-market fund administered by Bank of New York Mellon, a bank with over $1.8 trillion in assets under management and considered one of the 30 systemically important banks to the global economy. This money market fund is AAA-Rated (see prospectus here), has daily liquidity and is designed for preservation of capital and maintenance of liquidity. The fund must hold at least 99.5% of its money in cash or securities backed with the full faith and credit of the U.S. Government.

Secondly, with Vault, customers can also elect to have their funds swept into our FDIC-insured program banks, listed here, to maximize their FDIC insurance coverage.

Question 4

Is Brex a bank?

Accepted Answer

Brex is a financial technology company, not a bank. Checking is provided by Column National Association, Member FDIC. Treasury and vault are offered through Brex Treasury LLC, Member FINRA and SIPC. Brex Treasury is not a bank nor an investment adviser.

Question 5

Are my deposits FDIC-insured?

Accepted Answer

Brex customer funds are stored into either FDIC-insured accounts or money market funds.

For funds in checking, our partner Column National Association, Member FDIC, provides up to $250,000 in FDIC insurance.

For funds in vault, at the end of every day Brex treasury works with a sweep network of banks to distribute funds across a list of program banks (listed here) to provide FDIC insurance up to $6M. The funds are held in each customer’s name (and not Brex’s), ensuring that the funds of each customer are individually insured by FDIC.

For funds in treasury, throughout the day Brex treasury places trades to sweep the funds into a Dreyfus Government Cash Management Fund (DGVXX), AAA-rated money market fund administered by BNY Mellon (a bank with over $1.8 trillion in assets under management) that must hold at least 99.5% in cash or securities backed by the US government. The fund shares are held in each customer’s name, and not Brex’s.

In the unlikely event something happens to Brex, SIPC and FINRA, Brex’s regulator, have access to Brex’s custodial records, along with the records of partner banks and BNY Mellon, to remit those funds back to you. Given the immediate liquidity of all the assets held in Brex business accounts, the remittance of funds should take less than a day. Brex treasury is a broker dealer regulated by FINRA, and all records, processes, systems, and personnel are regularly examined within FINRA guidelines.

Question 6

What is required to open a business bank account?

Accepted Answer

Brex business accounts are a great fit for startups who have or are planning to raise funding and for established growing companies. To apply for a Brex business account, you’ll need: your business address, incorporation details, and personal information on your company owners, including either a SSN or a valid photo ID. Additionally, you’ll need to know if you are subject to backup withholding. Check out more info here.

Question 7

Can I apply for an account if I’m not physically in the United States or a United States resident?

Accepted Answer

Yes, Brex supports growing businesses worldwide. Customers must have some type of existing or planned operations in the U.S. and a U.S. or international address for their principal place of business. This can be a residential address, but may not be a registered agent, PO box, or UPS box address. Learn more about the specific requirements for international founders here.

Question 8

How much does a Brex business account cost?

Accepted Answer

Brex business account is free to open. There are no treasury transaction fees, account minimums, overdraft fees, monthly fees, or hidden fees. Check out our pricing page for details.

Question 9

What makes Brex's approach to startup business bank accounts innovative?

Accepted Answer

With Brex, you get access to checking, treasury, and vault in one account. And businesses earn yield from their first dollar, compared to other competitors who often force you to hit a certain threshold before earning yield. The Brex business account also comes integrated with automated bill pay, and is built on a financial stack that gives you access to corporate cards, spend management, travel, and accounting automation.

Question 10

What are the key factors to consider when choosing a startup bank?

Accepted Answer

When running a startup, every dollar counts. Brex helps you make every dollar go further right from day one — with yield from your first dollar, 20x FDIC coverage on your cash, no treasury transaction fees, and up to 40x higher limits.

Question 11

How does Brex's startup bank account solution help maximize your cash flow?

Accepted Answer

Brex comes with access to yield-earning treasury from the day you open your business account. Paired with the world’s smartest corporate card, startups are able to extend their runway and maximize their spending power the moment they set up their account.

And with auto transfers allow you to earn on unused operating cash, so that every dollar goes further. Plus, by pairing a Brex business account with a Brex corporate card, startups get access to up to 40x higher credit limits.

Question 12

Why is Brex considered the best business banking solution for startups?

Accepted Answer

Comparing Brex to other competitors, it’s clear that Brex offers the best, most supportive banking solution for startups — from day one. Startups get access to:

Easy onboarding: The process is quick and straightforward, allowing startups to set up accounts and start managing finances without extensive paperwork or delays.

A modern banking solution: Get access to checking, treasury, and vault in one place, with 24/7 global support. Startups get all the tools and accounts they need to hit the ground running.

Yield from your first dollar: Startups can extend their runway by earning yield from their first dollar, instead of having to hit thresholds forced upon them with other banking options.

Up to 20x FDIC coverage: You get access to up to $6M in FDIC coverage through 20+ program banks, with the ability to transfer funds into your checking account at any time.

Question 13

How can you open a Brex business account in just minutes?

Accepted Answer

To apply for a Brex business account, you’ll need: your business address, incorporation details, and personal information on your company owners, including either a SSN or a valid photo ID. Check out more info here.

If all details are correct and confirmed, you are able to get up and running in no time.

Question 14

Does Brex offer invoicing?

Accepted Answer

Yes! Brex has invoicing built right into your Brex business account. So, if you're a startup looking for easy invoicing, or just need to handle your accounts receivables with no hassle, Brex has you covered. You can create and send invoices, keep track of who's paid and who hasn't, and reconcile incoming payments – all from the same place you manage your spending and banking. No more jumping between different platforms - now you can handle your revenue in the same place as your expenses.

Question 15

Can my business invest in corporate debt through my treasury account?

Accepted Answer

At this time, the only investment option through Brex treasury accounts is a US government-backed money market fund—specifically, the Dreyfus Government Cash Management fund (DGVXX). Please read further for differences between government money market funds and corporate debt funds.

Government money market funds

US government money market funds have strict requirements around security, liquidity, and stability. They are among the safest possible investment options for corporations and individuals alike, and are typically treated as cash equivalents, given they are required to have a stable net asset value (NAV) of $1.00 per share.

Rule 2a-7 under the Investment Company Act of 1940 lays out the explicit criteria for government money market funds operating in the US, including fund composition (must be invested at least 99.5% in cash, US government securities, or repurchase agreements collateralized by either of the above) as well as liquidity (must be able to quickly convert holdings into cash).

Brex works directly with Dreyfus at BNY Mellon to provide free access to DGVXX for Brex business account customers.

Corporate debt funds

Some businesses may wish to invest in corporate instead of government debt, most often through a mutual fund that holds some kind of commercial paper or other corporate debt. Funds invested in corporate debt are not held to the same legal requirements as government money market funds, and thus may pose greater counterparty risk and accounting complexities, especially during periods of market uncertainty or volatility.

Credit Risk: Even high-rated companies can face credit downgrades or financial instability, which can impact the portfolio's value. Unlike government money market funds, corporate debt funds do not typically have any collateral requirements, leaving them exposed to potential default.

Liquidity Risk: Corporate debt is significantly less liquid than government debt. During times of market stress, the liquidity of corporate debt can diminish significantly, and mutual funds holding corporate debt could have difficulty meeting withdrawal requests.

Market Risk: Funds with corporate debt are not required to maintain a stable net asset value (NAV), which means the value of shares in the fund could go down. General changes in market sentiment, economic conditions, and corporate financial health could all lead to realized losses for investors in corporate debt.

Brex does not provide any access for investments in corporate debt at this time.

Smarter. Faster. Business banking.

Earn up to .css-1kpnelu{background-color:#E6EDF5;color:#00326D;padding:2px 8px;border-radius:calc(infinity * 1px);}4.37%† with same-hour liquidity, no hidden fees, and no minimums. Brex offers the highest-returning, lowest-risk treasury product. Period.

This is banking made powerful.

Get industry-leading return plus modern checking and FDIC insurance — all in one account.

TREASURY

Maximize earnings, minimize risk.

TREASURY

Maximize earnings, minimize risk.

CHECKING

Pay and get paid faster.

CHECKING

Pay and get paid faster.

VAULT

Stash your cash with confidence.

VAULT

Stash your cash with confidence.

VAULT

Stash your cash with confidence.

Business banking designed for speed, at scale.

Earn returns from day one.

Automate banking busywork.

Operate globally with ease.

Earn returns from day one.

Automate banking busywork.

Operate globally with ease.

Don’t just store your cash. Grow it.

Total balance

$20M+

$5M-$20M

$2M-$5M

$500K-$2M

$0-$500K

Total treasury return

4.37%†

4.27%

4.22%

4.12%

4.02%

$20M+

$5M-$20M

$2M-$5M

$500K-$2M

$0-$500K

4.37%†

4.27%

4.22%

4.12%

4.02%

Get started in minutes.

Open an account today and start banking easier and growing your cash faster, with less risk.

Get started in minutes.

Open an account today and start banking easier and growing your cash faster, with less risk.

FAQ

How is the Brex business account different from a bank account?

Where is my cash actually stored?

Is Brex a bank?

Are my deposits FDIC-insured?

What is required to open a business bank account?

Can I apply for an account if I’m not physically in the United States or a United States resident?

How much does a Brex business account cost?

What makes Brex's approach to startup business bank accounts innovative?

What are the key factors to consider when choosing a startup bank?

How does Brex's startup bank account solution help maximize your cash flow?

Why is Brex considered the best business banking solution for startups?

How can you open a Brex business account in just minutes?

Does Brex offer invoicing?

Can my business invest in corporate debt through my treasury account?

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Answering common questions about the Brex business account

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EZ Bombs fuels hyper-growth with Brex cards and high-yield banking

Earn up to 4.37%† with same-hour liquidity, no hidden fees, and no minimums. Brex offers the highest-returning, lowest-risk treasury product. Period.