Kabbage checking offering 1.1% on deposits.

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EnjoyIt
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Kabbage checking offering 1.1% on deposits.

Post by EnjoyIt »

I just got an email from American Express about their kabbage business checking account that is offering 1.1% interest on deposits. I wonder if this means other online banks will start offering better rates.

https://www.kabbage.com/business-checking-pricing/
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hi_there
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Re: Kabbage checking offering 1.1% on deposits.

Post by hi_there »

Without any knowledge of the business model for this service, I would guess that American Express is making more than 1.1% times typical cash deposits from business customers that it hopes to attract with this and other offers. So, I don't know if this can be replicated by any odd online checking account that someone else might choose.
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EnjoyIt
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Re: Kabbage checking offering 1.1% on deposits.

Post by EnjoyIt »

hi_there wrote: Wed Jun 09, 2021 7:50 pm Without any knowledge of the business model for this service, I would guess that American Express is making more than 1.1% times typical cash deposits from business customers that it hopes to attract with this and other offers. So, I don't know if this can be replicated by any odd online checking account that someone else might choose.
Thats a good point, but 1.1% is more than twice what everyone else is paying. Maybe some will find holding cash a little more palatable at that rate.

I'm still hoping others will start competing with increasing rates as well.
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mediahound
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Kabbage Business Checking 1.10% seems like a no brainer

Post by mediahound »

[This thread has been merged into an existing thread on the topic- Moderator Misenplace]

Kabbage, now owned by American Express, has a business checking account currently paying 1.1% on up to $100k.

https://www.kabbage.com/checking/

Seems like a no brainer if you qualify. You can apply through your AMEX login to make the application process easier.

It's FDIC insured and sourced by Green Dot Bank.

This rate has been in place since 5/1/2021 and may just be a teaser rate. If it goes down, you can always just transfer out of it as there are no minimums and no fees, but they may keep the interest rate above other high-yield savings accounts.

Note - a business can be your side business like selling on eBay, etc.

Kabbage is essentially just like Affirm, but for small business owners.
stinkycat
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Re: Kabbage checking offering 1.1% on deposits.

Post by stinkycat »

You have to have a Kabbage account in order to get the checking account. The Kabbage account provides lines of credit and payment services. I wonder if the cost of those offsets the higher interest rate?
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EnjoyIt
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Re: Kabbage checking offering 1.1% on deposits.

Post by EnjoyIt »

stinkycat wrote: Thu Jun 10, 2021 1:25 pm You have to have a Kabbage account in order to get the checking account. The Kabbage account provides lines of credit and payment services. I wonder if the cost of those offsets the higher interest rate?
The ad does not imply one needs to have a loan. Maybe I’m mistaken.
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ebeb
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Re: Kabbage checking offering 1.1% on deposits.

Post by ebeb »

Anyone have experience with Kabbage 1.1% checking account, what is the catch behind this ridiculous high interest? :confused

https://www.kabbage.com/business-checking-pricing/
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Average Investor
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Re: Kabbage checking offering 1.1% on deposits.

Post by Average Investor »

ebeb wrote: Fri Oct 29, 2021 4:25 pm Anyone have experience with Kabbage 1.1% checking account, what is the catch behind this ridiculous high interest? :confused

https://www.kabbage.com/business-checking-pricing/
I’ve been a Kabbage business checking customer for about two months. Happy with the service other than no Quicken downloads. I’m using it as a place to park cash only.
Tomorrow never knows.
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Re: Kabbage checking offering 1.1% on deposits.

Post by whodidntante »

I have this account. The interest is OK, but the real gravy is the easy to earn $300 bonus.
ebeb
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Re: Kabbage checking offering 1.1% on deposits.

Post by ebeb »

This maybe the catch:
What’s the most cash I can withdraw each day?
You may withdraw up to $2,000 in cash in a single day.

Correction: I spoke to them the limit is only for cash, we can transfer out any amount using ACH or wire or check no limits.
Last edited by ebeb on Fri Oct 29, 2021 6:20 pm, edited 1 time in total.
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Re: Kabbage checking offering 1.1% on deposits.

Post by Nver2Late »

I opened a Kabbage Business Checking account at the beginning of this month. I was looking for a higher interest location to park business reserves (was previously earning 0.1%). So far so good, having AMEX backing helped consider it. I was originally unaware of the MC debit bonus offer, but just qualified with my account opening date so it will be a nice little bonus.

The cash limit mentioned above is for literal "cash" withdrawals via ATM, vendor, etc. I believe you can transfer out the full balance to another bank account or via check if needed.
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Re: Kabbage Business Checking 1.10% seems like a no brainer

Post by MBB_Boy »

mediahound wrote: Thu Jun 10, 2021 12:49 pm [This thread has been merged into an existing thread on the topic- Moderator Misenplace]

Kabbage, now owned by American Express, has a business checking account currently paying 1.1% on up to $100k.

https://www.kabbage.com/checking/

Seems like a no brainer if you qualify. You can apply through your AMEX login to make the application process easier.

It's FDIC insured and sourced by Green Dot Bank.

This rate has been in place since 5/1/2021 and may just be a teaser rate. If it goes down, you can always just transfer out of it as there are no minimums and no fees, but they may keep the interest rate above other high-yield savings accounts.

Note - a business can be your side business like selling on eBay, etc.

Kabbage is essentially just like Affirm, but for small business owners.
How is this like Affirm? Affirm is a buy no pay later company
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Alto Astral
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Re: Kabbage checking offering 1.1% on deposits.

Post by Alto Astral »

Average Investor wrote: Fri Oct 29, 2021 4:52 pm I’ve been a Kabbage business checking customer for about two months.
whodidntante wrote: Fri Oct 29, 2021 5:11 pm I have this account. The interest is OK, but the real gravy is the easy to earn $300 bonus.
Do you need to have an actual business to open this account? I opened it today as a Sole Proprietorship and used my legal name (like they recommended) since I don't have a business such as LLC or S Corp.
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Re: Kabbage checking offering 1.1% on deposits.

Post by fortfun »

whodidntante wrote: Fri Oct 29, 2021 5:11 pm I have this account. The interest is OK, but the real gravy is the easy to earn $300 bonus.
How do you get the 300 bonus?
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Alto Astral
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Re: Kabbage checking offering 1.1% on deposits.

Post by Alto Astral »

fortfun wrote: Wed Nov 03, 2021 8:00 pm
whodidntante wrote: Fri Oct 29, 2021 5:11 pm I have this account. The interest is OK, but the real gravy is the easy to earn $300 bonus.
How do you get the 300 bonus?
You may have the ad-blocker on. Otherwise, its right up there on the front page
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Re: Kabbage checking offering 1.1% on deposits.

Post by nisiprius »

Finishing unfinished post, below...
Last edited by nisiprius on Fri Nov 12, 2021 8:56 pm, edited 1 time in total.
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Re: Kabbage checking offering 1.1% on deposits.

Post by Barefootgirl »

I received an email invite from Amex to apply, so I did and I'm waiting on the bonus. I have a couple business credit cards with Amex, so I guess that's why I received the email, maybe, maybe not.

I'd like to park a bunch of cash here, can't see a good reason NOT to, given the other options.

Has anyone had a problem yet?
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Re: Kabbage checking offering 1.1% on deposits.

Post by frugalor »

Alto Astral wrote: Wed Nov 03, 2021 8:06 pm
fortfun wrote: Wed Nov 03, 2021 8:00 pm
whodidntante wrote: Fri Oct 29, 2021 5:11 pm I have this account. The interest is OK, but the real gravy is the easy to earn $300 bonus.
How do you get the 300 bonus?
You may have the ad-blocker on. Otherwise, its right up there on the front page
I didn't see this either. The terms looks simple. Just 5 debit card purchases within 45 days.

Are there any tricks or restrictions?
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Cranberry44
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Re: Kabbage checking offering 1.1% on deposits.

Post by Cranberry44 »

Any Kabbage users also use PersonalCapital? I can't seem to get it to link.
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Re: Kabbage checking offering 1.1% on deposits.

Post by Nver2Late »

I don't use personal capital so I don't know the direct answer. Are you trying to link using "Green Dot Bank"? That is where the funds are actually held.
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Re: Kabbage checking offering 1.1% on deposits.

Post by euler »

Maybe this has been mentioned elsewhere, but I didn't see it. Kabbage has some pretty strict incoming ACH limits: only $6000 within any 24-hour period (not per calendar day), and only $50,000 a month. At this rate it will take me a while to reach the $100k limit for 1.1% APY.

I set up my account a couple of weeks ago. The new process all of these banks make you use to link an account, where they go through some stupid third-party verification tool, really stinks. I sorely miss the days of verification via micro-deposits. In my case, I wanted to link my Fidelity CMA but could not, because Fidelity is not an option. Finally had to use a credit union account which is also linked to Fidelity, and funnel money through it. A bit of a hassle for minor returns, to be honest.
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Re: Kabbage checking offering 1.1% on deposits.

Post by nisiprius »

ebeb wrote: Fri Oct 29, 2021 4:25 pm Anyone have experience with Kabbage 1.1% checking account, what is the catch behind this ridiculous high interest? :confused

https://www.kabbage.com/business-checking-pricing/
Just a guess, but I suspect that "catch" is the usual one. The average customer acquisition cost for banks is around $300.

Image

That explains why it's pretty easy to score $300 in "free money" deals on a new bank account.

And in other case, the "catch" is that what looks like an permanently high interest rate is really a complicated way of paying you a $300 bonus once. It's like a one-time bonus because tiers and limits and gates and this and that will slow you down on getting the $300 bonus, and meanwhile all the terms and conditions will gradually and smoothly deteriorate over time so that it's hard to get much more than that. In other words, it's a one-time bonus disguised as a high rate.
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Re: Kabbage checking offering 1.1% on deposits.

Post by ebeb »

euler wrote: Fri Nov 12, 2021 8:32 pm Maybe this has been mentioned elsewhere, but I didn't see it. Kabbage has some pretty strict incoming ACH limits: only $6000 within any 24-hour period (not per calendar day), and only $50,000 a month. At this rate it will take me a while to reach the $100k limit for 1.1% APY.
You can try the push vs pull trick. So instead of pulling $6k ach using kabbage website try to push $50k ach from an external bank website to kabbage. Sometimes that bypasses the limits.
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Re: Kabbage checking offering 1.1% on deposits.

Post by euler »

ebeb wrote: Fri Nov 12, 2021 10:44 pm
euler wrote: Fri Nov 12, 2021 8:32 pm Maybe this has been mentioned elsewhere, but I didn't see it. Kabbage has some pretty strict incoming ACH limits: only $6000 within any 24-hour period (not per calendar day), and only $50,000 a month. At this rate it will take me a while to reach the $100k limit for 1.1% APY.
You can try the push vs pull trick. So instead of pulling $6k ach using kabbage website try to push $50k ach from an external bank website to kabbage. Sometimes that bypasses the limits.
Thanks for the suggestion. This worked, and it also allowed me to link my Kabbage and my Fidelity CMA accounts. (I wasn't able to do that from the Kabbage end because of their screwy bank verification software which somehow keeps getting more popular with these FinTechs despite failing for a lot of people a lot of the time...)
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Re: Kabbage checking offering 1.1% on deposits.

Post by frugalor »

I was actually able to initiate 2 $6,000 out-going transfers on kabbage's website on the same day, one after the other.

The good thing about Kabbage is that I see the money on the same day in my Sofi account. (I initiate early in the morning)

The bad thing about Kabbage so far is that my external bank connections are broken often and need to be refreshed.
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Re: Kabbage checking offering 1.1% on deposits.

Post by Nver2Late »

frugalor wrote: Fri Nov 26, 2021 5:34 pm I was actually able to initiate 2 $6,000 out-going transfers on kabbage's website on the same day, one after the other.

The good thing about Kabbage is that I see the money on the same day in my Sofi account. (I initiate early in the morning)

The bad thing about Kabbage so far is that my external bank connections are broken often and need to be refreshed.
There is no limit on outgoing ACH transfers - just incoming.
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frugalor
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Re: Kabbage checking offering 1.1% on deposits.

Post by frugalor »

Nver2Late wrote: Fri Nov 26, 2021 5:52 pm
frugalor wrote: Fri Nov 26, 2021 5:34 pm I was actually able to initiate 2 $6,000 out-going transfers on kabbage's website on the same day, one after the other.

The good thing about Kabbage is that I see the money on the same day in my Sofi account. (I initiate early in the morning)

The bad thing about Kabbage so far is that my external bank connections are broken often and need to be refreshed.
There is no limit on outgoing ACH transfers - just incoming.
I see. Then it's a non-issue practically. One should always initiate the deposit from the external bank into Kabbage, in which case there is no limit. I learned this the hard way -- it took Kabbage many days to post the deposit when initiating the deposit in their site.
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Re: Kabbage checking offering 1.1% on deposits.

Post by Nver2Late »

frugalor wrote: Fri Nov 26, 2021 6:04 pm
I see. Then it's a non-issue practically. One should always initiate the deposit from the external bank into Kabbage, in which case there is no limit. I learned this the hard way -- it took Kabbage many days to post the deposit when initiating the deposit in their site.
Unfortunately I did the multiple transfer approach to funding the account - it was rather tedious.
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Re: Kabbage checking offering 1.1% on deposits.

Post by Cranberry44 »

How long did it take to receive the $300 bonus after completing the 5 debit card transactions?

Thanks!
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Re: Kabbage checking offering 1.1% on deposits.

Post by deanbrew »

frugalor wrote: Fri Nov 26, 2021 6:04 pm
I see. Then it's a non-issue practically. One should always initiate the deposit from the external bank into Kabbage, in which case there is no limit. I learned this the hard way -- it took Kabbage many days to post the deposit when initiating the deposit in their site.
My main bank is TD Bank, which has low $3,000 per day limit on ACH transfers to an external bank account. I've been doing the $6,000 every three day transfer initiated from Kabbage.

I can write a check from my TD Bank account. Does anyone know the dollar limit on mobile deposits into a Kabbage account?
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Re: Kabbage checking offering 1.1% on deposits.

Post by plutoblackhole »

Average Investor wrote: Fri Oct 29, 2021 4:52 pm I’ve been a Kabbage business checking customer for about two months. Happy with the service other than no Quicken downloads. I’m using it as a place to park cash only.
I assume there is not an OFX download option either? I use GnuCash, and it really stinks when financial companies don't allow QFX or OFX downloads.
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Re: Kabbage checking offering 1.1% on deposits.

Post by Nver2Late »

Cranberry44 wrote: Sun Nov 28, 2021 12:26 pm How long did it take to receive the $300 bonus after completing the 5 debit card transactions?

Thanks!
For me, 52 days.
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Re: Kabbage checking offering 1.1% on deposits.

Post by Average Investor »

beets wrote: Mon Dec 06, 2021 8:43 am
Average Investor wrote: Fri Oct 29, 2021 4:52 pm I’ve been a Kabbage business checking customer for about two months. Happy with the service other than no Quicken downloads. I’m using it as a place to park cash only.
I assume there is not an OFX download option either? I use GnuCash, and it really stinks when financial companies don't allow QFX or OFX downloads.
Nothing on Kabbage for Quicken to date.
Tomorrow never knows.
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Re: Kabbage checking offering 1.1% on deposits.

Post by MisterBill »

Average Investor wrote: Mon Dec 06, 2021 9:39 pm Nothing on Kabbage for Quicken to date.
I wonder if they will, given that Kabbage is meant for businesses and Quicken is for individuals.
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Re: Kabbage checking offering 1.1% on deposits.

Post by rasputin »

I’m tempted to use a kabbage account for personal use. Any reason why this would be a bad idea?
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Re: Kabbage checking offering 1.1% on deposits.

Post by zeugmite »

whodidntante wrote: Fri Oct 29, 2021 5:11 pm I have this account. The interest is OK, but the real gravy is the easy to earn $300 bonus.
Apparently it's not so easy. It took them more than 45 days just to approve my account so...
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Re: Kabbage checking offering 1.1% on deposits.

Post by zeugmite »

Nver2Late wrote: Fri Nov 26, 2021 5:52 pm
frugalor wrote: Fri Nov 26, 2021 5:34 pm I was actually able to initiate 2 $6,000 out-going transfers on kabbage's website on the same day, one after the other.

The good thing about Kabbage is that I see the money on the same day in my Sofi account. (I initiate early in the morning)

The bad thing about Kabbage so far is that my external bank connections are broken often and need to be refreshed.
There is no limit on outgoing ACH transfers - just incoming.
There is always an outgoing ACH restriction. Once numbers get large, like $100k or more, all sorts of fraud alerts and gates kick in to slow you down at many banks.
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Re: Kabbage checking offering 1.1% on deposits.

Post by 8foot7 »

Nver2Late wrote: Mon Dec 06, 2021 10:21 am
Cranberry44 wrote: Sun Nov 28, 2021 12:26 pm How long did it take to receive the $300 bonus after completing the 5 debit card transactions?

Thanks!
For me, 52 days.
52 days exactly here as well
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Re: Kabbage checking offering 1.1% on deposits.

Post by YoungSisyphus »

Their bank account linking process is a real pain. Didn’t allow Fidelity, also didn’t allow Monifi - which was another bank I was using for a bonus. Finally was allowed to use Chase to do my transfers.

I think the reason they do not allow the micro deposit process is because they want access to your data and transactions from the other bank. In fact there’s a pretty large privacy policy you have to agree to in order to connect accounts, and what banking information would be shared with the third-party. I am guessing that the value of this data and advertising is what helps offset their high savings rate.

I am only sharing a smaller account’s information with them so I don’t mind.

I am confused by the comments in this thread. When I was setting up this account I spoke to an agent over the phone and she said I was limited to $6k transfer out a day and a monthly maximum (I can’t remember if that was $50k). So I would verify that there are no restrictions on transfer out.

I still think you could “push” money to this account through Fidelity even without linking accounts, by putting the routing/checking from Kabbage onto the Fidelity CMA external bank list.
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Re: Kabbage checking offering 1.1% on deposits.

Post by whodidntante »

zeugmite wrote: Sat Jan 01, 2022 3:50 am
whodidntante wrote: Fri Oct 29, 2021 5:11 pm I have this account. The interest is OK, but the real gravy is the easy to earn $300 bonus.
Apparently it's not so easy. It took them more than 45 days just to approve my account so...
Hmmm. The approval was fast in my case.
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Re: Kabbage checking offering 1.1% on deposits.

Post by criticalmass »

Has anyone succeeded in linking their Vanguard account to Kabbage? I can start the process, then it says Green Dot's routing number is no longer an active bank or similar.....
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Re: Kabbage checking offering 1.1% on deposits.

Post by MisterBill »

Cranberry44 wrote: Sun Nov 28, 2021 12:26 pm How long did it take to receive the $300 bonus after completing the 5 debit card transactions?

Thanks!
Mine was around 35 days. Made the transactions on 12/29 and got the bonus on 2/2. I noticed it was paid the same day as my monthly interest, so maybe that is when it's paid and thus the payment time is variable.

I'd actually forgotten about this account, lost interest when I discovered it would not work with Quicken and inability to link to Fidelity, but obviously kept it open to get the $300. Although, I suppose it's better than other savings accounts right now.
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PSA 1.1% APR with Kabbage - Biz Checking

Post by YoungSisyphus »

[Merged into previous discussion -- moderator oldcomputerguy]

Editing post: completely forgot there was a Kabbage thread - and I even posted in it in January!

They’ve been a good bank so far and so I plan to keep the account even after the $300 bonus posted.
Last edited by YoungSisyphus on Sun May 01, 2022 10:56 pm, edited 1 time in total.
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Re: PSA 1.1% APR with Kabbage - Biz Checking

Post by terran »

I tried opening this account for a bonus awhile back. As I recall they repeatedly requested my articles of incorporation for by sole proprietorship, so I gave up.
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Re: PSA 1.1% APR with Kabbage - Biz Checking

Post by MisterBill »

terran wrote: Sun May 01, 2022 1:21 pm I tried opening this account for a bonus awhile back. As I recall they repeatedly requested my articles of incorporation for by sole proprietorship, so I gave up.
I didn't have any problems, but I have an EIN which I think I used when opening the account (but not positive at this point). They still want me to upload a voided check and statement from a Capital One checking account that I tried to link. Given that it's a personal account and that I managed to link a different account, I haven't done it. Not sure what will happen if I send them personal account info. I already got the $300 bonus and transferred it out, so nothing to lose. Although I probably should put some cash in there since the rate is decent.
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Re: Kabbage checking offering 1.1% on deposits.

Post by mediahound »

I ended up closing my Kabbage checking account mainly because American Express themselves now has a business checking account:

https://www.americanexpress.com/en-us/b ... ngaccounts

And they are the actual bank whereas Kabbage is an intermediary and uses a bank called Green Dot Bank.

I also prefer the American Express Checking US based customer service.
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Re: Kabbage checking offering 1.1% on deposits.

Post by ebeb »

mediahound wrote: Sun May 01, 2022 10:39 pm I ended up closing my Kabbage checking account mainly because American Express themselves now has a business checking account:
Amex Business Checking seems a far better account than Kabbage since 1.1% is upto 500k instead of 100k. Unless there is some other catch.
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