The accounts, which, according to Reuters, have no minimum balance requirements or maintenance fees, will pay 1.10% annual yield, disbursed monthly. Kabbage checking accounts will be issued by partner bank Green Dot Bank, a member of the Federal Deposit Insurance Corporation and are insured up to USD 250.000.
The launch comes as small businesses across the country reel from the economic impact of the novel COVID-19 pandemic, which has led many companies to permanently close.
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