Kabbage launches checking accounts for small businesses

Thursday 23 July 2020 09:55 CET | News

US-based online lender Kabbage has announced it will offer checking accounts for small businesses.

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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Keywords: Kabbage, SMBs, US, lender, banks, Green Dot Bank, Federal Deposit Insurance Corporation, COVID-19, coronavirus, pandemic
Categories: Banking & Fintech
Countries: United States
This article is part of category

Banking & Fintech