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.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.