Deal has ended, view more bank account bonuses by clicking here.
Update 10/3/21: Looks like the $300 bonus is public now. If it doesn’t show up, make sure you have adblocker turned off. Valid until 12/15/21.
Update 7/22/21: FM was told by Kabbage that the $300 is targeted and won’t work for someone who did not receive the email.
Update 7/21/21: Seems like this offer link is generic and should work for anyone to get the $300 bonus. Hat tip to reader myi
Update 7/18/21: People are also being targeted for a $300 bonus when they make 5 debit card purchases. Offer sent out via e-mail, subject line is ‘Meet Kabbage Checking from American Express $300’. Hat tip to @SicParvisMagna_ & RacecarsOnIce
Update 6/14/21: This account finally made it to the news as it was officially sent out now to the press. I’m a little more hopeful now that the rate will actually last given how it’s being sent out but who really knows.
Original Post 6/4/21:
Kabbage by American Express offers a checking account which currently boasts an interest rate of 1.10% APY on the checking account and associated Reserve accounts ($100,000 in aggregate from all accounts together). Balances above $100,000 earn no interest at all.
The rate has been valid since 5/1/21, no word how long it’ll last. My guess is it’s a teaser rate to get new customers, but not really sure. It’s also possible that even if it comes down they’ll keep it at a competitive rate compared to other high yield accounts. We’ll add this to the top of our list of Best High Yield Savings Accounts.Â
Also interesting is that this is a checking account, and few checking accounts offer any interest at all. There is a Green Dot association here as well which might mean that it runs similar to other Green Dot prepaid accounts. Feel free to add your own thoughts and experiences in the comments below.
Hat tip to reader Thank you!
DP – Bonus-earning and account-closing data points:
– 8/30/2021 – Account (Business Checking) opened online
– 10/26/2021 – 6 debit card purchases completed
– 11/15/2021 – $300 bonus deposited into account
– 12/30/2022 – Requested that account be closed (via phone). Account only locked. Told that balance needs to remain at $0 for 60 days to fully close. PITA
– 1/3/2023 – Requested check for 25¢ of interest (via phone). PITA
– 3/27/2023 – Account still not showing closed. All Kabbage accounts will be closing on Jun 30.
Chuck Just got an email that Kabbage will be closing as of June 30, 2023. I was wondering how I was going to close it out as people seem to be having trouble closing. Problem solved.
So, kabbage.com now is part of AmericanExpress.com. When I try to login with the old kabbage credential, it’ll ask me to signup for Amex registration, or login to it. I already have an Amex Business checking, and when I try to login with that Amex login, it just has my CC and Amex business checking, nothing for Kabbage.
Not sure how to get my tax document now…hmm, I dont know the interest on it.
Check back later, and now I can see the Kabbage account but since it’s locked, I can’t even view the documents and tax document, etc. Hmm.
I received my 1099 for Kabbage in the mail just today, so it’s a bit late. Payer is listed as Greendot Bank
I want to do the Kabbage Funding offer but from the feedback, seems like this should be called Garbbage bank
I was rejected for a Kabbage checking account back in December 2021 (“Unfortunately, based on the information provided to us, we cannot approve a Kabbage Checking account for your business at this time.”) Today, almost 11 months later, I got an email saying “Your application for Kabbage Checking has been approved.” I called and asked if I’d get the bonus that was available when I applied. Told no, I asked them to close the account.
Gerald P2 received the same email today and was also denied for an account last year. Did they actually open an account for you or was this email generated in error?
They said they would close the account as I requested. That implies they opened an account.
When you called, they asked the standard identity verification questions and then confirmed that an account had actually been opened?
Yes
Thanks, I want to make sure P2 is prepared before making them call.
Same here, got rejected for a Kabbage checking account back in December 2021, but received a debit card today, such a mess system.
This bank got to be the worst bank in the history of DOC. Refusal of closing our account and instead keeping it opened but locked. I keep getting statement notices from this bank too. I did receive a check of 15c which I don’t remember but it came from green dot. I disposed the check because I didn’t recognize it. Anyway, my last statement notice was on the 29th of Sept. So let’s see if it is fully closed if I receive one in Oct 29th.
Just got a fraud alert on my Kabbage debit card that a $100+ charge was made at “SP BLOOM NUTRIT”. I see on MtM that other people are getting fraud on their debit cards too.
Thing is, this account was “closed” (or locked) in May.
When I reply “NO” to the text that the charge is fraudulent, they ask me to call in and provide Kabbage’s real customer service phone number, so this is truly from Kabbage and not someone spoofing them.
Anyway, I’m not wasting time calling these fools about fraudulent charges on an account with $0 in it that they supposedly closed over 5 months ago.
What a rinky-dink, piece of crap operation. Hope you all also closed your accounts immediately after getting your bonuses.
So did anybody figured out if the account is really closed when it says locked? does it disappear after ~60 days of asking them to close?
I think mine finally closed after they had to send me like a 10 cent check to clear out the balance. I only received one more statement notification after that, and then no more.
Another DP that I had to call to close and receive a check for 15 cents. Also, got a spammy looking email the next day from greendot Bank saying my “refund check” was being processed. Pretty sure it’s associated with this account closure.
Also called to close, got transferred to banking specialist who did the final processing.
She said accounts would automatically close after 60 days at 0 balance. I zeroed out my balance about a week ago
Anyhow, I’m just “locked”, so hopefully it closes eventually
it doesn’t. it’s been at least 6 months now, it hasn’t closed yet.