Digital banks have become the default for a lot of small business owners—so it's worth weighing the pros and cons of a traditional bank like Bank of America against a fintech platform like Brex before you open an account, especially if you're already exploring Brex alternatives.
Traditional banks and fintech platforms work very differently, which raises the real question: how does Bank of America stack up against the digital competition? We put together this comparison to weigh the main differences between Brex and Bank of America, so you can decide which is better for taking control of your business finances.
Brex vs. Bank of America: which should you choose?
Brex is built for funded startups and larger companies; Bank of America is a traditional branch bank aimed at small businesses that want in-person service. Brex is a fintech spend-management platform—corporate charge card, business account, and expense software—and as of April 2026 it's a Capital One company. It's not a bank, and it only takes businesses that are venture-backed or have significant revenue. Bank of America is a chartered bank with physical branches and two main business checking accounts, both carrying a monthly fee ($16 for Business Advantage Fundamentals, $29.95 for Relationship) that you can waive by meeting balance or spend requirements.
If you're a small business that doesn't qualify for Brex and doesn't want to manage minimum balances at a branch bank, a fee-transparent platform like Relay is worth a look—it's covered at the end.
What is Brex?
Brex is a financial management and spend platform that helps venture-backed startups and larger companies manage spending, with a corporate card, a business account, and expense-management software. Brex is a fintech company, not a bank—customer deposits are swept to FDIC-insured partner banks, and its cash product runs through Brex Treasury LLC.
Brex stopped serving small, unfunded businesses back in 2022 and now focuses on funded startups and mid-market companies. In a bigger shift, Capital One completed its $5.15 billion acquisition of Brex on April 7, 2026; Brex continues as a distinct brand under Capital One, with CEO Pedro Franceschi staying on.
If you qualify, Brex's card and rewards can help you manage capital. But if you're a small business that doesn't, it's a good moment to think about the financial services your business needs most and whether an alternative can meet them.
What is Bank of America?
Unlike a fintech platform, traditional banks have physical branches. Bank of America offers business bank accounts designed to move your business forward with financial tools, services, and dedicated in-person support.
Bank of America offers two primary business checking accounts: Business Advantage Fundamentals Banking and Business Advantage Relationship Banking. Both carry a monthly fee—$16/month for Fundamentals (waived for the first 12 statement cycles) and $29.95/month for Relationship—which you can avoid by meeting balance, spend, or Preferred Rewards requirements. Those fees and waiver conditions are one of the biggest things to weigh if you're comparing against a fintech platform.
In addition to these core options, Bank of America offers digital tools including basic cash flow monitoring, virtual cards, and profile linking between personal and business accounts.
Brex vs. Bank of America: what's the difference?
The main difference between Brex and Bank of America is that Brex is a digital-only banking and spend-management platform that serves venture-backed startups and larger companies, whereas Bank of America offers traditional brick-and-mortar business banking aimed at small businesses with simpler finances.
Brex vs. Bank of America comparison chart
When looking at the differences between Brex and Bank of America, one of the main things to call out is account fees. A big disadvantage of banking with Bank of America—and likely a contributor to its low rating—is the fees and minimum balance requirements you'll run into. For small businesses, every dollar counts when you're trying to scale, and these fees can stack up.
To get a clear picture, here's a detailed comparison of the differences and similarities between Brex and Bank of America:
Feature | Brex | Bank of America |
|---|---|---|
Businesses of any size can open an account | ❌ | ✅ |
No monthly maintenance fees | ✅ | ❌ |
No minimum balance requirements | ✅ | ❌ |
No overdraft fees | ✅ | ❌ |
Standard ACH payments | ✅ | ✅ |
Check payments | ✅ | ✅ |
Cash withdrawals at ATMs | ❌ | ✅ |
Savings accounts | ❌ | ✅ |
Debit cards | ❌ | ✅ |
Corporate/credit cards | ✅ | ✅ |
Cash back and rewards on card spend | ✅ | ✅ |
QuickBooks Online integration | ✅ | ✅ |
Xero integration | ✅ | ❌ |
Gusto integration | ✅ | ❌ |
Startup funding | ✅ | ❌ |
Financial modeling tools | ✅ | ❌ |
FDIC insured (deposits) | ✅ (via partner banks) | ✅ |
Bank from | Web, iOS, or Android | Web, iOS, or Android |
Trustpilot rating | 3.8 (Source) | 1.4 (Source) |
> Struggling to find the right banking for your small business? Try Relay—and see how Relay and Brex compare here.
Qualifying for an account
Qualifying for an account is very different between Brex and Bank of America.
Per Brex's eligibility requirements, you generally need a U.S. EIN or incorporation plus one of the following: an equity investment (accelerator, angel, or VC), roughly $1 million or more in annual revenue, or enough cash on hand to meet its thresholds. Brex no longer serves small, unfunded businesses.
With Bank of America, most businesses qualify. Opening a checking or savings account is fairly simple and can be done by filling out an online application, calling, or visiting a branch.
Business bank accounts
With a Brex business account, you get multiple sub-accounts with unique account and routing numbers, plus corporate cards and access to startup capital.
Bank of America offers one checking account and one savings account per business. While the savings account is a useful perk, the lack of multiple checking accounts can hinder your ability to categorize cash flow using the digital envelope method.
Cashback and rewards
Both Brex and Bank of America offer rewards, but they differ significantly.
Brex's rewards program includes discounts on business apps and supplies, plus cash back and travel points on its corporate card. To get the best rewards with the Brex card, businesses need to prove card exclusivity; otherwise, cash back is diminished.
With Bank of America, eligible business credit cards earn cash back—for example, the Business Advantage Customized Cash Rewards and Unlimited Cash Rewards cards both have a $0 annual fee—and Preferred Rewards for Business members can boost card earn rates by 25%–75%.
Accounting features
With Brex, companies can create expense policies for employees, and employees can request purchasing ability, higher limits, or vendor-specific cards. While Brex doesn't directly pull unpaid invoices from accounting systems like Xero or QuickBooks Online, businesses can email unpaid invoices to Brex.
Bank of America offers cash flow projections, transaction monitoring, and balance categorization. You can also customize employee account access and integrate bookkeeping with QuickBooks®. These features are fairly basic compared with Brex and other fintech platforms.
Is it the right fit for your business?
Brex is designed for funded startups and larger companies with bigger teams and more complex finances. Because its account qualifications are strict, most small businesses won't qualify for a Brex account.
Bank of America is a better experience for small businesses that have simple needs and prefer in-person support. And while Bank of America's mobile app handles simple transactions like check deposits, payments, transfers, and wires, it's not as robust as some fintech business banking options.
How does Bank of America compare to other business-card and expense-management platforms?
Beyond Brex, a growing set of fintech platforms compete with Bank of America on business cards and expense management—and searchers increasingly compare them side by side. Here's how the main options differ:
Brex—corporate charge card plus spend-management software for funded startups and mid-market companies; no personal guarantee. Now a Capital One company.
[Ramp](https://ramp.com/)—spend-automation and corporate cards for SMB through mid-market; free core product, with a bank-balance qualification bar.
BILL Spend & Expense (formerly Divvy)—cards plus budgeting aimed at smaller and bootstrapped businesses; pairs with BILL's accounts-payable product.
American Express—traditional business and corporate cards with rewards and perks; broad eligibility, with a personal guarantee typical on small-business cards.
Airwallex—global multi-currency payments, cards, and expense management; strongest for cross-border businesses.
Bank of America's advantage over all of these is the branch network and full banking relationship; its trade-off is the monthly fees and thinner spend-automation tooling.
Which is better, Brex or Bank of America?
So which is best: Brex or Bank of America? The answer largely depends on the size, location, and complexity of your business.
If you're a funded startup or larger company with multiple teams and complex expenses, Brex might be the right option. If you're a small business that needs basic banking and wants the option to visit a branch, Bank of America might be a better fit—just make sure you have a branch nearby.
If neither of these feels like the perfect fit, you may need a different solution. An online banking and money management platform like Relay might be your answer. With Relay, you can control your cash flow and understand precisely what you're earning, spending, and saving so you can make the smartest decisions for your business. Relay serves all small businesses and gives you complete control of your finances.
Control your cash with Relay
Take control of your finances by collecting income in one place, using up to 20 checking accounts to organize expenses, and categorizing payments for a crystal-clear picture of your cash flow.
Relay goes above and beyond banking basics:
✅ No monthly maintenance fees, no overdraft fees, and no minimum balances
✅ Up to 20 individual checking accounts
✅ Up to 50 virtual or physical Relay Visa® Debit Cards3
✅ Payments and deposits via ACH, wire, and check
✅ Deposits from payment processors like PayPal, Stripe, and Square
✅ Direct integrations with accounting software like QuickBooks Online and Xero
If you're looking for an online banking solution that puts you in control of your cash flow, check out Relay—you can sign up here.
3The Relay Visa® Debit Card is issued by Thread Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used anywhere Visa debit cards are accepted.
Frequently asked questions
Is Brex a bank?
No. Brex is a financial technology company, not a bank. Customer deposits are swept to FDIC-insured partner banks, and its cash product is offered through Brex Treasury LLC, a Capital One company.
Did Capital One acquire Brex?
Yes. Capital One completed its $5.15 billion acquisition of Brex on April 7, 2026. Brex continues to operate as a distinct brand under Capital One.
Can small businesses use Brex?
Only if they meet Brex's eligibility bar. Brex generally requires a U.S. EIN or incorporation plus either venture funding, roughly $1 million or more in annual revenue, or enough cash to meet its thresholds. It stopped serving small, unfunded businesses in 2022.
What are the best Bank of America alternatives for business banking?
It depends on what you need. For spend management and corporate cards, Ramp, BILL Spend & Expense, American Express, and Airwallex are common comparisons. For fee-transparent business banking with multiple checking accounts, Relay is a strong option for small businesses that don't want monthly fees or minimum balances.
