- BILL has launched a high-yield Cash Account for its SMB clients, offering 3% returns with no fees or minimum balance requirements.
- The account provides enterprise-grade features like FDIC insurance up to $200 million, next-day ACH payments, and integrated cash management tools.
- With nearly 500K small business clients and $266 billion in processed payments, BILL aims to help SMBs grow funds and optimize cashflow.
Small business financial software provider BILL launched a cash account that will offer high-yield savings opportunities to its small-and-medium-sized business clients. The BILL Cash Account will help SMBs earn a higher yield on their idle cash.
The California-based company is launching the new account to help its nearly half a million small business clients use manage their money with higher returns and stronger cashflow.
“Idle cash sitting in low-or no-yield checking accounts not only costs businesses time and money—it costs them opportunity to grow,” said BILL EVP, GM of Payments and Financial Services Mary Kay Bowman. “With Cash Account, we’re bringing growing businesses the same enterprise-grade capabilities normally reserved for Fortune 500 companies—combining high APY on an operational account with fast speed, seamless software integration, and security all in one simple account.”
BILL’s new Cash Account offers enterprise-grade tools to help businesses grow their funds confidently, with FDIC insurance coverage of up to $200 million. The high-yield account pays 3% returns, which is 42 times the national average of 0.07%. Unlike many competitors, BILL doesn’t require businesses to hold a minimum amount of funds in their accounts and does not charge fees. Users also benefit from next-business-day ACH payments and cash management tools.
Founded in 2006, BILL helps its small business clients automate their financial operations and has processed $266 billion in payments volume. The company, which trades on the New York Stock Exchange under the ticker BILL, went public in 2019 and has a market capitalization of $5.54 billion.