Amex Kabbage Checking Accounts - paying 1.1%

[SunnyOne]

Amex, through their branded Kabbage business checking accounts, are paying 1.1% on balances up to $100K.

I can't find the catch - does anyone here have any experience with Kabbage?

This would not be a yield chasing move for me. I genuinely have a somewhat large pile I need to hold for the short term.

 

[RASAP]

Found this in the Q&A:

Do I have to be an existing Kabbage customer to apply for a Kabbage Checking account?
Yes. Kabbage Checking is open to small business owners looking for a simple, affordable way to manage their money. If you don't have a Kabbage account yet, you will need to open one in order to apply for Kabbage Checking.

 

[SunnyOne]

I am an existing Kabbage customer now, just wondering about dumping a bunch of money in with them. They are FDIC insured, FWIW. Seems odd they can beat everybody with that rate.