Description of Beam's checking account
What's the Beam balance?
The Beam balance is a checking account held in Beam that's designed for contractors and earns an 2.5% APY. It is FDIC-insured up to $250,000 and allows you to transfer funds in and out in one business day. There are no account minimums or monthly fees.
The Beam balance allows you to make payments more quickly. Card payments take one business day, ACH bank transfers take 1 business day, and you can even pay your Beam Card balance from the Beam balance.
You can add to or transfer from the Balance balance and download statements here