NorthOne Business Banking: 2021 Review

For a low monthly fee, NorthOne offers a variety of online and digital tools to manage your business banking.

Randa KrissFeb 25, 2021
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Editor's note: As of publication, NorthOne has paused new accounts to upgrade to its banking technology. Business owners who apply and are approved during this time will be placed on a waitlist for accounts to be opened on March 16.

The NorthOne business bank account is a worthwhile option for any small-business owner looking for an online business checking account. For a $10 monthly fee, NorthOne offers unlimited fee-free transactions, fee-free in-network ATM access and a variety of digital tools.

It’s important to note that although many online competitors offer free business checking accounts, or accounts with waivable monthly fees, NorthOne’s monthly fee cannot be waived.

With unlimited sub-accounts, invoicing and app integrations, NorthOne is particularly well-suited for freelancers, contractors or self-employed business owners who need to separate their personal and business finances.

NorthOne business banking is best for small-business owners who:

  • Are OK paying a monthly fee for their account.

  • Want the ability to deposit and withdraw cash at in-network ATMs fee-free.

  • Prefer to manage the majority of their finances online.

  • Want to be able to connect their account to financial tools they already use.

  • Can benefit from widespread access to customer support representatives.

Pros and cons

Pros

  • Unlimited fee-free transactions.

  • Fee-free access to over 300,000 ATMs across the U.S.

  • Digital banking tools including unlimited sub-accounts, bill pay and expense management.

  • Create and send unlimited invoices from NorthOne business banking app.

  • Integrate with business tools, including QuickBooks, Shopify, Stripe, Square and Expensify.

  • Access customer support via in-app live chat, phone or email with extended hours.

Cons

  • $10 monthly fee, with no options to waive.

  • No reimbursements for ATM fees charged by other banks.

  • More incidental fees than some online competitors.

NorthOne business banking at a glance

Monthly fee:

$10

Minimum opening deposit requirement:

$50

APY:

None

Transactions:

Unlimited fee-free transactions

Bonus:

None

How NorthOne business banking works

You can open a NorthOne business bank account in two ways: by completing an application on the NorthOne website or by downloading the NorthOne mobile app (available for iOS and Android) and filling out an application there.

NorthOne isn't an actual bank, so banking services are provided by LendingClub Bank and deposits are insured up to $250,000 by the Federal Deposit Insurance Corp.

To apply for NorthOne business banking, you will need to create an account using an email address and password. You will also need to supply a valid mobile phone number to use for two-factor authentication.

Next, you'll complete the application by providing basic information about yourself, your business and any additional business owners (if applicable). You’ll need to provide your home and business address, Social Security number, employer identification number (for LLCs and corporations) and a valid government ID.

After you’ve submitted your application, it should take only a few minutes for NorthOne to review it. Once you’ve been approved, you'll have to make the $50 minimum opening deposit to fund your account by ACH payment, wire transfer or mobile check deposit.

Then, you’ll be able to start using both the online and mobile features of your NorthOne business bank account, including sub-accounts, bill pay, invoicing and more.

You should receive your NorthOne business debit card within five days of opening your account. Although NorthOne business banking cannot accommodate verified users, you can use the app to add other business owners to your account. Each owner will get an invite via email, complete identity verification, then receive their own business debit card.

Where NorthOne business banking stands out

Unlimited fee-free transactions: NorthOne business banking offers unlimited fee-free transactions, including payments, deposits, transfers and debit card usage. NorthOne doesn't charge for ACH payments or mobile check deposits, and you have the option to make a bill payment in-app and NorthOne will send out a physical check to the recipient.

ATM access: With NorthOne, you have access to over 300,000 fee-free ATMs across the U.S. through the NYCE and MoneyPass networks. You can use your NorthOne business debit card at these ATMs to both withdraw and deposit cash, without paying any additional fees.

In addition, the NorthOne mobile app offers an ATM finder that allows you to identify your location and search for the closest ATMs near you.

Digital tools: The NorthOne business bank account includes access to online and mobile banking with tools that allow you to send payments, make deposits and pay bills. In addition, this account offers cash flow reporting, transaction search with smart filters, automatic purchase categorization and receipt management.

Plus, NorthOne stands out with its unlimited sub-accounts, giving you the ability to budget for taxes, payroll or any other expense. You can create sub-accounts and set up custom rules to fund them weekly or whenever you get paid — at no extra cost.

Invoicing: NorthOne offers two different invoicing tools. First, you have access to NorthOne’s in-app invoicing, which allows you to create and send invoices, identify a payment method, due date and accept payments. When the invoice is paid by your customer, you can change the status from pending to paid. There are no additional fees for these features and no limits on the number of invoices you can send.

You can also use NorthOne’s free invoice maker app. This is a separate app, available for both Android and iOS devices, that allows you to create and send invoices, track payments and send reminders about outstanding payments. The free invoice maker app also gives you the ability to create and send quotes, estimates, generate sales receipts and save customer details.

Although it’s a separate app, the free invoice maker gives you a few additional invoicing features — and you don’t actually need a NorthOne business bank account to use it.

Integrations: With NorthOne business banking, you can connect your account to an unlimited number of third-party apps. NorthOne integrates with business tools, including QuickBooks, FreshBooks, Wave, Xero, Etsy, Shopify, Stripe, Square, PayPal, Gusto and Expensify. Through these integrations, you can sync transaction details, collect payments, see invoices and more.

Customer support: NorthOne offers three different avenues for customer support — live chat, phone and email. Plus, with phone support, you can schedule a time to speak with a representative using the mobile app, instead of having to call and wait for a representative.

In addition, NorthOne customer support is available seven days a week, with extended hours, 8 a.m. to 1 a.m. ET. And, if you have an urgent request outside of regular customer support hours, you can email customer service adding [Urgent] to the subject line and NorthOne states that someone will get back to you as soon as possible.

Where NorthOne business banking falls short

Monthly fee: NorthOne charges a $10 monthly fee for its business bank account — with no options to waive it. Although $10 is a fairly low fee, there are a variety of business checking account competitors that either don't charge a monthly fee or have a monthly fee that can be waived by maintaining a minimum balance or meeting other similar criteria.

No reimbursements for third-party ATM fees: NorthOne doesn’t charge fees for using an out-of-network ATM, however, you may face fees from the owner of the ATM. A perk offered by some online business checking account competitors is reimbursement for these types of fees — something NorthOne doesn't currently offer.

Incidental fees: There are a few places where you'll face additional fees with a NorthOne business bank account. NorthOne charges $10 for sending or receiving a domestic wire, $25 for sending or receiving an international wire and $5 for overdrafting your account. In addition, you’ll face a $10 fee for a returned payment and a $25 fee for nonsufficient funds.

Although these kinds of incidental fees are common with business checking accounts from brick-and-mortar banks, some online-based competitors offer fewer fees.

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