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 KrissAug 2, 2021
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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 (called Envelopes), plus 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.

  • 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.

  • No NorthOne fees when you use a Mastercard Cirrus or MoneyPass ATM; ability to deposit cash through Green Dot network.

  • Digital banking tools including unlimited Envelopes, 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.

  • You may incur ATM fees from the ATM owner-operator, even when in-network.

  • Mobile check deposit is provided by a third-party service, which can have associated fees.

  • Cash deposits at Green Dot locations incur a fee of up to $4.95 per deposit.

  • Can’t send or receive international wires.

NorthOne business banking at a glance

Monthly fee:

$10

Minimum opening deposit requirement:

$50

APY:

None

Transactions:

Unlimited fee-free transactions

Bonus:

$50 welcome bonus and one month of free business banking for NerdWallet readers.

NorthOne Business Bank Account
NerdWallet rating 

at NorthOne

How NorthOne business banking works

Account options: NorthOne is not an actual bank, so banking services are provided by The Bancorp Bank and deposits are insured up to $250,000 by the Federal Deposit Insurance Corp. NorthOne only offers one product: its business deposit account.

Account eligibility: You must be at least 18 years old, a U.S. citizen or legal resident living in one of the 50 U.S. states or Washington, D.C., and have a verifiable U.S. street address (not a P.O. box) to be eligible for a NorthOne business bank account.

Bonus: Receive one month of free business banking ($10) and a $50 bonus when you sign up for a NorthOne business account via NerdWallet. The bonus is paid within seven calendar days of funding your account with the minimum opening deposit ($50).

How to apply: Visit the NorthOne website or download the mobile app (available for iOS and Android) to create an account. Then complete and submit your application.

  • Required information: 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 and an employer identification number (for LLCs, partnerships and corporations).

  • Required documentation: Valid government ID for you and any authorized signers you’re including on the account.

Next steps: After you’ve submitted your application, the NorthOne team will review it. Applications are generally approved within 48 hours. Once you’ve been approved, you'll need to make the $50 minimum opening deposit (maximum $250) to fund your account using an external debit card.

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

You should receive your NorthOne business debit card within 10 days of opening your account. In addition, you can send a business debit card directly to any authorized user, whether you include these users during account opening or choose to add them later. You can have a maximum of four authorized users on your NorthOne business bank account at any one time.

Where NorthOne business banking stands out

Unlimited fee-free transactions: NorthOne business banking offers unlimited fee-free transactions, which include payments, deposits, transfers and debit card usage. NorthOne does not charge for ACH payments and does not have fees for nonsufficient funds or overdrafts.

NorthOne also allows you to use your debit card to withdraw cash for free at any Mastercard Cirrus or MoneyPass ATM across the country — a network that includes more than 1 million ATMs for withdrawals and more than 90,000 for deposits. The individual ATM-owner operator, however, may charge a fee.

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.

Plus, NorthOne stands out with its unlimited Envelopes, giving you the ability to budget for taxes, payroll or any other expense. You can create these 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.

On the other hand, 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, this 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, 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 its 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 to be available.

In addition, NorthOne customer support is available seven days a week from 8 a.m. to 10 p.m. ET.

Where NorthOne business banking falls short

Monthly fee: NorthOne charges a $10 monthly fee for its business bank account — with no options to waive this fee. Although $10 is a fairly low fee, there are a variety of business checking account competitors that either offer no monthly fee or have a monthly fee that can be waived by maintaining a minimum balance or meeting other similar criteria.

ATM fees: NorthOne doesn’t charge fees for using an in-network ATM; however, you may face fees from the owner of the ATM. Additionally, if you use an out-of-network ATM, you may face fees from the ATM owner, as well as the ATM network.

Many online business checking account competitors, on the other hand, offer completely fee-free in-network ATM access — and some even provide reimbursements for third-party out-of-network ATM fees.

Mobile check deposits: NorthOne uses a third-party service called Ingo Money to facilitate mobile check deposits. Ingo Money limits your check deposits to $7,500 total per day and $15,000 total per month.

Additionally, although you can use this service for free, your deposits are placed on a 10-day hold before you have access to your funds. If you want instant access to your money, you can pay a fee — 5% of the check total or $5, whichever is higher.

Alternative business checking accounts include mobile check deposits for free with standard clearance times. Moreover, competitors like Novo and BlueVine offer much higher monthly deposit limits — $40,000 per month and $50,000 per month, respectively.

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NorthOne Business Bank Account
NerdWallet rating 

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Monthly fee

$10

Monthly fee

$0

Monthly fee

$10 (waived with balance of $5,000+)

Monthly fee

$0

Minimum opening deposit requirement

$50

Minimum opening deposit requirement

$50

Minimum opening deposit requirement

$100

Minimum opening deposit requirement

$0

APY

None

APY

None

APY

0.10% on balances of $5,000+

APY

1.0% on balances up to $100,000

Transactions

Unlimited fee-free transactions

Transactions

Unlimited fee-free transactions

Transactions

Unlimited fee-free transactions

Transactions

Unlimited fee-free transactions

Bonus

$50 bonus and one month of free business banking for NerdWallet readers.

Bonus

None

Bonus

None

Bonus

None

Open account online

Yes

Open account online

Yes

Open account online

Yes

Open account online

Yes

Branch access

No

Branch access

No

Branch access

Boston only

Branch access 

No