Our Take
The bottom line:
NorthOne’s free business checking delivers with easy app integrations and generous transfer limits. But fees for bill pay services and cash deposits will put off some business owners.
NorthOne Standard Business Checking
Checking
Monthly fee
$0
Bonus
$20 Requirements to qualify
Learn more
at NorthOne
Pros & Cons
Pros
- No monthly fees or excess transaction fees.
- Instant deposits from Amazon, Etsy, Shopify, Square and other business platforms.
- Integrates with Gusto, Quickbooks, Zoho, Wave Accounting and more.
- Cash deposits via Green Dot network (fees and limits apply).
Cons
- Cash deposits limited to $1,500 per day, $5,000 per month. Service fee of up to $4.95 per deposit.
- Per transaction fee for bill pay.
- No free ATM network.
- Can’t send or receive international wires.
- No weekend customer support.
Full Review
NorthOne is a financial technology company that partners with The Bancorp Bank to offer FDIC-insured business banking services. This neobank has expanded its business checking options in recent years — most notably adding a free business checking account: NorthOne Standard. While this review touches on multiple account options, the star rating applies just to NorthOne’s free account.
That account checks plenty of boxes for no monthly fee. Account holders can take advantage of unlimited sub-accounts (called Envelopes) to help organize funds and built-in integration with dozens of popular business tools, including QuickBooks, Gusto and Shopify.
These features make NorthOne particularly well-suited for freelancers, contractors or self-employed business owners who need to separate their personal and business finances. But that’s only the case if your business doesn’t need to send or receive international wire transfers (those aren’t supported) or frequently use cash (deposits cost extra, and there’s no free ATM network).
NorthOne’s more expensive account (NorthOne Plus) costs $20 per month and doesn’t solve these issues. Upgrading is only worthwhile if your business leans heavily on same-day ACH payments, which are included for no extra cost. NorthOne Plus also includes free bill payment, which should be a staple for an online business checking account (NorthOne Standard charges per bill payment), as well as priority customer support — during business hours.
NorthOne business checking is best for small-business owners who:
- Prefer to manage the majority of their finances online.
- Want to connect their account to financial tools they already use.
- Don’t make frequent cash deposits or international wire transfers.
Need easy cash deposits and/or international wire transfers? You can get both with
Relay Business Checking
without sacrificing easy integrations or the subaccount features offered by NorthOne. Relay account holders can make cash deposits at compatible AllPoint ATMs for no additional charge. Incoming international wire transfers are free with Relay, while outgoing international wires are $10 each — or free if you upgrade to Relay Plus ($30 per month).
NorthOne business checking at a glance
Standard | Plus | |
|---|---|---|
Monthly fee: | $0. | $20. |
Minimum opening deposit requirement: | $50. | $50. |
APY: | None. | None. |
Transactions: | No fee for excess transactions. | No fee for excess transactions. |
Bonus: | For a limited time, get a $20 credit when you open and fund a new NorthOne Account. | For a limited time, get a $20 credit when you open and fund a new NorthOne Account. |
How to open a NorthOne business checking account
You can open a NorthOne business checking account online or via the NorthOne app (available for iOS and Android).
To open an account, 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.
- Have a verifiable U.S. street address (not a P.O. box).
Applications are generally approved within 48 hours, and you’ll receive your NorthOne business debit card within 10 business days of opening your account.
You can also 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.
What you need to open an account
NorthOne’s business account application asks for basic personal and business information, along with certain business documentation.
- Personal information: Name, home address, mobile phone number, date of birth and Social Security number. This information is required for anyone who owns 25% or more of the company.
- Business information: Business name, entity type, annual revenue, EIN or tax ID, physical address and phone number. Depending on your business type, you may also need to provide your employment insurance number (LLCs, S Corps. and partnerships).
- Required documents: Valid government ID for you and any authorized signers you’re including on the account. You may also need to provide your business license, operating agreement, business formation documents, and DBA or fictitious name registration.
NorthOne also requires a minimum opening deposit of $50 (maximum $250 for sole proprietors and partnerships; LLCs and corporations can initially deposit up to $10,000). Your initial deposit must be made via an existing bank account, which you’ll link to your NorthOne account via Plaid.
Where NorthOne business checking stands out
Business-friendly integrations: Connect your NorthOne business checking account to your preferred business tools — including popular payroll, payment and HR software — to help streamline your business operations. NorthOne’s extensive list of available integrations includes QuickBooks, FreshBooks, Wave, Etsy, Shopify, Stripe, Square, PayPal, Gusto and Expensify, along with other business tools. Through these integrations, you can sync transaction details, collect payments, see invoices and more.
Real-time payments from shopping platforms: Businesses that receive payments via PayPal, Square, Stripe, Amazon and Venmo can get “instant” payouts, with funds landing in their NorthOne account within 30 minutes, in most cases. You’ll need to link your NorthOne account to each payment platform using your account and routing number. Each platform has its own eligibility requirements, and some apps, such as Stripe and Venmo, charge a fee for instant transfers.
Generous transfer limits: Most business bank accounts set daily, monthly and per-transaction limits on wire and ACH transfers. NorthOne’s limits are some of the highest you’ll find. Here’s how they compare with other online banks:
NorthOne | Lili | Bluevine | Grasshopper | |
|---|---|---|---|---|
ACH transfer (outgoing) | $10,000 per day; $300,000 per month. | $20,000 per day; $100,000 per month. | No daily limit; $20,000 per ACH transaction; up to $100,000 per 30-day period (wires and ACH transfers). | $10,000 per day. |
Wire transfer (outgoing) | $200,000 per day (domestic only; NorthOne doesn’t support international wire transfers). | Not supported. | No daily limit; $20,000 per wire; up to $100,000 per 30-day period (wires and ACH transfers). | No limit. |
Where NorthOne business checking falls short
No free ATM network: Unlike most online banks, NorthOne doesn’t belong to an ATM network like Allpoint or MoneyPass. That leaves NorthOne customers without a true fee-free ATM network. While NorthOne doesn’t charge ATM fees itself, account holders will likely face third-party fees from ATM owners/operators.
Businesses that rely on ATMs for cash access should consider Axos
Basic Business Checking
— a free business account that automatically refunds any domestic ATM fees. Axos customers can also deposit cash at compatible Allpoint and MoneyPass ATMs for no additional charge.High fees, low limits for cash deposits: NorthOne customers can deposit cash at thousands of retail stores via GreenDot, but each deposit carries a fee of up to $4.95. And cash deposits are capped at $1,500 per day, $3,500 per week and $5,000 per month — a rather stingy limit.
Cash-heavy companies can turn to brick-and-mortar business accounts, like Bank of America or Chase, for easy cash deposits (albeit with monthly caps). Online business accounts like Axos, NBKC, LendingClub and Relay also offer fee-free cash deposits via compatible ATMs.
Transaction fees for bill pay: NorthOne’s bill payment hub makes it easy for businesses to handle one-off and recurring invoices. The downside: You’ll pay for each payment you make. Outgoing digital payments are 50 cents per transaction; paying via paper check (sent by NorthOne) is $1 per sent check. (Note: Bill pay is free for NorthOne’s Plus account.)
Most other business banks offer free bill pay services via ACH transfer, at a minimum, and many will also send physical checks on your behalf for no additional charge.
Lili Basic Business Checking
, for example, includes free bill pay. The same is true for U.S. Bank Silver Business Checking
and Relay Business Checking
, along with many other business accounts.No weekend support: If you have an issue with your NorthOne account, you can schedule a call with customer support or use the live chat feature in the NorthOne app. But the fintech’s support service is only staffed during weekdays — 9 a.m. to 6 p.m. EST Monday through Friday. If your business prefers around-the-clock support, consider
American Express® Business Checking
or Chase Business Complete Banking®
, which offer 24/7 live customer support. Limited rewards: NorthOne provides its account holders with exclusive discounts, such as temporarily reduced rates on software for accounting (QuickBooks, Bench) and HR services (Gusto, Justworks). But these offers require you to not only want those products, but also to not already be using them.
Those benefits might save you money for a little while if you’re just starting out, but other online-only banking options have perks that continuously pad your wallet. For instance,
Grasshopper Business Checking Account
offers unlimited 1% cash back on all debit card purchases, as well as up to 2.25%
APY depending on your account balance. Learn more
at NorthOne
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