Rosalie Murphy covers small business topics for NerdWallet. Previously, she led editorial strategy for a local news startup and covered business at The Desert Sun. She holds a journalism degree from the University of Southern California and is currently pursuing an MBA.
Rosalie Murphy covers small business topics for NerdWallet. Previously, she led editorial strategy for a local news startup and covered business at The Desert Sun. She holds a journalism degree from the University of Southern California and is currently pursuing an MBA.
Ryan Lane is an editor on the small-business team and a NerdWallet authority on student loans. He spent more than a decade as a writer and editor for student loan guarantor American Student Assistance and was a managing editor for publisher Cell Press. Ryan’s work has been featured by The Associated Press, USA Today and MarketWatch, and he previously co-authored the U.S. News & World Report Student Loan Ranger blog. Email: <a href="mailto:rlane@nerdwallet.com”">rlane@nerdwallet.com</a>.
Ryan Lane is an editor on the small-business team and a NerdWallet authority on student loans. He spent more than a decade as a writer and editor for student loan guarantor American Student Assistance and was a managing editor for publisher Cell Press. Ryan’s work has been featured by The Associated Press, USA Today and MarketWatch, and he previously co-authored the U.S. News & World Report Student Loan Ranger blog. Email: <a href="mailto:rlane@nerdwallet.com”">rlane@nerdwallet.com</a>.
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Content was accurate at the time of publication.
Why trust NerdWallet
250+ small-business products reviewed and rated by our team of experts.
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NerdWallet's business banking content — including our ratings, reviews and recommendations — is produced by a team of writers and editors who specialize in small-business finances. Their journalism has appeared in The Associated Press, Washington Post, MarketWatch, Nasdaq, Entrepreneur, ABC News, MSN and other national and local media outlets. Each writer and editor follows NerdWallet's strict editorial guidelines to ensure fairness and accuracy in our coverage.
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You’re our first priority.
Every time.
We believe everyone should be able to make financial decisions with
confidence. And while our site doesn’t feature every company or
financial product available on the market, we’re proud that the guidance
we offer, the information we provide and the tools we create are
objective, independent, straightforward — and free.
So how do we make money? Our partners compensate us. This may influence
which products we review and write about (and where those products
appear on the site), but it in no way affects our recommendations or
advice, which are grounded in thousands of hours of research. Our
partners cannot pay us to guarantee favorable reviews of their products
or services. Here is a list of our partners .
Rosalie Murphy covers small business topics for NerdWallet. Previously, she led editorial strategy for a local news startup and covered business at The Desert Sun. She holds a journalism degree from the University of Southern California and is currently pursuing an MBA.
Rosalie Murphy covers small business topics for NerdWallet. Previously, she led editorial strategy for a local news startup and covered business at The Desert Sun. She holds a journalism degree from the University of Southern California and is currently pursuing an MBA.
Ryan Lane is an editor on the small-business team and a NerdWallet authority on student loans. He spent more than a decade as a writer and editor for student loan guarantor American Student Assistance and was a managing editor for publisher Cell Press. Ryan’s work has been featured by The Associated Press, USA Today and MarketWatch, and he previously co-authored the U.S. News & World Report Student Loan Ranger blog. Email: <a href="mailto:rlane@nerdwallet.com”">rlane@nerdwallet.com</a>.
Ryan Lane is an editor on the small-business team and a NerdWallet authority on student loans. He spent more than a decade as a writer and editor for student loan guarantor American Student Assistance and was a managing editor for publisher Cell Press. Ryan’s work has been featured by The Associated Press, USA Today and MarketWatch, and he previously co-authored the U.S. News & World Report Student Loan Ranger blog. Email: <a href="mailto:rlane@nerdwallet.com”">rlane@nerdwallet.com</a>.
NerdWallet's content is
fact-checked for accuracy, timeliness, and relevance by humans.
It undergoes a thorough review process involving writers and editors to ensure
the information is as clear and complete as possible. Learn more by checking
our
Editorial Guidelines.
Content was accurate at the time of publication.
Why trust NerdWallet
250+ small-business products reviewed and rated by our team of experts.
80+ years of combined experience covering small-business and personal finance.
60+ business bank accounts rated with our objective, comprehensive business bank account rubrics (Methodology).
NerdWallet's business banking content — including our ratings, reviews and recommendations — is produced by a team of writers and editors who specialize in small-business finances. Their journalism has appeared in The Associated Press, Washington Post, MarketWatch, Nasdaq, Entrepreneur, ABC News, MSN and other national and local media outlets. Each writer and editor follows NerdWallet's strict editorial guidelines to ensure fairness and accuracy in our coverage.
Advertiser disclosure
You’re our first priority.
Every time.
We believe everyone should be able to make financial decisions with
confidence. And while our site doesn’t feature every company or
financial product available on the market, we’re proud that the guidance
we offer, the information we provide and the tools we create are
objective, independent, straightforward — and free.
So how do we make money? Our partners compensate us. This may influence
which products we review and write about (and where those products
appear on the site), but it in no way affects our recommendations or
advice, which are grounded in thousands of hours of research. Our
partners cannot pay us to guarantee favorable reviews of their products
or services. Here is a list of our partners .
Rho Business Checking
Overview
The bottom line:
Rho’s business checking account stands out for its free same-day ACH and wire transfers. It’s a good choice for cashless corporations, especially those handling large amounts of money.
Bank account details
Monthly fee
$0
APY
N/A
Bonus
$500
Switch to Rho and maintain an average balance of $50,000 across the first 90 days after deposit. Get $500 cash reward. Use promo code NERDWALLET at sign up.
Requirements to qualify
Pros & Cons
Pros
No monthly fees or minimum opening deposit.
Unlimited fee-free transactions.
Free domestic wires, same-day ACH transfers.
No charge for international wires (third-party fees may apply).
Cons
No cash deposits or ATM access.
Not available to sole proprietors.
Long hold time for deposited checks.
Rho is a financial technology company that offers FDIC-insured business checking accounts via Webster Bank, N.A., along with savings and treasury account services. Free wire and same-day ACH transfers set Rho apart from other online business bank accounts — especially for businesses that move large amounts of money regularly.
In general, Rho is designed for digitally native businesses, not those with storefronts on Main Street — customers can't deposit or withdraw cash, for instance. If you’re dealing with cash and a point-of-sale system, consider other picks from our list of the best business checking accounts.
This review and the corresponding star rating focus on Rho’s business checking account. But Rho also offers business savings and cash management accounts:
Rho business savings offers a whopping $75 million in FDIC insurance via Insured Cash Sweep networks, making it a competitive choice for businesses that have received big cash investments. (Services are provided by American Deposit Management Co. and its partner banks.)
Rho’s treasury account earns up to 4.22% yield as of this writing. You’ll need at least $500,000 to open this cash management account, but it gives you the chance to earn even more from your idle cash. (Investment management and advisory services are provided by RBB Treasury LLC dba Rho Treasury; treasury and custodial services are provided through Apex Clearing Corp.)
Rho business banking is best for small-business owners who:
Frequently send wires and ACH transfers.
Operate incorporated businesses.
Have large financial reserves and want to earn interest on it.
Do not use cash.
Rho and its startup-focused banking competitors — like Brex and Mercury — generally aren’t designed for businesses that use cash. If you want the option to go to an ATM, consider Grasshopper Bank.
Like Rho, Grasshopper offers features designed to move money digitally, like unlimited free ACH transfers and low-priced wire transfers. But you’ll also get fee-free withdrawals at more than 45,000 ATMs nationwide via the MoneyPass and SUM networks. Grasshopper’s checking account even pays interest. Read our review of Grasshopper business checking.
Rho business checking at a glance
Monthly fee:
$0.
Minimum opening deposit:
$0
APY:
None.
Transactions:
No specific transaction limit, but domestic wires are capped at $25 million per day incoming and $10 million per day outgoing. Incoming and outgoing ACH transfers and transfers from linked external bank accounts are each capped at $2 million per day.
Cash deposits:
None.
Bonus:
None.
How to open a Rho business checking account
Rho business bank accounts are available to businesses that are incorporated in the United states.
Rho requires the following to open a checking account:
Articles of incorporation.
Company bylaws.
Employer Identification Number (EIN) letter.
Beneficial owner information.
Social Security number and other personal information.
If you want access expanded Federal Deposit Insurance Corp. (FDIC) insurance coverage, Rho’s business savings account may be a good option. Up to $75 million of your funds will be covered by FDIC insurance.
Most traditional business savings accounts offer only the required $250,000 in coverage. But even among accounts with similar Insured Cash Sweep coverage, Rho’s limit greatly outpaces many competitors.
Funds in Rho's savings account don't earn interest, though. The Axos Business Premium Savings Account — which currently offers 3.8% APY — can make your cash work harder. You can also take advantage of up to $265 million in FDIC coverage with Axos Bank Insured Cash Sweep, provided by the IntraFi network.
Rho's savings account services are provided by American Deposit Management Co. and its partner banks.
Rho cash management accounts
Rho’s cash management service lets you invest spare cash in Treasury bills. This service has a high minimum ($500,000), but if you can afford it, investing may be worth it. Yields start at 3.77% as of this writing and go as high as 4.22%.
Treasury bills aren’t bank accounts, so they’re not FDIC insured the way savings accounts are. Instead, they’re covered by the Securities Investor Protection Corporation (SIPC), but only for up to $500,000.
This account's investment management and advisory services are provided by RBB Treasury LLC dba Rho Treasury, an SEC-registered investment advisor. Treasury and custodial services are provided through Apex Clearing Corp, or by Interactive Brokers LLC for accounts opened prior to July 2024. Both are registered broker dealers and members FINRA/SPIC.
Where Rho business checking stands out
Free same-day ACH and wire transfers: Free ACH transfers are table stakes for business checking accounts, but most take several days to arrive. Offering free same-day ACH transfers sets Rho apart — most banks charge a fee if you want your transferred funds to be available immediately. Free wires are a bonus, only matched by other startup-focused brands like Mercury. (Mercury international wires are free in U.S. dollars, but a 1% currency exchange fee applies to transfers not in U.S. dollars.)
High transfer limits: Rho supports the movement of millions of dollars in and out of business accounts each day. If your business receives large payments from investors or clients, that might be a valuable differentiator.
Linked savings vehicles: Rho’s treasury account offers users the chance to earn high yields on their funds, and you can link your accounts to simplify cash management. For instance, if your checking account drops below a certain threshold, you can set it up so funds will automatically be transferred from your cash management account into your checking account.
Where Rho business checking falls short
No access to cash: Rho customers can’t deal in cash. The fintech doesn’t support either cash deposits or withdrawals. If you’re a digital-first startup, that might be no problem. But if you regularly handle cash, consider Axos — an online-only bank that offers unlimited refunds on ATM fees when you withdraw cash and supports fee-free cash deposits.
Not available to sole proprietors: If your business isn’t incorporated, Rho isn’t for you. Sole proprietors may instead want to consider Bluevine business checking, which offers a polished digital experience but serves solopreneurs too. Plus, you’ll earn interest on the deposits in your checking account.
Potentially long hold time for deposited checks: Rho says deposited checks can take six to seven business days to clear. For some businesses, Rho’s free wire and same-day ACH transfers will more than make up for that. But if your business deals frequently with checks, you may be better off with Chase business checking. Checks deposited using Chase’s QuickDeposit feature on mobile are typically available the next business day.