Our Take
4.1
NerdWallet rating
The bottom line:
North One’s free business checking delivers for the owners of small online businesses with easy app integrations and generous transfer limits. But if your business uses much cash, look elsewhere.
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.
- Same-day deposits from Amazon, Cash App, Square, Stripe and Venmo. Direct payments supported from a variety of other business platforms, including Etsy, Lyft, Shopify and Airbnb.
- Sub-accounts that you can use to save for specific goals.
Cons
- Low cash deposit limits ($1,500 per day, $5,000 per month). Service fee of up to $4.95 per deposit.
- No free ATM network, though North One will reimburse up to two ATM fees per month by request. ATM withdrawals limited to $2,000 per day.
- Can’t send or receive international wires.
- No weekend customer support.
Full Review
North One is a financial technology company that partners with The Bancorp Bank to offer FDIC-insured business banking services. This neobank’s free business checking 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 e-commerce tools, including QuickBooks, Gusto and Shopify.
These features make North One particularly well-suited for freelancers and self-employed business owners, especially those who sell online. It’s not a good fit for business owners who deal in cash — North One only reimburses one cash deposit fee per month (additional deposits can cost up to $5.95 each) and two ATM owner surcharges.
North One’s more expensive account (North One Plus) costs $20 per month. Upgrading is only worthwhile if your business leans heavily on same-day ACH payments, which are included for no extra cost. North One Plus also includes priority customer support — though it’s still only available during business hours and via chat and email.
This review, and the corresponding star rating, focus on North One Standard.
North One business checking is best for:
✔️ Managing business finances online.
✔️ Streamlined access to payments from online sales.
✔️ Business owners who don’t use cash frequently or international wire transfers at all.
How does North One business checking compare?
Relay Business Checking Deposits are FDIC Insured | nbkc Business Account Member FDIC | |
|---|---|---|
NerdWallet rating 4.1/5.0 | NerdWallet rating 4.9/5.0 | NerdWallet rating 4.9/5.0 |
Monthly fee $0 | Monthly fee $0 | Monthly fee $0 |
APY N/A | APY N/A | APY N/A |
Bonus $20 Requirements to qualify | Bonus $200 Requirements to qualify | Bonus N/A |
at NorthOne | at Relay | at nbkc bank |
Need easy cash deposits and/or international wire transfers? You can get both with
Relay Business Checking
without sacrificing integrations or the sub-account features offered by North One. 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).Does your business frequently takes payments in person? Consider NBKC business checking. That online account supports tap-to-pay on iPhones, plus fee-free cash deposits and rebates on some ATM fees.
North One 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. |
Where North One business checking stands out
Real-time payments from e-commerce platforms: Businesses that receive payments via PayPal, Square, Stripe, Amazon and Venmo can get “instant” payouts, with funds landing in their North One account within 30 minutes, in most cases. You’ll need to link your North One 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.
Business-friendly integrations: Connect your North One business checking account to your preferred business tools — including popular payroll, payment and HR software — to help streamline your business operations. North One’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.
Generous transfer limits: Most business bank accounts set daily, monthly and per-transaction limits on wire and ACH transfers. North One’s limits are some of the highest you’ll find. Here’s how they compare with other online business checking accounts:
North One | Lili | Grasshopper | |
|---|---|---|---|
ACH transfer (outgoing) | $40,000 per day; $1.5 million per month. | $50,000 per day; $250,000 per month (combined ACH and wire transfer limit). | $10,000 per day. |
Wire transfer (outgoing) | $200,000 per day or $6 million per rolling 30-day period. Both figures apply only to domestic wires; North One doesn't support international wire transfers. | $50,000 per day; $250,000 per month (combined ACH and wire transfer limit). | No limit. |
Where North One business checking falls short
No free ATM network: Unlike most online banks, North One doesn’t belong to an ATM network like Allpoint or MoneyPass. While North One doesn’t charge ATM fees itself, account holders will likely face third-party fees from ATM owners/operators — although North One will reimburse you for two such fees each month at your request.
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: North One customers can deposit cash at thousands of retail stores via GreenDot, but each deposit carries a fee of up to $5.95. North One will reimburse deposit fees once a month for North One Standard customers, but you need to contact customer service to request this refund. Cash deposits are also capped at $1,500 per day, $3,500 per week and $5,000 per month.
Cash-heavy companies should turn to brick-and-mortar business accounts, like Bank of America or Chase, for easy cash deposits (albeit with monthly caps). A handful of online business accounts, like Axos, NBKC, LendingClub and Relay also offer fee-free cash deposits via compatible ATMs — but daily limits may still apply.
No weekend support: If you have an issue with your North One account, you can schedule a call with customer support or use the live chat feature in the North One 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.
How to open a North One business checking account
You can open a North One business checking account online or via the North One 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 North One 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 North One business bank account at any one time.
What you need to open an account
North One’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.
Lili is a financial technology company, not a bank. Banking services provided by Sunrise Banks N.A., Member FDIC.
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at NorthOne
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