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NorthOne Business Checking Account Review 2020 : Investor Junkie

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If you’re a small business owner, startup, or freelancer and you feel like you’re being treated like a small fish by a traditional bank, NorthOne Bank’s Business Checking account could be a good alternative. The account is custom-built to create a simple business banking app. It comes with most traditional business banking services and also offers integration with third-party service providers to create a comprehensive business banking platform.

Commissions & Fees – 8

Customer Service – 8

Ease of Use – 10

Loans Offered – 5

Savings Options – 8

Traditional Banking Features – 8

8

NorthOne’s dedicated business banking app works in conjunction with FDIC-insured Radius Bank. It provides everything a small business needs in a checking account. The account comes with mobile banking, a debit MasterCard and access to what is perhaps the largest fee-free ATM network in the industry. It also provides you with the ability to send, track and manage invoices right from the banking app. And the account seamlessly integrates with all types of payment systems — including point of sale — and popular accounting software that make tax preparation a breeze.

Sign up for a NorthOne Business Checking Account

What Is NorthOne Business Checking?

Based in New York City, NorthOne launched in August 2019. NorthOne offers a business bank account and is an online-only bank. The company specifically designed the account to meet the needs of small businesses — including those with fewer than 50 employees — as well as startups and freelancers. The banking platform is trusted by more than 190,000 businesses across America.

Like most digital banks, NorthOne has no physical bank branches. All banking services are provided through the app or web for a single monthly fee.

NorthOne offers a single account, which is its Business Checking account. Since it’s designed for small businesses, it’s simple to use. And it even helps you set money aside for specific purposes. Though it offers only a single primary account, you can add sub-accounts to allocate funds for major expenses such as payroll, taxes, and rent.

The banking app is designed to work with all payment processing systems, including point-of-sale (POS) terminals, eCommerce tools, and payment services. You can even integrate the app with tools that you already use in your business: accounting, eCommerce, and billing. Examples include Freshbooks, QuickBooks, Wave, and Xero.

NorthOne set out to design a banking app that seamlessly integrates your existing business financial services into the platform so you can transact business with ease, simplicity, and on your own terms.

Though it’s headquartered in New York City, NorthOne also has offices in San Francisco and Toronto. NorthOne is an FDIC-insured bank through its partnership with Boston-based Radius Bank.

NorthOne Business Checking Account Features

Type Bank
Accounts Savings, Checking, Money Market, CDs
Access Web Based, iPhone App, Android App, Blackberry App
Amount of Branches 0
ATM Reimbursement
Online Deposits
FDIC Insurance
Customer Service By in-app live chat, email and scheduled phone calls, seven days a week, from 8:00 A.M. to 10:00 P.M. Eastern Time
  • Number of in-network ATMs: 300,000+
  • Availability: All 50 states
  • Cash deposits: Yes, through NYCE and MoneyPass ATMs.
  • FDIC insurance: Yes, through a partnership with Radius Bank
  • Unlimited transactions: There’s no limit on the number of payments you can send, transfers you can make, or income payments you can receive.
  • Works with one flat monthly fee: A single monthly payment of just $10 covers unlimited transactions.
  • Very extensive fee-free ATM network: NorthOne participates in two major ATM networks, offering more than 300,000 fee-free locations.
  • Cash deposits: Very few online banks have the capacity to accept cash deposits. But NorthOne does. You can make cash deposits at any of the hundreds of thousands of in-network ATMs available across the country.
  • Multiple debit cards: You can have a debit card issued to every owner of your business.
  • Budget with sub-accounts: NorthOne doesn’t offer deposit accounts or CDs. But the sub-account feature — which connects with your checking account — helps you budget for large expenses like taxes, payroll, and rent.
  • In-account invoicing capabilities: Using an integrated app, you can send, track, and manage invoices to customers and clients.
  • Integrates with third-party business tools: You can add third-party payment services and accounting software to your business checking account to create an all-in-one business finance platform.

How Does NorthOne Business Checking Work?

The NorthOne Business Checking account offers online and mobile banking. And it comes with unlimited payments, deposits, and transfers. Open an account in about three minutes with an initial minimum deposit of just $50. The account can be both opened and accessed through your computer or mobile device

The account comes with the NorthOne debit MasterCard. This gives you access to what may be the largest fee-free ATM network of any bank, with 300,000 locations. And use the debit card to make cash deposits at any in-network ATM location free of charge.

Using the banking app from your mobile device, you can:

  • Send payments by wire or ACH
  • Pay bills
  • Mobile check deposits
  • Deposit payments on the go, wherever you are

The account also comes with cash flow reporting. This gives you the ability to analyze and understand both revenue and spending within your business.

FDIC insurance of up to $250,000 per depositor is available through Radius Bank. Radius also provides banking services and debit MasterCard.

Daily Transaction Limits:

  • Cash withdrawal limit: up to $2,000
  • Mobile deposits: up to $20,000
  • ACH transfers: up to $10,000
  • Wire transfers: up to $10,000

Further Reading >> Best Business Checking Accounts

NorthOne Business Checking’s Best Feature- Integration

One of the best business features of NorthOne Business Checking is the ability to integrate the app with popular business tools. This capability is made to order for small businesses that take advantage of those tools’ low cost, so you don’t have to pay third parties or hire additional staff.

NorthOne Payment Processing
Add payment processing and eCommerce to the NorthOne app

Integrate your accounting, eCommerce, and POS software right into your bank account. The NorthOne account also works with Square, Stripe, PayPal, and Shopify, as well as accounting apps Expensify, Freshbooks, Quickbooks, Wave, and more. This gives you plenty of options to use all of your business tools in one place.

NorthOne Business Checking Sub-accounts

These accounts connect to your checking account and help you save for upcoming expenses. You establish “smart rules” to automatically set aside money by the amount or percentage basis. That helps you better manage large upcoming expenses that may not fit neatly into your budget. These types of expenses include income taxes, payroll, and rent.

Free Invoice Maker App

NorthOne’s  Invoice Maker App is fully integrated to your NorthOne Business Checking account. The app works on Android and iOS mobile devices. This lets you build and send professional looking invoices from your mobile device, as well as keep track of payments and even send reminders.

Invoice Maker lets you customize professional invoices using pre-built templates. By sending invoices directly from your banking app, you can get paid without the usual invoicing fees.

NorthOne Account Security

In addition to FDIC insurance, NorthOne Business Checking also provides the following security measures to protect your identity and your transactions:

  • Biometric authentication (Touch ID or Face ID to log in, send payments, and view information)
  • Fraud monitoring
  • NorthOne does not store sensitive information.
  • Communication takes place only through secure channels.
  • Continuous transaction monitoring for suspicious activities and immediate notification if any are detected

NorthOne Business Checking Alternatives

If you’re looking for a business bank account that offers simplicity, abundant business services, and low fees, there are several choices open to you. Comparable services include Bank Novo and Azlo. Carefully review the features offered by each service to determine which is best for you.

NorthOne Business Checking Fees

NorthOne charges a single monthly fee of $10. And this covers the unlimited transactions the account offers.

There are a few other fees, including:

  • Domestic wire transfers, incoming and outgoing: $10
  • International wire transfers, incoming and outgoing: $25
  • Nonsufficient funds (NSF): $25
  • Daily overdraft fee: $5 per day

NorthOne Financing Options

NorthOne participates in the Paycheck Protection Program (PPP) through the Small Business Administration (SBA). The bank facilitated more than $130 million in PPP loans to small business owners as of December 2, 2020. The loans are made through Cross River Bank, Member FDIC.

NorthOne is currently waiting for the program to be extended, so you’ll need to sign up for the PPP waitlist. You must first open a NorthOne Business Checking account to be eligible to sign up for the waitlist.

NorthOne currently does not offer common bank financing programs, like credit cards, personal loans, auto loans, business loans, or real estate loans.

NorthOne Business Checking Account Pros & Cons

Pros

Low fees

— You’ll pay a $10 per month fee, which eliminates extra fees for access transactions. Wire fees are moderate by banking industry standards.

Unlimited transactions

— There is no limit on the number or dollar amount of payments you can make, income payments you can receive or number of transactions.

Budget for major expenses with sub-accounts

— These are connected with your business checking account and give you the ability to budget for upcoming expenses like taxes, rent and payroll.

Low minimum initial deposit requirement

— You can open an account with as little as $50.

Extensive integration with small business tools

— You can add multiple payment services and accounting software to your checking account.

Invoice directly from your checking account

— The Invoice Maker enables you to both send and track invoices to customers and clients. You can even send reminders for past due accounts.

Extensive ATM network

— Use your NorthOne Debit MasterCard to access cash at 300,000 fee-free ATMs across the country.

You can deposit cash

— Most online bank accounts – including business bank accounts – don’t offer this option. But with NorthOne, you can make cash deposits at hundreds of thousands of fee-free ATMs across the country.

Cons

No savings or loan options

— Like many online business checking accounts, NorthOne does not offer deposit accounts or CDs, nor do they provide lending services like traditional banks do — other than participation in the Paycheck Protection Program (PPP).

No paper checks

— Even though paper checks are rapidly disappearing from the banking world, this could be an inconvenience if your business regularly requires use of check payments. You can still mail a check via the website or app.

No physical branches

— But then that’s the basic idea behind online banking.

Limited phone contact

— You must schedule a call from the app, as there is no direct phone access.

Debit cards not available for employees

— The Debit MasterCard is available only for owners of your business.

Extended deposit hold for the first 30 days

— NorthOne will hold all deposits to your account for five business days for the first 30 days you have the account open.

Final Thoughts on NorthOne

If you have a small business or are a freelancer, you probably do not need a traditional business banking arrangement. If what you’re looking for is a simple on-the-go business checking account that integrates with your regular business tools, NorthOne Business Checking offers one of the industry’s best choices.

A small business needs a business checking account that’s light on fees. And that’s exactly what NorthOne Business Checking provides. For a flat monthly fee of $10, you get unlimited transactions, including payments, transfers, and deposits of incoming payments. Since NorthOne is designed primarily as a mobile app, you can handle your business banking anywhere you are.

The account also gives you the ability to deposit cash, which is highly unusual among online banks. This is done through the debit MasterCard, which allows you to withdraw cash at more than 300,000 fee-free ATMs and deposit cash and checks at over 10,00 fee-free locations across the country.

And if you struggle with budgeting, NorthOne Business Checking sub-accounts provide an answer. Working directly from the checking account, you can set up regular allocations to cover important expenses like taxes. This helps even out your cash flow.

If you’re looking for a simple, low-cost business checking account that also acts as a comprehensive financial center for your business, NorthOne Business Checking should be on your shortlist of options.

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