full review
This account checks a lot of boxes with no monthly fees. Account owners can take advantage of unlimited sub-accounts (called envelopes) to organize their funds, as well as built-in integrations with a number of popular business tools, including QuickBooks, Gusto, and Shopify.
These features make NorthOne especially suitable for freelancers, contractors, or self-employed owners who need to separate their personal and business finances. However, this is useful if your business does not need to send or receive international wire transfers (these are not supported) or if you use cash frequently (deposits incur additional charges and there is no free ATM network) ) only.
NorthOne Business Check is ideal for small business owners who:
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I prefer to manage most of my finances online.
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I want to connect my account to the financial tools I already use.
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Avoid frequent cash deposits or international wire transfers.
Relay business confirmation
Without sacrificing the easy integration or sub-account functionality that NorthOne offers.
Relay account holders can make cash deposits at compatible AllPoint ATMs at no additional charge. Incoming international wire transfers are free on Relay, but outgoing international wire transfers are $10 each or free if you upgrade to Relay Plus ($30 per month).
NorthOne Business Check Overview
|
standard |
plus |
|
|---|---|---|
|
Monthly fee: |
$0. |
$20. |
|
Minimum deposit requirement: |
$50. |
$50. |
|
AP: |
none. |
none. |
|
transaction: |
There are no fees for excess transactions. |
There are no fees 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 on iOS and Android).
To open an account, you must meet the following conditions:
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At least 18 years old.
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A U.S. citizen or legal resident residing in any of the 50 U.S. states or Washington, D.C.
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Have a verifiable U.S. address (not a PO Box).
Applications are typically approved within 48 hours and you will receive your NorthOne Business Debit Card within 10 business days of account opening.
You can also send business debit cards directly to authorized users, whether you choose to include them when you open your account or add them later. You can have up to four authorized users on your NorthOne Business Bank Account at 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 documents.
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personal information: Name, home address, cell phone number, date of birth, and social security number. This information is mandatory for anyone who owns more than 25% of the company.
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Business information: Company name, entity type, annual revenue, EIN or tax identification number, address and phone number. Depending on your industry, you may also need to enter your employment insurance number (LLCs, S Corp., and Partnerships).
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Required documents: A valid government ID for you and any authorized signers you include on your account. You may also need to provide a business license, operating agreement, business formation documents, DBA or fictitious name registration.
NorthOne also requires a minimum starting deposit of $50 (up to $250 for sole proprietorships and partnerships, and up to $10,000 for LLCs and corporations initially). Your first deposit must be made through your existing bank account, which you then link to your NorthOne account via Plaid.
What’s great about NorthOne Business Check?
Real-time payments from shopping platforms: Businesses that receive payments via PayPal, Square, Stripe, Amazon, and Venmo can receive “instant” payments, with funds in their NorthOne account within 30 minutes in most cases. You must link your NorthOne account to each payment platform using your account and routing number. Each platform has its own eligibility requirements, and some apps like Stripe and Venmo charge a fee for instant transfers.
Generous transfer limits: Most business bank accounts have daily, monthly, and per-transaction limits for wire and ACH transfers. NorthOne's limit is one of the highest. Below is a comparison with other online banks.
|
north one |
Lily |
blue vine |
Locust |
|
|---|---|---|---|---|
|
ACH transfer (outgoing) |
$10,000 per day. $300,000 per month. |
$20,000 per day. $100,000 per month. |
There is no daily limit. $20,000 per ACH transaction. Up to $100,000 per 30-day period (wire and ACH transfers). |
$10,000 per day. |
|
Wire transfer (outgoing) |
$200,000 per day (domestic only; NorthOne does not support international wire transfers). |
Not supported. |
There is no daily limit. $20,000 per wire. Up to $100,000 per 30-day period (wire and ACH transfers). |
No limit. |
What NorthOne’s Business Check falls short?
No free ATM network: Unlike most online banks, NorthOne is not part of an ATM network like Allpoint or MoneyPass. As a result, NorthOne customers will no longer have access to a true fee-free ATM network. Although NorthOne itself does not charge his ATM fees, the account holder may be charged third-party fees by his ATM owner/operator.
Basic business check
— A free business account that automatically refunds domestic ATM fees. Axos customers can also deposit cash at compatible Allpoint and MoneyPass ATMs at no additional charge.
High fees and low cash deposit limits: NorthOne customers can deposit cash to thousands of retailers through GreenDot, but each deposit is subject to a fee of up to $4.95. Also, his cash deposit limits are pretty stingy: $1,500 per day, $3,500 per week, and $5,000 per month.
Businesses with large amounts of cash can easily deposit cash (with monthly limits) using brick-and-mortar business accounts such as Bank of America and Chase. Online business accounts such as Axos, NBKC, LendingClub, and Relay also offer fee-free cash deposits through compatible ATMs.
Transaction fees for bill payments: NorthOne's Bill Payment Hub makes it easy for businesses to process one-time and recurring invoices. Disadvantages: You pay a fee each time you make a payment. Outgoing digital payments are 50 cents per transaction. Payments by paper check (sent by NorthOne) are $1.00 per check sent. (Note: Bill payments are free for NorthOne's Plus account.)
Lili's basic business check
Examples include free bill payments.the same applies
US Bank Silver Business Checking Account
and
Relay business confirmation
along with many other business accounts.
American Express® Business Check
or
Chase Business Complete Banking®
we offer 24/7 live customer support.
Limited reward: NorthOne offers special discounts to account holders, including temporary discounted rates on accounting software (QuickBooks, Bench) and human resources services (Gusto, Justworks). However, to take advantage of these offers, you must not only want those products, but also not have used them yet.
Grasshopper Business Checking Account
We offer unlimited 1% cash back on all debit card purchases.
2.25%
APY depending on account balance.
