NorthOne 2024 Review
Every business needs an easy place to keep its money. Whether you’re depositing money you’ve received from customers, spending your cash on supplies or payroll, or just holding the money until you can invest it in growing your business, you need someplace safe to store it.
NorthOne is a banking app that works like a supercharged business bank account, offering integrations with popular accounting tools and other perks that make running your business easier. This NorthOne Bank review will cover all of the essential details of the service.
- Open a new account in minutes
- Integrates with popular accounting tools
- Envelope budgeting system
- No overdraft fees
- Easy to deal with cash
- Good customer service
- $10 monthly fee
- No international wire transfers supported
How does the NorthOne Business Banking App work?
NorthOne’s app works much like a traditional checking account from a bank. You can use the account to hold your business’s cash and feel confident that it is safe due to FDIC insurance on up to $250,000 in the account.
NorthOne knows that time is money, especially for small business owners, so it makes it easy to apply for and open an account. You can get an account in as little as five minutes so you can get back to running your business. The account charges an unavoidable $10 monthly fee and has a $50 minimum deposit requirement.
New customers can get a $10 bonus when they sign up through this link.
What sets NorthOne apart from the competition is the ways that it makes it easier to run your business. NorthOne’s Business Banking App integrates with popular small business tools and accounting software so you can keep all of your financial information in one place. It also offers many other useful features.
NorthOne Business Checking Features
NorthOne’s Business bank accounts come with some features that make them a great tool for business owners.
Accounting software integration
NorthOne lets business owners integrate their banking app with popular small business tools. Some of the available integrations include Expensify, Freshbooks, Quickbooks, PayPal, Stripe, Shopify, and Amazon.
The ability to connect accounting software like QuickBooks or Xero directly to a NorthOne account streamlines the reconciliation process, saving time and reducing errors. This integration capability demonstrates a thoughtful design approach, recognizing the ecosystem within which small businesses operate and providing solutions that fit within that context.
Envelope budgeting system
With a NorthOne Business Account, you can set up envelopes to keep track of your funds. These envelopes let you separate your money to keep track of funds dedicated for different purposes. One envelope can be for money designated for payroll while another is where you keep money to pay suppliers.
Envelopes make it easy to budget for your company’s expenses. You can set up rules to designate a percentage of your company’s money for different purchases or set aside flat amounts each day or month.
No overdraft fees
One of the worst feelings a business owner can have is realizing that they’ve overdrawn their account. Not only did you spend money you don’t have, but your bank also probably charged a fee for the overdraft, driving your account balance further into the negatives.
NorthOne eliminated overdraft fees and non-sufficient funds fees from their accounts, so business owners don’t have to worry about paying these fees.
Over 2 million cash deposit and withdrawal locations
NorthOne’s Business Account is a fully online account, which is great for companies that do most of their business over the internet and without handling cash. However, many online banking apps don’t make it easy to deal with cash.
NorthOne is different. It has partnerships with Green Dot and Cirrus ATM that allows customers to make cash deposits from more than 2 million combined locations around the United States. On top of that, its debit cards are part of the MoneyPass ATM network, one of the largest ATM networks in the country. That means account holders can easily deposit or withdraw cash for their business.
Customer Support and Education
User experience extends beyond the digital interface to include the support and resources provided to users. NorthOne offers robust customer support and a wealth of educational resources aimed at helping small business owners navigate financial challenges. This support system is crucial for businesses that may not have dedicated financial departments and underscores NorthOne's commitment to their success.
Feedback and Adaptability
Finally, the design impacts and user experience of NorthOne Business Banking are shaped by ongoing user feedback and the platform's adaptability to this input. By listening to its users and continuously refining its offerings, NorthOne ensures that its design evolves to meet changing business needs and user expectations.
Where the Northone Business Checking Account Fails
The greatest drawback of using NorthOne is the $10 monthly account fee. You’ll have to pay this fee each month to keep the account open.
However, NorthOne does not charge ACH, NSF, overdraft, ATM, or card replacement fees, so the average business could save money relative to the monthly fee.
If your business works in cash, you may also pay fees related to cash deposits and withdrawals. You can deposit cash at Green Dot locations and each deposit will cost $4.95. Withdrawals at ATMs outside of the MoneyPass network can also incur fees depending on the ATM provider.
Is NorthOne Right for You?
Online banks tend to be most effective for small businesses that do a lot of their business online or that don’t deal heavily in cash. While it can be hard for business owners to use an online bank if they operate in a cash-heavy industry, those that don’t use cash can benefit from the lower fees and useful tools that online business banks offer.
NorthOne does offer some tools for business owners that use cash. You can deposit funds at Green Dot location and withdraw funds at MoneyPass ATMs, but there are fees associated with deposits and withdrawals.
What that means is that if your business relies on cash, you should probably avoid online business banks. However, if you’re a mostly online company, an online bank can be a great choice.
If you're unsure if a NorthOne checking account is right for your business, you should compare some of the best business banking accounts to pick one with all of the features that you need.
How to apply for a NorthOne business checking account
When you're ready to ready to apply for a NorthOne business checking account, you'll need the following information. Northone Bank reviews all of the details you provide to make sure you’re eligible for an account.
- Your Social Security number
- Copy of your photo ID
- Company name
- Employer Identification Number (required for LLC or corporation)
- Bank account information
- Contact information
Applying for a checking account is simple and takes just a few minutes. Most customers receive instant approval online with confirmation via email.
NorthOne User Reviews
Frequently Asked Questions
What fees should I watch out for?
While NorthOne doesn’t charge overdraft fees or non-sufficient funds fees, customers should keep an eye out for the $10 monthly fee. There are also fees for cash deposits and withdrawals at out-of-network ATMs.
Who qualifies for a small business bank account?
NorthOne offers accounts to a variety of different businesses, from sole proprietorships and LLCs to partnerships and corporations.
To open an account, all you need is a $50 minimum deposit and to submit the five-minute-long online application. NorthOne supports freelancers and small businesses, so all you need is a US-based address.
Can I use cash with NorthOne?
Yes, NorthOne supports businesses that use cash. You can deposit funds at Green Dot locations for a small fee and use your debit card to make withdrawals at MoneyPass ATMs.
Is NorthOne a real bank?
NorthOne is a fintech company, which means it has partnered with an established bank to offer banking services while it offers a strong technological experience. NorthOne works with The Bancorp Bank to offer its business banking services.
Is NorthOne banking legit?
Yes, banking with NorthOne is legit. The company is a legitimate company and works with a real bank. You do not need to worry about your money disappearing or the company stealing your personal information.
Is NorthOne Bank FDIC insured?
Yes, NorthOne’s business checking account is FDIC insured. If NorthOne is unable to return your money to you, the FDIC will reimburse you for the lost funds up to $250,000.
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