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Nearside Business Checking Account Review 2022: Unlimited 2.2% Cashback

Katie Stiner

Nearside is a financial technology company owned by Nearside Business Corp., Inc. It was founded in 2018 in San Francisco, California. The company aims to help small businesses manage their finances through its several lending and banking services. Businesses can use Nearside’s business checking account without any monthly fees or minimum deposits. It offers banking solutions to sole proprietors and small businesses.

Overall rating

4.8

Summary: Nearside offers unlimited 2.2% cashback on all business transactions, which can help save you money in the long run.

Nearside Business Checking Account

nearside logo

$0

Monthly Fee

0%

Est. APY


Reviews

5

Account Opening

4.5

Fees

4

Deposits & Withdrawals

5

Features

5

Customer Service

5

Safe & Secure

Pros

  • Free banking
  • No overdraft fees
  • No card replacement fee
  • FDIC insurance
  • Send checks from the mobile app

Cons

  • No cash deposits
  • No app notifications

Best For

  • Sole proprietors and small businesses
  • Cashback
  • Discounts on tools and ad credits

Features

HQSan Francisco, California, USA
Monthly Fee$0
Min. To Open$0
Min. Deposit For No Fee$0
Transfer Fee$0 – $35
Overdraft Fee$0
ATM Fee$0 but for out-of-network ATMs the fee is $1
RewardsUnlimited 2.2% cashback
TransactionsUnlimited electronic deposits
Branch AccessOnline-only
State RestrictionsAvailable in all states

In depth review on Nearside business checking account

Nearside offers business banking solutions for sole proprietors and small businesses. The company has an online focus and offers free banking solutions. Nearside’s business checking account has no monthly fee, no minimum requirements, no overdraft fee, and no card replacement fees. These features can be extremely beneficial for a small business in keeping its costs low. Additionally, you will get a cashback of 2.2% on every business purchase you make with your Nearside debit card. You also have free access to All-point’s global network of 55,000 ATMs.

Nearside business checking account is best for

  • Sole proprietors and small businesses: Nearside’s business checking account is created specifically for sole proprietors and small businesses. This account’s features are curated to provide banking solutions to small businesses while helping them keep their banking costs low.
  • Cashback: You will receive a 2.2% cashback on all business purchases made on your debit card.
  • Various perks: Users get discounts on multiple business tools. Additionally, you’ll get $300 in Yelp and $200 in Indeed ad credits.. 

Nearside business checking account benefits

  • Free banking: This account does not charge account holders a monthly maintenance fee. Additionally, they are not required to maintain a minimum balance to avoid fees.
  • No overdraft fee: If you overdraw your account by up to $50, you will not have to pay any overdraft fee.
  • No card replacement fee: In case you need to replace your debit card, it can be done for free as there is no card replacement fee.
  • FDIC insurance: At Nearside, you are FDIC insured, so your money is insured up to $250,000.
  • Send checks from the mobile app: You can use Nearside’s mobile app to send checks directly for free. You get 5 free checks and are charged a $1 fee after that.

Nearside business checking account drawbacks

  • No cash deposit: Nearside does not support cash deposits. This is a feature that other traditional business checking accounts support.
  • No app notification: Currently there are no app notifications to let you know of transactions that took place via the mobile app.

Account opening

5

Opening a business checking account with Nearside can be easily done online, within minutes. You need to be 18 years old or older. You’ll be required to provide some personal information like a valid email address, birth date, phone number, Social Security Number, etc.

If you are to open an account on behalf of a business entity, you are required to have related documents and your EIN number may also be needed.

Fees

4.5

Nearside offers an extremely low-cost fee structure with its business checking account. Most features are available to users free of cost. The account does not have a monthly service fee and offers ACH Transfers, debit Card replacements, etc. However, there are some fees associated with this account, which are:

  • Stop payment fee: $25
  • Non-network (non-Allpoint ATMs) ATM fee: third party fee + $1 Nearside fee

Features

5

This business checking account comes with several features targeted towards small business owners. These features make it an exceptional bank account to conduct your banking as a small business. Some of these features are given below:

  • No monthly fee
  • No monthly minimum requirements
  • No overdraft fee
  • No debit card replacement fee
  • 2.2% cashback on all business purchases in 2022
  • Free and flexible ACH transfer

Deposits and withdrawals

4

Nearside offers most traditional channels of depositing and withdrawing funds to and from your account. You can use ACH transfers, checks, and ATMs, to withdraw funds from your account. You can also deposit funds to your account using most channels other than cash deposits, which can be a drawback for some. The Nearside Debit card also supports Apple Pay and Google Pay for digital payments.

Customer service

5

You can reach out to Nearside’s customer service via emails or phone calls. You can call their customer representatives at 888-516-2369 from 6 AM PST to 5 PM PST, Monday through Friday. You can also send in emails with your queries, which will be answered within 24 hours between Monday and Friday. Also, they have an extensive help center on the website and a virtual assistant.

Safe and secure

5

Nearside utilizes several security measures to offer safe and secure banking services to businesses. The bank allows account holders to lock their debit cards through the Mobile App in case you lose it or it gets stolen. The Mastercard Debit card that comes with this account also offers Mastercard ID Theft Protection, which provides users with fraud resolution and identity monitoring services. The business checking account is also FDIC insured through LendingClub Bank, which means your funds are insured up to $250,000.

Is the Nearside business checking account right for you?

Nearside’s business checking account can be a great option for you if you are a small business owner. The account offers services for no monthly fee, it also has no minimum balance requirements which allows you to keep your banking costs low. However, the lack of cash deposits and no App notifications can be drawbacks if you are someone who deposits cash frequently or relies on app notifications to keep track of your finances. One of the biggest features is the 2.2% cashback which could help you save a lot in the long run.