NorthOne Business Checking Account Review 2022: Unlimited No Fee Transactions

Katie Stiner

NorthOne business checking accounts provide small business owners with an easy-to-use banking solution to help manage and track day-to-day cash flow and business expenses. Business owners can plan for large expenses and budget using NorthOne’s envelopes and set regular allocations for payments such as taxes, payroll, and rent. Built for small businesses, freelancers, and startups, NorthOne integrates with business tools that can help you streamline your business processes and finances all in one place. 

Overall rating

4.7

Summary: If you’re looking for a simple business checking account with unlimited transactions for no fee, being able to invoice customers, and helps you budget for upcoming expenses, the NorthOne business checking account could be a great fit for you. 

NorthOne Business Checking Account

northone logo

$10

Monthly Fee

0%

Est. APY


Reviews

5

Account Opening

4.5

Fees

4.5

Deposits & Withdrawals

5

Features

4

Customer Service

5

Safe & Secure

Pros

  • Low minimum deposit
  • No hidden fees
  • Unlimited transactions with no fee

Cons

  • $10 monthly fee
  • No in-person customer support

Best For

  • Unlimited envelopes to help manage your finances
  • Smart integrations with business tools
  • Send invoices from the app

Features

HQNew York, USA
Monthly Fee$10
Min. To Open$50
Min. Deposit For No Fee$0
Transfer Fee$0
Overdraft Fee$0
ATM Fee$0 at all MoneyPass ATMs (third-party ATM fees may apply)
RewardsNone
TransactionsUnlimited transactions with no fee
Branch AccessNone
State RestrictionsAvailable in all US States

In depth review on NorthOne business checking account

NorthOne business checking accounts are best for small businesses looking to simplify their processes and finances. With the ability to send invoices from the app, create an unlimited number of sub-accounts with the envelope functionality, and integrate with a suite of business tools and software, NorthOne helps you manage your business from a simple low-cost checking account. 

NorthOne business checking account is best for  

  • Unlimited envelopes: NorthOne helps you budget for your big or reoccurring expenses. With just a few clicks you can set up envelopes in your business checking account and allocate funds to each envelope according to a percentage or a set amount on a daily, weekly, or monthly schedule.
  • Smart integrations with business tools: NorthOne allows you to integrate business tools including accounting software, eCommerce, and payment processors. 
  • Send invoices from the app: With the Invoice Maker app, you can create and send professional invoices, keep tabs on your invoices and track payments. It’s free to use and you can also send automatic payment reminders to your customers, saving you time on chasing unpaid invoices.

NorthOne business checking account benefits  

  • Low minimum deposit: The minimum amount you need to open an account is only $50. 
  • No hidden fees: NorthOne is transparent with the fees they charge. In addition to the monthly fee, there is a $15 fee for sending and receiving domestic wire transfers and there may be a fee for using an out-of-network ATM. 
  • Unlimited transactions with no fee: These include no fees for deposits, transfers, purchases, ACH payments, non-sufficient funds, and overdrafts.

NorthOne business checking account drawbacks  

  • $10 monthly fee: Many digital banks provide fee-free banking. NorthOne charges a $10 monthly fee with no option to waive the charge.
  • No in-person customer support: There are no physical branches to receive in-person customer support. Phone support is also limited as you need to schedule a phone call in advance via the app. 

Account opening

5

To open a business checking account with NorthOne, you’ll need to download the app on your smartphone and provide the following information:

  • Email address
  • Set up a password
  • Social security number
  • US mailing address
  • Business information
  • Personal ID
  • You must be a U.S. citizen or permanent resident
  • You must be at least 18 years old

All services are provided via the app. It usually takes around 10 days to receive your debit card and it takes around 48 hours for applications to be approved. You can also add up to four authorized users to your account and have an additional debit card sent to them.

Fees  

4.5

There are two main fees associated with a NorthOne business checking account. These are the monthly maintenance fee of $10 and the $15 wire transfer fee. There are no hidden fees including no fees for deposits, transfers, purchases, and overdrafts.

There is also no fee to withdraw cash using your debit card at any MoneyPass ATM. However, this does not include third-party fees for using an ATM or a fee for out-of-network ATMs. 

Features

5

Key features for the NorthOne business checking account include:

  • Unlimited envelopes to help you budget: In just a few clicks, you can set up unlimited envelopes to help you budget for your business expenses such as rent, equipment, and taxes. Envelopes are essentially sub-accounts and you can automate the allocation of your funds by setting up rules that distribute your cash flow regularly. 
  • Integration of business tools: NorthOne has a range of business tool integrations to help you manage your business finances seamlessly. Some of these integrations include popular service providers such as QuickBooks, Wave, Etsy, Square, Shopify, Amazon, and FreshBooks. 

Deposits and withdrawals

4.5

You can deposit cash at participating Green Dot locations, with a limit of up to 1 cash deposit per day, a maximum of $10,000 per deposit, and $300,000 per calendar month. 

For direct deposits, there is no limit to the number of transactions per day and no maximum dollar limit. ACH transfers initiated from an external institution have a $10,000 limit per deposit per day. Incoming wire transfers have no maximum dollar limit and no limit to the number of wire transfers per day. Mobile check deposits are facilitated by Ingo Money and third-party fees may apply. 

You cannot send or receive international wire transfers with NorthOne and domestic wire transfers have a $15 fee. There are no in-network ATM fees. 

Customer service

4

There is no in-person customer service support available at a physical branch. All inquiries must go through email, phone, or live chat. To phone NorthOne, you can schedule a phone call in advance at a time that is convenient for you and they will call you back. Customer support is available seven days a week. 

Out of 81 reviews on Trustpilot Bank NorthOne currently has an average rating of 3.9 with customers enjoying the customer service experience, and the easy and fast process to open an account. Many of the customer complaints come from being locked out of the account or not being able to open an account. 

Safe and secure

5

It is important to note that NorthOne is not a bank and it does not have a banking license. NorthOne’s banking services are provided by The Bancorp Bank and deposits are FDIC insured up to $250,000.

Plus, NorthOne implements Touch ID or Face ID to log in to your account to keep your account and transaction details safe. 

Is NorthOne business checking account right for you?

With a low monthly maintenance fee, you’ll get unlimited fee-free transactions, there are no overdraft fees or insufficient fund fees, and you can deposit and withdraw cash at any of the participating locations. If you struggle with monitoring expenses, budgeting, and tracking invoices, the envelopes allow you to automate the process of allocating funds and you can easily send professional invoices from the app in under 2 minutes. 

If, however, you prefer a business checking account with no monthly fee and the ability to send and receive domestic wire transfers at no cost, you may want to shop around and look for an alternative digital banking solution.