NorthOne Business Banking Review
NorthOne is a business bank account which offers online banking with no hidden fees to small businesses and freelancers looking for an account which caters to their needs. While hidden fees are an expectation when it comes to big business banking options, NorthOne stands out, charging just $10 a month for impressive features like plugins with top business tools, one of the largest ATM networks for fee-free cash deposits and withdrawals across the country.
Advertiser Disclosure: This article/post contains references to products or services from one or more of our advertisers or partners. We may receive compensation when you click on links to those products or services.
Digital banking is on the rise as small businesses and freelancers become aware that they can conduct their banking from the convenience of their office or home on easy-to-use apps and websites. With NorthOne, you can connect your favorite accounting software, eCommerce, point-of-sales, and other tools with plugins, supercharging your small business’ productivity.
What is NorthOne Business Banking?
NorthOne is a business bank account for small businesses and freelancers which makes online banking easy with no hidden fees, no minimum balance, and a suite of money management tools. NorthOne is partnered with The Bancorp, which powers other top online banks like Chime, to provide banking services.
NorthOne is FDIC-insured and makes it easy to get started with a quick application process which takes as little as 3 minutes. This business bank account is known for its fast and efficient customer support, suite of financial tools, and plugins with major business tools like QuickBooks, Stripe, Paypal, etc. While NorthOne charges $10 a month for its services, there are no hidden fees, such as overdraft and non-sufficient funds fees, or minimum balance which sets it apart from competitors.
NorthOne Pros and Cons
NorthOne offers a number of pros which makes it outstanding from big bank competitors as well as digital bank competitors. However, there are a few cons you should also be aware of.
Pros
- No minimum balance so you don’t need to worry about your account balance dipping temporarily and being charged a fee.
- Access to a network of +1,000,000 ATMs across the country, and +2,000,000 Worldwide.
- Large suite of digital banking tools including expense management, Envelopes (sub-accounts), and easy cash transfers.
- Plugins with all major accounting and payment tools including FreshBooks, PayPal, and Square.
- Convenient customer service available through live chat, email, and phone scheduling.
Cons
- The $10 monthly fee can’t be waived, but no other hidden fees.
- Although NorthOne doesn’t charge any ATM fees, third-party ATM owners might charge a fee at their discretion
- Doesn’t offer APY (Annual Percentage Yield) on the account balance.
NorthOne Pricing
As mentioned, NorthOne charges $10 a month, unlike some competitors, but this fee is made up for with features like cash deposits and no hidden fees.
As the chart below lays out, NorthOne has higher cash withdrawal limits than major competitors like BlueVine.
Features | NorthOne | BlueVine | Bank Novo |
Monthly Fees | $10 a month | $0 | $0 |
ATM Network size (deposits) | +90,000 | Cash deposits not supported | Cash deposits not supported |
Cash Withdrawal Limit | $2,000 per day | $1,000 per day | $2,000 per day |
Mobile check deposit limit | Up to 75k per cheque/ No monthly limit | $20,000 a day | $50,000 a month |
ACH payment limit | $10K per day | $5k per day | $100K per day |
ATM Network Size (Withdrawls) | +1,000,000 nationally, 2,000,000 Worldwide | No Network Offers refunds for fees | Cash deposits not supported |
Wire Fees (domestic) | $15 | $15 | Not supported |
Overdraft Fees | $0 | $0 | $27 |
Non-Sufficient Funds (NSF) Fee | $0 | $0 | $27 |
Card Replacement Fee | N/A | $30 (Expedited) | N/A |
Who NorthOne Business Banking is Best For
NorthOne is best for small business owners who need money management tools and plugins to their favorite business digital tools like Stripe and QuickBooks. NorthOne’s business bank account is highly scalable and can be used for small one-person businesses as well as businesses with more employees.
NorthOne is also ideal for freelancers who need a business bank which helps simplify accounting with easily-downloadable statements and documents. This business checking account also offers Envelopes which make it easy to create new sub-accounts and set funds separate for taxes or other savings.
Business owners who prefer working from their smartphone or appreciate easy-access to banking through their phone will appreciate NorthOne’s easy-to-navigate app where all banking can be done on the go. NorthOne can also be accessed through web banking from any computer.
Who Should Reconsider Using NorthOne
NorthOne is less ideal for users who don’t prefer mobile banking but all banking can still be done logging into NorthOne’s website.
If you prefer in-branch banking, NorthOne is also unideal as there are no branches you can use, only ATMs. You can still use NorthOne’s customer support via live chat, email, and phone.
How NorthOne Business Banking Works
NorthOne is an online business bank account which you can apply for directly at NorthOne’s website or through the NorthOne app on iOS or Android.
Who is eligible to apply?
To be eligible for a NorthOne account, you must be 18 years older, a U.S. citizen or legal resident, living in one of the 50 states, and have a U.S. street address.
What is required to apply?
Information about yourself and your business, your home and business address, and your Social Security Number. You’ll also need a valid government ID.
NorthOne’s next steps
After applying, your application will be reviewed and approved within 48 hours. You’ll then need to make a $50 deposit to fund your account. From there you can use account features until you receive your debit card 10 days after opening your account.
Key NorthOne Features
There are several key NorthOne features which sets it apart from competitors. These are the reasons NorthOne is especially worthwhile for small businesses and freelancers.
Large ATM Network
Through NorthOne’s ATM network, you can withdraw cash fee-free from +1,000,000 Cirrus® locations and load cash at +90,000 Green Dot® locations across the United States.
No Hidden Fees
NorthOne’s upfront $10 a month fee means there are no hidden fees like minimum balance fees or hidden transfer fees.
Convenient Mobile App and Web Banking
With NorthOne, you can bank through your mobile app or computer with ease, accessing all relevant banking information.
Easy Transaction Search
NorthOne makes it easy to search for transactions by information like card numbers or names. No more spending hours scouring documents for urgently-needed information.
Great Customer Support
While NorthOne has no branches, you can call, live chat, or email NorthOne customer support for a quick response from anywhere.
Sub-Accounts (Envelopes)
NorthOne’s sub-accounts feature allows you to save or designate funds to new sub-accounts within your main bank account with ease. You can set aside and label funds for any purpose like taxes.
Plugins
NorthOne boasts a suite of app integrations with top business solutions including Expensify, Freshbooks, Quickbooks, Wave, Stripe, Shopify, among many others.
Conclusion
NorthOne Business Banking is one of the leading challenger business banks which have emerged to support small businesses and freelancers ready for an entirely online banking experience. With powerful features and no hidden fees, this banking option is a top choice by Business Bank Guide for businesses looking for a business bank.