Monday, December 2nd
2024 Business Bank Account Reviews
NorthOne
- Two business checking plans (one with no monthly fee)
- Seamless integrations with numerous platforms, like ADP, Gusto, Paylocity, QuickBooks, and Shopify
- Built-in accounting and bookkeeping tools
- Unlimited number of "envelopes” for cash flow management
- "A+” rated and accredited by the BBB
North One is one of several fintech options on our list of business banking providers. The company is backed by The Bancorp Bank and is designed to give you a "connected bank account” - integrating budgeting, sales, and payments so that you have everything at your fingertips.
Broad array of integrations on offer
Integrations are no problem at all with a North One business bank account. This company lets you do it all from A(bacus) to Z(oho Books). You'll find all of the available integrations on the North One website, if you want to check for a service you're already using (or planning to).
Robust built-in tools
But, if you're not already using a particular bookkeeping or accounting software, North One has some impressive built-in tools. You can see a detailed history of every transaction (like who approved an expense and any notes attached), attach invoices or bills to any transaction to create a paper trail, and so on.
Unlimited number of sub-accounts
And, one of the features North One offers that's a must-have on our list is the ability to divide funds into "envelopes”. You can create separate places to store funds for payroll, expenses, taxes, or any other category you like - and North One doesn't place a limit on how many envelopes you create. That feature was designed to let you follow Mike Michalowicz's "Profit First” method of accounting, and there are even instructions on North One for how to set a portion of each sale as profit, taxes, owner's compensation, and operating expenses.
A bit nickel-and-dime like big banks
However, North One can feel a little like "all of the fees of the big banks with none of the in-person benefits”. It doesn't quite measure up to its online-only rivals when you look at what you get and how much you'll have to pay for it:
- North One Standard: this is your basic business checking account, with no monthly fees. You get up to 2 free ATM withdrawals per month and 1 free cash deposit per month. You'll pay $1 for every physical check you send out via bill pay, and $20 on every domestic wire you send. And, when you need to make same-day ACH payments, you'll pay a 1.5% fee.
- North One Plus: you'll pay $20/month for this tier (and there's no way we could see to get that fee waived with a particular balance or relationship with the service). The benefits for that monthly fee include $0 on same-day ACH payments/physical checks/receiving domestic wires, up to 6 free ATM withdrawals per month, up to 3 free cash deposits per month, and priority customer support.
That's it. If you're looking for any kind of business savings account or interest-bearing options, you won't find it with North One.
Support is disappointingly limited
We're also not thrilled with the way North One does support: if you need to speak to a live agent, you'll have to go into your dashboard, click on Support, and then schedule a call. Here's what the bot told us in the chat: "We do not have an inbound phone line or a number for third parties to reach us at.” Does that sound like how you'd want to get support if you can't get into your account or you suspect something fraudulent has happened?! But hey, if you're paying $20/month, at least you'll get "priority” responses via chat and email, right? But, by the way, although North One offers "customer support on your terms”...it's only available Monday-Friday, 9A-6P. Because no businesses do any banking on the weekends...
Reputation on the upswing
We're happy to report that North One has improved its standing with the Better Business Bureau since our last review, going from a mid-tier "B” to a perfect "A+” and accreditation, and just 7 complaints filed with the BBB in the last year. That's impressive. Those improvements are also reflected in NorthOne's reputation on Trustpilot: although those reviews are still at about a 60/40 split between 5-star and 1-star ratings, the more recent ratings are almost all 5-stars (which is reflected in Trustpilot's 4.4-star average: they give the company credit for improving its reputation, weighing the older, lower reviews less).
Not the best or the worst business banking out there
Do you get the impression that North One leaves us feeling a little "meh” about its business banking options? At first, it's got some attractive features, especially with all of the integrations on offer. And, if you're looking for fee-free business checking, this fintech checks that box. However, there are some big limitations when using North One for your business, not the least of which is only being able to get customer support during weekday business hours. We're glad that there are still some company owners who have had a good experience here, but we'd recommend checking out North One's more well-rounded rivals before opening an account.
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The 10 Best Business Bank Accounts
Where Should You Open a Business Bank Account?
Running a business means keeping your finances in order, and the right bank can help you do just that. But with so many options available, it can be tough to know where to start. When you're ready to open a business bank account, you'll want to consider a few key factors to make sure you're choosing the right one for your needs.
First, think about your business' cash flow. You need easy access to your money so you can cover expenses, pay employees, and handle daily operations without a hitch. A bank with fast and hassle-free deposits and withdrawals is essential. If you ever find yourself struggling to pay vendors or make payroll because of banking delays, it could harm your business in the long run. Picking a bank that works smoothly with your financial schedule is crucial.
Business Bank Account FAQ
Continued from above...
Next, be mindful of the fees associated with business accounts. Banks often charge for everything from ATM use to wire transfers, and these fees can add up quickly. Some banks may also charge monthly maintenance fees or penalties if your account balance dips below a certain threshold. Before opening an account, take a close look at these costs and decide if they're worth it for your business. The goal is to avoid paying for services you don't need, while making sure the services you do need are affordable.
Another important factor is how the bank integrates with your business' accounting systems. Does the bank support connections with your accounting software or allow your accountant to access the account? This can save time and simplify your financial management. Some banks also let you set up permissions for other team members, so they can help manage payments or reconcile transactions. These tools can make day-to-day operations much easier and more efficient.
Got all that? Good. Now you're ready to take a look at some of today's most popular options for business banking, not just big-name financial institutions with both brick-and-mortar and digital services, but also online-only fintech platforms that often have the bells-and-whistles missing from "brand-name” financial institutions. Here's a helpful checklist to help you to compare and decide:
- In-person vs. online. Do you need the reassurance of having a physical branch nearby to do your business banking? Or are you comfortable with going fully digital? There are pros and cons to both. You may need a business bank with a brick-and-mortar option if you're going to make lots of cash deposits every month.
- Features. What are the absolute must-haves for your business banking? For some, that's the ability to have sub-accounts for easy cash flow management. For others, it's having access to a wide network of ATMS. And don't forget about integration with any software you might already be using (like QuickBooks). It's okay if you don't have that worked out yet, but keep in mind that big banks tend to offer fewer features focused on small businesses.
- Fees and limits. Be very aware of what your business banking will cost, both from month-to-month and for the types of transactions you'll be making most often. Pay attention to minimum deposit/balance requirements, limits on wire transfers (inbound/outbound), transaction limits, and so on.
- Reputation. See what the Better Business Bureau has to say about the bank, but also what business owners like you have reported. Has the banking experience made life easier to run their company or has it been a hassle?
The experts at Top Consumer Reviews have researched and ranked many of the most popular options for business banking today. This information can help you keep some of the most important factors in mind, so that you can choose an institution that helps you manage your finances effectively and supports your company's success.
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