NorthOne Review
NorthOne is a banking platform for small businesses. But is it right for you? Find out the unique features it offers and how it compares.
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Get $10 when you open and fund a new account | |||
Overall Score | 4.3 | ||
Checking | 4.0 | ||
Customer Service | 5.0 | ||
Mobile App | 5.0 | ||
Fees | 3.0 | ||
Pros and Cons
- Unlimited envelopes
- Invoice maker
- App integrations
- $10 monthly fee
- No APY
- Cash deposit fee
Bottom Line
Good business banking features and tools if you're okay with paying a monthly fee
When finding the right banking platform for your business, it's important to know your options.
There are plenty of excellent banking services aimed at small businesses, startups, and freelancers. NorthOne is but one of many.
But each has its own unique advantages. Choosing one that's right for you can save you hours of wasted time and money.
In a detailed review, you'll find out all you need to know about NorthOne. A popular fintech company providing banking services to small businesses. Also, learn about their features, fees, and how they compare to competitors Bluevine and Novo.
What is NorthOne?
NorthOne is a business banking platform, but who are they exactly?
In 2017, founders Eytan Bensoussan and Justin Adler launched NorthOne. Their goal was to offer a superior banking experience to small business owners. Better than the one big banks were giving them. They officially started offering services in 2019.
It's important to note that NorthOne is a fintech (financial technology) company and not a bank. Their banking services are provided in partnership with FDIC member Bancorp Bank. This allows them to provide users with FDIC-insured deposit accounts.
NorthOne Overview
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NorthOne offers a range of banking features. These features are designed to make managing business finances as smooth and easy as possible. But, their flagship service is a business deposit account.
Users can access their finances on the go through NorthOne's mobile app or desktop site.
The NorthOne deposit account provides useful features. These allow business owners to make payments via ACH bank transfer and wire transfer, access ATMs, deposit checks, and more.
In addition to their partnership with Bancorp, NorthOne has also partnered with Mastercard. This partnership allows them to offer the NorthOne debit card—providing convenient access to money out in the real world.[1]
They offer a tool for budgeting called "Envelopes." Envelopes let users put aside set amounts or percentages of their deposits for common expenses.
With NorthOne's app integrations, business owners can also connect directly to business apps. Some of the apps include Shopify, PayPal, and Etsy. It also connects to accounting and bookkeeping apps, like QuickBooks and Gusto.
In addition to smooth, painless deposits, NorthOne adds more efficiency to business management. Especially businesses spread out through a number of online and digital platforms. Let's talk about the features that allow it to do that.
NorthOne Features
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Now, you know a little about NorthOne. Let's take a look at their specific features in detail.
Business Deposit Accounts
NorthOne's main offering is its business deposit account. Its primary goal is to make banking easy for small businesses, startups, and freelancers. Generally, it's made for people or businesses that need more than a simple checking account.
The dashboard lets you manage receipts and track your spending. It also immediately categorizes purchases made with your NorthOne debit card. This way, it ensures you're always organized and know what you're spending on.
You can take care of payroll through the app. Your point of sale or payment processor connects directly to your NorthOne account. So, you can receive payments earlier.
These accounts are entirely digital. Meaning, that you won't have to visit bank branches to make deposits, send money, and pay invoices. Since NorthOne doesn't have any physical locations, users get access to a national network of ATMs.
NorthOne Debit Card
It's no good having money if you can't spend it. That's quick and easy thanks to the NorthOne debit card, offered in partnership with Mastercard.
Withdraw cash with no NorthOne fees at over 2 million Cirrus and MoneyPass ATMs worldwide. You can also make cash deposits at over 90,000 Green Dot locations across the U.S.
In the event your card is lost or stolen, you can lock and freeze it. You can do this with just a few clicks through your NorthOne app. NorthOne will send you a replacement in as little as 5 business days.
Envelopes
Being able to keep track of money is essential for business management and budgeting. NorthOne facilitates that organization through a system called Envelopes.
You can set aside portions of your money for specific uses. Also, you can schedule recurring transfers of fixed amounts or percentages. This can be done on a daily, weekly, or monthly schedule.
This helps ensure that you're putting the right amount of money away for vital expenses.
App Integrations
Running a modern business, especially with a small team, often means relying on software. One of NorthOne's strengths compared to similar platforms is the number of integrations they support.
For business owners using apps to manage payroll and accounting services, NorthOne connects to the following:
- Gusto
- QuickBooks
- FreshBooks
- Wave
- ADP and more
Other popular apps that NorthOne can integrate with include:
Fees to Look Out for
Fees are an important consideration when deciding on a bank account for your business.
NorthOne is neither the most nor the least expensive among its competitors. They charge a low monthly fee of $10 for their business deposit accounts. The account includes all of the features mentioned above and more.
NorthOne also charges a $15 fee for both incoming and outgoing wire transfers.[2]
How Does It Compare?
NorthOne isn't the only fintech company offering small business banking services. Before you decide on which one is right for you, you should see how it stands up to similar companies.
Two of NorthOne's most widely used competitors are Bluevine and Novo. Let's see how they differ.
NorthOne vs Bluevine
The first difference you'll notice between NorthOne and Bluevine is that the latter is free. It comes with no monthly fee and no minimum deposit. While $10 a month isn't a lot for most businesses, it is something to keep in mind.
In terms of services, NorthOne and Bluevine are quite similar. Both offer business deposit accounts. However, Bluevine users can earn interest on their deposits if they meet the requirements.
The main reason for choosing Bluevine over NorthOne is Bluevine's revolving business line of credit. It goes up to $250,000 and has rates starting at 4.8%.[3]
|  | |
 | | |
NorthOne | Bluevine | |
|---|---|---|
Get $10 when you open and fund a new account - | Business Checking - Up to 1.5% APY - | |
Benefits and Features | ||
| Savings | No savings account, but you can create unlimited envelopes for savings goals | No savings account, but you add 5 free sub accounts |
| Checking | $10 monthly fee (cannot be wavied); no balance requirements | Up to 1.5% APY. No monthly fees; no balance requirements; no overdraft fees |
| APY | 1.5% APY on balances up to $100,000 for customers that meet monthly eligibility requirements | |
| Customer Service | Phone, email, and live chat: Monday - Sunday, 8 am - 10 pm EST. | Phone and email: Monday - Friday. 8 am to 8 pm EST |
| Minimum Deposit to Open | ||
| ATMs | ||
| Balance Requirement | ||
| Locations | ||
| | |
NorthOne vs Novo
Novo is another business banking platform with no monthly fee. It offers features strikingly similar to those offered at NorthOne.
They have a business deposit account, a comparable range of app integrations, and their Reserves system. Reserves functions much in the same way as NorthOne's Envelopes.
Novo does stand out for its useful invoicing system. You may want to consider it to gain access to a number of perks it offers. Especially in partnership with services like Gusto, Stripe, Google Cloud, Zendesk, and others.
|  | |
| | |
NorthOne | Novo | |
|---|---|---|
Get $10 when you open and fund a new account - | Free Business Checking - | |
Benefits and Features | ||
| Savings | No savings account, but you can create unlimited envelopes for savings goals | No savings account, but you add up to 5 Reserves |
| Checking | $10 monthly fee (cannot be wavied); no balance requirements | No monthly fees; no balance requirements |
| APY | ||
| Customer Service | Phone, email, and live chat: Monday - Sunday, 8 am - 10 pm EST. | Phone, email, or in-app messaging: Monday - Friday, 9 am - 6 pm EST |
| Minimum Deposit to Open | $50 to access all Novo's features | |
| ATMs | Unlimited reimbursement of all ATM fees worldwide | |
| Balance Requirement | ||
| Locations | ||
| | |
Bottom Line
Overall, NorthOne is a solid, safe small business banking platform. It provides a selection of useful features that will make managing business finances easier.
It functions quite similarly to competitors that don't charge a monthly fee, like Bluevine and Novo. So, you may consider one of them if you want to avoid paying business checking.
You may not be interested in the line of credit offered by Bluevine, or the perks offered by Novo. Then, you will find comparable, quality service through all three of the platforms. Your choice will come down to personal preference.
References
- ^ NorthOne. Where Can I Use My NorthOne Mastercard Debit Card?, Retrieved 5/17/2022
- ^ NorthOne. Pricing, Retrieved 5/17/2022
- ^ Bluevine. Line of Credit, Retrieved 5/17/2022
Get $10 when you open and fund a new account
NorthOne is a financial technology company, not a bank. Banking services provided by
The Bancorp Bank; Member FDIC.
Free Business Checking
- $0 monthly service fee
- $50 deposit to unlock all features
- Unlimited ATM fee rebates
Business Checking - Up to 1.5% APY
- 1.5% APY on your balance up to $100,000 for customers that meet monthly eligibility requirements
- $0 minimum opening deposit
- $0 monthly service fee
Jeremy Harshman is a protector of art and writing at CreditDonkey, a credit card comparison and reviews website. Write to Jeremy Harshman at jeremy.harshman@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
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