Updated March 6, 2024

NorthOne Review

Read more about NorthOne
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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.

5-point scale (the higher, the better)

Pros and Cons

  • No monthly fees
  • Unlimited envelopes
  • App integrations
  • No APY
  • Cash deposit fee

Bottom Line

Good business banking features and tools with no monthly fees

It can be hard to find the right banking platform for your business.

NorthOne is a digital banking service created with small business owners and freelancers in mind. The standard plan has no monthly fees and offers access to essential tools, including budgeting, automated bill payments, accounting, and bookkeeping.

An optional paid subscription provides premium features such as priority support and reduced fees.

Read on to learn about NorthOne's features, fees, and how they compare to competitors Bluevine and Novo.

What is NorthOne?

NorthOne is a business bank account with integrated features for payments, budgeting, accounting, and bookkeeping.

In 2019, founders Eytan Bensoussan and Justin Adler created NorthOne after interviewing thousands of small business owners. Their goal was to offer a superior banking experience that helps solve real-world challenges that business owners face.

It's important to note that NorthOne is a fintech (financial technology) company and not a bank. They are partnered with Bancorp Bank to provide FDIC insurance.

Are you comfortable using a digital-only financial technology company?

Who NorthOne is Best For

NorthOne is best for small business owners, freelancers, and startups who:

  • Use business tools like Quickbooks and Square.
  • Need a lot of sub-accounts for budgeting.
  • Are okay with purely online and mobile banking.

NorthOne Pros & Cons

Pros:

  • Create unlimited envelopes
  • No ATM fees at over 2 million ATMs worldwide
  • Integrates with popular business apps
  • Supports cash deposits
  • No foreign transaction fees from NorthOne
  • High transaction limits
  • No monthly fees

Cons:

  • $4.95 cash deposit fee
  • No international wires
  • The ATM owner may charge a fee
  • Does not pay APY

NorthOne Overview

NorthOne offers a range of banking features designed to make managing business finances as smooth and easy as possible.

Users can access their finances on the go through NorthOne's mobile app or desktop site. You can automate payments using NorthOne Bill Payments Hub, access ATMs, deposit checks, and more.

To help you organize and budget, NorthOne gives you unlimited sub-accounts. You can fully customize your Envelopes and how much to save for each.

With NorthOne's app integrations, business owners can also connect directly to popular tools. Some of the apps include Shopify, PayPal, and Etsy. It also connects to accounting and bookkeeping apps, like QuickBooks and Gusto.

Keep reading to learn about each feature in more detail.

How to Get Started with NorthOne

NorthOne is available to sole proprietors, LLCs, S-corp, C-corp and Partnerships.

Applying for an account is straightforward and takes just a few minutes. You will need:

  • Valid government-issued photo ID
  • Valid phone number
  • SSN or EIN (for all except for sole proprietors)
  • Home and business address
  • Details about your business and owner(s)

Based on the structure of your business, you will most likely need to submit:

  • DBA (if operating under a different name)
  • Articles of organization (for LLCs)
  • Articles of incorporation (for corporations)
  • Partnership agreement (for partnerships)

Once your NorthOne account is open, you must make a $50 opening deposit to access all features.[1]

NorthOne does not accept applications from businesses that sell illegal goods, marijuana-related products, adult content, non-profits, and other high-risk businesses. See full list of unsupported industries.

NorthOne Banking Features

Now, you know a little about NorthOne. Let's take a look at their specific features in detail.

Unlimited Envelopes
One of NorthOne's biggest benefits is the unlimited Envelopes. This is their budgeting system to help you save and plan for the things you need.

Having unlimited sub-accounts gives you complete control of your budget. You can set aside money for anything, like taxes, upcoming purchases, business trips, office supplies, whatever!

You can set custom rules for each envelope. You can schedule fixed recurring transfers or a percentage of deposits. You decide the frequency, whether that's daily, weekly, or monthly.

Your funds in the sub-accounts are protected from being accidentally spent.

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.

It integrates with the most popular accounting, payments, and eCommerce apps. Including:

  • Gusto
  • QuickBooks
  • Wave
  • Shopify
  • Amazon
  • Airbnb
  • Alto
  • Venmo
  • Lyft
  • PayPal
  • Stripe
  • Etsy and more

This lets you see all your tools in one place, so you don't have to run between different platforms.

Expense Tracking Tools
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.

Cash deposit
If you have cash, you can deposit it at over 90,000 Green Dot locations. They're at convenient places like your local pharmacies and grocery stores. However, note that Green Dot charges a up to $4.95 fee.[2] The limit is $5,000 per month.

Mobile check deposits
Deposit your checks for free from anywhere with just your phone. The limit is $50,000 per check and $50,000 per 30-day period.[3]

No-fee ATM access
You can withdraw cash with no NorthOne fees at over 2 million Cirrus and MoneyPass ATMs worldwide. However, the owner of the ATM may charge additional ATM fees.

To find an ATM near you, simply use the map provided in the app.

NorthOne Debit Card
It's no good having money if you can't spend it. That's quick and easy thanks to the NorthOne business debit card, offered in partnership with Mastercard.

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 7 business days.[4]

Revenue Dashboard
This dashboard lets you track your sales and revenues across major payment platforms, eCommerce websites, online marketplaces, and points of sale. This feature is useful especially when managing multiple platforms simultaneously.

Bill Payments
You can manage and automate invoice and bill payments efficiently. This includes uploading invoices, scheduling payments, and centralizing all your bills in one place.

Fees to Look Out for

Fees are an important consideration when deciding on a bank account for your business.

NorthOne offers simple, transparent pricing. The standard business deposit account is free. But you also have the option to upgrade to the Plus plan for $20 a month. You get access to all the features, priority chat and email support, dedicated relationship managers, and lower transaction fees.[5]

It has:

  • No minimum balance requirements
  • No overdraft / insufficient funds fee
  • No stop payment fees
  • No foreign transaction fees

For NorthOne Standard, the fees you may encounter are:[6]

  • 1.5% same-day ACH transfers
  • $0.50 digital bill payments
  • $1 to send a physical check
  • $20 incoming or outgoing domestic wire transfers
  • $25 to expedite mailing a card

If you upgrade to NorthOne Plus, it will cost $20 per month, but you'll pay a $0 fee for same-day ACHs, bill payments, and physical checks. Your outgoing wire transfer fee will also be reduced from $20 to $15.[7]

And note that though NorthOne doesn't charge fees at over 2 million ATMs, the owner of the ATM may.

Is NorthOne Worth It?

Overall, NorthOne Business Banking offers a good balance of features. You get a dedicated business debit card, a virtual debit card, savings envelopes, and app integrations, all at no monthly fee. Plus, you have the option to deposit cash if needed.

There are plenty of free business checking accounts, but they may lack certain features. For example, Bluevine only allows up to 5 subaccounts, which function like an envelope. Novo doesn't let you deposit cash. And we've yet to see another account with unlimited envelopes.

Think about what features you use for your small business. If NorthOne happens to offer everything you need, then it's worth checking out. If you frequently make payments or transfers, you have the option to upgrade to the NorthOne Plus plan to save money on transfer fees.

But NorthOne does have quite a few downsides too. Read on.

Reasons Not to Use NorthOne

Overall, NorthOne offers an excellent well-rounded business checking account. But there are some downsides that may not work for you.

Cash deposit fees
NorthOne makes it convenient to add cash to your account through Green Dot. But it costs $4.95 for each deposit. So it's not good for businesses that take a lot of cash.

No international wires
You cannot send or receive international wire transfers.

No APY or rewards
NorthOne doesn't offer any interest, cashback, or any other types of rewards.

NorthOne Customer Service

NorthOne aims to stand out with excellent customer support. You will always speak to a real, live human who can help with your small business banking questions.

They offer support via live chat, phone, and email. We can confirm that NorthOne responds very quickly on live chat, and you're not just talking to a bot. If you prefer phone call, you can even schedule a call-back so you don't need to wait on hold.

You can reach NorthOne's customer care team at:
  • Phone: +1 332-205-9253
  • Email: support@northone.com

Is NorthOne Legit?

The NorthOne Business Banking account is provided in partnership with The Bancorp Bank. This bank is a member of FDIC (Federal Deposit Insurance Corporation). Your deposits are protected up to $250,000 in case the bank fails. You can trust that your money is safe.

NorthOne is an accredited business with the Better Business Bureau. It currently has an A rating.

Is NorthOne Safe?

NorthOne takes security seriously. Here are some ways they keep your account secure:

  • Multi-factor authentication and biometric login with Touch ID or Face ID
  • Constant fraud monitoring for suspicious activities
  • Immediate notification if any fraud is detected
  • Sensitive personal information is never stored
  • All communication is through secure channels
  • Freeze your card from the app if it's lost or stolen

And remember that your funds are protected by the government up to $250,000 in the event of a bank failure. You can feel secure knowing that your personal information and money are both safe.

How Does It Compare?

NorthOne isn't the only fintech company offering small business checking accounts. Before you decide on which one is right for you, 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 stack up.

NorthOne vs Bluevine
Both Bluevine and NorthOne offer a free online business checking account, but Bluevine does not require an opening deposit. That may not be a lot for most businesses, but it is something to keep in mind.

Another HUGE draw Bluevine has over NorthOne is the high-interest rate. You earn 4.25% APY on balances up to $3M for Premier customers; 3.0% APY on balances up to $250,000 for Plus customers; 2.0% APY on balances up to $250,000 for Standard tier customers that meet monthly eligibility requirements.

However, NorthOne has lots of app integrations, while BlueVine only syncs with Quickbooks. It also lets you create unlimited envelopes for different savings goals. In comparison, Bluevine gives you just 5 subaccounts.

Bluevine also offers revolving business line of credit. It goes up to $250,000 and has rates starting at 6.2%.[8] This could be another reason to choose Bluevine if you may need it and prefer to keep things with the same company.

NorthOne vs Novo
Novo is another digital business banking platform with no monthly fee. Novo stands out for its app integrations. You can connect your business account with thousands of business apps.

It also offers a number of perks on business products. You can discounts on services like Gusto, Stripe, Google Cloud, Zendesk, and others. These can be very valuable if you use them.

One major difference is that Novo doesn't accept cash deposits, while NorthOne does.

Bottom Line

Overall, NorthOne is a solid, secure small business banking platform that helps simplify money management, making it less stressful. It offers a good balance of features commonly used by small business owners.

However, other business bank accounts offer high interest rates, such as Bluevine. So, you may consider one of them to earn interest on your business checking. Compare their features to see which one has the ones you need.

References

  1. ^ NorthOne. How to Make an Initial Deposit, Retrieved 03/05/2024
  2. ^ Green Dot Bank. How much does it cost to deposit cash using the Green Dot app?, Retrieved 7/16/2022
  3. ^ NorthOne. What Are My Daily Limits?, Retrieved 03/05/2024
  4. ^ NorthOne. Common security questions, Retrieved 03/06/2024
  5. ^ NorthOne. How Much Does NorthOne Cost?, Retrieved 03/05/2024
  6. ^ NorthOne. Deposit Account Agreement, Retrieved 03/05/2024
  7. ^ NorthOne. Pricing, Retrieved 03/05/2024
  8. ^ Bluevine. Line of Credit, Retrieved 5/17/2022
NorthOne

NorthOne Free Business Banking

  • Business banking for teams
  • Automatic invoice ingestion and payments
  • Sales and revenue analytics
  • Unlimited account envelopes
  • Close to 100 integrations
  • Over $5000 in perks for new customers
  • No monthly fees, no application fees, no minimum balance

NorthOne is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, Member FDIC.

Novo

Free Business Checking

  • $0 monthly service fee
  • $50 deposit to unlock all features
  • ATM fee refunds up to $7 per month
Banking services provided by Middlesex Federal Savings F.A., Member FDIC
Bluevine

Free Business Checking - Up to 2.0% APY

  • 2.0% APY on your balance up to $250,000 for customers that meet monthly eligibility requirements
  • $0 minimum opening deposit
  • $0 monthly service fee
Banking services provided by Coastal Community Bank, Member FDIC

Jeremy Harshman is a creative assistant 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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