NorthOne Bank Review

NorthOne Bank Review: Could It Be the Best Small Business Checking Account? 

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Written by Lizzie Davey
Last updated on April 9, 2021

NorthOne In a Nutshell

NorthOne provides easy-to-set-up business bank accounts that make payments, cash withdrawals, cash, and check deposits quick and simple. Through the intuitive NorthOne business banking app and website, users can stay on top of their finances in real-time and manage their business accounts, including taxes and payroll.

Our NorthOne bank review will lay out how the bank works, the pros, and cons, and which unique features it offers.

Feature Highlights

  • Dedicated Account For: Small businesses, startups, and freelancers
  • Account Types: Checking account, merchant account
  • Minimum Opening Deposit: $50
  • Minimum Balance Required: $0
  • Monthly Fee: $10
  • ATM Access: Yes

Pros and Cons

Pros

  • Set up in three minutes – create an account and start managing your finances in a matter of minutes. The ease of set up is a pro in all the NorthOne business banking reviews you’ll come across
  • Easy-to-find ATMs – withdraw cash for free from over 300,000 ATMs across the US
  • Mobile check deposit – deposit checks quickly either through the NorthOne mobile deposit feature or via one of the many ATMs across the country
  • Easy savings – it’s easy to create sub-accounts to save for important outgoings, like payroll, taxes, rent, and major expenses
  • Cut bookkeeping costs – put repetitive bookkeeping tasks on autopilot could save as much as 50% on your accounting costs

Cons

  • Monthly fee – users must pay a monthly fee of $10 to keep their account open and bank
  • Online-only – there are no physical branches, which can be difficult for businesses that need in-presence financial support
  • No third-party ATM rebates – account holders have to use one of the designated ATMs to avoid paying third-party rates

How Does NorthOne Work?

Read any of the NorthOne bank reviews out there, and you’ll quickly see that setting up the NorthOne business banking is easy – in fact, it takes just three minutes. Once set up, users can tap into a wealth of business banking features, including a free check deposit system, automated money categorizations, payroll capabilities, and free cash withdrawals.

If you’re asking “is NorthOne a real bank?” or “is NorthOne bank legit?”, you’re not alone. These are common questions that crop up in every NorthOne review. In fact, NorthOne is a digital bank and therefore runs solely via mobile and desktop. There are no physical branches, and users carry out all transactions with their phones and computers. This makes it easy to see real-time financial information and move money around with just a few taps. The intuitive interface means account holders can get an overview of their finances from one place.

To open a NorthOne business banking account, go directly to the NorthOne website and click “Open an Account”, or download the app. From there you will need to fill out your details, including your phone number, email address, and password. Then, it’s simply a case of verifying your email address and following the prompts to submit your application.

When you sign up, you’ll need to have the following information on hand:

  • Full name
  • Date of birth
  • Social Security Number
  • EIN and incorporation date

Once your account has been approved, you can download the app and use your NorthOne bank login to access your account and manage money on the go. You can also use their web banking on your laptop or desktop computer.

To be eligible for a NorthOne business banking account, users need to be at least 18 years old, be a US citizen or resident, hold a valid Social Security Number, and have a $50 opening deposit. The answer to “is NorthOne a real bank” and “is NorthOne bank legit” is yes, it absolutely is – and a good one at that.

Accounts

Business Bank Account

NorthOne’s business bank account allows users to separate their business finances from their personal ones and keep a close eye on incomings and outgoings. It’s ideal for freelancers, sole proprietors, and small businesses who don’t want the headache of complicated accounting and bookkeeping.

Business bank accounts make it easy to carry out transactions, run payroll, and put finances on autopilot through smarter integrations. What’s more, users can use the free NorthOne mobile deposit feature for checks and withdraw cash for free at over 300,000 US NorthOne bank locations. The categorization feature automatically filters savings into different columns, which makes it easy to manage large payments like taxes when the time comes.

The NorthOne app allows you to create more than one NorthOne bank login if there are several owners.

Features

Here’s what you can expect when you open a NorthOne account.

Sub-Accounts

NorthOne business banking lets you create multiple sub-accounts for your savings. This makes it easy to automatically transfer money from your main account into sub-accounts for things like taxes, payroll, and major expenses.

Debit Card Services

NorthOne account holders can unlock free cash withdrawals from over 300,000 different ATMs and NorthOne bank locations in the US. This can be great for getting money out on the go, but out-of-network ATMs may charge a fee (though NorthOne never adds one).

Loans

Account-holders can apply to join the waitlist for the Paycheck Protection Program through NorthOne. This is designed to help small businesses stay on top of payroll and necessary expenses during difficult times. Customers simply need to fill out a form about their business to submit an application and join the waitlist. NorthOne has already facilitated $130 million in PPP loans to their customers.

Unique Features

NorthOne is a mobile-only bank, but it comes with plenty of unique features. These include:

  • Convenient Digital Experience: lets you access your finances in just a few taps and move money around quickly and without hassle
  • Useful Integrations: the NorthOne app integrates well with a range of business and accounting tools, including Freshbooks, QuickBooks, Wave, Xero, Amazon, PayPal, Stripe, and Shopify
  • Live Customer Support: it can be a nightmare trying to get hold of a bank, which is why NorthOne makes it easy with real-person support available every day – just start a chat in the app and someone will be with you in a minute or two

Fees

Account-holders can make as many transactions as they like for just $10 a month. While there are plenty of business banks that don’t charge a monthly fee, many of them don’t come with the same perks as NorthOne.

There are no fees for carrying out regular transactions, although users might incur fees when withdrawing cash from a third-party ATM. NorthOne business banking reviews will tell you that other fees include a $10 charge for domestic wire transfers, a $25 fee for international wire transfers, $5 per day on overdrafts, $10 for ACH returns, and a $25 charge for non-sufficient funds. These fees are equal to or lower than most major banks.

Who Is NorthOne Best For?

NorthOne is made especially for small businesses, freelancers, and sole proprietors. Within these groups, business owners that prefer digital banking and are keen savers will enjoy NorthOne the most.

The features are particularly beneficial for business owners that work with outside contractors.  The live support feature is also a big draw for businesses that need on-demand help. Through the built-in chat, you can access knowledgeable support in real-time, or schedule a call so you don’t have to wait on hold.

NorthOne Alternatives

BlueVine

BlueVine is an online business bank that provides more features than most of its competitors. In addition to its business checking account, BlueVine offers many different types of loans and lines of credit. Adding to this, there is no minimum opening deposit, no minimum balance required, and no monthly fees. Combine this with access to a network of 38,000+ ATMs, and it’s a solid choice for business owners seeking an affordable online banking solution. 

Bank Novo

Like NorthOne, Bank Novo is geared towards freelancers and small business owners. The online-only accounts make it easy to separate business and personal finances for free. But, if you still have clients that pay via check, Bank Novo has you covered with their free check deposit feature. Through the app, account holders can easily transfer money and make electronic payments while getting an overview of their finances all in one place.

Bottom Line

If you’re a small business owner or freelancer looking for a simple business banking account, give NorthOne a try. Setting up an account takes just three minutes, after which you’ll have access to the suite of useful features, including check deposits, sub-accounts for savings, the invoice maker by NorthOne, and free cash withdrawals.

The best part about NorthOne is the ability to make quick transactions and access your finances in real-time. This means you can stay on top of your cash flow and know where your finances stand every second of every day.

Has this NorthOne review converted you? Sign up for a NorthOne account here.

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