Although traditional brick-and-mortar banks like Chase and Bank of America have long been the most popular sources of business checking and savings accounts, digital banks have become more and more sought after for their business bank account offerings.
So, if you’re looking for a digital-first, mobile-friendly business bank account, consider the NorthOne business checking account. Designed with small businesses, freelancers, and startups in mind, the NorthOne business banking account is a highly competitive option for access to unlimited transactions, cash deposits, and integrated apps.
Is this account right for your business? Use our NorthOne business banking review to find out.
Similar to digital banks like Novo, NorthOne offers a single online-based business checking account that can be opened and managed completely online (in just three minutes, according to their website).
Once you’ve opened your account, you can manage it exclusively through the NorthOne mobile app, available for both iOS and Android.
NorthOne’s business checking account is FDIC-insured and backed by The Bancorp Bank.
Next, let’s review the features of the NorthOne business bank account and mobile app:
The NorthOne business checking account has a $10 monthly account fee, which you will not be able to waive by maintaining a certain account balance. And unlike some other online business bank accounts, NorthOne has a minimum opening deposit requirement of $50 or more. They do not, however, have an ongoing minimum balance requirement.
There are also a handful of incidental fees associated with this account that you’ll want to keep in mind.
In addition, it’s important to mention that although NorthOne will not charge you any fees for using your debit card at an out-of-network ATM, you will likely incur fees from the ATM provider.
With a focus on mobility, integrated apps, and limited fees, NorthOne business banking is fairly similar to other players in the digital banking space like Novo and even LendingClub’s Tailored Business Checking Account.
With that in mind, it might be useful to see what customers have to say about their experience with this business bank account.
Although there aren’t an abundance of NorthOne business banking reviews available (as the product only launched to the public in August 2019), there are both positive and negative reviews to highlight.
All in all, even though it may seem that NorthOne business bank reviews are pretty mixed, it’s important to remember that this product has only been on the market for a little over a year—which means there’s likely much more fluctuation associated with this digital bank account in comparison with other more established banking products.
To help you decide if this bank account is right for your business, we’ve summarized the most notable advantages and disadvantages of NorthOne business banking below:
Before you decide if a NorthOne business banking account is right for your business, you’ll want to compare this checking account to some of the other top options on the market. Here are two to consider:
If you’d prefer a NorthOne business banking alternative that’s fee-free but also earns interest, consider the BlueVine business checking account.
The BlueVine business checking account has no monthly fee, no incoming wire fees, no NSF fees, and no ACH payment fees. Additionally, this account has no minimum opening deposit or balance requirement and it gives you the ability to earn 1.2% interest on account balances up to $100,000.
Moreover, the BlueVine business checking account gives you access to:
Overall, if you’re looking for a free business checking account that earns interest, BlueVine will certainly be a top alternative to NorthOne business banking.
Finally, for a NorthOne business banking alternative that has no monthly fee, no minimum opening deposit requirement, and offers a monthly refund for third-party ATM fees, look into the NBKC business checking account.
With the NBKC business checking account, you’ll have no fees for:
Overall, you’ll only face fees to send a domestic wire ($5) or to send or receive an international wire ($45). In addition, you’ll have access to fee-free ATMs through the MoneyPass network, including cash deposit, check deposit, and cash withdrawal.
Plus, you’ll receive up to $12 in monthly refunds for ATM fees other banks charge you when using your NBKC debit card. Your NBKC business checking account also includes unlimited transactions, mobile check deposit, online and mobile banking, and access to customer service in-person, over the phone or by email.
Unlike NorthOne, NBKC does not have a wide network of integration apps; they do, however, offer a free business savings account that you can connect directly to your business checking account. This savings account also has no minimum opening deposit requirement and earns 0.10% APY.
Therefore, for a NorthOne business banking alternative that’s not only free but also offers a free business savings account option as well, NBKC is a particularly worthwhile option to keep in mind.
With a focus on mobile access, simple payments, and low fees, the NorthOne business checking account is likely best suited as a bank account for self-employed professionals—such as freelancers, contractors, and startup business owners.
There are some drawbacks to keep in mind—namely, a monthly fee that can’t be waived, a minimum opening deposit, and a lack of some of the perks more established digital-first bank accounts can offer.
Ultimately, it’s up to you to decide whether or not the NorthOne business bank account can meet your unique needs. Luckily, if you do opt for this account and later change your mind, NorthOne has a no-commitments, cancel anytime policy.
Randa Kriss is a senior staff writer at Fundera.
At Fundera, Randa specializes in reviewing small business products, software, and services. Randa has written hundreds of reviews across a wide swath of business topics including ecommerce, merchant services, accounting, credit cards, bank accounts, loan products, and payroll and human resources solutions.