North One
is a financial technology (fintech) company that offers small business owners savings from typical account fees by charging no monthly fees and having no minimum balance requirements. It also has various business tools through integration with popular software, QuickBooks, Expensify, Shopify, and more. Additionally, you can streamline your fund allocation through its budgeting feature, Envelopes.
North One’s fast facts
Our rating: 4.33 out of 5
Starting price: $50 opening deposit.
Key features for North One Standard Account:
- No monthly fees or balance minimums.
- Physical and virtual cards.
- Over 50 integrations including QuickBooks, Wave, Patriot Accounting, and Zoho.
- Links with popular ecommerce sites.
- Budgeting tool, Envelopes.
- North One perks include discounts and free trials of software and productivity tools.
North One’s Business Checking account is a perfect fit for small businesses, especially eCommerce establishments seeking to maximize the powerful integrations offered by this provider. Businesses that often use ACH can choose its higher tier plan to access fee-free same-day ACH services. In addition, North One helps small businesses manage their funds better using its convenient budgeting system, Envelopes.
Let’s check out North One Business Checking’s standout features and pricing structure to see how it compares with other financial providers.
North One Business Checking Reviews: What Users Think of North One
4.30/5
On Trustpilot, North One received a rating of 4.4 from about 200 reviews and 4.2 from around 50-plus reviews on Product Hunt. Customer feedback has been mostly positive. Many praised its excellent customer service and user-friendly platform.
Reviewers mentioned that the support team was knowledgeable and professional, and provided timely responses. Some also appreciated the QuickBooks integration and free and cheap ACH and wire options.
Specific North One Business banking reviews were unavailable. However, several users appreciated its Envelopes feature and said the system helps them organize their funds and simplify fund allocation for regular business expenses. One reviewer commented that North One understands the needs of small businesses by offering efficient, reliable, and innovative banking solutions.
The negative feedback came from users with suspended or closed accounts.
North One Business Checking Pricing Structure
3.82/5
Like many fintech companies, North One offers no monthly fees or balance minimums. An initial $50 deposit is required, but the minimal fees and transparency help small business owners save and anticipate potential account costs.
North One Business Checking account:
- No monthly fees or required balances.
- $50 opening deposit.
- Unlimited transactions.
- Unlimited incoming domestic wires and ACH deposits.
- $20 outgoing domestic wires.
- 1.5% fee for same-day ACH.
- $4.95 per cash deposit at Green Dot locations.
Aside from its standard account, North One offers a higher-tier product, North One Plus, with a monthly fee of $20. The benefits include fee-free same-day ACH and lower domestic incoming wire transfer fees ($15) for those who regularly use these services.
North One Business Checking Key Features
4.4/5
North One offers several advantageous features to its customers, especially its budgeting tool, Envelopes. Let’s check its features to see how it gains a competitive edge over other providers.
Key features for North One Business Checking:
- No monthly fees or balance requirements.
- Same-day ACH.
- Budgeting tool.
- Robust integrations.
- Customer perks.
No Monthly Fees and Balance Requirements
With a North One checking account, you can save on monthly maintenance fees without meeting a minimum balance. You also get unlimited transactions, domestic wires, and ACH deposits, which can contribute to more savings for small businesses.
Same-day ACH
Only same-day ACH is available with your North One business account. You will be charged 1.5% of the total transfer amount. However, if you subscribe to the paid plan, North One Plus you can send free ACH payments. Businesses that regularly need to perform same-day ACH can sign up for the higher-tier product for more savings.
Budgeting Tool
Through Envelopes, North One’s budgeting feature, you can set aside parts of your funds for specific business expenses like taxes and payroll. You can create unlimited envelopes and set up custom rules. This helps businesses manage their funds better by allocating money for specific spending.
Robust Integrations
With over 50 software integrations for accounting, financial management, invoicing, payments, POS & eCommerce, payroll, and productivity, you can link your business checking account with your daily tools. This streamlines payment processing and data sharing, leading to more business efficiency.
Customer Perks
Your North One account lets you access plenty of perks, such as discounts to free trials of popular business products like QuickBooks, Gusto, Stripe, Adobe, Intuit TurboTax, Microsoft Advertising, Zoho, and more. It leads to more savings while you build and grow your business.
Would Our Expert Use North One Business Checking?
4.8/5
Small business owners looking for a cost-saving checking account will find North One invaluable. I recommend it for its multiple software integrations, allowing seamless connection with the business platforms you use daily. You will not need to pay for standard monthly and transaction fees. At the same time, you can take advantage of its unlimited domestic wire and ACH deposits.
Another distinctive feature I appreciate is its robust eCommerce integrations, like Shopify, Square, and Stripe. Online store owners, Amazon sellers, and dropshippers can easily access customer payments through these platforms. That’s why I included North One in our list of the best banks for eCommerce businesses. Another top feature is its budgeting tool, Envelopes, which makes fund allocation decisions easy.
The few drawbacks, however, are that North One is not for cash-reliant businesses. You can deposit cash at Green Dot retail locations, but a fee of up to $4.95 per transaction applies. Your account won’t also earn any interest. Alternatively, you can opt for a traditional provider like U.S. Bank for branch access or Bluevine for interest-earning checking accounts.
Before opening an account, see our article on how to open a business bank account to learn the step-by-step process.
North One Business Checking Pros
- Fee-free checking: No monthly fees and minimum balance requirements.
- Envelopes for fund allocation: Segregates funds for future expenses.
- Built-in integrations: Over 50 integrations, including Wave, Expensify, QuickBooks, Zoho, and FreshBooks for accounting software.
- Team banking: Co-owners get access to unique logins and physical and virtual debit cards each.
North One Business Checking Cons
- Lacks APY earnings: North One does not offer a yield for its business checking account. Consider Bluevine Standard, which offers 1.5% APY for qualifying balances up to $250,000.
- No free cash deposits: You can deposit cash at Green Dot locations for a fee of $4.95 per transaction. Meanwhile, Relay lets you make free cash deposits at Allpoint ATMs.
- No physical branches: North One operates exclusively online. If you need in-person banking, you can opt for U.S. Bank, which has branch locations in 26 states.
Alternatives to North One Business Checking
If North One Business Checking isn’t the perfect fit for your business, here are some alternatives to consider:
Bluevine Standard
- Starting price: Free.
- Key features: Earn 1.5% interest on qualifying balances up to $250,000, plus access to business financing.
- Best for: Earning interest and accessing a lending option with easy requirements.
Relay Business Checking
- Starting price: Free.
- Key features: Ability to make free cash deposits and multiple subaccounts.
- Best for: Free cash deposits at Allpoint ATMs.
U.S. Bank Silver Business Checking
- Starting price: $100
- Key features: More physical branch locations and high account opening cashback bonus
- Best for: Wider branch access for in-person banking services
Alternatives to North One Business Checking
If North One Business Checking doesn’t fit all your needs, here are some alternatives to consider:
| Starting Price | |||
| Key Features |
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Physical branches |
| Key Distinctions | With interest-earning business checking accounts | Can deposit cash at Allpoint ATMs for free | Physical branches in 26 states |
| Learn More |
Methodology
While writing the North One Business Checking review, I checked its website to learn about its current fee structure and features. I also took time to weigh the pros and cons of its products, including comparing them with other financial providers to see how they measure up. In addition, I browsed through third-party sites to find out whether customers gave it a positive or negative rating.
Conclusion
North One offers minimal fees and two types of accounts customers can select from. It has same-day ACH service (free under a paid plan). Its unlimited Envelopes help small businesses plan for expected business expenses. Users can benefit from the automated syncing of information through its multiple software integrations. Additionally, they can access perks, driving business costs down even lower and making it an outstanding choice for small businesses.
Frequently asked questions
What is North One Business Banking?
North One is a fintech platform offering a business account with no monthly fees. It connects all info on sales, payments, spending, and budgeting in one place. With your North One account, you can receive unlimited domestic wire and ACH deposits and send paper checks from your account.
How much does North One charge?
North One charges an opening deposit of $50, but no monthly fees are collected for its standard account. Cash deposits can cost up to $4.95 per transaction at Green Dot retail locations with one deposit fee refund for a North One standard account and three for a North One Plus account.
Does North One offer international wire transfers?
No. Currently, North One does not support international wire transfers.
Is North One safe and FDIC-insured?
Yes, North One is safe since all deposits are FDIC-insured up to $250,000 through its bank partner, The Bancorp Bank, N.A., member FDIC. North One is a fintech company, not a bank.
This article was reviewed by our banking expert Tricia Jones.
