If you own a small business, you should look into NorthOne, an online banking app backed by the Federal Deposit Insurance Corporation. The monthly charge of $10 gets you a deposit account with no hidden fees, access to a vast ATM network, a powerful mobile banking app with built-in budgeting software, and more than a dozen software connectors.
NorthOne is truly decentralized and simple to use. Quick and easy online account opening, instantaneous money transfers with only a few taps or clicks, and instantaneous categorization of all your purchases and receipts are all within your reach.
Intrigued? Keep reading to get a sense of NorthOne’s functionality, features, and whether or not it might be a good fit for your small business.
The NorthOne’s Business Banking Features
An advanced business checking account, NorthOne is the heart of your company’s financial operations. With a NorthOne account, you gain access to all of these essential benefits.
Deposit Account with No Hidden Fees and $10 Monthly
There are no NorthOne locations. You can check your deposit balance whenever you like using the NorthOne website or mobile app. Since everything is now digital and NorthOne doesn’t have physical locations, you’ll never have to go to one of their branches.
The cost of using NorthOne each month is $10. Normal monetary transactions, including:
- Check or electronic deposits
- Electronic transfers
- ACH payments
- Budgeting
- Third-party app integrations (although external apps may charge fees that NorthOne can’t control)
Here, the only other costs you’ll encounter are $15 each for incoming and outgoing cables. You won’t have to worry about these costs if you don’t make or accept wire transfers.
Deposits and Payments (ACH and Wire Transfers)
Wire transfers and ACH transactions initiated from your NorthOne account will arrive at their destination in a matter of minutes. Similarly, whether you use a POS or another payment processing system, you can link it to your NorthOne account to receive payments quickly.
With NorthOne’s mobile check deposit app, you may quickly and easily deposit checks from verified payors. You may set up recurring payments in the app so you never have to remember to manually transfer funds at an inconvenient moment.
NorthOne’s built-in budgeting feature is called envelopes.
The NorthOne Envelopes function is an in-app budgeting tool. Set aside money in separate subaccounts for things like rent, utilities, wages, and taxes. It doesn’t cost anything to make or utilize an envelope. Either manually, when your cash flow allows, or automatically, using the guidelines you establish.
Each envelope can be funded with a fixed amount every day, week, or month, or you can choose a percentage of your income to go into each envelope.
Totally free Mastercard debit card
Get a free Mastercard debit card with your NorthOne checking account, good for use at any location that accepts Mastercard (online or in person). MoneyPass ATMs do not charge a fee for using a debit card to withdraw cash. Outside the MoneyPass network, surcharges from other ATM providers may be incurred.
The NorthOne mobile app includes a security feature that allows you to lock and unlock your debit card. If you or a worker loses it, this can be a helpful reminder.
Within seconds of a debit card transaction, NorthOne’s software will classify it into one of several categories. There will be no need to sift through previous bills to determine what kind of expenditure they were.
A further free benefit is the invoice creator app.
Those with a NorthOne account have access to a free invoice template program, aptly named Invoice Maker.
Apply it to:
- Create professional-looking invoices for your clients
- Send invoices electronically, speeding up payment times
- Track payment status in the app
- Send payment reminders on unpaid invoices
Integrating software? NorthOne offers a lot
More than a dozen other services, including accounting programs, payment gateways, and hotel management systems, are compatible with NorthOne.
These are some notable combinations:
- PayPal
- Stripe
- Square
- Venmo
- Shopify
- Amazon
- Etsy
- Airbnb
- Toast
- Uber
- Lyft
- QuickBooks
- Freshbooks
- Gusto
- Wave
- ADP
Outstanding Customer Support
NorthOne’s three-pronged approach to customer care is noteworthy for a bank without physical locations catering to business customers:
- Live chat — talk to NorthOne customer support agents in real time
- Phone call — schedule a time to talk with a NorthOne agent and they’ll call you
- Email — shoot NorthOne an email and expect a quick response from a real human
The NorthOne Business Banking Advantages
Many advantages may be found in NorthOne. Its low, all-in costs and impressive value-added features make it stand out among branchless banking options.
- Easy to Understand Costs. NorthOne is great for entrepreneurs who value honest pricing and have small businesses. After taking into account transaction fees and other added costs, the app’s monthly fee of $10 may represent significant savings compared to standard corporate bank alternatives. Neither incoming nor outgoing domestic wire transfers are free of charge at NorthOne.
- Internal financial planning features. If you’re looking for a cost-effective approach to keeping track of your company’s money, NorthOne’s Envelopes function is the way to go. To prepare for expenses like rent and payroll that will be deducted from your account in the near future, use it to set aside money, either on your own accord or automatically.
- Payments and deposits are made quickly. If you use NorthOne, sending electronic payments on time is a breeze. As an added bonus, depositing funds from a paper payment is as simple as using the app’s check deposit feature on your mobile device.
- Using a debit card will not cost you a dime. As opposed to several other online banks, NorthOne does not impose fees on debit card transactions. A large number of fee-free ATMs are available so that you can make deposits and withdrawals without incurring any costs.
- Helpful and Speedy Customer Service. Customer service at NorthOne is available via phone, email, and live chat, and they are known for their speed and helpfulness. One of the best features of the phone support option is the opportunity to request a callback, which does away with the needless frustration of being placed on hold.
- Several external integrations. In addition to a wide variety of payment processors, e-commerce platforms, and accounting software, NorthOne interacts with a plethora of other third-party applications. If NorthOne is your go-to for corporate banking needs, you can forget about signing in and out of different websites every time you need to check your accounts.
The NorthOne (Nobody’s Perfect) disadvantages
It’s important to note that NorthOne has its flaws. For instance, there’s no way to avoid the monthly cost, and at the moment, debit card purchases don’t qualify for rewards.
- Includes an Inevitable Monthly Cost. You will have to pay a monthly fee to use your NorthOne business account. Everything mentioned above comes at a monthly cost of $10. Considering what you receive, that’s a steal.
- There is a 0% cashback policy for any purchases made with a debit card. At the present time, NorthOne does not provide debit card rebates. Maybe in the future things will improve, however, right now it’s a disadvantage compared to alternative options for commercial banking.
How NorthOne Compares
There are other small business checking options besides NorthOne. Let’s see how it compares to Nearside, another option that has received excellent feedback.
| NorthOne | Nearside | |
| Monthly Fee | $10 flat with no hidden fees | None, but hidden fees may come up |
| Budgeting Features? | Yes, NorthOne Envelopes | No |
| Real-Time Expense Categorization? | Yes | No |
Bottom Line
The advantages of NorthOne are numerous. Having a set monthly cost of $10 makes the service’s pricing easy to understand. NorthOne Envelopes has unrivaled budgeting abilities. Additionally, it has powerful third-party connectors, especially in the realm of accounting.
It’s no surprise that NorthOne is frequently recommended as a top bank for self-employed people, new businesses, and long-standing SMEs. NorthOne has got your back no matter where you are or where you’re going on your entrepreneurial path.
