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With NorthOne, there are no monthly fees, no application fees, and no minimum balance requirements, making it a cost-effective choice for businesses watching their bottom line. Its automatic invoice ingestion and payment features streamline accounting processes, while robust analytics tools integrate seamlessly with popular platforms like Stripe and Shopify to offer real-time insights into sales and revenues. Additionally, NorthOne supports a highly collaborative team environment by providing unique logins and debit cards for all owners, and tagging each transaction to the individual responsible, fostering transparency and ease of management. NorthOne also gives you access to features that include online bill pay, mobile check scanning, and integrations with popular accounting, eCommerce, and point-of-sales software.
One of the major features that differentiates NorthOne is that this bank allows you to create an unlimited number of Envelopes within your main checking account. This helps you set aside money for things like payroll, taxes, or big equipment purchases. You can move money into Envelopes manually, or set up recurring transfers to make saving money automatic.
NorthOne also offers integrations with a variety of software platforms, including accounting software like Quickbooks, Zoho, and Wave Accounting, payroll software like Gusto, and eCommerce platforms like Shopify, Amazon, and Etsy. You can also sync your NorthOne account with payment services such as PayPal, Square, Venmo and Stripe to easily move money around your business.
NorthOne doesn’t have physical branches, and relies on its online presence only. Unlike many online banks, NorthOne is not part of any major ATM networks like Allpoint or MoneyPass, which means its customers don't have access to a dedicated fee-free ATM network. While NorthOne itself does not impose ATM fees, users may still incur third-party fees charged by the owners or operators of the ATMs they use.
NorthOne offers their standard account for no monthly fee, for the “Plus” checking account account you’ll be charged a flat fee of $10 per month. You must deposit $50 to open a new account, but after that, there’s no minimum balance. NorthOne also charges $15 for sending and receiving domestic wires. NorthOne does not charge customers overdraft or NSF (non-sufficient funds) fees.
After comparing data, it turns out that despite the monthly and wire transaction fees, NorthOne active users tend to save more in the long run compared to "free account” users because there are no hidden fees.
NorthOne offers customer support by phone, email, and live chat from 9:00 AM to 6:00 PM EST, from Monday through Friday. You can access chat support from inside the NorthOne mobile app or schedule a callback time for phone support.
The NorthOne mobile app enables you to monitor your account, send payments, manage Envelopes, and scan checks for deposits. You can also use the app to create invoices, view a report of your business’s cash flow, and search through past transactions.. The NorthOne app can also be linked with your debit card to support Google Pay or Apple Pay.
NorthOne uses bank-level encryption to secure your account details and keep your funds secure. You can opt-in to receive SMS notifications every time a transaction is made using your debit card, although you’ll need to contact the bank to lock your card if it’s lost.
In addition, NorthOne accounts are insured by the FDIC for up to $250,000.
NorthOne provides a versatile small business checking account solution, catering to everyone from solo entrepreneurs to small teams of up to 20 employees. It stands out by offering features like automatic invoice handling, advanced sales analytics, and seamless integration with over 100 platforms, including accounting software and eCommerce networks. With NorthOne, users can efficiently manage financial tasks, pay bills directly, and set aside funds for various purposes using unlimited Envelopes. Additionally, each team member can have their own debit card and login, enhancing spending oversight. To top it all off, new customers enjoy substantial savings on vital business tools, making NorthOne a practical choice for managing your business finances. You can open a standard account free of monthly fees, or a “Plus” checking account for $10 per month. Both have no minimum balance requirements to keep track of.
This review was created using information from NorthOne’s website and a chat with NorthOne’s customer support.
