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Rho Business Banking Review

Rho
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Agata Antonow
May. 04, 2024
4 min read
Agata Antonow
Rho Summary
Rho, founded in 2018, is a fintech company offering services through Webster Bank, N.A., which is a member of the FDIC. It provides the essential business services typically offered by a bank, including checking and savings accounts and corporate credit cards. Additionally, Rho offers business-first services, such as invoice management, accounts payable automation, support for international payments, expense management, and treasury bills.

Pros

  • No monthly fees and minimal transaction fees
  • Business financial services
  • Manage multiple businesses with one login

Cons

  • No cash deposits or ATM withdrawals
  • 2.75% APY on business savings accounts
  • No physical branches

Rho at a glance

9.6
Editorial score

Fees?

No monthly fees or transaction fees; no fees for checks, wires, and ACH transactions; $30 fee for wire recalls and a 1% fee for international currency wire FX.
9.0

Security

FDIC-insured with Advanced Encryption Standard (AES 256) and Transport Layer Security (TLS) encryption; 2-factor authentication and third-party audits to check for data security.
10.0

Customer service

24/7 support through email, live chat, and phone; no dedicated fraud team.
9.0

Online experience

User-friendly site offering full banking services with business automation, integration with popular accounting software, and an intuitive online platform.
10.0

Mobile experience

iOS and Android; includes digital check deposits, text alerts for transactions, expense and receipt filing, reimbursement management, payment management, and mobile wallet.
10.0

Advantages Over Traditional Banks

Rho stands out from traditional banks in a few ways. First off, it’s entirely fee-free. You pay no platform fees, monthly or annual fees, card fees, or transaction fees for your business bank account. Rho doesn’t charge for receiving or sending checks, wires, or ACH deposits, either. And there’s no minimum deposit requirement.

You can also set up additional physical or virtual cards in seconds. This makes it a snap to onboard new employees or create dedicated cards for a project, marketing campaign, or department.

An added advantage is that the Rho Business Savings Account offers up to $75 million in FDIC insurance and up to 2.75% APY. This is considerably more competitive than the APY average of traditional savings accounts.

Cutting-Edge Banking Services

The Rho app lets you pay vendors, deposit checks, close out expenses and reimbursements, transfer funds, file expense details, and see your balances and cashback rewards at a glance. You can also contact customer support through the app.

Another standout feature is the ability to manage multiple business accounts with one Rho login. For example, if your business has multiple locations, you can manage individual accounts for each location with the same login.

You can grant access to multiple employees so they can submit invoices in the app or even charge the company card. You can also issue new cards through the app and set or change access or limits.

Whenever your team uses their company card, they get a text reminder to take and submit a photo of the receipt. Once they do, the app automatically follows the approval rules you’ve set and uploads the receipt for your records.

But where Rho really shines is in its additional fintech services for businesses. It’s designed to be a one-stop platform that saves you from switching between your online banking platform and other applications.

For example, you can quickly automate accounts payable in Rho. Just send invoices to a dedicated inbox, and then the optical character recognition (OCR) processing automatically updates your records. You can also integrate your Rho accounts with NetSuite, QuickBooks, Sage Intacct, and Microsoft Dynamics 365 to easily manage and sync financial records.

Additionally, you have the ability to set up Deposit Account Control Agreements with lenders for free within the app, saving you from having to hire an attorney to create them. These agreements give lenders certainty they’ll get their repayments because they give lenders control over the money you’ve borrowed, even when it’s in your account. 

Traditional Banking Services

Rho offers business-only savings and checking accounts, corporate credit cards, and treasury bills investments through Webster Bank, N.A., Member FDIC. Webster Bank is nationally chartered and has over $70 billion in assets.

Rho’s corporate credit card features 1.25% cash back. You can issue as many cards as you like for your employees, with no additional charge, and set approvals, merchant restrictions, and spending limits so you stay in control of spending.

As a Rho corporate credit card holder, you earn extra rewards and cash back with Mastercard’s World Elite Business program. This program has many benefits, including Zero Liability Protection, so you’re never responsible for unauthorized charges. 

You also get discounts on business software and tech, including 40% off QuickBooks for the first six months, 25% off the cost of Slack for the first year, and $1,000 in free credits for Notion, among others. In fact, Rho claims you can earn over $600,000 with partner deals using your corporate credit card.

Rho doesn’t allow for any ATM withdrawals or offer personal banking services at this point. It also doesn't offer business loans, though you can invest in government-backed treasury bills. These offer up to 5.30% APY, and you can move funds from your treasury bills to bank accounts within one day, so you always have access to your money.

Interest Rates and Fees

The 2.75% APY on business savings accounts is very respectable, but not the highest in the digital banking industry, and Rho charges very few fees:

TransactionFee
Monthly fees$0
International transactions$0
Wire recall$30
Wire FX1% for non-domestic currencies
ACH transactions (including same-day ACH transactions$0
Domestic wires$0
International wires$0 (however, intermediary banks, recipients, the SWIFT network, and correspondents may charge their own fees)
Additional cards$0
Checks$0

Customer Service and Online Experience

Customer support is available 24/7 through phone, email, or online chat, which you can access through the app. Rho also promises to assign your business a dedicated Rho expert who will get to know your company and offer customized support.

Online reviews of Rho customer service are mixed. On TrustPilot, Rho gets a 3.7 out of five stars, based on 15 reviews. Positive reviewers mention the excellent and responsive customer service, while negative reviewers complain they received form emails or that it took Rho weeks to reply to an account application.

Rho has an online knowledge base and searchable FAQs. It includes transparent information about account requirements, pricing, account limits, and more. Each knowledge base article includes a time stamp to indicate when it was last updated. Some articles haven’t been updated for a year or more, however.

To sign up, you’ll be asked to submit business information to prove you’re an incorporated business based in the United States. Once this information is verified, Rho will open an account in your business name.

Mobile App

Rho’s app is available on iOS and Android and is full of handy features. In addition to the basics, like checking your balances, you can issue cards to employees, close employee cards, set or change their spending limits, and contact 24/7 customer support.

You can also file expense details and receipts, request and grant reimbursements, reject or approve payments, and use a mobile wallet.

On the App Store, the app gets 4.8 out of 5 stars, based on 37 ratings. Reviewers voiced appreciation for the text prompts and digital receipt capture. Many reviewers also like the clean interface and ease of use. On Google Play, the app has over 1,000 downloads but no reviews.

Security

Rho lacks a dedicated fraud team but uses two-factor authentication. In addition, it’s regularly audited by a third party to ensure SOC 2 Type 2 compliance. ‍SOC 2 is an audit framework created by the American Institute of CPAs (AICPA) to ensure an organization’s use of data is secure.

Rho partners with Plaid to offer Advanced Encryption Standard (AES 256) and Transport Layer Security (TLS) encryption. You can also set up your accounts to automatically receive text messages in case of any suspicious activity.

Rho business checking accounts are FDIC-insured up to $250,000. Rho's Business Savings accounts offer up to $75 million in FDIC coverage because Rho disburses your funds across multiple banks.

Summary

With no minimum balance requirement, Rho offers a range of automation and fee-free services for businesses of any size, including free international and domestic transactions. You can receive text reminders to submit receipts for transactions, and integrate your accounts with your favorite accounting software.

This fintech company is also committed to great user experience, with a well-designed, fully functional app and website. Many online users note that Rho’s customer service is next-level, with prompt, courteous, and thorough help available. You can also bank with confidence, knowing that Rho employs top-grade encryption technology and two-factor authentication to protect your account.

Methodology

This review was created using information from the following websites: Rho, Trustpilot, Google Play, and the Apple Store.

Agata Antonow
Written by
Agata Antonow
Agata Antonow writes for Top10.com She is a business and education writer with many years of experience working with and contributing to the likes of business.com, Gale Business Insights, the Encyclopaedias of Emerging Industries and American Industries, and Worldmark Global Business and Economy Issues. Through the course of her career, she has interviewed and produced books for multiple business leaders, and benefits from a keen and varied insight into the world of business operations.
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