Score 9.1
Regulation FDIC
Northone Card
Score 9.1
Regulation FDIC

What is NorthOne Business Banking?

NorthOne is a technology-based banking solution for business owners, freelancers, employees, and consultants. Founded in 2017, with offices in Portland, Oregon, Toronto, Ontario, San Francisco, California, and New York, New York, NorthOne has an established presence across the United States. Predicated on building banking solutions, NorthOne offers clients an all-encompassing Business Deposit Account.

All NorthOne Business Banking services include multi-payment processing access such as ACH, bank wires, and approved checks. All transactions are fully conducted via the app, with feature-rich functionality guaranteed. Clients can manage all aspects of their NorthOne Business Banking account via the app, from anywhere in the world.

The NorthOne Business Deposit Account is designed to solve real-world challenges. Founders, Eytan Bensoussan and Justin Adler enlisted the assistance of experts to create a banking solution that meets the exigencies of today’s business owners. Launched in 2019, the company is dedicated to bringing hi-tech banking solutions sans administrative encumbrances, to businesses across the US. With NorthOne, there is no paperwork, no bank branches, and no headaches.

Key Details

Founded:
2017
Headquarters:
USA
Users:
Approximately 200K
Regulation:
FDIC
Rating
NorthOne Key Details
Founded: 2017
Headquarters: USA
Users: Approximately 200K
Regulation: FDIC

NorthOne Account Pros & Cons

Pros
  • green-check-mark Business banking on the go
  • green-check-mark API-powered business banking & business integrations
  • green-check-mark MasterCard Debit Cards
  • green-check-mark Live chat, email, phone support
  • green-check-mark FDIC-insured deposits up to $250,000
Cons
  • $15 for incoming and outgoing wires
  • No bricks & mortar bank branches

NorthOne Banking Features

NorthOne features are numerous. This business deposit solution is conducted entirely via an app. NorthOne makes it unnecessary to frequent bank branches for conducting business banking activities. Paperless transactions are assured, courtesy of the mobile bank account. For starters, all invoices, payments and financial transactions can be processed online. This includes wire payments and ACH. Routine banking functions such as monitoring debits and credits are also conducted online, from the comforts of anywhere. For a low monthly fee of $10, many business-related transactions can be performed. The following features warrant consideration:

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Money-Saving Business Account

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The NorthOne business banking solution is geared towards cost savings. By eliminating the need for visiting land-based bank branches and waiting in line for transactions to be processed, it’s much easier to reduce costs and streamline operations. Digitized invoices, receipts, and statements transform business operations and eliminate unnecessary expenses. SMEs can conduct business-related activity online, from PC, Mac, or mobile, anywhere in the world.

Instant Payments on the Go

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Since all business finances can be conducted through the NorthOne app (wire transfers or ACH), there are no delays getting transactions processed and finalized. The app makes it easy to send payments, and you can also withdraw cash from an ATM near you. The business account comes standard with multiple category elements such as pay, deposit, adjust envelopes, and invoice.

Anywhere, Anytime Deposits

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With NorthOne, deposits can be processed through the mobile app at zero cost through many of the largest networks in the country. ATMs can be located according to your geographic location. Simply enter the location on the NYCE.net platform, direct from the app on the phone.

Budgeting with Envelopes

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The envelope feature allows you to instantly set up customized rules for budgets. This allows businesses to manage important expense items such as payroll, taxes, and rentals et al. Rules can be set by amount, or by a percentage of available resources. Envelopes can be created from your deposit account, for specific subcategories of expenses.

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Full Integration of Business Apps

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The NorthOne business account can easily be integrated with myriad applications to make your business run smoothly. These include Shopify, PayPal, Venmo, Amazon, Etsy, Airbnb, Alto, Gusto, Lyft, Uber, QuickBooks, The Home Depot, Walmart, FreshBooks, ADP, Wave, Verizon, T-Mobile, Facebook, and scores of others.

Integrations allow for instant connectivity with your preferred accounting software to ensure that debits and credits are automatically balanced at all times. E-commerce activity such as invoicing and order numbers can easily be managed from your account, with records available for all transactions.

Startup Benefits

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Startups can benefit from the reliable, accurate, and rapid transactions processing capabilities of NorthOne. Plus, you can automatically share transaction data across a variety of business tools. Further options include full details of the context of all purchases. The feature-rich deposit account also comes with a debit card which can be used anywhere that debit MasterCards are accepted.

MasterCard® Debit Cards

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The NorthOne MasterCard debit card is a useful perk available to account holders. These cards can be used for online shopping or in-store shopping at your leisure. Cash withdrawals can be processed at all MoneyPass ATMs across the country. Additional features such as ordering new cards, freezing cards, or activating new cards are easily processed through the phone.

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Safety and Security Features

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All NorthOne accounts are guaranteed safe and secure with biometric authentication methods. Full fraud monitoring capabilities are implemented to ensure that you are protected at all times. SSL encryption (Secure Socket Layer), and ID verification are used to guarantee the integrity of client accounts. Plus, there is FDIC insurance up to $250,000 (The Bancorp Bank). Clients can implement Face ID™ or Touch ID™ for additional security.

Customer Support

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NorthOne differs from many other business banking solutions by dint of its customer support. Clients can instantly communicate with team members directly through the website, or the app via live chat. Telephone support is also available, and callback functionality ensures that customers don’t have to spend any time waiting on line for a support agent. Other contact options include email with rapid turnaround times.

Plans & Pricing

NorthOne pricing is simple. A flat monthly fee of $10 is charged – with no additional fees for the following account-related options:

  • App Integrations
  • Business Envelopes
  • Purchases
  • Transfers
  • ACH payments
  • Deposits

You pay $10 per month and $15 per wire transaction, that’s it. After comparing data, found that NorthOne users can save up to $180+ a month and up to $2,000+ a month yearly. There is no monthly or annual commitment entailed. These business-related accounts are applicable to freelancers, sole proprietors, S Corporations, C Corporations, and LLCs, as well as partnerships (LLC, LP, or GP).

FAQ

What is Required to open a NorthOne Business Account?

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NorthOne follows the rules required for safe and secure financial practices. These include the following requirements:

  • Social Security
  • Business-Related Details
  • Government ID Document
  • EIN (Employment Insurance Number)
  • Valid Personal/Business Address + Telephone Number

 

Will NorthOne run a hard credit check on me to open an account?

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No. Since you are opening a debit account and not a credit account, no credit checks are required.

How am I billed the monthly fee of $10 for opening a business account?

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A minimum account funding balance of $50 is required when you open a business account. Once your account has been opened, you will be debited the $10 monthly fee, and it will be charged to your account every 30 days thereafter until you discontinue your account.

Does NorthOne offer Personal and Business Banking accounts?

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No. NorthOne is expressly focused on providing business banking services to clients. For now, and the foreseeable future, NorthOne is only expected to offer digital business banking accounts.

How safe are my business funds at NorthOne?

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A variety of safety and security features is built into the business banking app. These include Face ID, Touch ID, KYC, login verification checks, and FDIC insurance up to $250,000 for each business client.

User Reviews

5/5
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omg! so easy to sign up. no credit check and the whole process was super easy. I would recommend this bank to anyone that is starting a new business. now I can sit back and relax,and let north one handle the banking for me.

By Carter Mcwright Nov, 2021
5/5
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I run a full time bakery & have been selling antiques on Etsy on the side for 4 years and North one makes it super simple to keep track of both my payroll and second income w the sub accounts option, and I can integrate it directly with Etsy which is amazing. I switched over from Chase and was previously going between the Chase app and the Etsy shop owner application, now I just use north one for everything! I also love how clear the layout is for expense reports!!

By Yara L. Aug, 2019

Our Verdict

As far as Business Banking Solutions go, NorthOne is certainly worthy of consideration.  The low monthly fee of $10 is extremely competitive for a mobile banking app. At just $10 per month, with anytime cancellations, it’s a real deal. However, the $15 fee for bank wires mirrors many traditional bank charges.

With 190K+ business customers already, this mobile banking solution certainly functions as a low-cost alternative to traditional banking services. With multiple operation centers in the US, this provider caters to a large and growing market. Getting in touch with customer support and service is a breeze. Email, live chat, and telephone can connect you seamlessly to a real-life agent who is professionally trained to assist you with all manner of queries.

While other apps offer comparable services, NorthOne is efficient. App integrations are easily included with a user-friendly interface and quick-click functionality. Given the security features on-site (Face ID, and Touch ID), the integrity of client accounts is secure at all times.