NorthOne Business Banking Review 2021: The Right Choice for Small Business Banking?

GOBankingRates Score

4.4
Quick Take: NorthOne Bank is a fintech company that partners with The Bancorp Bank to offer financial services to small businesses. Over 190,000 businesses currently use NorthOne Bank for their small business banking needs.
  • Payment Options
    4.5
  • E-commerce
    5.0
  • Budgeting Options
    5.0
  • Fees
    3.0
How did we calculate this?

Pros

  • Consolidate payment options including paper checks, ACH deposits and wire transfers
  • Get a debit card for all team members
  • Take advantage of surcharge-free ATMs with MoneyPass, a network of 37,000 ATMs
  • Use built-in budgeting tools

Cons

  • $10 per month costs
  • Has no physical branches

About NorthOne Business Banking

NorthOne Bank is a digital banking service for small businesses. It is not a bank itself but a browser and app-based fintech service that allows small business professionals to integrate multiple financial services.

These include both a multitude of payroll and payment options along with e-commerce platforms. With primarily mobile features, NorthOne makes financial processes simple for small teams and freelancers who are on the move.

NorthOne Business Banking Features

NorthOne Bank offers versatile features for small business banking in their Deposit Accounts.

Mobile Checking

NorthOne Bank offers all the mobile banking features one would expect of a digital financial service. You can deposit checks right from personal or company devices through the app.

Plus, users can mail hard-copy checks via the app. When used with the ACH and wire transfer payment features, the mobile checking options from NorthOne Bank make it possible to pay clients and vendors using a variety of methods.

Pros

  • Control payments from the app on the go
  • Pay clients and vendors however they prefer right from your mobile checking account

Cons

  • Checking is primarily mobile
  • No physical NorthOne locations, although you can make cash deposits to your checking account via MoneyPass ATMs.

Team Debit Cards

For everyone authorized to make purchases and payments on your team, NorthOne Bank provides Mastercard debit cards. This means there’s no time-consuming shuffling of checkbooks or waiting periods for a single authorized user to make payments.

Pros

  • Add your whole team to one account
  • No waits for a single authorized cardholder

Cons

  • Everyone must coordinate to avoid overdrafts

Envelope Budgeting

Built into the NorthOne Bank app is a budgeting system based on the physical “envelopes” budgeting idea. Users can segment a percentage of their NorthOne Bank income into specific envelopes for both business and personal expenses automatically.

Pros

  • Calculate tax payments automatically from each income payment
  • Segment retirement, rent and other set cost expenses automatically

Cons

  • Combining personal budgeting in a business account may be difficult for some professionals

Connect Business Apps

For small businesses using a variety of business and eCommerce apps, being able to connect these directly to their banking service is essential for a smooth cash flow. NorthOne Bank allows users to connect to their preferred e-commerce platforms so that payments can transfer directly to their bank account.

Platforms available include

Associated Costs

Users who wish to open a Deposit Account to access the mobile checking, e-commerce platform and payroll integration and budgeting options available can enroll for $10 a month.

When sending or receiving domestic wire transfers there is a $15 charge.

How To Open an Account

Joining NorthOne Bank takes only three minutes. Users may need documentation such as personal IDs, business licenses and state business documents among others to open a business account.

NorthOne Business Banking Security

With so many connected accounts security is a primary concern at NorthOne Bank. Account access can be controlled by the biometric settings on individual devices. Regular monitoring for fraud catches problems before they become catastrophes. If problems arise such as a lost debit card, users can freeze their account and request a new card.

NorthOne Bank’s partner The Bancorp Bank is a member of the Federal Deposit Insurance Corporation. Accounts have a minimum of $250,000 worth of FDIC insurance.

Customer Service at NorthOne Business Banking

Clients can reach customer service at NorthOne Bank via both email and phone. Calls can be scheduled in the app or by emailing for an appointment.

Competitors

There are a variety of mobile banking options geared towards freelancers and small businesses. Here are a few options similar to NorthOne Bank that you may consider.

Lili

Lili is another digital banking service designed for freelancers. Lili makes it possible to automatically calculate taxes, tag purchases as business expenses for tax purposes, get a business debit card and send and receive invoices directly in the app.

Unlike NorthOne Bank, Lili does not make it possible to send ACH or wire payments. It also does not connect to payroll software.

Wells Fargo Small Business Checking

For small businesses interested in a brick-and-mortar small business checking account, Wells Fargo could be an alternative to NorthOne Bank. It offers point-of-sale solutions through Clover, allowing businesses to accept many forms of payment including digital payment such as ApplePay.

Users can also get checking, savings and credit accounts for their small business. Wells Fargo may be a better option for small businesses in need of financing or real estate financial services.

Small Businesses Have Specific Needs

Banks catering to small businesses need to have tools specific to smaller teams and freelancers. Individuals and small teams can benefit from services through companies like NorthOne Bank to save time. Freelancers especially benefit from having both business and personal expenses budgeted in the same account.

Is NorthOne Business Banking Right for You?

If you are a small business owner or manager looking for a way to connect your bank to your payroll software and e-commerce platforms, NorthOne Bank may be right for you. NorthOne offers services that make it possible for their clients to focus on business tasks while condensing some of their banking tasks.

You’ll need to figure out whether the time saved by integrating eCommerce apps and payroll options is worth the $120 in annual fees. For small businesses with few workers and many moving parts, offloading time-consuming financial processes may well be worth the cost.

About the Author

Emily Cahill is a writer with over three years of experience creating digital content. Previous to that, she worked as a freelancer in publishing while attending Trinity College for English/Rhetoric. She specializes in SEO-driven content that highlights the unique properties of a product or service while making them digitally “findable,” particularly for the finance, geek culture, and lifestyle niches.

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