In this NorthOne review, we are going to tell you why this bank is the better online-based bank account option for your business.
In a data published by Kommando Tech, based on internet banking statistics from a 2018 survey by Deloitte, “73% of consumers use an online banking channel at least once every 30 days, whereas only 59% use a mobile banking application.”
This data shows that more and more consumers today prefer using online banking channel as well as mobile banking apps in making transactions – including purchases.
Meanwhile, a report by Statista, says that in 2012, it was found that 54% of Small-to-midsized business (SMB) owners accessed their business accounts through mobile devices like tablets and smartphones.
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If you come to think about it, based on the different data we presented and other references that are available on- and offline, digital banking or mobile banking plays a very important role nowadays not only in the banking experience of individuals but among businesses as well.
Businesses today definitely do not lack options when it comes to online banking. In fact, there are a lot of choices to choose from.
With online banking, businesses get to set up an account immediately on their preferred online banking site, and then, start banking activities like transferring funds and making payments right away.
As mentioned, there are a lot of choices available, and one of them is NorthOne.
So, to help you get to know better what this bank has to offer, in this NorthOne review, we are going to particularly tackle the following important information:
- What is NorthOne?
- How does NorthOne work?
- What are the features offered by NorthOne?
- What are the fees and charges?
- What are the benefits of using NorthOne?
- What are the downsides of using NorthOne?
WHAT IS NORTHONE?
First of all, before you even register or apply to a certain banking institution, it is important to know a little history. This helps you establish the credibility and authenticity of the bank.
Remember, you are going to entrust your money to the bank. For this reason alone, you have to be very sure that you are dealing with the right entity to ensure that your money is safe and secure.
So, what is NorthOne?
NorthOne is “a simple and fast digital business bank account,” which is why it is ideal for businesses. They particularly focus on them.
Furthermore, the bank states on its website that they aim to “help builders and makers manage their money by making banking effortless“.
Founded in 2017 by Eytan Bensoussan and Justin Adler, NorthOne was specifically designed as a mobile-only business banking.
With a minimal fee of $10 a month, you get to enjoy seamless mobile banking. The fee includes invoices, bill payments, as well as the ability to manage your business’s money.
As compared to other mobile banking institutions, what makes NorthOne stand out is its easy-to-use mobile interface. Unlike others, you do not have to worry about tracking down details and information when you need them because everything is placed in just one place.
To put it simply, NorthOne is a mobile bank that provides FDIC-insured business banking entirely through your smartphone. Its services were specifically designed to cater to freelancers, startups, and small businesses.
HOW DOES NORTHONE WORK?
In this section, we are going to provide you further information about how exactly NorthOne works.
As mentioned, NorthOne is a mobile bank specifically designed for freelancers, startups, as well as small businesses.
It is available only via an app. While they do have a website, signing up for an account requires you to do it using your mobile device, which is also the device you will be using to do all your business banking.
The NorthOne mobile app is available on both iPhone and Android phones.
Once done uploading the app, open it to start the signing up process.
During the initial process, you will be asked to provide some personal information including your phone number, email address, and your preferred password.
You will then be asked to confirm your email address in your inbox. Although you can do this process later on.
You will also be asked to read and accept the terms of service to finalize the whole account setup.
Similar to many apps available these days, NorthOne also allows you to enable Face ID for an easier login every time you open the app.
Once done with the initial steps, you will then be asked to verify your identity.
To verify your identity, you will be asked to provide your business and personal financial details, which include your Social Security number, as well as your business’s Employer Identification Number.
To ensure the safety and security of your account, NorthOne allows you to choose push notifications so you get alerted should there be any activity on your account.
After this step, you will then be asked to provide the necessary information for NorthOne to run a credit check both on you and your business. Do not worry though as this check won’t affect your credit score at all.
Once you’re done with all the steps, NorthOne will then go on to review your details and approve your account. This process only takes a few minutes depending on a range of factors.
The moment your account goes live, you can now start using the app to do mobile banking. You can make deposits through any of the approved methods like wire, ACH, or through mobile check.
To know more about how to put cash into your NorthOne bank account, check the video below by NorthOneBanking:
NorthOne also allows you to create sub-accounts, define rules, as well as get your integrations going. All these allow you to save much-needed time and money.
While NorthOne allows you to use it for as much as you’d like, the number of transactions you can carry out for a month is limited based on your tier of account, which starts from $10 to $50 rocket ship tier.
WHAT ARE THE FEATURES OFFERED BY NORTHONE?
Businesses should look for a mobile banking partner that could provide them options when it comes to their banking needs.
NorthOne provides a few reasons why it is worth your consideration rather than your ideal choice.
As we continue with our NorthOne review, here are some of the best features we thought would be very helpful for business in need of a mobile banking partner:
- Mobile App
- Web Banking
- Sub-Accounts
- App Integrations
- Read-Only Access
- Transaction Search
- Customer Support
Let’s discuss further what each of these features is all about –
Mobile App
All your banking needs are done through the NorthOne mobile app, which means you only need your smartphone to do all the transactions you need. Needless to say, it helps keep everything in one place, at the same time, allowing you to do banking transactions while on the go.
Furthermore, what’s about it is that you can control your NorthOne cards within the app. You can also lock one temporarily if necessary (especially when it’s missing).
Making banking even more convenient, the NorthOne mobile app allows you to easily deposit checks without having to go through the hassle of tracking down a bank.
Should you need to deposit cash, you can easily get the funds out of your wallet and into your bank account by visiting one of the 300,000 ATMs located across the country.
Definitely, the NorthOne mobile app is true to what the bank promises – easy and seamless mobile banking.
Web Banking
Another thing to like about NorthOne is its web banking feature.
Apart from the fact that the bank offers a robust mobile app, NorthOne also recognizes that the ability to access your account through a desktop or laptop computer is just as important.
With NorthOne’s web banking feature, its customers can easily pay bills — within just a few minutes — without the need to go elsewhere.
Apart from that, customers can also export financial information into Excel or Quickbooks without any hassle. More so, they can jump between sub-accounts with just a few clicks!
Additionally, through NorthOne’s web banking feature, customers are able to see all their transactions on the dashboard. That way, they can keep track of where their money is going.
Sub-Accounts
The ability to create sub-accounts allows you to save money, at the same time, manage your expenses.
The availability of sub-accounts is probably one of the amazing features of NorthOne.
You can use it for the sole purpose of saving money, at the same time, you can also create rules that move money to them automatically on a periodic basis.
But that’s not all. You are not limited to using this feature to that. In fact, you can use it for various tasks.
You can use it to set aside money for renovations of your store, expansion of your business, as well as money for paying taxes. It’s really all up to you to take advantage of what this feature offers.
App Integrations
In most cases, when it comes to businesses, one of the biggest benefits of any app usually comes from integrations — and NorthOne definitely has it, too!
Integrations allow businesses to boost productivity by using apps that work with whatever solutions or tools you already have.
With NorthOne, the app allows integration with some of the most popular payment and accounting tools like the following:
- Amazon
- Expensify
- Freshbooks
- PayPal
- Quickbooks
- Shopify
- Stripe
- Wave
- Xero
Read-Only Access
The read-only feature makes it easier to hand off certain duties to internal employees as well as contractors outside the business or company.
For example, you can set it up so that your bookkeeper or accountant can easily access your accounts and gather information without having to worry about the safety and security of the details you share.
Transaction Search
Businesses do have various transactions they get into, and sometimes it can be tiresome to go over all these transactions just to find one specifically.
With NorthOne’s transaction search feature, you no longer have to worry about finding a specific transaction.
All you have to do is do the search either by name or using filters to pull out the types of transactions you are looking for.
Don’t worry, NorthOne does not limit you to how far back you can search, so it doesn’t matter if you are looking for a transaction you made a year or so ago. You’d still find it for sure.
Customer Support
When we think about mobile banking or mobile banks, one of our immediate concern is customer support.
NorthOne totally understands this, which is why the bank offers both phone and chat support.
Unlike other online banks out there, NorthOne offers live one-on-one support from a human representative.
The bank’s customer support is reachable between 8 in the morning until 1 in the morning (ET) all days of the week.
While live chat is available within NorthOne’s mobile app, you also have the option to send and ask for help via email or through a scheduled phone call at a time that is most convenient for you.
WHAT ARE THE FEES AND CHARGES?
In this section of our NorthOne review, we are going to talk about NorthOne’s fees and charges.
Another thing we like about NorthOne is that the bank is very transparent when it comes to fees and charges.
First of all, as mentioned earlier, you are charged a $10 monthly account fee for you to get to enjoy unlimited transactions, which include debit card purchases, as well as check deposits.
Unfortunately, regardless if you maintain a certain balance in your account, the monthly account fee will not be waived.
Second of all, although NorthOne does not charge you for in-network or out-of-network ATMs, any third-party machines you use may charge a fee.
By the way, you can get fee-free ATM transactions at any of the 300,000 ATMs that are in NorthOne’s network.
Lastly, apart from the above-mentioned, NorthOne also charges for the following:
- Overdrafts: $5 per day
- Non-Sufficient Funds: $25
- Domestic Wire Transfers: $10
- International Wire Transfers: $25
- ACH/PAD Returns: $10 (for a bounced electronic payment due to insufficient funds, stop payment, or incorrect account information)
- Expedited New Debit Card: $35
- Dormant Account for a Year: $5 per month
- Abandoned Account for 5 Years: $50 per account
Additionally, unlike other online business banks, NorthOne does have a minimum opening deposit requirement of $50 only. Keep in mind though, that while the opening deposit is low, the bank does have an ongoing minimum balance requirement.
WHAT ARE THE BENEFITS OF USING NORTHONE?
Now that you already know some of the most important information about the NorthOne mobile bank, this time around in our NorthOne review, we are going to dun down some of the things that we like most about NorthOne.
Some of the benefits of NorthOne include:
- Accounts start on a starter level and are adjusted to meet your business’s demands. This process reduces admin requirements, at the same time ensures its customers that they are getting the best value for their money.
- Highly valuable integration feature with well-known reporting, payment, and accounting tools. This, in particular, is very helpful during tax season.
- NorthOne debit cards use MasterCard. This one’s an excellent benefit especially among startups and small businesses. It allows them to make transactions in thousands of locations across the country and other parts of the world.
- Transparent fee structure. Unlike other mobile banks, NorthOne is very transparent when it comes to its fees and charges, which is great for its customers as this spare them from worrying about account limits and other transactions.
- Simple and easy overall mobile experience. NorthOne allows you to consolidate all your banking needs in one app, which makes it convenient regardless if you are at home or on the go.
- Ability to set money aside for particular purposes. With its sub-accounts feature, users are able to set aside money for certain purposes like savings, tax payments, business expansion, etc. without the need to move it to another bank account.
WHAT ARE THE DOWNSIDES OF USING NORTHONE?
Nothing is entirely perfect and so is NorthOne. While it does have its ups, it surely does have its downsides as well.
Some of the points of concern about NorthOne include:
- Minimum opening deposit requirement. Although the minimum opening deposit requirement is not that big, many other online-based business bank accounts do not require a minimum deposit.
- The monthly fee cannot be waived. Unfortunately, NorthOne does not waive the monthly fee amounting to $10 regardless if you meet the minimum account balance requirement or not.
- Mobile-only. NorthOne is definitely an ideal choice for business owners who are not into app-based banking.
- Does not have branch access. Unlike traditional banks and other online banks, NorthOne customers do not have access to a physical branch as well as in-person support.
- No reimbursements for out-of-network ATM fees. While there are a lot of online bank accounts that offer reimbursement of fees incurred from using your debit card at an out-of-network ATM, unfortunately, NorthOne does not offer this kind of feature.
FINAL THOUGHTS ON NORTHONE REVIEW
Mobile banking is definitely the way to go these days regardless if it is for personal or business use.
Good thing, there are a lot of mobile bank options available. There are many to choose from – and obviously, NorthOne is among them.
NorthOne, though, is particularly ideal for small businesses, freelancers, as well as startups.
Are you a business owner who is always on the go? If yes, NorthOne may just be the right online-based bank for you.