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Mobile Banking

NorthOne Bank Review: What Makes This Mobile-Only Bank Exceptional?

If you are looking for a digital bank that provides an easy-to-use mobile interface, then, you have to check this NorthOne Bank review out.

NorthOne Bank Review: What Makes This Mobile-Only Bank Exceptional?

In this review, we are going to focus on what NorthOne Bank is all about, the products that the bank offers, and all the other important information every potential customer needs to know before applying for an account.

We currently live in the digital era, which means people nowadays prefer to do almost everything digitally or online allowing them to do their day-to-day activities conveniently, easily, and fast.

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These days, almost all types of industries are doing their best to adapt to what technology has to offer, and of course, to the needs and preferences of their respective target market.

Financial institutions, for instance, “are beginning to recognize that solving banking needs means catering to different generations,” according to a report by PricewaterhouseCoopers (PWC), a multinational professional services network of firms.

Unlike in the old times, today, digital banking is a hit. Digital banking, according to Business Insider, refers to “the digitization of every level, from the front- to the back-end, of banking“.

People these days, especially the younger generations prefer digital banks over traditional banks because of their accessibility, convenience, and the fact that it allows them to save so much time from doing banking transactions.

The same goes for businesses. With the increasing number of consumers preferring to do online transactions, most businesses – whether small or big – had to adapt and ensure they are able to cater to this need. No wonder why more and more online banks are offering business accounts these days.

Now, speaking of online business banking, as mentioned, there are a lot of online-only banks that provide digital products and services particularly to small businesses, entrepreneurs, and freelancers, and one of them is NorthOne Bank.

NorthOne Bank is an online-only bank that offers a business bank account for small business owners, entrepreneurs, and freelancers.

Today, as stated in the title, we are going to do a NorthOne review to get to know more about this all-digital bank and what it has to offer. More so, how it can be beneficial to small business owners, entrepreneurs, and freelancers, and what makes it stand out from the rest.

In the next sections of our review, we are going to tackle the following:

  • What is NorthOne Bank?
  • Who is NorthOne Bank best for?
  • What are the products offered by NorthOne Bank?
  • How to do banking with NorthOne Bank?
  • Is NorthOne Bank safe?
  • What to like about NorthOne Bank?
  • What not to like about NorthOne Bank?

WHAT IS NORTHONE BANK?

When choosing an online business banking platform, it is important to do a little research first. Making time in getting to know the bank provides you the confidence you need especially since the bank is where you put your hard-earned money. In this case, it is where you put your business’s money.

So, having said that, here are some important things you need to know about NorthOne Bank:

NorthOne Bank is a New York-based online-only bank. It was launched in August 2019, which makes it relatively new as compared to other online business banks out there.

NorthOne was specifically designed as a mobile-only alternative to traditional online business banking. The bank provides easy-to-set-up business bank accounts that make payments, cash withdrawals, as well as cash and checks deposits fast and easy for small business — including those with 50 employees and below — as well as freelancers and startups.

Currently, this online business banking platform is trusted by over 190,000 businesses across the United States of America.

Similar to most digital banks, NorthOne has no physical branch as well, which makes it not an ideal choice if you want a bank that also provides traditional banking options.

All banking services (including invoices, pay bills, as well as manage your business money) are provided by the bank through the app or website for a $10 monthly fee.

Of all the features that NorthOne Bank provides, what sets them apart from others is its easy-to-use mobile interface. Everything you need is in one place, which spares you from worrying about tracking down information when you need it.

The bank offers a single account, and that is the Business Checking account. What makes it unique is that it’s very simple and easy to use, plus it helps business owners and freelancers to set money aside for specific purposes. More so, it allows you to add sub-accounts for allocating funds for major expenses like taxes, payroll, and rent.

Moreover, NorthOne Bank’s banking app is designed to work with all payment processing systems such as point-of-sale (POS) terminals, eCommerce tools, and payment services, which definitely is great for business owners. Additionally, you can also integrate the app with tools that you already use in your business, which include eCommerce, billing, and accounting.

Ever since NorthOne Bank’s goal is to make banking easier for business owners and freelancers so they can focus on more important things. That perhaps is really what makes this bank appealing.

NorthOne Bank is an FDIC-insured bank through its partnership with Radius Bank, which is based in Boston. 

By the way, before moving on to the next section, if you are wondering why the need for a business bank account, here’s a very insightful video by Keya J. This will help convince you that indeed, small business owners need a specific bank account for their business.

WHO IS NORTHONE BANK BEST FOR?

In the previous section of our NorthOne Bank review, we shared with you important details you need to know about the bank.

This time, we talk about who is it best for.

As already mentioned earlier, NorthOne Bank is specially designed to cater to the needs of small businesses, entrepreneurs, and freelancers.

Those who belong to these groups who prefer digital banking will surely benefit from and enjoy what NorthOne Bank has to offer.

Furthermore, NorthOne Bank is appealing to business owners who are looking for a Business Checking account that allows you to add sub-accounts to allocate funds for major expenses like taxes, payroll, and rent.

The bank also offers a live support feature, which is a big draw for business owners who need on-demand help. Through this online-only bank’s built-in chat feature, you can easily access knowledgeable support in real-time or by schedule.

Generally speaking, NorthOne Bank is ideal for business owners and freelancers who prefer mobile banking to traditional banking. Needless to say, online banking platforms provide all the necessities that a business needs.

WHAT ARE THE PRODUCTS OFFERED BY NORTHONE BANK?

One of the most important things that customers look into when choosing a bank is the products they offer.

With NorthOne Bank, as we have already mentioned earlier, it offers only one product, which is the NorthOne Business Checking Account.

The NorthOne Business Checking account offers both online and mobile banking. It comes with unlimited deposits, payments, and transfers, which are very much ideal for businesses.

The account comes with the NorthOne debit MasterCard, which gives account holders access to probably the largest fee-free ATM network among many other banks out there with over 300,000 locations. Additionally, the debit card can be used to make cash deposits at any in-network ATM location, again, for free.

To open a NorthOne Business Checking account, all you need to do is go online. NorthOne Bank is committed to proving its customers with easy and hassle-free account applications that in fact, only takes as little as three minutes to open one.

Similar to any other digital banks, you will need to provide personal as well as business information when opening an account, plus meet the initial minimum deposit of only $50.

Apart from what we already mentioned, other features that we like about the NorthOne Business Checking Account include:

  • Multiple Sub-Accounts – NorthOne Bank allows you to create several sub-accounts for your savings, which makes it easier to automatically transfer funds from your main account into your sub-account for expenses like payroll, taxes, etc.
  • Loans – NorthOne Bank account holders can apply to join the waitlist for the Paycheck Protection Program. This is designed to help small businesses stay on top of payroll as well as other necessary expenses during difficult times. To apply, all you need to do is fill out a form about your business and submit and join the waitlist. To date, NorthOne has already facilitated $130 million in PPP loans to their customers.
  • Live Customer Support – Unlike other online-only banks, NorthOne Bank offers a live customer support feature, which makes it easier to ask for help when needed. To access this feature, you just have to start a chap in the app.
  • Useful Integrations – NorthOne Bank mobile app integrates well with a wide variety of business and accounting tools such as QuickBooks, Xero, Amazon, FreshBooks, Wave, as well as Stripe, PayPal, and Shopify.
  • Easy-to-Use Interface – Definitely one of the best when it comes to ease of use. NothOne provides a very convenient digital experience for all its customers by letting them access their finances in just a few taps, as well as move funds around quickly and without any hassle.

NorthOne Bank offers unlimited transactions for a fee of $10 per month. While there are other online business bank accounts that offer the same for free, many of them do not provide the same perks that NorthOne does.

Apart from the $10 monthly fee that covers unlimited transactions, NorthOne Bank also charges $10 for domestic wire transfers (incoming and outgoing), $25 for international wire transfers (incoming and outgoing), $25 for nonsufficient funds, and $5 per day for a daily overdraft fee.

NorthOne does not charge fees for carrying out regular transactions. However, account holders may incur fees when withdrawing cash from a third-party ATM.

HOW TO DO BANKING WITH NORTHONE BANK?

In the previous sections of our NorthOne review, we talked about what the bank is about, who is it best for, and the product it currently offers.

This time, we are going to share with you information on how to actually bank with NorthOne.

NorthOne is available through a mobile app. Although it comes with a website as well, you will need the app to actually open a bank account. In fact, the “Open an Account” button on the main page of their website automatically directs you to sign up on your mobile device.

NorthOne mobile app is available for both Android and iOS phone users.

To start setting up an account, you will be asked initially to provide your mobile phone number and email address. You will then receive a request to confirm your email address.

To continue signing up, you will be asked to create a password, as well as accept the terms of service.

The next step is the identity verification portion, which means you will need to gather and provide your business and personal details like your Social Security number, and your business’s Employer Identification Number.

You may opt into push notifications so you get alerted every time there is an activity on your account.

Once done, you will then proceed to provide the information necessary for the bank to run a credit check on you and your business. Do not worry though as this will not affect your credit score.

As mentioned earlier, the whole process is easy and simple that it can only take you a few minutes to finish.

Once done, you may now make an initial deposit of as low as $50. Deposits can be made through cash or check.

IS NORTHONE BANK SAFE?

Security and safety are some of the major concerns that people have when it comes to digital banking. This is totally understandable, though, given the fact that there have been a lot of fraud and identity theft cases online before.

With that, in this section, we are going to look into the security and safety measured that NorthOne Bank has put in place to avoid such things from happening.

Apart from the fact that all NorthOne Bank accounts, through its partnership with Boston-based, Radius Bank are FDIC insured, the bank also provides the following measures to protect your money, your transactions, and your identity:

  • Biometric authentication (Touch ID or Face ID to log in, as well as send payments, and view information)
  • Fraud monitoring
  • Ensures all communication takes place through secure channels only
  • NorthOne Bank does not store sensitive information
  • Continuous transaction monitoring for suspicious activities as well as instant notification if any are detected

So, to answer if NorthOne Bank is indeed safe, with all these in place, we have to say, it is.

WHAT TO LIKE ABOUT NORTHONE BANK?

This review on NorthOne Bank will not be complete if we are not going to provide a list summary of the things that we like. This, hopefully, will give you a full glimpse of what makes this bank an ideal choice for small business owners and freelancers.

For your reference, below are what we particularly like about this online-only business bank:

  • Unlimited Transactions – We like the fact that NorthOne Bank does not limit the number or dollar amount of payments account holders can make, income payments, as well as the number of transactions.
  • Low Fees – The bank charges a monthly $10 fee that forgoes extra fees for access transactions. While it does charge wire transfers, nonsufficient funds, and overdraft fees, they are either below or within banking industry standards.
  • Low Minimum Initial Deposit Requirement – For as low as $50 only, business owners and freelancers can already open a NorthOne Bank Business Checking Account. It’s definitely one of the lowest among its competitors.
  • Sub-Accounts – The bank allows you to add sub-accounts to your checking account, which gives you the ability to budget for major expenses like payroll, taxes, and rent.
  • Business Tools Integration – NorthOne Bank’s mobile app allows you to add multiple payment services as well as accounting software, which makes things easier for any business owner or freelancer.
  • Invoice Maker – The Invoice Maker feature enables account holders to send and track invoices to customers and clients. More so, it allows you to send reminders for past due accounts.
  • Debit Card – The NorthOne Business Checking Account comes with a free debit MasterCard, which allows you to withdraw your money anytime, anywhere.
  • Extensive ATM Network – With your NorthOne Debit MasterCard, you get to access cash at over 300,000 ATMs across the country, free of charge.
  • Cash Deposits – Not a lot of mobile banks offer cash deposits. It’s nice knowing that NorthOne Bank offers such a feature. The bank allows you to make cash deposits at hundreds of thousands of ATMs across the country for free.
  • Mobile Check Deposits – Apart from cash, NorthOne Bank also allows mobile check deposits through the app’s mobile deposit feature or through any of the ATMs across the country.
  • Easy Mobile Experience – Of course, to top it all, we like most the fact that all your banking is consolidated to one mobile app, which definitely saves a lot of time and effort. Needless to say, you can do anything you need whether you are at home or on the go.

WHAT NOT TO LIKE ABOUT NORTHONE BANK?

Of course, it’s not a review if we are not providing you with a list of downsides.

While there are a lot of things to like about NorthOne Bank, we also found a few things that we do not particularly like, which could definitely be improved.

These are:

  • Mobile Only – Unfortunately, the account is only accessible using your mobile device, which means you cannot check your account balance or make transactions using your computer.
  • Monthly Fee – The bank charges a $10 monthly fee. Although it is relatively low, other digital banks offer the same unlimited transaction feature for free.
  • No Third-Party ATM Rebates – Unlike other online banks, NorthOne Bank account holders are limited to the over 300,000 ATMs in its network. Doing transactions outside the said network may incur fees and no rebates shall be made.
  • Limited Account Options – NorthOne Bank only offers business checking accounts at the moment.
  • No Paper Checks – Although paper checks are no longer as popular as before, there are still people who prefer using them. Unfortunately, if you are one of those, NorthOne Bank does not provide it.
  • No Physical Branches – Similar to most digital banks, NorthOne Bank does not have physical branches.
  • Extended Deposit – Unfortunately, NorthOne holds all deposits to your account for five business days for the first 30 days since you opened the account.
  • No Debit Cards for Employees – The NorthOne Debit MasterCard is only available for business owners.

FINAL THOUGHTS ON NORTHONE BANK

Overall, NorthOne Bank is a mobile-only bank that is ideal for small business owners, entrepreneurs, or freelancers who need an online business checking account that provides all the necessary features a business needs.

Given all the information we have provided, do you agree that NorthOne Bank offers one of the best services when it comes to online business checking accounts out there?

Well, we do hope that through this NorthOne Bank review you were able to find the information that will convince you that this NorthOne is the right bank for your business’s needs.

Categories
Mobile Banking

BlueVine Review: What Makes It The Best Online Business Checking Platform

If you are a small business owner or a freelancer who is looking for a free, online, interest-earning checking account, then you have to keep reading this BlueVine review.

Bluevine Review: What Makes It The Best Online Business Checking Platform

When the pandemic hit the United States (and the world) in 2020, a lot of businesses were really challenged. In fact, many businesses had to shut their doors leaving a lot of people jobless.

In fact, according to a survey done by the July MetLife and U.S. Chamber of Commerce Small Business Coronavirus Impact Poll, they have found that about 70% of small businesses in the United States were concerned about financial hardships, and 58% worry about having to permanently close because of prolonged closures at that time.

While some businesses were threatened, others learned to thrive despite the challenges. Many of them had to re-strategize their day-to-day operations in order to survive. One of the strategies was to go online, and offer cashless transactions for in-store sales.

That is where digital banking becomes a vital part of small businesses’ day-to-day activities.

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You see, this situation made a lot of people appreciate online activities more – whether it be online shopping or online banking transactions.

Now, what we are trying to say is, digital banks play a crucial role especially in unforeseen situations like the pandemic. It kept a lot of industries going. Thanks to digital money transfer platforms, which include online banks.

If you are a small business owner or a soon-to-be one, opening a digital business checking account is essential. Thanks to technology, indeed, there are lots of choices out there to choose from.

Today, however, we are going to particularly focus on one – it’s BlueVine Capital.

This BlueVine review will particularly focus on providing you essential information that you need to know before you even decide to open an account with this online business banking platform.

For your reference, we are going to specifically provide answers to the following questions:

  • What is BlueVine Capital?
  • Who is BlueVine Capital best for?
  • What are the products offered by BlueVine Capital?
  • How to do banking with BlueVine Capital?
  • Is BlueVine Capital safe?
  • What to like about BlueVine Capital?
  • What not to like about BlueVine Capital?

WHAT IS BLUEVINE CAPITAL?

As we always say, when choosing a bank, it is always best to do a little research. Know more about the bank you are eyeing for you to be able to gauge if it is indeed the right one for you or not.

It is important, especially in an online business banking platform to choose a bank that you are confident about, and that has provided customer satisfaction over the years.

With that said, let’s take a look at what BlueVine Capital or simply BlueVine is about —

BlueVine Capital Incorporated was launched in 2013 and is based in Redwood City, California.

It is primarily an online small business checking account provider. However, it has eventually distinguished itself from its competitors by becoming a source of various types of business financing as well.

Over the years, and with constant innovation, BlueVine has become one of the most advanced online business platforms in the whole industry.

Although BlueVine also offers loans and lines of credit, it particularly became well-known for paying high interest on account balances, which makes it a checking account and high-yield savings account in one.

Currently, the company has over 200,000 customers and has already provided business financing of over $9 billion to small businesses.

BlueVine is available across all 50 states for small businesses that are engaged in almost all types of industries. Unfortunately, the online business checking platform does not deal with businesses under gambling, adult entertainment, weapons and firearms, and illegal substances categories.

In terms of reliability and dependability, BlueVine has surely earned that having an A+ rating from the Better Business Bureau.

Technically speaking, BlueVine is not a bank. However, its banking services are provided by The Bancorp Bank, and all accounts are insured by the Federal Deposit Insurance Corp. up to $250,000.

If you want to know more about BlueVine and learn more insights, here’s a review made by Credit Suite, which we thought is informative and helpful especially for those who barely know this online business checking account provider.

WHO IS BLUEVINE CAPITAL BEST FOR?

In the previous section of our BlueVine review, we provided you important details about the bank. This time, to help you assess if this is indeed the right bank for you, we are going to talk about who is BlueVine best for.

Generally, this online business banking platform is a great choice for most people who own or operate a small business, particularly online businesses. It is also ideal for business owners who do not rely so much on cash.

If you own a large business, BlueVine is also ideal for you especially since the bank offers great invoice factoring or a line of credit.

Furthermore, as mentioned, BlueVine offers an interest-bearing checking account, which makes it the best choice for those who want to enjoy the benefits of a checking account, at the same time, earn interest from it.

With everything that the platform has to offer, it definitely is one of the best online business checking platforms out there.

WHAT ARE THE PRODUCTS OFFERED BY BLUEVINE CAPITAL?

One of the most important things that you need to know as a customer is the products offered by the bank you are eyeing for. In this case, what products are available at BlueVine.

Similar to most online business banking platforms, BlueVine offers a single account only, and that is the BlueVine Business Checking Account. So, if you are looking for a savings account, money market, or certificate of deposit, you may have to look somewhere else.

Moving on, although it only offers a business checking account, what makes BlueVine stand out from its competitors is the fact that it offers small business financing, which includes Invoice Factoring and Line of Credit.

Now, let’s discuss more these products:

BlueVine Business Checking Account

BlueVine is known for its Business Checking Account. Although it is a relatively standard business checking account, what makes it appealing to small business owners are some of its stand-out features.

Some of the amazing features of BlueVine Business Checking Account include:

  • No Minimum Balance Requirements. Contrary to most online business checking accounts out there, BlueVine’s does not require account holders to keep a minimum balance in their checking account, which means, even if you withdraw all your money, you won’t get charged at all.
  • No Monthly Fees. Another feature that we like about BlueVine Business Checking Account is that it does not require you to pay any monthly maintenance or service fee, which allows you to save a good amount of money really.
  • No Overdraft Fee. Just as you thought you had all the amazing things a business checking account has to offer, BlueVine also does not charge a fee for overdrafts or insufficient funds. These two are actually very common fees among its competitors, but with BlueVine, you do not have to worry about these at all.
  • Pays Interest. Probably the best feature that the BlueVine Business Checking Account has to offer is that it pays interest. Customers earn a 1% annual percentage yield on balances up to $100,000. So, even if you have money in your account, your money is still working for you. That’s great, right?
  • Unlimited Transactions. While other online business checking platforms may have limited transactions, with BlueVine, there is none, which means you can transact as much as you want in a month, and you do not have to worry about anything.
  • Cash Deposits. Another thing to love about BlueVine’s business checking account is that through its partnership with third-party service Green Dot, account holders can use their business debit card to deposit up to $7,500 in cash per month at over 90,000 locations across the United States. By the way, BlueVine charges $4.95 for cash deposits.
  • Online Banking Tools. Last, but definitely not least on our list is that the business checking account includes all of the tools you need to streamline your finances. This includes mobile check deposits one-time and recurring payments. More so, you can sync transactions to accounting software such as Wave, FreshBooks, and QuickBooks as well. Another thing, you can also connect to third-party tools like PayPal, Expensify, and Stripe.

To apply for and open a BlueVine business checking account, all you need to do is to go online and visit their website.

Make sure that you are at least 18 years old, and a citizen or a resident cardholder of the United States with a valid address. It is also important to note that as soon as you deposit at least $1 in your business checking account, you’ll start earning 1% interest on your account balance.

To sign up for BlueVine online business banking, you will have to create an online account, and then, you will be asked to provide basic information as well as documentation about you and your business.

Generally, applications are reviewed within 24 hours. But, the process may take between three to five business days. Once approved, you will be asked to accept the account agreement. After which, you will be able to access and fund your account.

The BlueVine Business Checking Account comes with a business debit card, which would be available within five to seven business days.

To manage your BlueVine business checking account, you may head on to their website, or use the BlueVine mobile app, which is available for both Android and iOS users.

BlueVine Invoice Factoring

Probably one of the most challenging for any business whether it be small or large-scale is managing cash flow.

Normally, what happens is that when businesses send an invoice to a customer, most likely it will take weeks before they get paid, leaving businesses without money to pay their own bills or to use for their day-to-day operations.

It is during this scene that invoice factoring becomes a big help. Basically, invoice factoring is a term that refers to turning unpaid invoices into cash to help keep businesses running.

BlueVine offers invoice factoring, and it can provide up to 90% of the invoice balance outstanding. The remaining balance (minus the 0.25% service fee per week) is paid once the invoice amount is paid.

What’s nice about this product is that BlueVine makes application and approval so easy and convenient.

In fact, you can apply for BlueVine Invoice Factoring online for as little as 10 minutes only. Meanwhile, approval takes as little as 24 hours.

To qualify for the BlueVine Invoice Factoring, you will need to meet the following requirements:

  • Have been in business for at least 3 months
  • Have a minimum FICO score of 530
  • Have at least $10,000 monthly revenue
  • Operates as a Business-to-Business (B2B) provider

Line of Credit

Another product that BlueVine offers is a line of credit. A line of credit may be used by small businesses to cover operating expenses or in other cases, for business expansion.

The BlueVine Line of Credit allows small business owners to borrow up to $250,000 and can be paid back with fixed monthly or weekly payments for as long as 12 months.

Just like the home equity line of credit, the funds can be accessed from your BlueVine Line of Credit as needed. Just the same, as you repay the outstanding balance, the available credit increases as well.

The BlueVine Line of Credit comes with an interest rate of as low as 4.8% per month.

What is nice about having a line of credit is that you do not necessarily have to use the money all at the same time. If you don’t need funds, you can just leave it alone. Needless to say, BlueVine does not charge setup fees or ongoing maintenance fees to keep it open.

BlueVine gives approval for a line of credit applications for as little as five minutes! Definitely fast and easy, right?

To qualify for a BlueVine Business Line of Credit, you must meet the following requirements:

  • Have been in business for at least three years
  • Have a minimum FICO score of 650
  • Have a minimum of $40,000 in monthly revenue

HOW TO DO BANKING WITH BLUEVINE CAPITAL?

As mentioned earlier, whether you are applying for a business checking account, invoice factoring, or a line of credit, all you got to do is go online, visit the BlueVine website, and provide all the information asked, and in just a few minutes you are done.

In the case of a business checking account application, it takes just about 10 minutes to finish and the approval usually takes 24 hours. The same goes for invoice factoring.

Meanwhile, to apply for a line of credit, it as well takes just a few minutes, and approval comes in just about 5 minutes!

You see, BlueVine definitely provides customers an easy, fast, and very convenient account application and approval process.

IS BLUEVINE CAPITAL SAFE?

This BlueVine review will not be complete without us tackling the security and safety feature on this online business checking account provider.

We totally understand that most, if not all, customers worry about the safety of their money and the security of their personal and business information.

So, to answer if BlueVine is safe, here’s what we found —

To ensure the safety and security of your money and your personal information, BlueVine uses the latest internet security practices. BlueVine ensures everything is put in place to avoid possible fraud or identity theft.

More so, BlueVine also partnered with the Bancorp Bank, a member of FDIC, so you can get full FDIC insurance for your account in case of failure. With FDIC insurance, you can get up to $250,000 in coverage for your business’s accounts.

WHAT TO LIKE ABOUT BLUEVINE CAPITAL?

This BlueVine review, similar to other reviews we did will not be complete without a summary of the things we like about this online business checking account provider.

Some of the things that we particularly like about BlueVine are as follows:

  • Interest-Bearing Checking Account – It is uncommon among online business checking accounts providers to offer an interest-bearing account, which is why we particularly love the fact that BlueVine provides that. With its online business checking account, you can earn up to 1% APY on your checking balance up to a maximum of $100,000.
  • No Minimum Balance Requirement – With BlueVine, you can open an account without having to worry about having enough money because even if you don’t have any, you can definitely have one. Needless to say, regardless if you withdraw your money all at once, you don’t have to worry about charges or penalties.
  • No Monthly Fees – Another thing we like about BlueVine is that it does not charge monthly fees, which allows account holders to save a few bucks.
  • Paper Checks – Unlike other online business checking account providers, BlueVine provides paper checks.
  • Unlimited Transactions – It is common to most online business checking account providers to have limited transactions, and that you are charged once you go over the limit. But, that is not the case with BlueVine as they offer unlimited transactions.
  • Small Business Financing Options – Apart from the business checking account option, BlueVine also offers invoice factoring as well as a line of credit to help improve your cash flow or grow your business.
  • Cash Deposits – Although the bank charges a $4.95 fee for cash deposits, it does not matter because not all business checking accounts providers or digital banks offer such features.
  • Extensive ATM Network – The BlueVine Business Checking Account comes with a debit MasterCard, which allows you to withdraw cash anytime for free at tens of thousands of ATMs across the country.
  • Online Payments – With your BlueVine business checking account, you can easily send payments using your debit card, credit card, or directly from your BlueVine account using the mobile app.

WHAT NOT TO LIKE ABOUT BLUEVINE CAPITAL?

While there are a lot of things to like about BlueVine, it sure does have its share of downsides as well.

Some of the things we do not particularly like about BlueVine Capital include:

  • No Physical Branches – Although it’s not totally unique to BlueVine, unfortunately, like most digital banks and platforms of the same kind, the company does not have physical branches as well. Everything is done online.
  • Short Repayment Terms – BlueVine does not offer much flexibility when it comes to payment terms, which means you will have to deal with higher monthly payments when you borrow money from them.
  • No Savings Account Option – Similar to most online business checking accounts providers, BlueVine does not have savings, money market, as well as CD options.
  • Fee for Cash Deposits – As mentioned, there is a $4.95 fee per cash deposit through the Green Dot network. It can be costly on cash deposits amounting to a few hundred dollars or less.
  • Limited Customer Service – BlueVine’s customer service is only available on weekdays, which can be a disadvantage if your business is running seven days a week.

FINAL THOUGHTS ON BLUEVINE REVIEW

While there are so many online business checking account options out there, what makes BlueVine stand out is the fact that it offers an interest-bearing account, does not charge monthly fees, and does not have a minimum balance requirement.

So, with all the amazing features that BlueVine Capital has to offer, do you consider it as the best choice yet?

We do hope that through this BlueVine review, you are able to know more about this online business checking account provider, and be able to better gauge whether it fits your business’s requirements or not.

Categories
Mobile Banking

Novo Bank Review: The Digital Bank For Small Business and Freelancers

This Novo Bank review will provide small business owners, entrepreneurs, and freelancers all the essential information they need to know. This will particularly tackle the products and services, as well as features that make it stand out from the rest.

Novo Bank Review: The Digital Bank For Small Business and Freelancers

A research conducted by Statista found that there is an increasing number of people using digital banking in the United States. In fact, in 2018, about 61 percent of American people used digital banking. More so, the study shows that by 2022, the number will rise to 65.3 percent.

The increasing number of Americans using digital banking platforms is actually not surprising given the fact that people nowadays prefer the more convenient and efficient option. Needless to say, with the recent turn of events — with the pandemic restricting a lot of our day-to-day transactions or activities — people have relied more on anything digital to limit their exposure to the outside world.

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Having said that, businesses, over the years and most especially in the very recent year had to adapt to changes. They had to address the needs of customers by going digital on their daily operation – and that includes banking, of course.

An article published by BBC online says that “several major technology trends are converging and transforming digital banking services for businesses”. Again, this has something to do with adapting to change as well as customer demands.

Furthermore, the article says that based on research, it has been found that banks these days need to “provide a better, more relevant service, and invest in products that meet the changing customer needs of real-time, mobile, frictionless and simple banking“.

You see, the demand is so high that even banks, particularly digital banks need to step up their game, otherwise, they will end up at the bottom of the competition.

Anyway, while there are a lot of digital banks for personal use, they’re quite a few that focuses on small businesses, entrepreneurs, as well as freelancers – and Novo Bank is one of them.

So, if you belong to the business world, and you are looking for a reliable and dependable digital bank that meets your needs, this review on Novo Bank is for you.

In this Novo Bank review, we are going to tackle some – if not all – of the most important details you need to know prior to opening an account.

This will particularly provide you answers to the following most commonly asked questions:

  • What is Novo Bank?
  • Who is Novo Bank best for?
  • What are the products offered by Novo Bank?
  • How to do banking with Novo Bank?
  • Is Novo Bank safe?
  • What to like about Novo Bank? 
  • What not to like about Novo Bank?

WHAT IS NOVO BANK?

Before moving on to a more detailed review, let us first and foremost know more about the Novo Bank.

As a potential customer, it is important to do a little research on the banking institution that you are eyeing for. This helps you compare among different digital bank choices, and eventually make a choice based on what suits best your needs and preferences – in this case, though, to your business’s needs.

So, with that said, here’s what you need to know about Novo Bank:

Novo Bank is an online bank that is specifically designed for small businesses, entrepreneurs, and freelancers. In fact, the bank lives by its motto, which is “customer first banking for the modern entrepreneur“.

If you want to know more about what makes Novo Bank an ideal choice for small businesses and side hustles, you better check the video below by Magnified Money. He provided really good insights.

Novo Bank, which was founded in 2016, is a completely digital banking platform that is based in New York City.  It is an independent tech company that has partnered with Middlesex Federal Savings, which is a full-service bank based in Massachusetts.

The bank offers a simple product menu that is user-friendly. Furthermore, the bank relies on third-party partners to provide certain business services to make the banking process as convenient as possible for small businesses, entrepreneurs, and freelancers.

Since the bank follows a simple, targeted business model, customers get to enjoy extremely light banking fees.

As mentioned, Novo Bank operates mainly as a mobile banking app and is available on both Google Play and the App Store.

WHO IS NOVO BANK BEST FOR?

Now that you already know what Novo Bank is, this time, let’s talk about who is it best for.

This helps you assess whether Novo Bank is indeed the right digital bank for you.

Novo Bank, as mentioned earlier, is an all-digital bank designed for small businesses, entrepreneurs, and freelancers, which makes it an ideal choice for business owners who are comfortable in managing their money online.

Unfortunately, the bank does not offer every feature that you get from a traditional checking account. However, the bank offers various features for most cashless businesses as well as modern entrepreneurs.

Since it is a digital bank, Novo Bank does not have a physical branch location. So, if you are a business owner who prefers a bank that has a physical branch, then you might have to look for another bank option.

In addition, Novo Bank is ideal for business owners who want to enjoy light banking fees and a product menu that is user-friendly.

To put it simply, Novo Bank is best for small business owners who:

  • Prefer to manage their money online
  • Do not need cash to deposit cash frequently
  • Want a free business checking account without a minimum balance requirement
  • Want to use ATM locally and internationally without having to worry about fees
  • Want to connect their business checking account to financial tools they currently are using

WHAT ARE THE PRODUCTS OFFERED BY NOVO BANK?

In this part of our Novo Bank review, we are going to tackle the most important detail every customer needs to know — the products offered by the bank.

Unfortunately, Novo Bank only offers checking accounts at the moment. So, if you are looking for a digital bank for small businesses with a wide array of product options, this is not the right bank for you.

So, having said that, let’s take a look at what makes Novo Bank Checking account an ideal choice.

Checking Account

Novo Bank, as we have said, just offers one type of account, and that is a free business checking account.

Unlike other checking accounts out there, this one only requires a small minimum balance to open, and no minimum monthly balance requirement, as well as no monthly fees, to worry about. Also, the checking account does not have hidden fees, which is usually prevalent among other checking accounts offered by other digital banks.

Moreover, the Novo Bank Business Checking Account can be used for different transactions like fund transfers, mail checks, as well as in accepting incoming wires.

Unfortunately, the Novo Bank Checking account does not have its own ATM network, but, what’s nice about it is that the bank refunds all ATM fees charged by other banks.

For your reference, here are some of the best features that come with Novo Bank free business checking account:

  • Minimum Initial Deposit. Unlike other business checking accounts, Novo Bank only requires a $50 minimum requirement to be able to open an account. Also, the bank does not require a minimum account balance, as we have mentioned earlier.
  • MasterCard Business Debit Card. Your Novo Bank business checking account comes with a Mastercard Business Debit Card, which can be used anywhere MasterCard is accepted. More so, you can use the card at ATM machines to withdraw cash without having to worry about ATM fees.
  • Mobile Deposits. The bank allows you to make deposits into your account by simply taking a photo of the check and then uploading it to your account.
  • Foreign Checks. Another feature that makes Novo Bank checking account ideal not just for small businesses but freelancers as well is that the bank accepts foreign checks. The checks can be deposited using mobile check deposits in the Novo mobile banking app.
  • Send and Receive Funds Via Transferwise. You can transfer Australian, Indian, British, Japanese, Mexican, Swedish, Swiss, and Canadian currencies, as well as Euros through Transferwise without having to pay large transaction fees.
  • Digital Wallet Connection. The bank allows you to connect various digital wallets like PayPal, Venmo, Google Pay, and Apple Pay to your checking account.
  • Free ACH transfers. Unfortunately, similar to most digital banks, Novo Bank does not offer paper checks. But, the bank offers free ACH transfers. You can have physical checks processed and mailed out directly from the app.
  • Xero Integration. If you have Xero account, you can absolutely connect your Novo Bank Checking account with it, which automatically saves your transactions every hour, at the same time, reconciles to your Xero account.

As mentioned, the bank does not charge monthly fees. However, it does charge $27 non-sufficient funds or returned deposited items. Even so, the fee is still below what is usually charged by other banks of a similar type.

HOW TO DO BANKING WITH NOVO BANK?

This Novo Bank review will not be complete if we are not going to talk about how it actually works.

Novo Bank is a digital bank and does not have any physical branches. Thus, just like any other digital banking platform, all transactions including opening an account are done online.

Obviously, you must be a business owner to be able to open an account with Novo Bank. You must have any of the following types of business organizations:

  • Sole Proprietorship
  • Limited Liability Company (LLC)
  • Corporation
  • General Partnership
  • Non-profit Organization

To open an account, all you have to do is go visit the Novo Bank website and click on the Get Started Button.

Once you click that button, you will be directed to the application process. You will need to input a business email, as well as a password.

Also, to complete the application process, you will be asked to provide your background as well as financial information. The data provided will be used by the bank to determine whether you qualify for the account or not.

Some of the information required to proceed with your application include:

  • A valid Social Security number or an employer identification number (EIN)
  • U.S. address
  • U.S. cell phone number

In addition, business documentation (in pdf, jpg, jpeg, or png file formats.) will also be required. However, the specific requirements will depend on your state of residence and your legal entity status.

Once you get approved for an account, you can now link other bank accounts to your Novo Bank account to easily transfer funds. Also, you can already start accepting ACH payments, depositing checks, and paying your bills using your new account.

To make a deposit to the account, you may do so via ACH, international or domestic wire transfer, or with a mobile check deposit on your smartphone.

In addition, you can withdraw and send money via ACH or send a paper check by mail with the Novo Bank mobile app.

IS NOVO BANK SAFE?

One of the things that people look into when it comes to choosing a bank – in this case, a digital bank – is the security features in place.

Fortunately, just like any other all-digital banking platforms out there, Novo Bank made sure to put in place all standard security and safety features to ensure that customers are protected from possible fraud or identity theft.

Novo Bank employs a dedicated security team and bank-grade encryption to ensure that customers’ personal information is protected around-the-clock.

As with the Novo Bank debit MasterCard, it is protected by EMV technology, which makes it impossible for the card to be counterfeited.

Meanwhile, all Novo Bank account is FDIC insured for up to $250,000 per depositor, through its partner bank, Middlesex Federal Savings.

So, to answer the question, is Novo Bank safe? Yes, it is.

WHAT TO LIKE ABOUT NOVO BANK?

In the previous sections, we have tackled the most important things that every potential customer needs to know about Novo Bank.

Of course, this Novo Bank review will not be complete without us giving you a summary of the things we like about the bank, which include:

  • $50 Minimum Deposit Requirement To Open An Account – Unlike other digital business checking accounts, Novo Bank only requires at least $50 to open an account. Definitely low compared to its competitors.
  • No Credit Check Required – Novo Bank does not check your credit history when opening an account, which makes it ideal for all business owners.
  • No Monthly Fees – Apart from charging $27 for non-sufficient funds and returned deposited items, Novo Bank does not charge any fees.
  • No Minimum Balance Requirement – Another plus of Novo Bank is that it does not require a minimum balance in your account, which means, you can withdraw all your money and you do not have to worry about penalties.
  • ATM Fee Reimbursements – Novo Bank does not have its own ATM network. But the good thing is, the bank reimburses all ATM fees charged to you by other banks. Needless to say, this applies whether you make ATM transactions here in the United States or internationally.
  • Discounts and Credits for Third-Party Business Services – Novo Bank provides valuable discounts as well as credits for third-party services for small business customers.
  • Easy-to-Use Online Banking – Apart from the mobile app, which is available for both Android and iPhone users, you can also access your account conveniently on its website.
  • Deposit and Send Checks Using the Mobile App – Novo Bank allows you to use mobile check deposits to add paper checks to your account. You can also send paper checks in the mail using the app.
  • Free Transfers and Payments – Novo Bank does not charge incoming wires, as well as incoming and outgoing ACH transfers. More so, sending a check by mail is also free.
  • Integration with QuickBooks, Xero, Stripe, and Shopify – Another plus point for the bank is that it is integrated with top business tools such as QuickBooks, Xero, Stripe, and Shopify.

WHAT NOT TO LIKE ABOUT NOVO BANK?

This Novo Bank review will not be complete without a list of downsides. In the previous section, we provided you with a list of things to like about Novo Bank. This time, it’s a summary of the things we do not like about it.

The list includes the following:

  • Available for Business Owners Only – Novo Bank accounts are only limited to business owners, entrepreneurs, and freelancers.
  • No Interest – Unlike other checking accounts out there, Novo Bank checking account does not allow you to earn interest. However, this is totally understandable because of the fact that Novo is not a full-service banking institution.
  • No Paper Checks or Outgoing Wires – Unfortunately, most traditional banking features are not available at Novo — and that includes checkbooks and outgoing wires.
  • No Integration with Payroll Services – The mobile app does not integrate directly with any payroll providers, which could be a major concern if you have employees. If you have none, this should not bother you at all.
  • Limited Products – Unfortunately, Novo Bank does not offer any other products except for a business checking account.
  • Does Not Allow Recurring Payments or Direct Deposits – The bank cannot accommodate recurring payments or making direct deposits. It only allows you to receive direct deposits.
  • No Cash Deposits – This is definitely not new to digital banking platforms. Similar to most digital banks, Novo Bank does not have a cash deposit option.

FINAL THOUGHTS ON NOVO BANK REVIEW

By now you probably have already figured that Novo Bank is not for everyone. The bank only offers a checking account, which is specifically designed for small businesses, entrepreneurs, and freelancers.

Contrary to other digital banks, Novo Bank does not offer personal accounts or interest-bearing accounts, which makes it even more ideal for a specific sector only.

It is probably safe to say that Novo Bank is very straightforward when it comes to what they offer — targeting a very specific market only, and that is small business owners and freelancers. However, since the bank is relatively new, the possibility of additional products and services in the future is surely just around the corner.

With that said, do you think Novo Bank is the right digital bank for your business?

To conclude, we hope that through this Novo Bank review, we are able to provide you the answers you are looking for to some of the most common questions about this digital banking platform.