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.
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.
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.
- 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?