Mobile Banking

Mercury Bank Review: An Online Banking Platform For Small Businesses

In this Mercury Bank review, you will find out how this online financial platform makes business banking cheap and easy.

Mercury Bank Review: An Online Banking Platform For Small Businesses

On one hand, opening a business credit card is fairly easy for as long as you have a solid credit score and a legit side hustle. On the other hand, finding a business bank account can be quite a challenge.

Unfortunately, most brick-and-mortar banks out there make it a little more challenging. Needless to say, one cannot open a business bank account without having to step into a physical bank location.

According to the United States Small Business Administration, currently, there are 28.8 million small businesses in the country with 57.8 million employees working under these businesses.

The small business industry comprises 99.7% of all businesses in the country, while the number of employees they employ covers 48% of the whole U.S. employee population.

If you think about it, they may be considered “small,” but these businesses actually play a huge part in the economy may it be on the local or the national scene.

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Now, whether you are a current small business owner or a soon-to-be one, one of the most important things you need to ensure is to have a systematic cash flow.

In a study conducted by the U.S. Bank, it was found that 82% of business failures were caused by poor cash management.

Cash flow refers to the virtual movement of money. According to Investopedia, it is “the net amount of cash and cash-equivalents being transferred into and out of a business. Cash received is inflows, and money spent are outflows.

Having a system in place to help you manage your business’s cash flow will definitely help a lot in keeping the business operations smooth and easy.

Mercury bank is not your typical bank. It actually is designed to help small businesses manage their cash flow better. The bank makes it easy for any business or startup company with formation documents as well as an Employer Identification Number (EIN) to be able to open a business bank account.

This online banking platform offers a business account and a business savings account that are fee-free, which, honestly, is a breath of fresh air for people in the business industry.

Are you getting more curious about what this online bank has to offer?

Well, in the next couple of sections, we are going to go deeper to know key facts about Mercury Bank.

Specifically, in this Mercury Bank review, we are going to tackle the following:

  • What is Mercury Bank?
  • Who is Mercury Bank best for?
  • What does Mercury Bank offer?
  • How does Mercury Bank work?
  • Are there fees involved?
  • Is Mercury Bank safe?
  • What to like about Mercury Bank?
  • What not to like about Mercury Bank?


Mercury Bank was founded in April 2019 by Immad Akhund, Max Tagher, and Jason Zhang. It is based in San Francisco, California.

Mercury Bank was established to provide an online banking platform that specifically caters to small businesses. The bank offers both a business checking account and business savings account with no monthly fees.

Furthermore, Mercury Bank offers scalable digital tools. Needless to say, each account provides read-write application programming interface access for a customized banking experience.

Know more about Mercury Bank in this video below by Global From Asia:

In addition, Mercury Bank offers an upgraded version of its banking platform — the Mercury Tea Room. This product was designed for businesses that hold a balance of $250,000 or more in their accounts.

The account comes with added perks including free domestic and international wires, as well as exclusive partner discounts on business products and services. Also, customers under the Mercury Tea Room account get eligibility for the Mercury Treasury cash management account.

Customers with this account can make payments through wire transfers, debit cards, ACH transfers, as well as payroll processing platforms. Account-holders can also collect money from payment processors like PayPal and Stripe. More so, the accounts may be linked to online accounting software for easier processing.

As mentioned earlier, Mercury Bank aims to help small businesses or startup companies to manage their cash flow better by making it easier to open a business bank account for any company with documents and an Employer Identification Number (EIN).

Unfortunately, it is important to know what Mercury Bank is not available for sole proprietors. Also, it does not accept cash deposits like some of its competitors.


Mercury Bank was designed to cater to small businesses.

However, to be more specific, the bank is ideal for small-business owners who want to take advantage of a free business banking platform with no transaction fees.

It is also best for those who prefer managing entirely their business finances online since Mercury does not have physical branch locations like what traditional banks have.

Since the bank does not have a cash deposit option, this makes it a good choice for business owners who do not need ATM or branch location to deposit money into their accounts.

It’s a great online banking platform for those who want to customize their banking by using the online tools and integration that Mercury Bank offers.

Meanwhile, technically speaking, Mercury Bank is ideal for small businesses within the U.S. The owners must be U.S. residents, and the business must service U.S. clients.

Additionally, money service businesses of companies that are involved with adult entertainment, marijuana, or internet gambling are not eligible to open an account.

Also, keep in mind that Mercury is not for businesses that are a sole proprietorship.


Mercury Bank offers “full-stack bank accounts”.

To be clear, full-stack does not mean full-service. Mercury Bank, as mentioned earlier, does not have physical branch locations, and does not accept bank deposits.

Mercury Bank account holders can make fee-free cash withdrawals from any of Allpoint network ATM. However, it should be noted that as stated on the bank’s FAQ page, it is clearly stated that its products are designed to benefit startup companies, which means they do not fit all types of businesses that frequently need cash.

There are a couple of things that makes Mercury Bank stand out from other available business banking options out there.

Some of the most notable though is the following:

  • Streamlined Application Process
  • User Permissions
  • Mercury Tea Room
  • Minimal Fees

Now, let’s take a closer look at what each of these items is all about –

Efficient Application Process

Mercury Bank works entirely online. Unlike typical banks, it does not have any physical branch location.

While traditional banks may require you to fill out lots of forms and ask you to present different types of documents, Mercury Bank offers a very simple and easy process in applying for an account.

For small business owners who have their articles of incorporation as well as their EIN number from the IRS will be able to complete the whole application process online in just a few minutes.

Mercury Bank offers a simple process to help small companies get started. All it takes is to have a few government documents ready and you get to open an online business account immediately.

Digital Tools

Mercury Bank provides its customers access to built-in digital tools that allow them to send and receive online payments, track transactions, as well as cash flow analytics and monitoring spending.

In addition, the bank offers the ability to create virtual credit cards, at the same time, manage your debit card through the app, which is available for iOS users. By the way, users can freeze the card, edit spending limits as well as add the account to a mobile wallet.

Mercury Bank also allows its users to integrate their accounts with third-party business tools like Xero, QuickBooks, PayPal, Shopify, and Stripe.

User Permissions

By having a Mercury Bank business account, founders get to share financial responsibility among their team members easily without turning over the keys to the business’s bank account.

Mercury Bank offers virtual cards and variable permissions for employees. More so, founders can also interact using their account via API. This ability makes it easier for finance teams to develop reporting or for developers to integrate apps and others.

By the way, Mercury Bank allows you to add as many team members as you want to your account.

Also, account holders have two options when it comes to user access.

The first is by adding users as admins and allowing them to receive a debit card, change permissions, as well as move money.

The second is adding users as bookkeepers, which means they can only access transaction history and statements, and are not allowed to do any transactions or changes.

Mercury Tea Room

Mercury Tea Room is available for businesses that can hold a balance of $250,000 or more.

The account comes with lots of perks including free domestic and international wires, access to exclusive partner perks such as two months free of OpenPhone or one year free of Rippling payroll, as well as free tea, which is inspired by the bank’s company culture of serving tea to one another.

Furthermore, Mercury Tea Room account holders are eligible for Mercury Treasury, which is an automated cash management account that allows account holders to put extra funds into the U.S. government securities and money market funds to earn interest.

Account-holders can create a customized portfolios with a mixture of bonds and services by simply using the information provided in a suitability questionnaire.

As of this writing, Mercury Tea Room accounts can earn up to 0.07% annually for idle funds. No worries about fees as this does not require any.


In this part of our Mercury Bank review, we are going to talk about how to actually open an account.

As mentioned earlier, Mercury Bank does have eligibility requirements, which include:

  • The business must be located in the United States with a federal employer identification number
  • Must cater to US-based clients
  • Not for sole proprietors or trusts
  • Not for businesses in the money services, adult entertainment, marijuana, or internet gambling industries
  • Business owners must be residents of the United States

As mentioned earlier, the account opening process is made simple and easy, provided you have the required documentation, which includes:

  • A government-issued ID for you and any co-founders
  • Owners with 25% or more ownership or officers who have control over your finances
  • Business formation document (which varies based on your entity type)
  • Employer Identification Number (EIN) verification from the IRS

Meanwhile, for verification purposes, you will need the following information and documents:

  • EIN verification letter
  • Company formation documents
  • Company contract and contact details
  • Social Security Number (Not needed for foreigners)
  • Government ID
  • Company profile (The form is available on the Mercury Bank website.)

To apply, all you have to do is visit the Mercury Bank website. You must, first and foremost, create an online account and then complete and submit your application.

Again, everything has to be done online.

Once your account application is approved, you can now fund your account, as well as send payments, and manage transactions and spending.

You may download the Mercury Bank mobile app to your iOS device, and then start adding users to your account. Also, you can now start integrating third-party business tools.

In addition, you will also receive a business debit card within eight to 10 days from the day your account was approved. The bank also allows you to generate virtual cards from your online account, in case you need to use them before the actual physical card arrives.

Deposit and Withdrawals

To do mobile check deposits in your account, you will need to show a history of funding as well as transactions within your account.

Mercury Bank enables this feature on a case-to-case basis. However, once enabled, users can use the mobile app to deposit checks via the Add Funds flow.

Meanwhile, to withdraw funds, account holders may do so through any of the over 55,000 Allpoint network ATMs for free.


Unlike typical banks, Mercury does not charge monthly maintenance fees as well as overdraft fees.

The only fees charged by the bank are wire transfer fees — $5 for domestic, while $20 for international transfers. The charges can, however, be waived if you are a “Tea Room” client.


The security of your personal and business information and your account is very important. Thus, Mercury uses bank-level security features to avoid fraud, identity theft, or any other similar unfortunate circumstances.

Although technically not a bank, Mercury offers banking services through Evolve Bank & Trust, its partner bank.

Because of the partnership, all accounts are insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC) in the event of a bank failure.


This Mercury Bank review will not be complete without giving you the pros and cons.

So, in this section, we are going to tackle the things to like about Mercury Bank first, which include the following:

  • No Minimum Deposit – Unlike traditional banks, Mercury Bank does not require any minimum opening deposit.
  • No Monthly Maintenance and Overdraft Fees – Another perk of opening a Mercury business bank account is that you get away from paying off monthly maintenance fees as well as overdraft fees, which are very common in traditional banking institutions.
  • Checking and Savings Account in One – Mercury Bank provides checking and savings account in one platform, which definitely makes everything so much easier for small business entities.
  • Large ATM Access – Mercury Bank account holders get access to over 55,000 fee-free Allpoint network ATMs across the country.
  • API Access – With the API access, account holders get to automate and customize their banking experience.
  • Mercury Tea Room – For business accounts with balances of $250,000 or more, they get to access additional amazing perks.
  • Employee Permission Levels – Mercury Banks provides two employee permission levels, which we believe is very unique to it.
  • Multiple Third-Party Platform Integrations – Mercury allows users to integrate different types of platforms like QuickBooks, Stripe, PayPal, etc.


To complete the whole review, here are some of the things that Mercury lacks or may need to improve on:

Not Available to Sole Proprietors – Unfortunately, small businesses owned by a sole proprietor are not eligible to open a Mercury Bank account. Only businesses with multiple founders can avail of the bank’s products and services.

No Cash Deposit Option – At the moment, Mercury does not have a cash deposit option. You may fund your account via mobile check deposit instead.

Low-Interest Rate – Compared to other banking institutions, Mercury Bank offers a low interest rate of only 0.07% annually (as of the moment).

Mobile App is Available for iOS Users Only – Unfortunately, Mercury Bank mobile application is only available for iOS devices. We thought the bank may already working things to make it available for Android users soon as well.


Mercury Bank is an online banking platform specifically designed for small businesses or startup companies. It helps make business banking easier by providing tools, services, and amazing perks.

Overall, Mercury Bank’s business bank accounts are low-cost (because the bank does not charge monthly maintenance and overdraft fees), easy to open (everything is done entirely online in just a few minutes), and integrates very well with other business tools like Quickbooks, PayPayl, etc.

With all these, we wouldn’t be surprised if Mercury Bank becomes one of the most sought-after business banks out there. Do you agree?

To conclude, this Mercury Bank review made us see that there’s so much potential with the online banking platform and that it surely benefits small businesses or startup companies.

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?


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.


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.


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.


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.


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.


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.


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.


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.

Investment Apps and Websites

NorthOne Review: Why It Is The Better Mobile-Based Bank For Businesses

In this NorthOne review, we are going to tell you why this bank is the better online-based bank account option for your business.

NorthOne review; why it is the better online business bank choice

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.


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?


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.


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.


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.


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.


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.


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.


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.


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.

To conclude this NorthOne review, we hope that we are able to provide you all the essential information on why this mobile-based bank is the better online business bank.