NorthOne is a business banking solution designed for small business owners. With a customer base of over 320,000 businesses in the U.S., they are helping owners focus on growing their businesses instead of stressing out about their banking experience. Read on to check what NorthOne offers for your small business, and how you can easily open an account with them.
How Does NorthOne Work?
The NorthOne banking app lets you manage your business deposit account from your phone or computer.
With this account, business owners can use their desktop or phone to:
- Send ACH or Wire payments.
- Pay invoices
- Track payments
- Make deposits, including mobile check deposits
If you have a NorthOne account, you can access an extensive network of ATMs. In addition, NorthOne can issue you a debit card for in-person purchases.
You can keep track of everything through the mobile app. It allows you to check balances, pay bills, transfer money, request loan payments, and even set up direct deposit, all from the convenience of your smartphone, tablet, computer, or smartwatch.
Finally, NorthOne offers support through live chat, phone, or email — and you’ll talk with a real person in each case.
Is NorthOne a Real Bank?
NorthOne is a financial technology company. The Bancorp Bank, N.A. provides its banking services. The Bancorp Bank is an FDIC member, so your account is insured for up to $250,000. In addition, if you request a NorthOne Small Business Debit Card, it will be issued through The Bancorp Bank, N.A.
What to Consider When Opening a Business Deposit Account?
Depending on the needs of your business, common considerations when choosing a business deposit account are:
- Easy application and setup – Do you want to open a new business account today? NorthOne makes setting up an account easy. You don’t have to go into a branch. Instead, you can open your account online, which usually takes a few minutes.
- Convenience – The ability to send payments, make transfers, and deposit payments without any hassles can save business owners time and money.
- Security – Your personal information is important to you. It needs to be equally important to your banking and money management partners. NorthOne uses biometric authentication and fraud monitoring to secure your account details and personal information.
- Accessibility – Have you ever been stuck waiting for hours in the lobby of a brick-and-mortar branch only to finally leave empty-handed? This account offers mobile banking, so you can log in anytime, day or night, from your mobile phone or desktop. You never need to go into a branch again if you don’t want to.
- Customer Service – Get the support you need through chat, email, and phone. They are available Monday through Friday from 8 am to 9 pm, Eastern time and weekends from 9 am to 6 pm.
- Fee structures – A predictable fee structure eliminates surprises. Your business deposit account is $10 a month to maintain. Most deposits, withdrawals, and transfers are free, except for wire transfers which cost $15.
What are NorthOne’s Banking Features?
NorthOne’s top goal is to make it easy for business owners to manage, move, and access their money. To reach that goal, they offer their users the following features:
Envelopes
The Envelopes feature helps you organize your finances. You can set up envelopes within your account and use them to budget for taxes, insurance, rent, or your next big purchase. You can allocate money to your envelopes based on a percentage of earnings or a fixed dollar amount added at regular intervals (weekly, monthly, etc.)
Fee-free Transactions
You don’t have to worry about paying fees when transferring money between accounts. These include deposits, withdrawals, payments and debit card usage. (Wire transfers are an exception and do carry a fee.)
Account Integrations
With Account Integration, you can link your accounts to the various third-party apps you use to run your business.
Instant Support
Get help from real human beings who understand your business. You can reach out via phone, email, or chat. Their support team is available Monday through Friday from 8 am to 9 pm, Eastern time and on weekends from 9 am to 6 pm.
How Does NorthOne Compare to Other Banks?
A business deposit account through NorthOne differs from a traditional bank account because it focuses on serving small businesses’ needs. The goal of a NorthOne account is to make it easy for you to access and move your money and to budget and plan for your bigger purchases.
Who NorthOne is Best Suited For
This financial tool is designed for business owners who want simple, straightforward banking solutions. Its services are well-suited to small businesses, startups, and freelance professionals.
Small Businesses
Whether you run a restaurant, barbershop, salon, or another type of business, a NorthOne account can take the stress out of banking so that you can focus on your business. Its deposit account lets you streamline your business finances, create automatic budgets, connect apps and account integrations, and simplify bookkeeping and accounting.
Freelancers
If you’re a freelance writer, graphic designer, web developer, or another independent contractor, a NorthOne deposit account can be a good fit. Deposit client payments quickly and integrate your account with your bookkeeping and e-commerce apps. The simplicity of this banking tool is meant to let you focus less on managing your money and more on the work you love.
Startups
NorthOne understands how hard it can be to launch a new business. Its agile banking tools work with systems like Stripe and Square, and real-time updates to your account information mean you’ll always be able to make informed money decisions.
Is NorthOne Right for You?
If you want a simpler, low-cost alternative to traditional banking institutions that streamlines your money management, NorthOne is worth a closer look. Aside from specializing in business banking services, it’s also committed to providing excellent customer service. Whether you’re just launching your freelance business or you have a thriving small business, NorthOne can help you make better decisions and free up more of your time.
Getting Started with NorthOne
Opening a business deposit account is easy and usually takes just minutes. Start by creating an account through the NorthOne website. Or download the mobile app, and create your account there. Once you’ve set up a username and password, you can apply for an account. You will need to provide some basic information about yourself and your business and a valid government-issued I.D.
