North One is a financial technology (fintech) company bringing enterprise banking features to small business accounts across the US. It’s an online-only financial institution offering all the account options of a traditional bank with the upgraded features of an elite bank. Once you factor in third-party integrations, this platform is a one-stop shop.
North One’s business checking fees are very affordable compared to similar banks. There are two business checking options to choose from. Both accounts require a $50 opening deposit and come with Envelopes, a feature that allows the segmentation of funds into different buckets for safekeeping.
- Standard Business Checking does not charge a monthly fee. It comes with ACH at a 1.5% transaction rate and incoming and outgoing domestic wires at $20 each.
- Plus Business Checking has a $20 monthly fee, and ACH is free. Wires are also less expensive.
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While reviewing North One, I searched multiple sites for the most accurate and up-to-date information. I also considered customer reviews, including current clients actively using the platform.
In addition, our team met with two officers from North One. They shared background information regarding the audience North One is designed for. Being from a family of entrepreneurs, they mentioned how important it is for a small business to have a “powerful business account with features from enterprise accounts.” They’ve made it North One’s mission to provide small businesses with concierge banking.
Pros
- Connect sales, payments, spending, and budgeting in one place
- Deposits are insured up to $250,000 through its partner, The Bancorp Bank, N.A.
- Team banking allows each user to have their own debit card
- Same-day ACH
- Envelopes to segment funds under one single account
- Low opening deposit amount at $50
- Plus Business customers have a dedicated account manager and onboarding assistant
Cons
- No physical branches
- Cash deposits are taken by third-party vendors charging a $4.95 deposit fee North One is now refunding third-party fees for cash deposits, refunding one deposit fee per month for Standard customers and up to three deposit fees per month for Plus customers.
- No Annual Percentage Yield (APY)
- Support is available only via chat or email; no phone number listed You can schedule a call through chat.
- No international wires
- No waivable monthly fee for Plus
Special Offer | N/A |
Opening Deposit Requirement | $50 |
Monthly Maintenance Fee | $0 for Standard |
APY | N/A |
ATM Network | Cash withdrawals through Mastercard®, Maestro®, and Cirrus® ATM network |
ATM Fee Reimbursement | Access to ATMs worldwide; no reimbursement mentioned on North One’s site |
Other Standout Features |
|
- Business owners who primarily accept electronic payments for services rendered: Since North One is an online-only platform, it’s best suited for businesses on the go and those equipped to operate electronically. Making cash deposits is possible, but it does incur a fee of $4.95.
- Users looking for built-in integration: The online banking platform has 59 ready-made software integrations to make banking easier. North One partners with payment processors (such as Amazon Pay, PayPal, and Shopify) and accounting applications (like QuickBooks, FreshBooks, and Quicken).
- Managers overseeing a team that will need access to their own debit card: North One offers team banking, which allows financial managers to request debit cards for team members needing to make purchases on behalf of the company. These cards can be issued virtually—or a physical card can be mailed.
North One Alternatives & Comparison
Account Name | Monthly Service Fee | APY | Opening Deposit | |
|---|---|---|---|---|
 | Standard | $0 | N/A | $50 |
 | Innovator Checking | $0 | Up to 2.0% | $100 |
 | Standard | $0 | 1.5% | $0 |
 | Silver Business Checking | $0 | N/A | $100 |
Best For | Learn More | |
|---|---|---|
 | Small businesses looking for a checking account with no monthly fee, interest-bearing APY on deposits, and unlimited cash back on qualified debit card purchases | Read our Grasshopper business checking review |
| Businesses needing a variety of interest-earning checking options with unlimited cash back on business Mastercard and FDIC insurance up to $3 million | Read our Bluevine business checking review |
| Businesses owners with low transaction volumes needing in-person banking | Read our U.S. Bank business checking review |
North One Business Checking Reviews from Users
| Users Like | Users Dislike |
|---|---|
| User-friendly online banking | Unable to call and talk to a live customer service representative without making an appointment |
| Chat support is very responsive | Check deposit hold times longer on larger amounts |
| $0 monthly fee | Account suspensions, frozen funds, locked accounts, and closed accounts cause cash flow issues |
| User dashboard shows revenue | Emailing customer service could take up to 24 hours for a response |
| Easy-to-use mobile app | Unwaivable monthly fee |
| Integrations make cash flow easier | |
| Mobile deposits work great | |
| No hidden fees | |
| No charge for same-day ACH | |
| Virtual debit cards available | |
| Envelopes make money management easy | |
I spent quite a bit of time going through North One business checking reviews from customers. Since mobile banking is offered, I also checked the feedback on the App Store and the Play Store. Overall, the provider has a 4+ rating on every site and an A+ rating with the Better Business Bureau (BBB). I did notice some complaints filed, but it’s evident that each one had been addressed and a solution was offered for resolution.
I noticed three common customer concerns:
- Unable to call and speak to a representative
- Deposited checks are held for long periods
- Accounts are frozen, locked out, or closed with no warning
Many mentioned that it was difficult to get in touch with someone. Also, North One’s business model does not show a phone number to call in for live phone support; however, upon my test, I found the chat support feature available each time I visited its site.
Here’s how North One scored on third-party review sites:
- Trustpilot[1]: 4.4 out of 5
- Apple App Store[2]: 4.7 out of 5
- Google Play Store[3]: 4.2 out of 5
- Product Hunt[4]: 4.4 out of 5
There is a small black circle on the bottom right-hand corner of the screen when you visit North One’s page. It has the letter “N” on it. If you click the button, then you will be connected with a live agent. This feature is available from 9 a.m. to 6 p.m. Eastern Standard Time.
I tested the chat feature to see how long it would take to get assistance, and it took only a few seconds for a bot message to populate. I asked a few questions, and everything went smoothly. I also discovered North One has a feature to schedule a 15-minute phone call with a live representative. Although it doesn’t advertise it, phone support is available if needed.
North One’s chat feature (Source: North One)
North One Business Checking Terms & Features
Since North One does not have physical locations, it’s a bit harder to make cash deposits, though it partnered with Green Dot to accept cash on its behalf. It’s as simple as handing the cashier your North One debit card with your deposit, and they’ll initiate a transfer for you.
I checked availability in the rural area where I live to see how accessible a deposit location is. I was surprised to find five dollar stores, one grocery store, one drug store, and a big box store that accepts deposits for Green Dot.
North One Business Checking Requirements
Applying for a North One business account is fairly straightforward. Here is a list of requirements:
- Basic information on the business—including name, address, and phone number
- Basic information on the owners of the company
- Employer Identification Number (EIN)
- $50 to fund your account once it’s open
- Beneficial owner Any owner who owns 25% or more will be listed as a beneficial owner. details: Full legal name, address, contact information, and Social Security number (SSN)
North One Business Checking Features
- Account options with no monthly fee
- Same day ACH
- Incoming and outgoing domestic wires
- Bill pay
- Team banking
- Real-time sync with QuickBooks
- Envelopes budgeting system
- Customer perks and savings available on software
- Around 60 integrations available on online banking
- Mobile check deposit
- Physical and virtual debit cards
- Mobile and desktop app
North One has a lending program, which is designed to assist business owners by offering two different lending products.
- Business line of credit
- Business term loan
Both have a minimum lending requirement of $10,000 and a maximum lending cap of $250,000.
There are four requirements needed to qualify for a business loan.
- A North One checking account in good standing
- The applicant must have a FICO score of at least 620
- You must have been in business for more than 12 months
- You must have a balance of $2,000 in your checking account
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How We Evaluated North One Business Checking
The review I completed for North One was very extensive. Our team spoke with management, and I also reviewed outside sources to get a full picture of the customer experience. Based on all the findings, I wrote a well-rounded unbiased North One business checking review.
Since North One has a mobile app and a web-based platform, I ensured I covered these tools, so a thorough review of both was done. I also looked at online forums Trustpilot and Product Hunt along with application hosts Apple App Store and Google Play Store. Lastly, I read the entries on the BBB.
As consumers, we know it’s impossible to please all the people, all the time. That being said, North One has had some less-than-perfect reviews. One way to judge the character of a bank is how it responds to negative feedback. Every comment I saw with the BBB had a corresponding reply from the bank offering a solution. Only a bank that truly cares about customer satisfaction would take the time to ensure each complaint had been addressed.
In addition, I performed a test to see how easy it was to reach the customer chat function and to find out basic information regarding bank operations. I found my experience to be pleasant and timely, as I did not have to wait for answers. I did not schedule a call with a live representative; however, I did notice the process to do so was easy to follow. In general, it appears the bot that starts North One’s chat feature is very well-trained and it responded instantly to all of my questions with correct and concise answers.
How to Open a Business Checking Account at North One
- Step 1: Visit North One to select the checking account that’s right for you.
- Step 2: Select the appropriate product, then click the Apply for an account button.
- Step 3: Complete the Get Started section to add your business email and phone number and to create a password.
- Step 4: Click the Sign Up bar at the bottom.
- Step 5: Collect your business information and legal documents.
- Step 6: Follow the instructions to submit your documents, fund your account, and get it activated.
Frequently Asked Questions (FAQs)
Yes. Overall, its customers have rated it 4+ stars. It offers many upgraded cash management services with no additional fees and has a great fee structure, making elite account perks available to small businesses at affordable rates.
North One is a fintech company partnering with The Bancorp Bank, N.A. This partnership allows an extension of the FDIC insurance coverage up to $250,000. North One offers two different checking accounts and two different loan options along with software integrations and other perks.
To apply online for a checking account, you will need general information about the business and the owners. Also, anyone owning at least 25% will need some additional information to satisfy the beneficial ownership requirements. You will need your EIN along with our company’s legal formation documents.
Yes, it is, through North One’s partnership with The Bancorp Bank, N.A., which allows North One to extend general banking services to its customers. One of the options available through The Bancorp Bank N.A. is FDIC coverage up to $250,000 per depositor, per institution. All funds deposited in North One will be insured up to this amount due to this partnership.
For business accounts, the best traditional banks include Chase and U.S. Bank, while the leading fintechs are Bluevine and Relay among others. However, when picking a bank for your business, there are many options, and comparing different products and services is helpful to determine the best fit.
Bottom Line
Overall, North One is a great fit for small businesses. In comparison with similar financial institutions, it offers upgraded services without charging a monthly fee to gain access to these features. Fees are only assessed if the product is used. Many financial institutions charge monthly fees to have access to these services whether they are used during that statement cycle or not. North One’s fee schedule is structured to make concierge banking affordable for small business owners. It also has numerous integrations and perks, making financial management simpler for daily business operations.
[1]Trustpilot
[2]Apple App Store
[3]Google Play Store
[4]Product Hunt
