QuickBooks Checking (formerly QuickBooks Cash) is a free business bank account without monthly fees, minimum balances, and a required opening deposit. You get a debit card, Federal Deposit Insurance Corp. (FDIC) insurance up to $5 million, and an annual percentage yield (APY) of 5.0% on your balances when you set aside extra funds through its business savings envelopes.
If you are a QuickBooks Online user, you can apply for QuickBooks Checking through the accounting and banking software. If you are not, you can sign up through QuickBooks Money, a fee-free payment and banking solution that offers money management tools.
Pros
- Many cash management tools, including cash flow forecasting, savings envelopes, and QuickBooks Online integration
- No monthly fees and minimum balance requirements
- 5.0% APY through savings envelopes
Cons
- Only four fee-free ATM withdrawals per month
- Only supports incoming domestic wires
- Does not offer overdraft protection
Features
- Integration with QuickBooks products
- QuickBooks debit card
- APY earnings via savings envelopes
- Limited fee-free withdrawals at more than 19,000 Allpoint ATMs
- Cashflow forecasting
- FDIC insurance of up to $5 million through sweep networks
How QuickBooks Business Checking Stacks Up With Its Competitors
|  |  |  | |
|---|---|---|---|---|
Monthly Fee | $0 | $15 | $0 | |
APY | 5.0% via savings envelopes | N/A | 3.65% for savings accounts | N/A |
Reserve Accounts | Up to 9 | N/A | Up to 2 | Up to 19 |
Expense Categorization Tools | ✓ | ✓ | ✓ | ✓ |
Reporting Tools | ✓ | ✓ | ✓ | ✕ |
Receipt Capture | ✓ | ✓ | ✓ | ✓ |
Tax Tools | ✓ | ✓ | ✓ | ✕ |
Invoicing Tools | ✓ | ✓ | ✕ | ✕ |
Mobile Check Deposit Support | ✓ | ✓ | ||
Cash Deposit Support | ✕ | ✓ | Via Green Dot locations | Via Allpoint ATMs and Green Dot locations |
When QuickBooks Business Checking Is a Good Fit
- Your business uses QuickBooks for accounting: QuickBooks updates accounting records with real-time data from QuickBooks Checking transactions, which removes friction from the bookkeeping process. If you are not a QuickBooks Online user, read our review of QuickBooks Online to help you decide if it fits the bill.
- You want to earn competitive interest on checking balances: QuickBooks Checking earns APY at a rate of 5.0% by placing your funds into business savings envelopes.
- You want to make smarter money management decisions: Aside from integration with the QuickBooks accounting software, QuickBooks Checking includes cash management tools, business savings envelopes, and cashflow forecasting. Savings envelopes let businesses divide their balances into different expense categories, while the cashflow forecasting tool uses banking data to predict future balances. These tools are why QuickBooks earned a spot in our roundup of the best banks for ecommerce businesses.
When To Consider QuickBooks Business Checking Alternatives
- You rely on in-person branch banking: There are no physical QuickBooks Checking branches. We recommend Chase, which has 4,700 locations across 48 states. Learn more about Chase’s three account options through our review of Chase business checking.
- You make ATM withdrawals regularly: QuickBooks Checking has an in-network ATM withdrawal limit of four per statement cycle and charges $3 for every withdrawal after the limit. Meanwhile, Axos Bank offers unlimited domestic ATM fee refunds. Read our Axos Bank business checking review for more details.
- You rely on wire transfers: QuickBooks Checking supports only incoming domestic wire transfers. A good alternative would be Mercury, which charges no fees for sending or receiving wires. Our review of Mercury business checking can provide more information.
Check out our guide to the best small business checking accounts for additional recommendations if your small business meets one or more of those scenarios.
QuickBooks Business Checking Overview
QuickBooks Business Checking Requirements
If you do not have a relationship with QuickBooks and want only a business checking account, you should apply through QuickBooks Money, which is completely free. However, if you are already an existing QuickBooks Online A QuickBooks Online plan requires paying a monthly fee, and p+lans start at $30. user, you can sign up for a business checking account for free as part of your account.
Follow the instructions below to open your QuickBooks Checking account through QuickBooks Online:
- Step 1: Open QuickBooks Online.
- Step 2: Go to the Banking or Cashflow menu.
- Step 3: Select QuickBooks Checking.
- Step 4: Hit Apply; this will lead you to an application form.
For non-QuickBooks Online users who want to open a checking account through QuickBooks Money, you can download QuickBooks Money on App Store and QuickBooks Money on Google Play. QuickBooks Money lets you access money management features and does not have a monthly fee.
Additionally, part of the QuickBooks business checking requirements is for users to avoid engaging in business transactions and practices that are listed on Intuit’s acceptable use policy.
QuickBooks Business Checking Features
QuickBooks business checking features banking and accounting integration, QuickBooks Payments instant deposits, a free Visa debit card, savings envelopes, and custom cash forecasting.
QuickBooks Integration
QuickBooks automatically syncs QuickBooks Business Checking debit card spending and banking transactions with the QuickBooks accounting software to update bookkeeping data in real time. This integration helps save you the time and effort involved in updating accounting data manually.
Instant Deposit
If you use QuickBooks Payments to process customer payments, you can access the QuickBooks Instant Deposit feature. Through this feature, you can send money from your QuickBooks Payments revenue into your bank account within 30 minutes.
The QuickBooks Instant Deposit limit depends on your history with Intuit. New clients start with a $5,000 daily limit, which can potentially increase to a maximum of $50,000 daily.
QuickBooks Debit Card
QuickBooks Checking comes with a free Visa debit card called the QuickBooks Debit Card. After your account is approved, the physical card will be mailed within seven to 10 business days. You can use the card for purchases at any establishment that accepts debit cards. It also lets you access over 19,000 Allpoint ATMs.
However, QuickBooks only allows four fee-free ATM withdrawals per statement cycle. Once you exceed the withdrawal limit, you will have to pay a fee of $3 per ATM transaction. If you withdraw cash at other ATMs, operator surcharges may apply.
Business Savings Envelopes
The business savings envelopes feature lets you divide your checking balances into virtual savings buckets. By separating funds into dedicated expense categories, you can easily track how much money you have for different business goals.
You can only create up to nine envelopes at a time. Average daily balances held across all envelopes earn an APY of 5.0%. Funds inside envelopes cannot be used until they are moved back into the account’s main balance.
Custom Cash Flow Forecasting
QuickBooks Checking uses your banking data to make business balance projections over 30- to 90-day periods. You can view your current or future cash balance and gain a clearer picture of where your financial health stands.
FDIC Insurance
Through its partnership with Green Dot Bank, QuickBooks provides FDIC insurance of up to $250,000. Should your balance exceed $250,000, QuickBooks will place your funds into an FDIC sweep network, increasing your insurance to up to $5 million.
Other QuickBooks Products
Intuit QuickBooks offers many business tools, including solutions for accounting, payments, and payroll. For more information, refer to our complete guide on what QuickBooks is and does. It lists all of the QuickBooks products and the ways that small businesses use the accounting solution.
If you are not a QuickBooks Online subscriber, you can open QuickBooks Checking through QuickBooks Money. This payment and banking solution allows you to send and receive business money faster and with better rates. You can take payments via credit, debit, ACH bank transfer, Apple Pay, Venmo, or PayPal. Payments arrive in your bank account the same day they are deposited for no fee.
The software comes with a customizable invoicing tool that lets you instantly send clients detailed and payable invoices. You can also check your cash flow history to view your incoming and outgoing finances to gain real-time insights that help you make better business decisions.
To help you stay on top of your finances, QuickBooks automates tasks like bookkeeping, invoicing, value-added-tax (VAT) management, budgeting, bank reconciliation, and inventory management. This service is available as a cloud-based platform through QuickBooks Online and as a desktop application through QuickBooks Desktop. Check out our comparison of QuickBooks Online vs Desktop to determine which platform is ideal for your business.
Through QuickBooks’ financing service QuickBooks Capital, you can access loan amounts from $1,500 to $200,000 with terms from six to 24 months. However, only businesses that have generated revenue of at least $50,000 within the past 12 months upon application qualify for QuickBooks’ term loans.
The payroll processing software QuickBooks Payroll lets you run payroll, manage tax payments, offer employee benefits, and more. Our review of QuickBooks Payroll covers the solution’s use cases, features, ease of use, and more in-depth.
QuickBooks Time, formerly known as TSheets, is a time-tracking service that lets you track employee hours or billable hours for projects and clients. You may want to read our QuickBooks Time review to find more to love about the program.
QuickBooks Payments is a payment processing solution that lets you accept payments via credit card, debit card, invoice, ACH, e-check, and digital wallet payments. Like QuickBooks Business Checking, it syncs payment processing data with the QuickBooks accounting software automatically. Our review of QuickBooks Payments provides more information.
The QuickBooks Live bookkeeping service lets you receive live bookkeeping advice and assistance from certified QuickBooks ProAdvisors and certified public accountants (CPAs). Refer to our QuickBooks Live review for pricing, pros and cons, and more.
QuickBooks Business Checking Reviews From Users
QuickBooks business checking reviews are unavailable on third-party review platforms. On Trustpilot[1], QuickBooks developer Intuit received a rating of 1.1 out of 5 from around 600 reviews.
Most of the negative feedback came from users who said that Intuit’s customer service support lacks the expertise to resolve issues. They complained that calling the representatives took a long time and often resulted in dropped calls. Some also reported experiencing glitches and stated that the QuickBooks software is not intuitive and user-friendly.
Frequently Asked Questions (FAQs)
Yes, opening an account is worthwhile since it has a high-yield savings feature, has no monthly fees and opening deposit requirements, and offers custom cash flow forecasting.
There is no minimum balance required for QuickBooks Checking, but keeping a balance lets you earn an APY. The higher your balances, the higher the interest you can earn.
The QuickBooks business checking interest rate is 5.0%, but to earn this rate, you must move your account’s main balance to savings envelopes, which segregates business funds into different expense categories. The combined balances under these envelopes generate compounded interest.
Green Dot Bank provides QuickBooks Checking with banking services and is FDIC insured.
Bottom Line
QuickBooks Checking is a great banking solution that offers cash flow forecasting and savings envelopes that help businesses stay on top of cash management. If you are an existing QuickBooks Online user, you can benefit from seamless integrations that reduce the work involved in balancing bookkeeping with banking and payment processing.
However, if you don’t have a QuickBooks Online subscription and only need a business checking account with simple money management tools, we recommend signing up through QuickBooks Money. As your business grows and your accounting needs become complex, you can upgrade to a QuickBooks Online plan to optimize both checking and bookkeeping features.
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