If you’re a QuickBooks Online user wanting to keep your bookkeeping and banking activities in one place, opening a QuickBooks Checking account is worth considering. The financial technology (fintech) solution QuickBooks Checking (formerly known as QuickBooks Cash) integrates with QuickBooks Online and QuickBooks Payments, which lets you import banking information into your bookkeeping sheets automatically. Additional cash management tools, such as business savings envelopes and custom cash forecasting, can help you maintain your financial health.
QuickBooks Checking offers an annual percentage yield (APY) of 1.75% and charges no monthly fee. However, you cannot open an account without first subscribing to QuickBooks Online and QuickBooks Payments. A QuickBooks Online subscription costs anywhere from $30 to $200 monthly without promotions while QuickBooks Payments is free but also requires a QuickBooks Online subscription.
As an online-only banking solution, QuickBooks Checking does not have brick-and-mortar branches. It provides banking services and Federal Deposit Insurance Corp. (FDIC) insurance of up to $5 million through a partnership with Green Dot Bank and participation in FDIC sweep networks.
What We Like
- Many cash management tools, including cash flow forecasting, savings envelopes, and QuickBooks Online integration
- No monthly fees and minimum balance requirements
- Earns competitive interest rates
Drawbacks
- Only four fee-free ATM withdrawals per month
- No support for wire transfers
- No savings accounts
Features
- Integration with QuickBooks products
- QuickBooks debit card
- QuickBooks Envelopes for savings buckets
- 1.75% APY
- 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
 QuickBooks Checking |  Found Business Checking* |  Lili Pro* |  Relay Standard* | |
|---|---|---|---|---|
Monthly Fee | From $30 for QuickBooks Online | $0 | $20 | $0 |
APY | 1.75% | N/A | 2.00% 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 |
*Found is a financial technology company, not a bank. Banking services are provided by Piermont Bank, Member FDIC.
*Lili is a financial technology company, not a bank. Banking services are provided by Choice Financial Group, Member FDIC.
*Relay is a financial technology company, not a bank. Banking services are provided by Evolve Bank & Trust, Member FDIC.
When QuickBooks Business Checking Is a Good Fit
- You want to earn competitive interest on checking balances: QuickBooks Checking earns APY at a rate of 1.75%.
- Your business uses QuickBooks for accounting: QuickBooks updates accounting records with real-time data from QuickBooks Business Checking transactions, which removes friction from the bookkeeping process. You cannot open a QuickBooks Checking account without first having a QuickBooks Online account. Our review of QuickBooks Online can help you decide if it fits the bill.
- You want to make smarter money management decisions: Aside from integration with the QuickBooks accounting software, QuickBooks Business Checking includes cash management tools QuickBooks Envelopes and cashflow forecasting. QuickBooks Envelopes lets businesses divide their balances into different expense categories, while the cashflow forecasting tool uses banking data to predict future balances. These tools are the reason QuickBooks Checking earned a spot in our roundup of the best banks for ecommerce businesses.
When QuickBooks Business Checking Is Not a Good Fit
- You rely on in-person branch banking: There are no physical QuickBooks Checking branches. A better alternative would be 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 want free access to bookkeeping tools: To open a QuickBooks Checking account, you need a QuickBooks Online subscription, which typically costs upwards of $30 per month without promotions. Found offers blended banking and bookkeeping tools for a $0 monthly service fee. Our Found business checking can help you determine whether the platform is right for you.
- 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, the fintech solution Novo refunds all ATM fees. Although it has a daily withdrawal limit of $1,000, it has no monthly limits. Read our review of Novo business checking for more details.
- You rely on wire transfers: QuickBooks Checking does not support incoming or outgoing wire transfers. A good alternative would be Mercury, which charges no fees for sending or receiving wire transfers. Our Mercury business checking review 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
To open a business checking account with QuickBooks, you must first create a QuickBooks Online account. Additionally, you will be required to open a QuickBooks Payments account alongside a QuickBooks Business Checking account. Follow the instructions below to open your QuickBooks Checking account:
- 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.
Our guide on how to open a business bank account includes a list of the documents and information banks usually require during the account opening process.
QuickBooks Business Checking Features
QuickBooks Business Checking offers synced banking and accounting data, instant deposits for users of QuickBooks Payments, 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 less than 30 minutes. Instant Deposit is fee-free.
QuickBooks Debit Card
QuickBooks Business Checking comes with a free Visa debit card called the QuickBooks Debit Card, which can be used for purchases at any establishment that accepts debit cards. Additionally, the card gives you access to more than 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.
QuickBooks Envelopes
The QuickBooks 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. Funds inside Envelopes cannot be used until they are moved back into the account’s main balance. Each Envelope earns interest, which is tracked separately from the 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 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.
The new software QuickBooks Money is another type of QuickBooks business bank account that lets you 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.
As a standalone Intuit product, QuickBooks Money only integrates with QuickBooks Payments. It does not connect with other QuickBooks Products, including QuickBooks Online and QuickBooks Checking.
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.
Through QuickBooks’ financing service QuickBooks Capital, you can access loan amounts from $1,500 to $150,000 with terms from six to 18 months. However, only businesses that have generated revenue of at least $50,000 within the past 12 months upon application qualify for QuickBooks Capital 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 automatically with the QuickBooks accounting software. 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
No QuickBooks business checking reviews have been published on third-party review platforms. On Trustpilot1, QuickBooks developer Intuit received a rating of 1.2 out of 5 based on approximately 500 reviews.
The majority of negative reviews note that Intuit’s customer service arm is unhelpful and slow to respond. According to reviewers, getting the opportunity to speak to live representatives takes too long, and representatives have a tendency of dropping communication even as issues remain unresolved. Additionally, many users complained that the company still sent marketing emails even after they unsubscribed.
Bottom Line
QuickBooks Checking is a great banking solution for existing users of QuickBooks Online, QuickBooks Payments, or other QuickBooks software. Its seamless integrations reduce the work involved in balancing bookkeeping with banking and payment processing. Useful tools, such as cash flow forecasting and savings envelopes, help businesses stay on top of cash management. However, businesses wanting support for wire transfers, flexible ATM withdrawal limits, and additional banking services will have to look elsewhere.
User review reference:
1Trustpilot
