If you run a high-performing startup or small business and need an all-in-one financial technology (fintech) solution that can help you save time and money, Rho is worth checking out. This integrated financial platform offers business banking, treasury, corporate cards, accounts payable (A/P) automation, and more.
Its business checking account charges no fees for monthly maintenance, automated clearing house (ACH), wires, and checks. Additionally, it offers strong perks for international spending.
Note that only businesses that are incorporated in the US and have raised greater than $1 million in revenue or equity capital are eligible to open an account. If your business meets these qualifications, it may be a good option for your company.
- Only available to businesses with over $1 million in revenue or raised venture capital
- No annual percentage yield (APY)
- No direct cash deposits
- No cash deposit support
- Customizable account permissions
- Integrations with NetSuite, QuickBooks, Sage, and Microsoft Dynamics 365
- Streamlined accounts payable (A/P)
- Cost-saving global payments
- Discounts on business software, such as Google Cloud, QuickBooks, Slack, Salesforce, and Stripe
- Corporate cards integrate with Apple Pay and Google Pay
- Treasury accounts with high yield and FDIC coverage available
How Rho Stacks Up With Its Competitors
Checking Account APY
Over $1 million in revenue or raised equity capital in one year
Visit Rho Rho is a fintech platform backed and FDIC-insured by a supporting bank partnership with Webster Bank
Visit Mercury Mercury is a fintech platform backed and FDIC-insured by a supporting bank partnership with Evolve Bank & Trust and Choice Financial Group.
$1 million in revenue in one year You can also qualify for Brex by meeting one or more of the following:
- Receive an equity investment of any amount, such as accelerator, angel investor, venture capital (VC) or web3 token. or plan to in the near future
- Have more than 50 employees
- Have more than 500 in cash
- Be a tech startup on a path to meeting the criteria above and are referred by an existing customer or partner
Visit Brex Brex is a fintech platform backed and FDIC-insured by multiple supporting bank partnerships.
Rho does not charge a monthly fee, but it also does not provide an APY for its checking account, plus Rho has a strict eligibility requirement compared to Mercury. However, the APY rate of Rho Treasury accounts remains competitive with that of Mercury and Brex.
Similarly, Mercury and Brex offer fee-free checking accounts with no interest earnings but provide Treasury accounts with high yields. Brex has stringent eligibility requirements like Rho, while Mercury does not set any revenue criteria to qualify for a checking account—unlike Rho, which requires $1 million in annual revenue or equity capital.
When Rho Is a Good Fit
- You need unlimited fee-free transactions: Rho comes with unlimited fee-free checks (to domestic recipients), domestic ACH, and swift wires.
- You make international payments regularly: Rho offers unlimited free international wire transfers to over 140 countries. It charges no fees for foreign card transactions when making purchases where Mastercard is accepted and has a flat 1% conversion fee for global currencies. Rho offers an excellent exchange rate and is part of our roundup of the best banks for international business.
- You want cash back on corporate card purchases: Rho corporate cards earn cash back from 1% to 1.25% The cash back rate is effective as of August 10, 2023. It is subject to change at any time.. , depending on when you pay off your balance. The Rho Card is included among our top corporate cards for its flexible credit terms and generous rewards.
- You require high-yield treasury accounts with high FDIC coverage: Rho offers a treasury account, called Prime Treasury, that earns interest at a rate of approximately 5.08% The prevailing rate as of 8/24/2023 is subject to change.. . This account has an FDIC insurance coverage of up to $75 million. However, it’s only available to organizations with more than a million in liquid assets.
When To Consider Rho Alternatives
- You don’t meet Rho’s revenue or raised equity capital qualifications: Only businesses with more than $1 million in revenue or raised equity capital are eligible to open business accounts with Rho. Mercury offers similar features without revenue or equity capital requirements. Read our Mercury business checking review to see if it’s a good fit.
- You are a sole proprietor or an unincorporated business: Rho doesn’t offer its services to sole proprietors and unincorporated businesses, so we recommend that you consider Found. It is a solopreneur-focused fintech solution with helpful business tools, including digital expense tracking and tax preparation assistance. You can learn about its offerings through our review of Found business checking.
- Your business deals with cash regularly: Because Rho doesn’t support ATM transactions and offers no direct support for cash deposits, businesses may only deposit cash through linked accounts. Bank of America offers a fee-free cash deposit allowance of $7,500. Read our Bank of America business checking review to see how its accounts can benefit your business.
- You want high interest on checking balances: Rho checking accounts does not earn interest. Meanwhile, Bluevine pays 2.0% interest on qualifying balances up to $250,000, provided you meet its activity requirements. See our review of Bluevine business checking for more information.
If your small business meets one or more of these scenarios, check out our guide to the best small business checking accounts for additional recommendations.
Rho Business Checking Overview
Rho Business Checking Requirements
If your business has generated more than $1 million in revenue or has raised $1 million in equity capital, you’re eligible to open a business bank account with Rho. As part of the Rho business checking requirements, you’ll need to prepare the following documents:
- Business name
- Entity type
- Employer identification number (EIN) letter issued by IRS
- Company bylaws
- Articles of incorporation
- Local business licenses (only if registered out of state)
Each beneficial owner must also provide the following information:
- Date of birth
- Phone number
- Government ID (passport if non-US)
- Social Security number
Refer to our guide on how to open a business bank account if you need assistance with the process. We also included a downloadable checklist of documents typically required upon account opening
Rho Business Checking Features
Unlimited Fee-free Transactions
Rho offers unlimited fee-free ACH, swift wires, and checks.
Customizable Account Permissions
You can add employees, bookkeepers, and investors to your business accounts. As the main user, you can customize each member’s level of access.
Accounting Software Integration
Rho has natural integrations with NetSuite and QuickBooks and offers support for Sage and Microsoft Dynamics 365. You may be interested in reading our guide on what QuickBooks is to learn more about its different products.
Rho lets you customize spending rules and set spending limits for team members. Spending rules let you add requirements for official spending, such as receipts, notes, attendees, and client IDs. You can configure rules by dollar amount, budget, and merchant.
You can direct all invoices to a dedicated inbox, which extracts information that will be auto-populated into your accounting codes. Because accounting software integration syncs invoices and payments with books, you can reconcile records faster.
Cost-saving Global Payments
Rho helps organizations save on international expenses by offering unlimited fee-free USD wires to 140-plus countries. It also has a flat 1% conversion rate for global currencies. Though Rho doesn’t charge for international transfers, additional receiving and intermediary bank fees may apply.
Rho lets users send international transfers through the SWIFT network. However, some countries (view the countries on Rho’s page) may need additional screening.
You can get discounts on a wide selection of business software, including Google Cloud, Gusto, HubSpot, QuickBooks, Salesforce, Slack, Stripe, and Zoom.
Through the Rho mobile app, users gain visibility into their team expenses. They can also:
- View card details
- Add cards to a mobile wallet
- Lock and unlock cards
- Submit expenses
- Deposit checks
- Approve transfers
Reviewers gave the Rho mobile app 4.8 stars from around 35 ratings on the App Store, while on Google Play, ratings and reviews are unavailable. Users gave generally positive feedback, having stated that the app helped them save time and made expense submission easier through instant receipt capture and text alerts.
Other Rho Business Products
Rho offers a treasury account and corporate cards.
If you have more than $1 million in liquid assets, you’re eligible to open a Prime Treasury account, which invests excess funds in investment-grade and government securities. Rho will customize your investment policy according to your organization’s specific cash flow and security needs.
The current yield for funds under the Prime Treasury is 5.08% as of August 24, 2023, which is subject to change at any time. Rho extends FDIC insurance coverage up to $75 million for Prime Treasury accounts.
Rho’s corporate Mastercards charge no annual fees and offer flexible payment terms. You may issue unlimited physical and virtual corporate cards to your employees, free of charge. Customizable permissions and spending limits ensure responsible use.
You also earn cash back on corporate card purchases, depending on when you pay off your balances:
- Balances paid within one day of purchase earn 1.25% in cash back
- Balances paid within 30 days of purchase earn 1% in cash back
Rho aims to offer the highest possible credit limit for your business and analyzes your business holistically when underwriting. It does not require collateral, personal guarantees, or fees.
Rho Business Checking Reviews From Users
Rho business checking reviews are unavailable, but the bank has a 4.0-star rating from about 10 reviews on Trustpilot. Customers found the app’s interface intuitive and the expense tracking feature efficient. Several reviewers praised Rho’s customer service support team for its responsiveness and expertise.
With streamlined expense management tools, few fees, and strong global payment perks, Rho’s business checking account is an excellent choice for high-revenue companies that conduct international transactions frequently. However, if you cannot reach Rho’s steep financial threshold requirements and seek ATM and cash deposit support, consider other options, such as the alternatives we list above.