Businesses have no shortage of choices when it comes to online banking. In just minutes, you can set up an account on an online banking site and start transferring funds and making payments.
With NorthOne, you get plenty of business perks for one small monthly fee. In addition to unlimited funds transfers and payments, you can also manage your money and send invoices. Since everything is done using the mobile app, you can bank whether you’re sitting on your sofa or hanging out by the pool on a tropical island.
What is NorthOne?
Founded in 2017, NorthOne was designed as a mobile-only alternative to traditional online business banking. You’ll pay a monthly fee of $10, but that includes everything you need to invoice, pay bills, and manage your business’s money.
What sets NorthOne apart from others is its easy-to-use mobile interface. Everything is in one place, so you don’t have to worry about tracking down information when you need it. From the start, NorthOne’s goal has been to make banking easier for business owners so that they can focus on more important tasks, and that’s the very thing that makes NorthOne appealing.
How does NorthOne work?
NorthOne is only available via an app. You’ll see this as soon as you try to open an account on their website. You can research NorthOne here, but you’ll need to get your favorite mobile device out to sign up for an account and do all your business banking.
If you click the “Open an Account” button on the main page, the next page will direct you to sign up on your phone. You can download the NorthOne banking app on either your iPhone or Android Phone.
Once you’ve downloaded the NorthOne app to your phone, open it to get started setting up your account.
You’ll first need to input a phone number.
You’ll also have to provide your email address, inputting it twice to make sure you’ve entered it correctly. You’ll receive a request to confirm your email address in your inbox within seconds of providing it, but you can continue with the signup and confirm later.
Next, you’ll choose a complex password and enter it twice. The Continue button will remain grayed out until you’ve satisfied all the password requirements.
You’ll have to accept the terms of service to finalize the account setup.
You can either opt-in or out of account notifications.
As with many apps now, NorthOne lets you enable Face ID for an easier login with each visit.
The next step is the identity verification portion. You’ll need to gather your business and personal financial details, including your Social Security number and your business’s Employer Identification Number.
First, NorthOne gives you the chance to opt into push notifications so you’re alerted any time there’s activity on your account.
After this, you’ll provide the information necessary for NorthOne to run a credit check on you and your business. This check will not affect your credit score.
Pricing for NorthOne
NorthOne keeps its pricing as transparent as possible. For $10 a month, you’ll get unlimited transactions, including debit card purchases and check deposits. One area where you may deal with fees, though, is in ATM transactions. Although NorthOne doesn’t charge fees on your activities, any third-party machines you use may charge a fee. NorthOne doesn’t reimburse those. You can get fee-free ATM transactions at any of the 300,000 ATMs that are in NorthOne’s network, though.
Other fees include:
- Domestic wire transfers: $10.
- International wire transfers: $25.
- Overdrafts: $5 per day.
- ACH returns: $10.
- Non-sufficient funds: $25.
Here’s a breakdown of some key information about banking with NorthOne.
||$10 per month; $5 a day overdraft fee; $25 NSF fee
|Minimum opening deposit
||$0 for in-network or out-of-network ATMs; third-party out-of-network ATM fees not reimbursed
Businesses have plenty of options when it comes to banking. Here are a few reasons NorthOne is worth your consideration.
Convenient mobile app
With NorthOne, all your banking is done through the mobile app. This keeps everything in one place while also allowing you to do your banking on the go. You can also control your NorthOne cards from within the app, including locking one temporarily if you can’t find it.
You can also easily deposit checks without having to track down a bank. If you have cash to deposit, you can visit one of 300,000 ATMs located nationwide to get the funds out of your wallet and into your bank account.
While NorthOne does offer a robust mobile app, they recognize that being able to bank from your desktop or laptop is still a key feature that users look for.
With NorthOne’s web banking feature, you can pay your bills in minutes, all from one place. You can also easily export your financial info into Quickbooks or Excel and jump between sub-accounts in a few clicks. You’ll also be able to see all your transactions right on your dashboard, so you can keep track of where your cash is going.
Chat or phone support
NorthOne offers one thing that many online banks don’t: live one-on-one support from a human representative. You can contact support between 8 am-1 am ET every day and get help with your account.
Live chat is available within the app, but you can also get help by email or schedule a phone call at a time that’s most convenient for you.
Save money with sub-accounts
One handy feature of NorthOne is the availability of sub-accounts. You can set up one of these accounts for the sole purpose of saving money, then create rules that automatically move money to them on a periodic basis.
Although you can use this feature for a wide range of tasks, I find it especially useful for putting money aside for paying taxes. This lets you separate the money you’re saving for taxes from the money you’re saving for other purposes, like future business growth or buying a new laptop.
Grant read-only access
Read-only access makes it easy to hand off duties to outside contractors or internal employees. For instance, you can set it up so that your accountant or bookkeeper can access your accounts and gather necessary information.
If you need to track down a specific transaction, NorthOne has you covered there, as well. You can search by name or use filters to pull out specific types of transactions. For example, you can use this to pull up all transactions for one card number. There’s no limit to how far back you can search.
NorthOne App integrations
For businesses, the biggest benefits of any app often come from integrations. You can greatly boost your productivity by choosing apps that work with the solutions you already use. NorthOne integrates with some of the most popular accounting and payment tools, including:
My experience researching NorthOne
I had the opportunity to review the features of NorthOne extensively as an alternative to traditional online banking. And I have to say, I am convinced.
Let me go into a tad more detail about why NorthOne seems to have a good thing going here.
Live chat support is very helpful
One thing I really like is the support offered by NorthOne. I’m the type of person who prefers to do a live chat if that’s an option. It definitely beats waiting for a response to an email or dealing with long hold times for a phone operator. I love the fact that you can chat with a human operator in the app, versus the chatbots my own bank uses.
Payment integrations are great for small business owners
Another thing that stood out was NorthOne’s payment integrations. I can definitely see the benefits of being able to view the invoice numbers for the PayPal payments that go into my account. They do the same for your transactions with Amazon, Shopify, Stripe, and more.
Saving for taxes is super easy with NorthOne
The sub-accounts are also attractive to me as a freelancer. If you’re self-employed, you know it’s essential to set money aside each month for those taxes that are due each quarter. Sub-accounts let you handle this automatically, storing that money in one handy folder that you name.
Who is NorthOne best for?
Freelancers and small business owners
Small businesses can benefit from NorthOne’s many features, but it’s especially beneficial for independent contractors. With sub-accounts, you can easily save money for separate expenses, such as taxes, slow periods, or future equipment purchases.
But small businesses can also benefit from these features, not only for taxes, but for setting money aside to expand inventory, pay insurance, or attend an upcoming tradeshow or conference.
Since this app is solely on your phone, it’s best for those who like to stick to mobile banking. I do most of my banking on my laptop, so it wouldn’t work for me, although I do like to have a mobile app for when I’m away from my home office.
Businesses with contractors and employees
If you work with outside contractors, the ability to set up read-only access is beneficial. But you’ll also find this account convenient if you have employees. You can order debit cards for each employee and manage it all directly within the app.
Who shouldn’t use NorthOne?
Frequent cash users
You can use your NorthOne card at one of the 300,000 ATMs in its network to withdraw fee-free, and deposit cash at over 10,000 ATMs nationwide. If you go out of network, you may be charged fees for the transaction.
Those who don’t prefer mobile banking
A NorthOne account offers only one option for your banking experience: your mobile device. Those who like the option of banking on a desktop or laptop (or in-person) will be better off with another banking option.