North One Overview
North One is a financial technology company founded in 2016. Its Business Banking account has no monthly fee and a low minimum opening deposit—and you can cancel your plan anytime.
The account integrates with many popular business tools and payment solutions, and the company provides a revenue dashboard with helpful insights like sales and transaction volume. It also partners with The Bancorp Bank to give you FDIC insurance up to $250,000.
Pros and Cons
Pros:
- No monthly fee on the Standard account
- Integrates with many popular business tools and apps
- FDIC insurance up to $250,000
- User-friendly app to manage your account on the go
- Numerous customer support options
Cons:
North One at a Glance
Fees? | No monthly fee for North One Standard account ($20 per month for North One Plus). |
Security | FDIC insurance, SSL encryption, and biometric authentication |
Online experience | User-friendly site with transparent fees and services. All banking functions available online. |
Mobile app | iOS and Android app with mobile check deposits, transfers, customer support, and more |
Customer support | 9am-6pm on weekdays over the phone, via email, and through live chat. Dedicated fraud team. |
Suitable For?
If you prefer to manage your money and business-related finances online, North One is worth considering. It’s a good choice if you want a one-stop shop for all your business activities, as it can connect and sync with many tools you already use.
North One is also a great option for small companies or freelancers looking for a business banking solution with no monthly fee.
Features/Highlights
Advantages over traditional banks
A prime advantage is that North One doesn’t charge a monthly fee for the Standard account. Many traditional banks have a monthly fee of anywhere from $5 to $30 for business accounts or require a certain balance or level of activity to waive it.
There’s no transaction limit for direct deposits, wire transfers, ACH transfers, or digital bill payments with North One, which isn’t always the case with other banks. It also has a very generous limit for transaction amounts. The minimum deposit for the account is only $50, and it offers same-day ACH payments, too.
Cutting-edge banking services
North One lets you connect your account directly with many tools your business may already use, such as accounting, tax, and payroll software. This integration helps streamline your business finances and gives you a centralized location to manage your company efficiently.
The company also offers a Perks program, which includes discounts and free trials for many useful business, productivity, and marketing tools. The North One platform lets you automate your payments, track sales, view transactions, and keep tabs on your cash flow.
If your business has multiple owners, each can get their own login and physical/virtual debit card, making tracking spending much easier.
Traditional banking services
Despite being an online fintech company, North One provides several traditional banking services. This includes business lines of credit, business term loans, debit cards, and credit cards.
Unfortunately, the company doesn’t have any physical branches, isn’t part of a free ATM network, and doesn’t currently offer personal bank accounts.
Interest Rates and Fees
You don't earn interest because this account functions more like a daily checking account than a savings account.
It has no monthly fee for the Standard plan. However, there are a few other fees, such as 1.5% for same-day ACH payments, $1 per physical check, $20 to send a domestic wire, and $20 to receive a domestic wire.
In addition to the North One Standard account, there’s a premium account called North One Plus. This has a $20 monthly fee, but provides several benefits like cheaper fees, priority support, a dedicated customer success manager, and onboarding assistance.
Monthly fee | Physical check fee | Same-day ACH payment fee | Domestic wire transfer send fee | Domestic wire transfer receive fee | |
North One Standard | $0 | $1 | 1.5% of the total | $20 | $20 |
North One Plus | $20 | $0 | $0 | $15 | $20 |
Customer Service and Online Experience
North One provides customer service via email at support@northone.com or through live chat on the website. You can also schedule a call with customer support through your online account or the app. Support hours are 9am-6pm (ET) on weekdays. There’s no weekend support.
North One has solid reviews, with a 4.3 rating on Trustpilot and an A rating from the Better Business Bureau. Many Trustpilot reviews highlight the helpful customer service and the platform's easy-to-use features.
The website offers a user-friendly experience and a quick online application. It’s straightforward to navigate through the pages and learn more about the account's features and benefits.
It also has a comprehensive help center that provides detailed answers to common questions like updating your profile, sending transfers, and many others. These are separated into categories like “Getting Started” and “Deposits and Transfers,” so you can find help with exactly what you’re struggling with in seconds.
In addition, the company maintains a blog covering topics such as increasing sales, choosing suppliers, and managing your company. There’s even a weekly business podcast and helpful tools like invoice templates.
Mobile app
The North One mobile app is available on Apple and Android devices. Its user interface is easy to navigate and has an attractive design. The app can be used to deposit checks remotely, use virtual credit and debit cards, send and receive payments, view transactions, access support, and more.
The app gets good reviews, with a 4.7 rating on the Apple App Store, and 4.2 on the Google Play Store.
Security
North One is a secure company using Secure Sockets Layer (SSL) encryption and biometric authentication. It’s also trusted by over 300,000 small businesses globally.
The company has a dedicated fraud team, fraud monitoring, and a detailed privacy policy outlining what it does with your information. North One never stores your sensitive information and only communicates with you using secure methods.
You can block transactions on a lost card and order a new one online in a few seconds.
Thanks to its partnership with The Bancorp Bank, it also offers FDIC insurance of up to $250,000 to protect your deposits from theft or in case the company fails.
Application Process
To be eligible to open a North One Business Banking account, you need to be at least 18 years old, a United States citizen or permanent resident, and have a physical address in the US.
To apply online, follow the steps below:
- Visit the North One website and press “Apply for an account” on the Homepage.
- Sign up with your business email and choose a password.
- Provide some personal information such as your phone number, Social Security number, home address, and name. If there’s more than one owner who has a 25% or greater stake in the company, you’ll also need to provide their information.
- Give some details relating to your business, such as the Employer Identification Number (EIN), business address, how long you’ve been operating, and phone number.
- The company may ask you to provide additional business documents in some cases. This could include articles of incorporation, partnership agreements, business license, operating agreements, and others.
Overall, the application process only takes a few minutes to complete. You’ll hear back with a decision in 48 hours or so. Once approved, you need to make a minimum deposit of $50 to open the account.
North One Summary
North One is a great option for companies looking for a business bank account with no monthly fee and a low minimum opening deposit. The account works for everyone, from freelancers to small businesses, and connects with various apps and tools so you can manage your finances efficiently.
The company offers a few options for customer support and has solid reviews and ratings on Trustpilot and the Better Business Bureau. Its streamlined app also lets you manage your account on the go.
Physical Address
401 Park Avenue South
10th Floor, Office 823
New York, NY, 10016
Disclaimer
© 2024 North One. All Rights Reserved.
All trademarks and brand names belong to their respective owners. Use of these trademarks and brand names do not represent endorsement by or association with this card program.
Apple® and the Apple logo® are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.
Google Play and the Google Play logo are trademarks of Google LLC.
Banking Services provided by The Bancorp Bank, N.A., Member FDIC. The North One Mastercard® Small Business Debit Card is issued by The Bancorp Bank, N.A., Member FDIC pursuant to license by Mastercard International Incorporated and may be used everywhere Debit Mastercard is accepted. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.
IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT: To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an Account. What this means for you: When you open an Account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see a copy of your driver’s license or other identifying documents.
