North One Bank: Complete guide to digital business banking

Whether you’re launching a startup or steering a well-established business, a business bank account isn’t just a bank account—it’s a tailored financial tool designed to power your unique business needs and fuel your growth. North One business checking accounts provide a range of valuable features, including no monthly fees, seamless integration with popular financial tools, and robust expense management capabilities. These benefits make it easier to separate your business and personal finances, simplify bookkeeping, and reduce stress during tax season.

So, how do you know whether you’d benefit from a North One business account or an alternative option? First to know, North One is not a bank, but a financial technology company that partners with a bank to provide its services. This North One Bank review will provide a detailed overview of business banking with North One, address common questions, and help guide you toward making an informed decision for your business banking needs.

What is North One Bank? A complete overview

Headquartered in New York City with offices in San Francisco, Portland, and Toronto, North One is a financial technology company (fintech) that provides modern, technology-driven financial services. It partners with The Bancorp Bank to offer its business banking services.

As long as you own a U.S.-based business, you can take advantage of its business bank accounts, financing solutions, and built-in integrations with popular tools you’re likely already using, such as QuickBooks, Gusto, Harvest, Stripe, and Shopify.

North One Bank also offers several perks, including minimal fees, individual debit cards for multiple managers and/or employees, cash back rewards, same-day ACH transfers, and onboarding support.

Is North One Bank a real bank?

North One is not a bank, but a financial technology company. However, the deposit account provided is by The Bancorp Bank, N.A., Member FDIC, which offers its banking services. These accounts are FDIC-insured up to $250,000, providing important financial protection for your funds. Even though North One isn’t a traditional bank, such as Bank of America, PNC, or Fifth Third Bank, it can still deliver a secure, convenient banking experience, especially if you prefer digital or mobile banking for your business.

Who owns North One Bank?

North One Bank was founded in 2016 by Eytan Bensoussan and Justin Adler. The duo has led the strategy, operations, and product development of the fintech company. Through their work, North One has raised almost $100 million in funding from leading investors, such as Battery Ventures, Kaiser Permanente, Redpoint Ventures, Operator Stack, FinTLV, and Tencent Ventures. 

Bensoussan and Adler grew North One’s customer base to over 360,000 businesses and successfully launched a variety of business banking and financing products. Their primary goal was to make entrepreneurship and small business ownership easier and more accessible to anyone.

North One Bank vs. traditional banks

Compared to traditional banks, North One Bank offers fewer fees and greater convenience. While there are no physical branches with in-person service, you can manage your accounts and perform virtually any banking task through the online portal or the North One mobile app.

You’ll also have access to a comprehensive card program, including both physical and virtual small business debit cards, such as the Mastercard Small Business Debit Card. Features include domestic ACH and wire transfers, mobile check deposit, budgeting envelopes, a Revenue Insights dashboard, and more. If you come across a question or need assistance, you can take advantage of priority chat or email.

North One Bank business banking accounts and features

North One offers two business accounts, which are specialized deposit accounts designed to meet the unique needs of freelancers, solopreneurs, and small business owners. These business accounts come with integrated financial management tools, such as budgeting features and real-time expense tracking, to help streamline your business finances. Here’s a closer look at what they entail:

North One Small Business Checking Account

With the Small Business Checking Account, you can earn up to apy% APY on your checking account balance and won’t have to worry about minimum balances, overdraft fees, and ATM withdrawal charges.

You can make cash deposits at participating retail locations, though fees may apply for these transactions. Plus, you’ll get instant access to deposits from PayPal, Venmo, Stripe, Cash App, and other tools. Other noteworthy perks include ACH transfers of up to $50,000 per day, the ability to send up to $250,000 in daily wire transfers, and receive unlimited domestic wire transfers for free. You can also send and deposit mobile checks.

All terms, fees, and policies—including those related to cash deposits—are detailed in the deposit account agreement.

North One Small Business Checking Account plans

North One Business Interest Checking Account

The North One Business Interest Checking Account is a deposit account that lets you earn up to apy% on your balances as long as you maintain a balance above $0 and spend $500 or more per month with your North One Mastercard debit card.

There are no minimum balance requirements, and you’ll get up to 4% in automatic rebates, high limits on ACH, wires, checks, and debit cards, and instant access to funds from PayPal, Venmo, Cash App, and other payment solutions. This deposit account also comes with integrated financial management tools, helping you streamline budgeting, monitor cash flow, and manage your business finances efficiently.

North One Small Business Interest Checking Account plans

North One Bank mobile and online banking

North One aims to make business banking easy and convenient through an online portal and mobile app. Once you log in to your account, you can do everything you’d be able to do in person at a brick-and-mortar bank.

You may monitor your business bank account balance, pay bills, send and receive money via cash, wires, transfers, and ACH, track your sales and revenue, keep tabs on debit card usage, browse discounts for other services, and more. North One also offers integrated financial management tools, such as budgeting features and real-time synchronization, to help you efficiently manage your business finances. You may also connect your account to a variety of business tools you may already be using, like Stripe, PayPal, QuickBooks, and Shopify.

Co-owners or multiple stakeholders can be granted access to the account, allowing business partners or team members to manage finances, monitor spending, and use features like instant card locking for enhanced oversight.

To ensure optimal safety while you’re using the North One online portal and app, North One has implemented FaceID and TouchID logins, fraud monitoring, and the ability to block transactions on stolen cards. Plus, your funds will be FDIC-insured for up to $250,000 via The Bancorp Bank, N.A., Member FDIC.

North One Bank pricing and fees

Just like most fintech companies, North One offers affordable pricing and minimal fees. Fees depend on whether you opt for North One Standard, which is $0 per month, or North One Plus, which will run you $30 per month. 

Pricing and fees for both North One plans

When you compare this fee structure to those of Chase, Wells Fargo, and Bank of America, for example, you’ll notice that North One is a more cost-effective option. Big brick-and-mortar banks usually impose minimum balance requirements and charge monthly account service fees as well as fees for receiving domestic wire transfers.

How to open a North One Bank account

Fortunately, it’s fast and straightforward to open a North One Bank business account. As long as you know what to expect in advance, you should be able to get up and running in no time.

Please note that while opening a business bank account is simple, certain financial products, such as loans, are subject to credit approval and credit decisions. Eligibility for these products is determined through a review process before approval is granted.

North One Bank account requirements

To qualify for a North One Bank business bank account, your business must be one of the following:

• Sole proprietorship
• LLC
• Corporation
• Partnership

You’ll also need to provide the following:

• Business name
• Physical home and business address 
• Business license 
• Basic details about your business and owners
• Tax ID, EIN, or SSN for sole proprietorships
• Government-issued ID

Step-by-step North One Bank account opening guide

Since North One is a fintech company, there are no North One Bank locations for customers, and the application process is solely online. Depending on when you apply, your application may be approved in as little as three minutes.

Follow these steps to open a North One business bank account:

1. Gather documents: The documents you’ll need will depend on your business type. However, in most cases, you’ll be asked to provide your phone number, physical address, SSN or EIN, personal identification, business license, and business documentation.
2. Fill out the application: After you have all your documents on hand, you can apply online on the North One website or via the North One mobile app. Note that once you start the application, you’ll have 45 days to finish it before it expires.
3. Make a deposit and use the account: Upon approval, North One will ask you to make a minimum deposit of $50 within 60 days. From there, you’ll have access to all the features and can start banking right away.

If you come across any questions related to your application, use the email address you listed on your application to contact the customer care team at [email protected]. Unfortunately, North One will not accept phone calls during the application process.

North One Bank login and account management

Since North One is a fintech company, you’ll manage your business bank account through the online web login or the digital app. Account management is subject to the terms outlined in the deposit account agreement, which details the conditions, fees, and policies governing your account. Here’s how to utilize each option:

North One app

You can download the app on your iPhone via the App Store or on your Android through the Google Play Store. Search for North One and follow the prompts. Once you download the app, you may save your login details and log in automatically or opt to enter your email and password manually for extra security. 

Online web login

Visit banking.northone.com and log in using your North One email address and password. You may save your login details to log in automatically or type them in manually for additional security. 

Keep in mind that you’ll be logged out automatically when you close the app or online web login.

North One Bank customer service options

When it comes to customer service, North One prides itself on quick response times and an 85% customer satisfaction rate. If you have a question or need support, you can send an email, use the live in-app chat, or schedule a call with a customer care representative any time on Monday through Friday from 9 AM to 6 PM ET, except on Christmas and New Year’s Day.

Also, if you’re a North One Plus member, you’ll enjoy access to priority chat and email support. Plus, you’ll work with an onboarding assistant to implement your account and a customer success manager to manage it and ensure you’re taking full advantage of the features.

North One Bank reviews: What customers are saying

While North One has fewer ratings and customer reviews than other larger and more established banks, the North One Bank reviews that do exist are mainly positive.

North One Bank ratings and testimonials

On TrustPilot, North One earned a 4.3 out of 5 stars, based on 268 reviews. Business banking customers praise its responsive, personalized customer service and straightforward subscription pricing with no hidden fees. The negative reviews revolve around the slow app experience and the long clearing process for mobile deposits. 

North One holds an A rating on the Better Business Bureau (BBB) but 1.77 out of 5 stars based on 47 reviews. The majority of the complaints are about the inefficient check deposits and lengthy account closures. 

Frequently asked questions about North One Bank

Is North One Bank FDIC insured?

Yes, North One Bank is FDIC insured up to $250,000 by The Bancorp Bank, N.A., Member FDIC. Even though North One is a fintech company rather than a bank, your deposit will be secured.

Can I deposit cash into my North One account?

Yes, you may add cash to your North One business bank account via the North One Mastercard business debit card at any Green Dot location. Cash deposits can be made at these locations, but please note that Green Dot may charge a fee for each cash deposit, and there may be limits on the amount you can deposit per transaction or per day. Once you’re at the register, simply hand the cashier your debit card and provide them with the cash you’d like to add to your account. You can find Green Dot locations near you on the North One mobile app.

Does North One Bank offer business loans or credit lines?

Yes, North One Lending offers business lines of credit of up to $250,000 and term loans between $10,000 and $250,000. However, North One does not issue loans directly. Instead, loans—including North One Lending loans—are facilitated through a licensed lender, such as Kanmon. All loans and business lines are subject to credit approval and credit decisions made by the licensed lender. North One Lending loans are issued by a licensed lender under relevant state laws, including California loans, which are issued pursuant to California licensing laws to ensure regulatory compliance and transparency. As long as you’re a North One customer, you can take advantage of these financing solutions.

What types of businesses can use North One Bank?

North One business accounts are designed for small businesses and other eligible business types, including sole proprietorships, LLCs, and partnerships. As long as you have a valid business name and relevant EIN or SSN, you can take advantage of a North One business account tailored to streamline business finances for small businesses.

How do I contact North One Bank customer service?

To contact the customer care team at North One Bank, send a message via the in-app chat or an email to [email protected]. If you’re a North One Plus member, you’ll have access to a dedicated customer success manager, onboarding specialist, and priority support. 

Can I integrate North One with accounting software?

Yes, North One integrates with a variety of accounting software, such as QuickBooks, Zoho, Wave, and Patriot. 

What happens if I lose my North One Bank debit card?

If you lose your North One Bank account, freeze your card through the online portal or mobile app. Co-owners or authorized users can also manage card locking and request replacements, ensuring all stakeholders have oversight and control. Then, connect to the customer care team to ask for a new card. It will likely take between seven to 10 business days for your new card to arrive.

Does North One Bank work with international businesses?

No, North One Bank does not support international businesses. To utilize North One business banking, you must be a U.S.-based business with a physical U.S. address and a valid EIN or SSN.

Are there transaction limits on North One Bank accounts?

There are no maximum dollar limits or limits to the number of transactions you can make per day with a North One business bank account. However, North One imposes a cap of $500,000 per deposit, per day.

How quickly can I open a North One Bank account?

Since North One is a fintech company, you can open a North One business bank account online and get approved in as little as three minutes. You won’t have to wait days or weeks to get started.

Is North One Bank Right for Your Business?

If you’re a freelancer, solopreneur, corporation, or small business owner, North One is worth exploring, especially if you’re looking for a digital business banking experience with minimal fees and a variety of useful features. You can always start with the free North One Standard account and upgrade to the North One Plus account as your business grows and you require more comprehensive services. 

*disclaimer