QuickBooks Money Business Checking Account 2024 Review
QuickBooks Money is an online business checking account that's designed to make managing small business finances easier. There are no monthly fees or minimum balance requirements, and cash reserves can earn a competitive annual percentage yield (APY).
QuickBooks Checking offers a full range of features and benefits for small business owners who need a simple way to manage money. The lack of fees could make it a good fit for new or established businesses that are hoping to cut costs.
Banking with QuickBooks could make sense for business owners who:
- Want to avoid monthly fees, overdraft fees or minimum balance requirements
- Routinely send or receive money via ACH or wire transfers
- Need a simple way to reconcile transactions for accounting
- Would like to earn a solid rate on unused balances
You don't need to use QuickBooks for accounting or tax prep to open this checking account. But if QuickBooks is your go-to tool for managing the books, then it could make sense to keep your checking account here as well.
The checking account is free with QuickBooks Money. It's also built into QuickBooks Online plans, but those charge a monthly fee ranging from $15 to $45.
Quickbooks Money Business Checking Account Pros & Cons
Compare Best Business Bank Accounts Available Now
Find the best business accounts to manage your business funds better and improve your bottom line:
Compared to Other Business Checking Accounts
Found Business Checking
Found Business Checking is a small business bank account designed for self-employed people. It's free to sign up and there are no account maintenance fees or hidden fees of any kind. Found offers multiple free tools to help you keep track of expenses, manage your budget, and monitor cash flow.
Relay Business Checking
Relay is designed to be an all-in-one business money management tool. You can create up to 20 individual checking accounts and two savings accounts from your online dashboard. There are no account fees or overdraft fees, and Relay integrates with QuickBooks Online.
LendingClub Tailored Business Checking
LendingClub Tailored Business Checking offers some interesting features, including unlimited transactions, a chance to earn 1% cash back on purchases, and competitive rates on balances below $100,000. There's no monthly fee as long as you maintain a $500 minimum balance, and you'll also get unlimited ATM fee rebates.
Axos Basic Business Checking
Axos Basic Business Checking has no monthly fees and offers unlimited ATM fee rebates. Domestic incoming wire transfers are free and there are no minimum balance requirements. New account owners can qualify for an introductory cash bonus offer for a limited time.
Interest Rates
QuickBooks allows you to set up savings envelopes inside your business checking account. The money in those envelopes earns an impressive APY.
How good is it? It's about the same as what you'd get with the best high-yield savings accounts. That is to say, it's much higher than the typical savings account rate.
That's a nice incentive to consider opening this account. Compared to other business checking accounts, you won't always find the same rate elsewhere. Some business checking accounts don't pay interest at all.
One thing you don't get with QuickBooks Checking, however, is rewards. And there's no introductory cash bonus either.
However, the APY you could earn on savings is definitely something to weigh if you're looking for a business checking option with solid benefits.
Fees
QuickBooks aims to keep its checking account as fee-friendly as possible for small business owners. Here's a quick rundown of what you might pay if you decide to open an account here.
Other Service Fees - QuickBooks Money
| Type | Fee |
|---|---|
| Monthly Maintenance Fee | $0 |
| Instant Transfer | 1.50% |
| In-network ATM Withdrawal | The first 4 withdrawals are free; $3 for each withdrawal thereafter |
| Out-of-network ATM Withdrawal | $3 |
| Teller Cash Withdrawal | $0 |
| Out-of-network ATM Balance Inquiry | $0 |
| Replacement Debit Card | $0 |
| Foreign Transaction Fee | 3% |
QuickBooks doesn't refund ATM fees. So, if you're planning to bank here, you'll need to be choosy about how often you hit the ATM for cash.
Transaction rates also apply when you accept payments from customers. The current rates are 1% for ACH payments and 2.99% for credit card and digital wallet payments.
Comparing transaction fees is important since each one means a little less money going into your bank account. QuickBooks fees are competitive, but you may still want to shop around to see if another business checking account offers something better.
Branch or ATM Access
QuickBooks isn't a bank, so there are no branches to visit. Banking services are offered through Green Dot.
The QuickBooks Checking account comes with a debit card. That's handy if you need to pick up business supplies or pay for lunch with your employees on the go. Again, you won't earn any rewards on debit card purchases.
You can access your account through ATMs in the Allpoint network. Remember that only your first four transactions are fee-free each month. After that, you'll pay $3 for each additional transaction.
That's one reason to consider an account that offers unlimited ATM rebates. If you routinely withdraw cash, ATM fees could really pile up.
Choosing a business account that pays those fees back to you with no limit means you have greater freedom when deciding which ATMs to use.
Account Access
You can access your accounts by logging in to QuickBooks online or through the mobile banking app.
In terms of what you can do with your account, the options include:
- Reviewing transaction history and statements
- Scheduling ACH transfers in or out of your account
- Paying bills
- Making same-day deposits
- Sending invoices
- Accepting customer payments via check, credit card, debit card, digital wallet or ACH transfer
- Reviewing cash flow history
- Setting up savings envelopes
All of those features are included with QuickBooks Checking at no charge. If you'd like access to more advanced small business money management tools, you'll need to upgrade to a QuickBooks Online plan.
By itself, QuickBooks Checking comes with plenty of great features. But upgrading could make sense if you'd like a comprehensive solution for tracking business finances.
FDIC Insurance
FDIC insurance protects deposit accounts in the unlikely event of a bank failure. Since Intuit is not a bank, it doesn't offer FDIC insurance itself.
However, accounts are insured through Green Dot Bank and a sweep program that works with partnered banks to provide more than the typical deposit insurance coverage. The current FDIC coverage limit is $250,000 per depositor, per account ownership type, per financial institution. With QuickBooks Money, you get up to $5 million in FDIC deposit coverage because the money is split across multiple deposit-holding banks automatically.
What You Need to Open
To open a QuickBooks Checking account, you'll need to apply for a QuickBooks Money account or a QuickBooks Online plan. The checking account is included with either one.
Once you have an Intuit account, you can log in and then follow the prompts. They include telling QuickBooks:
- What type of business you have (i.e., sole proprietorship, partnership, etc.)
- Your main source of income
- The name of your business or your own name if you don't have a DBA
- Your business phone number, email and website information
- Details about your industry
- Your Social Security number or tax identification number
QuickBooks will verify all of your information. Once that's done, you can link an external bank account to make your initial deposit. Remember, there's no minimum amount you need to get started.
The whole process takes just a few minutes. QuickBooks support is available by phone if you have questions or run into issues.
FAQs
Does QuickBooks Money require an Intuit QuickBooks bookkeeping subscription?
No, you do not need to use any Intuit QuickBooks accounting and bookkeeping tools to open a QuickBooks Money account.
What is the limit for QuickBooks Checking?
You can transfer up to $20,000 per day to your QuickBooks Checking account. The weekly limit is $40,000 every seven days. Meanwhile, you can transfer up to $50,000 daily from your QuickBooks Checking account.
Can I use Zelle with QuickBooks Checking?
QuickBooks Checking doesn't integrate with Zelle. If you regularly send or receive payments for your business through Zelle, you'll have to record them manually in QuickBooks.
