Rho Business Checking review: Features, benefits and who it’s for

Rho is a fintech company that promotes itself as offering “startup banking built for momentum.” As a financial technology company rather than a traditional bank, Rho delivers digital banking solutions tailored for businesses via its technology-driven platform. The Rho business checking account serves as an all-in-one solution for your business banking needs. Checking and card services are provided by Webster Bank, N.A., member FDIC, while Rho collaborates with partner banks to ensure FDIC insurance coverage and dependable account management. Its integrated platform features native integrations with popular accounting software, built-in accounts payable automation, comprehensive expense management tools, and more, enabling small business owners to efficiently manage company cash and business finances.

Plus, you can enjoy free same-day ACH and wire transfers without paying subscription fees. Let’s take a closer look at the Rho business checking account so you can decide if it’s a good fit for your startup or small business.

Understanding Rho’s business banking platform

Rho targets businesses that are looking for an efficient, modern way to manage their finances online. If you have plans to scale but want to keep your team to a minimum, it’s certainly worth exploring. Here’s what you can expect:

• Digital experience: You can open and manage your Rho business checking account online, from the comfort of your own home or office. Rho features an intuitive banking interface that is user-friendly, well-designed, and easy to navigate, making your digital banking experience seamless. There’s no need to visit a branch or work with a representative in person.
• Scalable tools: Whether you’re a startup or have been in business for quite some time, the Rho business checking account can grow with you, thanks to its flexible integrations for accounts payable, spend management, and more.
• Easy collaboration: With Rho, you can get your team involved in your finances without giving up control. The Rho business checking account allows you to grant access to others, assign roles, and set permissions as you see fit. The Rho mobile app also provides visibility into team expenses, making expense management and transparency easier for your business.

Rho Business Checking account overview

Founded in 2018, Rho is a fintech company with an FDIC-insured business checking account through Webster Bank, N.A., member FDIC. Rho business checking stands out from other online business bank accounts for its integrated tools, including checking and card services, free wire and same-day transfers, no subscription fees, and 24/7 customer service.

Key features of Rho Business Checking

With a Rho Business Checking account, you’ll enjoy these noteworthy features.

• No fees: Rho does not charge common fees such as monthly maintenance or annual fees. With no monthly fee and minimal transaction costs, this account is designed to be cost-effective for startups and small businesses operating on a budget.
• No minimum balance requirements: You can keep as much or as little as you’d like in your Rho Business Checking account. Unlike many traditional business bank accounts, Rho doesn’t require a minimum balance to maintain your account. There is also no minimum opening deposit or minimum balance requirement to qualify, making it accessible for startups and small businesses with varying cash flow needs.
• FDIC insurance: Thanks to Rho’s network of FDIC-insured banks, your funds will be insured up to $250,000 in the business checking account and up to $75 million in the treasury management account.
• Free wire transfers: It won’t cost you a dime to transfer money domestically with Rho. Rho advertises free domestic wire transfers.
• Same-day ACH: You can pay your vendors and team members faster, plus receive customer payments sooner than you might be used to, as Rho offers same-day ACH deposits.
• Automated bill pay: With automated bill pay, managing invoices is a breeze. Bill pay automation streamlines your workflow, allowing you to take a “set it and forget it” approach to your bills.
• Global payment processing: If your business has an international presence, you may send money globally without paying any fees.
• Free DACAs for lenders: Rho will set up Deposit Account Control Agreements for your lenders for free. If you rely on commercial loans, lines of credit, or venture funding, this can be a significant perk, as many banks charge hundreds or even thousands to do so.
• Perks and rewards: If you become a Rho customer, your business will unlock exclusive access to over $1 million in perks and rewards. Whether you’re in the market for a CRM, phone provider, accounting software, or anything in between, you’re sure to find a good deal through Rho, including discounts or integrations with business software.
• Specific products for accountants: Rho offers secure banking tools that may be useful if you operate as an accountant or fractional CFO and serve startups or small business clients. You’ll enjoy a white-glove onboarding experience plus 24/7 access to relationship managers and streamlined cash management.
• Expense management: Rho’s platform provides robust expense management tools, including the ability to generate expense reports, making it easier to track and control business spending.

How to open an account

The account opening process for a Rho Business Checking account requires you to be a legal entity, such as an LLC or Corporation in the U.S. This means you are opening a business bank account specifically designed for incorporated businesses, not for personal use.

To open a bank account with Rho, you’ll need to provide your business details and upload several documents, such as your articles of incorporation, EIN letter from the IRS, company bylaws, and business licenses. These documents are required to open a business bank account and verify your eligibility. The process shouldn’t take any more than 10 minutes.

Unincorporated businesses and sole proprietors are not eligible for a Rho account. Only incorporated businesses, such as LLCs or corporations, can apply. If your business is engaged in international business, Rho supports international transactions, making it suitable for companies with global financial needs.

Note that while Rho will carefully review all your information, the company will not perform a credit check. A representative will reach out if they have questions or if your application contains errors or inaccuracies. Upon approval, you’ll get instant access to your account and its integrated tools so you can start using it right away.

Account structure and daily operations

Once you have a Rho Business Checking account, you’ll benefit from an account structure designed to help you efficiently manage business funds and company cash. The account supports high daily transaction limits, making it ideal for startups and businesses with significant cash flow, recurring payments, and substantial business spending. These limits include:

• Incoming wire transfers: $25 million per day
• Outgoing wire transfers: $10 million per day
• ACH transfers: $2 million per day

Payment processing and transfer options

While many business checking accounts charge $25 to $35 per wire transfer, Rho’s domestic wire transfers are free. You can also expect same-day ACH processing at no additional cost and unlimited transactions with no per-transaction fees. Rho also supports international payments and international transfers, allowing businesses to send funds abroad, though certain restrictions may apply depending on the country or industry. The downside is that checks usually take six to seven business days to clear.

When it comes to accessing your funds, Rho provides access to a national ATM network, making it easy to withdraw cash. However, there may be limitations or fees depending on the ATM used, so it’s important to review the ATM network details for optimal access.

Beyond basic banking: Rho’s integrated financial suite

Rho’s Business Checking account is part of a broader suite of business banking solutions, including credit cards, bill pay automation, capital management, savings accounts, and treasury options. These savings account services are provided through FDIC-insured banks and partner banks like American Deposit Management Co., offering high deposit insurance limits and enhanced protection for business clients.

For businesses with substantial liquid assets, Rho Treasury accounts enable investment in government-backed securities such as Treasury Bills, featuring tiered interest rates and minimum deposit requirements. Integrated with Rho’s platform, these accounts help optimize cash management while maintaining FDIC insurance protection.

Rho corporate card benefits

The Rho Mastercard is a corporate credit card with no fees, including annual fees or per-card fees. You can customize to meet the needs of your unique business with built-in spending controls and your choice of virtual and/or physical cards. 

Since this is a reward card, your business will earn up to 2% cash back on all spending categories. Note that as your venture grows, your credit limit may as well, even if you don’t have a long credit history. In addition, Rho doesn’t require a personal guarantee, so you don’t have to put your personal assets on the line to leverage its corporate cards.

Software integration and automation

Rho understands that your business relies on a variety of tools and makes it easy to integrate them with your business checking account. You’ll be able to connect your Rho account with popular platforms like QuickBooks, NetSuite, and Microsoft Dynamics, enabling automated reconciliation as well as real-time reporting and analysis. These integrations also help you manage vendors by streamlining invoice processing and vendor relationships directly through your accounting software. API access is also available if you prefer custom integrations.

Is Rho business banking right for your business?

The Rho Business Checking account is a solid choice if your startup or small business operates online and wants to scale. However, you must be a legal entity in the U.S., such as an LLC or Corporation. If you’re a sole proprietor, you’ll need to explore other options from fintechs, such as Lili or Bluevine.

Businesses that benefit most from Rho

If any of the following apply to your business, Rho business banking should be on your radar.

• You’re a digital company that operates online
• You’re looking for free same-day ACH and wire transfers
• You’re a growing business with high transaction volumes
• You depend on comprehensive expense management tools
• Your business doesn’t use cash

The fintech offers free demos so you can take a closer look at its offerings and get a better idea of whether they’re right for your venture.

Potential limitations to consider

While Rho business banking offers a lot of perks that you might not find elsewhere, it’s not perfect. Here are a few drawbacks to keep in mind before you open an account.

• Only for incorporated businesses: Since Rho requires your business to be a legally incorporated entity, you won’t qualify for its business banking products if you’re a sole proprietorship. 
• No access to cash: If your business handles cash often or even occasionally, Rho won’t be a good fit as it doesn’t support cash deposits or withdrawals. It only makes sense if you’re a digital-first business.
• Long hold times for check deposits: According to Rho, it can take six to seven business days for check deposits to clear. If your company deals with checks frequently, this is definitely a limitation to consider. 
• Digital-only banking: While online banking is a pro for some businesses, it can be a drawback if you prefer in-person banking at a local bank. With Rho, you’ll need to open and manage your account digitally. 

Choose Rho for an integrated, no-fee, digital banking experience

If you’re a U.S.-based legal entity, such as an LLC or Corporation, looking to scale your business, a Rho business checking account could be an ideal fit. It offers high transaction limits, free same-day ACH transfers, and complimentary domestic wire transfers with no fees.

Moreover, you can effortlessly integrate your account with the financial tools you already use and benefit from additional services like corporate credit cards and automated Bill Pay.