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This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.

NorthOne - Business Online Banking

Bob Phillips Bob Phillips Last update:

Company Overview

Headquartered in New York, NorthOne was founded in 2017 and launched to the public in August 2019. NorthOne is a financial technology company, not a bank. Banking services are provided through Bancorp Bank. Though NorthOne has four corporate offices in North America, it is strictly an online bank for businesses; there are no physical branches for customer service.
NorthOne’s main selling point is that it has made it simple and fast to open an account and conduct business. The company boasts 320,000 business account holders.

NorthOne’s business online banking service is limited to one type of checking account, which can be accessed through their mobile app or online.

Business Bank Account Types Checking
Minimum Deposit $0
Minimum Balance $0
APY Checking (Annual Percentage Yield) None
ATM Network 2 million+ ATMs by MoneyPass nationwide network
Features, Benefits, & Rewards Easy to open an account, mobile app, debit cards, no rewards programs
Overdraft Fees None
Maintenance Fee None
Other Fees $15 for incoming and outgoing wire transfers

Best For

NorthOne is best for small-medium size businesses that are comfortable doing their banking online and don’t mind paying a monthly fee for their account. It also works well for companies that want to continue utilizing other financial tools they already use because of the easy integration with NorthOne.

Pros & Cons

Pros

  • Unlimited transactions with no fees
  • Three ways to access customer support: phone, email, chat
  • Extended customer service hours

Cons

  • $10 monthly fee that can’t be waived
  • ATM fees may apply
  • Cash deposits using Green Dot locations incur a fee of up to $4.95 per deposit

Account Types

Deposit Account (Business Checking)

The Deposit Account is the only type of account NorthOne offers. A $10 monthly account fee and no minimum deposit are required to open an account. NorthOne does not pay interest on the checking account balance.

Account Type Key Features
Deposit Account
  • $10 monthly fee
  • No account minimum
  • $0 to open an account

APY

Account Type APY
Deposit Account None

Opening an Account With NorthOne

The process for opening an account with NorthOne is simple. Documentation is minimal (driver’s license, business license, Social Security number).

Opening an account can be done through the website, and will take you through 5 screens:

  • Screen 1: Name/Contact Information
  • Screen 2: Business Entity Type
  • Screen 3: Terms & Conditions page
  • Screen 4: Business contact information
  • Screen 5: Owner profile

State Availability

A NorthOne account is available to residents of all 50 states and the District of Columbia.

Customer Support

NorthOne offers customer support via telephone, email, and live chat. We used the chat feature to inquire about their fees and found that they use a third-party chat service that uses a bot to answer questions.

We found NorthOne’s telephone system prompts easy to use. We were given the choice of holding for a live representative or entering a time to be called back, eliminating our need to wait on hold.

Phone Support Monday: 8 am to 9 pm Eastern

Tuesday: 8 am to 9 pm Eastern

Wednesday: 8 am to 9 pm Eastern

Thursday: 8 am to 9 pm Eastern

Friday: 8 am to 9 pm Eastern

Saturday: 9 am to 6 pm Eastern

Sunday: 9 am to 6 pm Eastern

Email Support Yes: support@northone.com
Live Chat Yes
Social Media Facebook: https://www.facebook.com/northoneapp

Instagram: https://www.instagram.com/northone.app/

Twitter: https://twitter.com/NorthOneApp

YouTube: https://www.youtube.com/channel/UC0r1Fb_8moZsKIo7cOBRBOg

LinkedIn: https://www.linkedin.com/company/northone/

Headquarters 18 West 18th Street

New York, NY 10011

In Conclusion

NorthOne is a relatively new fin-tech company that has grown rapidly. They recently secured a substantial round of Series B financing and provide banking services through an FDIC-insured bank – The Bancorp Bank. Besides a limited product line and their monthly fee, we see no major drawbacks to doing business with NorthOne.

Disclosure
This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.
Bob Phillips Bob Phillips
Having spent over fifteen years helping people plan their lives financially, Bob has a vast amount of knowledge concerning personal finance. During his career, Bob mastered many different financial products to help people achieve their financial goals, including life insurance, disability insurance, mutual funds, and stocks and bonds. He earned the Chartered Life Underwriter (CLU) designation and held numerous securities licenses. Bob is an internationally published poet and is now a freelance writer living in North Texas with his wife and Doberman puppy.
This review is based on the writer's personal opinion.