QuickBooks Checking account review
- Fee
- $0 per month
- APY
- 1.25%
- Minimum deposit to open
- $0
Our verdict
The leading accounting software now has its own bank account, but it lacks support.
But if you’re not already a QuickBooks Online customer, the $7.50 to $150 monthly subscription fee might not be worth it to you. Plus, there’s no QuickBooks Checking account customer support if you want to speak to someone before opening the account. While there is a live chat option available, support can only answer questions about the QuickBooks online accounting software. For questions about the QuickBooks Checking account, support can’t answer questions and will refer you to the website.
Pros
-
All-in-one business banking
-
$0 monthly fees, overdraft fees or ATM withdrawal fees with QuickBooks Cash
-
QuickBooks Cash includes free, instant deposits for any revenue received through QuickBooks Payments.
-
High interest rate
Cons
-
Subscription required
-
Not the broadest ATM network
-
No customer support
How do I open a QuickBooks Cash account?
You can open a QuickBooks Cash account in four steps:
- Go to the provider’s site and follow the steps to apply.
- Visit the Provider site and select Explore Quickbooks Cash under Manage your cash flow.
- Scroll down to Get started with a better business bank account, and depending on whether or not you’re an existing QuickBooks customer, select the appropriate Get started button.
- Log in with your username and password if you’re already a QuickBooks Online customer. If not, sign up for one of the four plans using the corresponding Select button.
- Confirm some basic business and personal information, and your QuickBooks Cash account will be ready to use.
Eligibility
You must meet these requirements to open a QuickBooks Cash account:
- At least 18 years old
- Registered business in the US
- Active QuickBooks Online subscription
Required information
You’ll need to provide the following information when you apply:
- Social Security number (Contact support at 866-697-9600 if you don’t have an SSN)
- Driver’s license, state or province-issued ID or a government-issued passport
What are the benefits of a QuickBooks Cash account?
Once you’ve opened a QuickBooks Cash account, you’ll have access to the following benefits:
- All-in-one business banking. QuickBooks Cash integrates with your accounting and lets you accept payments, pay vendors and employees and manage all of your business’s finances with one tool.
- No fees. There are no monthly fees, overdraft fees or ATM withdrawal fees with QuickBooks Cash, and there’s no minimum opening deposit.
- Fast deposits. QuickBooks Cash includes free, instant deposits for any revenue received through QuickBooks Payments.
- High interest rate. Some fee-free digital business banks charge a monthly fee to earn interest, but funds in your QuickBooks Cash account will earn 1.25% APY.
QuickBooks Cash’s ATM network and fees
After opening a QuickBooks Cash account, you’ll receive a QuickBooks debit card in 3 to 5 business days. You can use this card to make purchases anywhere Visa debit cards are accepted, and you can withdraw cash at any of the 55,000 Allpoint ATMs across the country up to four times per month. After your fourth withdrawal, you’ll pay a $3 fee per withdrawal.
You’ll pay a $3 fee for any bank-teller transactions or withdrawals from out-of-network ATMs. This is in addition to any fees the ATM owner might charge.
Is my money safe with Quickbooks Cash?
All funds in your QuickBooks Cash account earn interest and are insured by the FDIC through Green Dot Bank.
What should I look out for?
While QuickBooks Cash customers are eligible for many benefits, there are some drawbacks as well:
- Subscription required. You’re required to have an active subscription to QuickBooks Online, which isn’t the least-expensive accounting software on the market. You’ll pay $7.50 to $150 a month, depending on your business needs.
- Not the broadest ATM network. While you can withdraw cash at 55,000 ATMs, you’ll pay a $3 withdrawal fee after your fourth monthly withdrawal. Other business bank accounts offer access to more fee-free ATMs.
- No customer support. There is no one you can reach out to for questions regarding the QuickBooks Cash account.
If you don’t use or plan to switch to QuickBooks Online for your business accounting software or prefer an account with a larger free ATM network, you’ll want to keep looking. As always, compare your options when considering a business checking account.
Our experience with QuickBooks Cash
We reached out to Quickbooks customer support to confirm account details. Customer support transferred us to their Small Business Consultant specialist. When we asked their specialist to confirm the account details, his response was “I don’t know,” and he led us to an old blog post article with information he could not confirm as up to date. The account specialist explained that there is no one we can contact to ask questions pertaining to the QuickBooks Cash account and that the information is only available online in a blog post.
Compare with other checking accounts
How do I deposit or withdraw my money?
There are a few ways to deposit funds into or withdraw them from your QuickBooks Cash account:
Deposit
- Deposits via business income
- Incoming bank transfers
Withdrawals
- Outgoing bank transfers
- ATM withdrawals
Checking account ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.
QuickBooks Checking is not currently available on Finder
Have you considered SoFi Checking and Savings?
Earn up to 4.60% APY on savings by meeting deposit requirements, and 0.50% APY on checking balances. Members without deposit requirements will earn 0.50% APY on both savings and checking balances. Turn on automatic savings or use the Roundups feature to help you reach your savings goals faster. Get up to $2M of additional FDIC insurance through a network of participating banks.
- 0.50% APY on checking balance
- Up to 4.60% APY on savings
- $0 account or overdraft fees
- Get a $300 bonus with direct deposits of $5,000 or more
Your reviews
Michael Finder
Staff writer
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