Rho Business Banking review
- Fee
- $0 per month
- APY
- 0.01%
- Minimum deposit to open
- $0
Our verdict
Gives startups and high-growth companies the banking tools they need to scale their business.
It’s best for modern entrepreneurs who are fast-tracking their growth and want a business account that can keep up. But it still has its downfalls. Both the checking and savings account only earn 0.01% APY — a rate much lower than other business bank accounts. And you can’t use a corporate card to withdraw cash at an ATM. But depending on your needs, Rho’s plush features may outweigh these cons.
Pros
-
No hidden fees
-
Team accounts
-
Two accounts in one
-
Cashback corporate cards
-
Seamless expense management
-
Integrations
-
Dedicated business banker
Cons
-
Low APY
-
International wire minimum
-
No ATM access
-
Can’t open without a demo
How do I open a Rho Business Banking account?
You’ll need to schedule a 25-minute demo with a team member before you can open a Rho Business Banking account. Here’s how to do it:
- Go to the provider’s site and follow the steps to apply.
- From the Rho website , click Join Rho Today.
- Use the calendar to schedule a 25-minute demo with a member of Rho’s banking team.
Required information
You’ll need the following information to open your Rho Business Banking account:
Business information:
- Business name
- Business address
- Entity type
- EIN letter issued by IRS
- Company bylaws
- Articles of incorporation
- Local business licenses if registered out of state
Personal information for each beneficial owner:
- Full name
- Date of birth
- Residential address
- Phone number
- Government-issued photo ID or passport if international
- Social Security number
Eligibility
Open a Rho Business Banking account when you meet these requirements:
- At least 18 years old
- Incorporated business that’s registered in the US
How long will it take to get my card?
You’ll receive your Mango card in the mail within seven to 10 days of completing your application.
What are the benefits of a Rho Business Banking account?
Rho Business Banking comes with standard digital banking features, such as a comprehensive mobile app and budgeting tools, as well as these features:- No hidden fees. Every Rho Business Banking account comes with free domestic wires and same-day ACH transfers. Plus, access to the international transfer network for USD SWIFT transfers.
- Team accounts. Create subaccounts and budgets for each team — such as marketing or product development — so you know exactly how much they’ve spent so far.
- Two accounts in one. Rho gives you access to flexible business checking accounts that are FDIC-insured up to $250,000 and Treasury Management Accounts — which act like savings accounts — that are insured up to $75 million.
- Cashback corporate cards. Get physical or virtual corporate cards for each team member and earn up to 1% cash back on every purchase.
- Seamless expense management. Each team member gets their own customized account where they can upload receipts, invoices and documents.
- Integrations. Rho Business Banking connects seamlessly to Quickbooks, Wave and Sage, so you can synchronize and categorize spending all within Rho.
- Dedicated business banker. Each Rho customer gets assigned with their own dedicated business banker and credit team.
What should I look out for?
The Rho Business Banking account is a premium option for companies, but it has these drawbacks:
- Low APY. You’ll only earn 0.01% on your Rho checking account and Rho savings treasury account.
- International wire minimum. You can’t transfer less than $1,000 using an international wire.
- No ATM access. Although Rho comes with an unlimited number of cards for you and your employees, you can’t use these cards to withdraw cash at an ATM.
- Can’t open without a demo. The only way to open a Rho account is to schedule a 25-minute demo with a banking specialist first.
If you’re looking for a business bank account that comes with ATM access, explore these top-rated options.
Compare Rho Business Banking with other checking accounts
How do I deposit or withdraw my money?
Deposit and withdrawal funds from your Rho Business Banking account in a variety of ways:
Deposit
- Direct deposit
- Wire transfer
- Mobile check deposit
- ACH transfer
- Transfer from a linked account
Withdrawals
- Wire transfer
- ACH transfer
- Transfer to a linked account
Frequently asked questions
Business checking account ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Rho Business Banking 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 up to a $300 bonus with direct deposits of $5,000 or more
Your reviews
Cassidy Finder
Writer
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