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Rho Business Banking review

Gives startups and high-growth companies the banking tools they need to scale their business.

finder.com’s rating: 3.8 / 5.0

★★★★★

Rho Business Banking is an all-in-one digital account that gives modern business owners the tools they need to run more efficiently. Its luxury features include built-in expense management tools, accounting software integrations, corporate cards that earn 1% cash back and Treasury Management Accounts that come with $75 million in FDIC insurance. But it doesn’t come with ATM access and you’ll only earn 0.01% APY on your account balance.

$0 per month

Fee

0.01%

APY

$0

Minimum deposit to open

Details

APY0.01%
Fee$0 per month
Minimum deposit to open$0
ATMsNo access to ATMs
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Review by


Cassidy Horton is a freelance copywriter and journalist, specializing in personal finance. Her writing and analysis has been featured in Forbes Advisor, Money, The Balance, Money Under 30, Insure.com and other top digital publishers. She holds a BS in public relations and an MBA from Georgia Southern University.

Expert review

Rho Business Banking is an all-in-one digital platform providing high-growth businesses with the banking, expense management and accounts payable services they need to succeed. The company’s tagline is, “Bank like the fortune 500,” which is evident through its premium account features, such as corporate cards that earn 1% cash back, seamless expense management tools and a savings account that holds up to $75 million in surplus capital.

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.

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:

  1. Go to the provider’s site and follow the steps to apply.
  2. From the Rho website , click Join Rho Today.
  3. 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
  • Email
  • 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

1 - 16 of 16
Name Product Fee APY ATMs Minimum deposit to open Offer
Novo Business
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You can use any ATM with your Novo debit card. Novo will refund any ATM fees incurred at the end of each month back into your account.
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Enjoy free workflow integrations for your business, such as invoicing and budgeting. Get free ACH and payment processing, as well as unlimited ATM fee reimbursements. Pay $0 monthly fees with a $0 minimum balance requirement. FDIC insured.
Relay
Finder Rating: 4.2 / 5: ★★★★★
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Pull money from your account at any of Allpoint’s 32,000 ATMs nationwide without fear of getting charged fees
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Easily track income, expenses and savings for your business all in one place. With $0 account fees, $0 overdraft fees and $0 minimum balances, Relay’s business checking account and money management platform offer an affordable online banking solution to get your business off the ground. FDIC insured.
Brex Cash account
Finder Rating: 3.4 / 5: ★★★★★
Brex Cash account
$0
4.16% If you invest in money market funds
$0
Brex Cash is an innovative cash management account that lets business owners choose whether to save or invest funds. Uninvested funds are FDIC Insured up to $2.25 million. Invested funds are SIPC insured.
Bluevine Business Checking
Finder Rating: 4.6 / 5: ★★★★★
Bluevine Business Checking
$0
2.00% on balances of $0 to $250,000 You need spend $500 a month or receive $2,500 a month in customer statements.
38,000+ MoneyPass® locations nationally
$0
No hidden fees: $0 monthly, overdraft, minimum deposit and transaction fees. Get 2 free checkbooks a year. Earn 2% interest on up to $250,000 after qualifying transactions. Organize your business finances with 5 sub-accounts with unique account numbers. Receive secure logins for each team member. Member FDIC.
Live Oak Bank Small Business Checking Account
Finder Rating: 4.7 / 5: ★★★★★
Live Oak Bank Small Business Checking Account
$0
N/A
Access over 55,000 free in-network ATMs
$100
Pay $0 monthly. $100 minimum deposit to open an account. Deposit checks, pay bills and initiate transfers online. Access a large network of 55,000+ fee-free ATMs. Connects to QuickBooks. FDIC insured.
Revolut Business
Not rated yet
Revolut Business
$0 for the Free plan
N/A
No access to ATMs
$0
Open a Revolut Business account in minutes after filling out a short form and earn a minimum of 1.5% cashback on qualified purchases.
Lili
Finder Rating: 4.6 / 5: ★★★★★
Lili
$9 for Lili Pro
1.50% With Lili Pro and by opening an Emergency savings account
38,000 fee-free ATMs nationwide
$0
Designed for freelancers, Lili offers a suite of tools including invoicing software, expense reports, write-off tracker, and automated tax savings. Get paid up to two days early with direct deposit and no monthly fees. Lili Pro account holders get cashback rewards, 1.5% APY for savings. FDIC insured.
U.S. Bank Platinum Business Checking Package
Finder Rating: 3.2 / 5: ★★★★★
Bonus
U.S. Bank Platinum Business Checking Package
$30 per month
(can be waived)
N/A
No ATM transaction fees or surcharge fees at U.S. Bank and MoneyPass® Network ATMs
$100
Earn $500 when you open a new business checking account with promo code Q1AFL23, deposit $3,000 within 30 days, maintain $3,000 balance for 60 days and enroll in online or mobile banking. Offer valid through March 31, 2023. Member FDIC.
Designed for mature or high-volume businesses, the Platinum business checking package offers a full range of top business checking features, including free front and back check images on your monthly statement, free mobile check deposit and even more ways to save per transaction. Member FDIC.
U.S. Bank Gold Business Checking Package
Finder Rating: 3 / 5: ★★★★★
Bonus
U.S. Bank Gold Business Checking Package
$20 per month
(can be waived)
N/A
No ATM transaction fees or surcharge fees at U.S. Bank and MoneyPass® Network ATMs
$100
Earn $500 when you open a new business checking account with promo code Q1AFL23, deposit $3,000 within 30 days, maintain $3,000 balance for 60 days and enroll in online or mobile banking. Offer valid through March 31, 2023. Member FDIC.
Designed for businesses with moderate transaction activity, the Gold business checking package offers greater transaction flexibility and more ways to save so you can better manage your business’s cash flow. Member FDIC.
U.S. Bank Silver Business Checking Package
Finder Rating: 2.8 / 5: ★★★★★
Bonus
U.S. Bank Silver Business Checking Package
$0
N/A
No ATM transaction fees or surcharge fees at U.S. Bank and MoneyPass® Network ATMs
$100
Earn $500 when you open a new business checking account with promo code Q1AFL23, deposit $3,000 within 30 days, maintain $3,000 balance for 60 days and enroll in online or mobile banking. Offer valid through March 31, 2023. Member FDIC.
Designed with new and small businesses in mind, the Silver business checking package offers a variety of value-added features to help you save time and money while building your business. Member FDIC.
Found
Finder Rating: 4 / 5: ★★★★★
Found
$14.99 monthly or $95.88 annually for Found Plus
1.50% on balances of $0 to $20,000 Only for Found Plus members.
You can use your Found card at any ATM
$0
Designed for freelancers and self-employed individuals, Found offers banking, bookkeeping, invoicing, tax withholdings and payments, and more. Manage everything from one app. Member FDIC.
Chase Business Complete Checking
Finder Rating: 2.8 / 5: ★★★★★
Bonus
Chase Business Complete Checking
$15 per month
(can be waived)
N/A
over 16,000 in-network ATMs
$0
New customers are eligible to receive a $300 bonus offer as long as they meet certain balance and transaction requirements.
This Chase business checking account has built-in card acceptance using a smartphone card reader. $300 bonus offer. Member FDIC.
Axos Bank Basic Business Checking
Finder Rating: 4.5 / 5: ★★★★★
Axos Bank Basic Business Checking
$0
N/A
ATM fees reimbursed at any ATM nationwide
$0
No monthly maintenance fees, no minimum deposit requirement, unlimited domestic ATM fee reimbursements and $100 bonus. FDIC insured.
Square
Finder Rating: 4 / 5: ★★★★★
Bonus
Square
$0
N/A
Anywhere Mastercard is accepted
$0
When you use your Square Card at any other Square seller, you get 2.75% off your purchase.
Use your business debit card anywhere Mastercard® is accepted, with no monthly fees, sign-up fees, or annual fees. Member FDIC.
NorthOne Business Banking
Finder Rating: 3.4 / 5: ★★★★★
Bonus
NorthOne Business Banking
$10 per month
N/A
withdraw cash at any Cirrus branded ATM location (+1,000,000 locations across the U.S + 2m worldwide), including MoneyPass ATMs
$0
Waive your $10 monthly fee for the first month when you sign up and open an account. After your first month, you'll pay a monthly fee of $10. Offer valid until April 26, 2023.
Budget and organize your finances with NorthOne Envelopes. Connect to QuickBooks & Square for free. Pay a flat $10 a month and avoid hidden fees, including overdraft, ATM and ACH transfer fees. Get the first month free. FDIC insured.
Axos Bank Business Interest Checking
Finder Rating: 3.5 / 5: ★★★★★
Axos Bank Business Interest Checking
$10 per month
(can be waived)
1.01% on balances of $0 to $49,999.99
0.20% on balances of $50,000 to $249,999.99
0.10% on balances of $250,000 to $4,999,999.99
ATM fees reimbursed at any ATM nationwide
$100
Earn up to 1.01% APY and pay no monthly maintenance fee with an average daily balance of at least $5,000. FDIC insured.
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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

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.

Read the full methodology of how we rate checking accounts.

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