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.
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.
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:
Go to the provider’s site and follow the steps to apply.
Use the calendar to schedule a 25-minute demo with a member of Rho’s banking team.
You’ll need the following information to open your Rho Business Banking account: Business information:
EIN letter issued by IRS
Articles of incorporation
Local business licenses if registered out of state
Personal information for each beneficial owner:
Date of birth
Government-issued photo ID or passport if international
Social Security number
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.
Rho uses a network of FDIC-insured banks to house your deposits, the main one being Evolve Bank & Trust.
The routing number for your Rho Business Banking account is 084106768.
Any business that’s incorporated in the US can open a Rho Business Banking account, pending federal regulations. Rho caters to a range of businesses, including start-ups and established companies.
As long as your business is registered in the US, you can open an account. You don’t have to be a US citizen or resident.
Yes. The account has no monthly fees. But you may pay extra if you want to opt into premium services.
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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.
Rho Business Banking is not currently available on Finder
Have you considered US Bank Smartly Checking?
Take control of your spending with integrated tools such as automated budgeting, upcoming due date alerts, low balance alerts and more, available in the US Bank Smartly Checking mobile app. Easily send and receive funds via Zelle. Waive overdraft fees by depositing money before the forgiveness deadline. Member FDIC.
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