Level Up Your Business Today
Join the thousands of people like you already growing their businesses and knowledge with our team of experts. We deliver timely updates, interesting insights, and exclusive promos to your inbox.
Join For FreeThis free business banking and payments app allows you to bill customers, receive payments, and manage funds in one place.
Total Rating | 3.6 |
---|---|
Fees & Rates3.5 | |
Services3.6 | |
Rewards3.3 | |
Features3.0 | |
Eligibility Requirements4.8 | |
Application Process3.3 | |
Sales & Advertising Transparency3.9 | |
Customer Service4.3 | |
User Reviews4.3 |
APY
1.75%Monthly Fee
$0Business Size
Freelancers & Very Small BusinessesPros
Cons
Table of Contents
First launched as Money by QuickBooks, QuickBooks Money is a free business banking and payments app that draws much of your business finances into one easy-to-use dashboard. Like the best business bank accounts we cover, QuickBooks Money offers free banking services that will meet many small business owners’ needs.
The QuickBooks Money app gives users access to a free version of the subscription-based QuickBooks Checking account. This slightly stripped-down free version includes a basic business bank account with ATM access and invoicing and payment capabilities. (Check out our complete QuickBooks Checking review for more details.)
You can use QuickBooks Money to bill your customers with customizable invoices or payment links. You can also receive payments via credit/debit card, bank transfers, Apple Pay, PayPal, and Venmo.
No matter how your customers choose to pay, you’ll be able to see and manage all your receivables and funds through the QuickBooks Money mobile app for Android and iOS.
Not sure if your business is big enough to need its own bank account? We’ve put together a guide that can help you decide when you need a business bank account — and how to open one.
Or watch the video below for our summary of the top reasons your small business needs a business bank account.
Services3.6 |
---|
Banking Services 3.0 |
Online Portal & Mobile App 5.0 |
QuickBooks Money offers basic financial management tools for small businesses. This includes:
While QuickBooks Money doesn’t have traditional business savings accounts, QuickBooks Checking users can stow money in Envelopes, which earn an impressive 5.00% APY.
A mobile app and online portal make it easy to access your QuickBooks Money account.
Compared to other online banking services, QuickBooks Money does fall a little short, but its basic offerings may be appealing to businesses that want no-frills checking accounts and money management tools. For services, we’ve rated QuickBooks Money 3.6/5.
When it comes to business finances, QuickBooks is one of the biggest names around. Business banking is only one of the services available.
Here are some other QuickBooks services for small business:
Rewards3.3 |
---|
Quality & Value Of Earned Rewards 3.3 |
As with many free products, the QuickBooks Money bank account delivers on its central purpose without a lot of bells and whistles. If you’re looking for cashback spending rewards, partner discounts, and other types of rewards, QuickBooks Money may not meet your needs.
On the other hand, if you’re looking for a solid free business bank account, QuickBooks Money delivers a couple of perks worth highlighting.
While the high APY is a huge perk, there are no cash-back rewards, welcome bonuses, or other rewards you may find with QuickBooks Money’s competitors, leading us to rate QuickBooks Money 3.3/5 for its rewards and perks.
Fees & Rates3.5 |
---|
Pricing 4.7 |
Transaction Fees 2.2 |
Transparency 3.0 |
QuickBooks Money is a free banking and payment app. There are no monthly fees when you sign up for this platform and use it to get paid and manage your money.
Fee | Cost |
---|---|
Monthly Fee | $0 |
ACH Fee | $0 |
Wire Transfer Fee | 0% |
Foreign Transaction Fee | 3% |
ATM Fee | $3 for each out-of-network or excess |
We rate QuickBooks Money with a score of 3.5/5 in this category because while it doesn’t have the bells and whistles found with some of its competitors, this free banking app delivers on its central promises.
That’s not to say you won’t encounter any fees with QuickBooks Money. However, the fees we found are either in line with industry standards or easy to avoid — or both. Here are some examples:
When you bill customers through your QuickBooks Money account, they can choose from payment methods including Apple Pay, PayPal, Venmo, bank transfer, and credit and debit cards. No matter how they pay, you’ll pay a per-transaction fee.
Unfortunately, payment processing fees are almost unavoidable. If you process customer payments through your QuickBooks Money account, you can expect to pay 2.99% per credit card and digital wallet transaction.
These fees for card and digital wallet transactions are close to industry standards.
QuickBooks Money accounts are allowed up to four free in-network ATM withdrawals each month, using the Allpoint ATM network.
Out-of-network transactions and excess transactions each incur a $3 fee.
QuickBooks Money account holders can deposit cash into their accounts, a somewhat uncommon feature for online business bank accounts.
Expect to pay up to $5.95 for each cash deposit using the Green Dot network at participating retailers.
If you plan to use your QuickBooks Money debit card outside the US, be aware that you’ll incur a fee totaling 3% of the transaction amount.
Eligibility Requirements4.8 |
---|
Eligibility Qualifications 5.0 |
Eligibility Availability 4.5 |
Eligibility Transparency 5.0 |
QuickBooks Money banking is open to all business types, but it’s best suited for smaller businesses as opposed to large companies with complex finances. The ease of meeting the eligibility requirements is reflected in our category score of 4.8/5.
Requirement | Eligibility |
---|---|
Business Type | All |
Credit Score | N/A |
Location | US |
Account Minimum | $0 |
In particular, this bank account will suit sole proprietors, including freelancers and independent contractors.
You won’t need to meet any income or credit score requirements to open a QuickBooks Money account.
Application Process3.3 |
---|
Ease & Transparency Of Application 2.8 |
Application Timeline 0.0 |
Opening Deposit Requirements 5.0 |
The application process for this account is almost as simple as downloading the app. Unfortunately, QuickBooks Money doesn’t outline the application process, which would be nice to see before you start the application. The company also isn’t transparent upfront about its application processing timeline. These potential drawbacks lowered our rating in this category to 3.3/5.
You will need to meet some of the normal requirements to open a business bank account. For most businesses, that will include providing your business name, address, EIN, legal name, and Social Security number.
Features3.0 |
---|
Transaction Types Supported 2.0 |
Transaction Limits 3.0 |
Standard Banking Features 4.0 |
Finance Management Features 3.0 |
Extras 3.0 |
A QuickBooks Money account offers the main features you’ll need for a successful business banking experience. In our view, that includes some less common business banking features that are great to see in a free account.
Feature | Availability | Summary | |
---|---|---|---|
Cards | Limited free ATM use in-network | ||
Transfers | Free ACH transfers | ||
Savings | Subaccounts/envelopes earn high APY | ||
Cash Deposits | Deposit cash with retailers; fees apply | ||
Mobile Deposits | No-fee check deposit | ||
Bill Payment | Only with paid QuickBooks Online account | ||
Access To Credit | Loan potential for paid QuickBooks subscribers | ||
Merchant Services | Built-in payment processing | ||
Mobile Apps | Mobile app for iOS and Android |
Here are a few QuickBooks Money features worth highlighting:
Users who sign up for a paid QuickBooks Online account unlock more tools and features. It’s worth noting that if you start with the free QuickBooks Money bank account and decide later to upgrade, all your data will move with you as you transition to paid accounts.
Because you have to upgrade to access additional features beyond the basics, we gave QuickBooks Money a score of 3/5 for this category.
Sales & Advertising Transparency3.9 |
---|
Sales Practices 4.0 |
Web Presence 3.3 |
QuickBooks is a well-known name in the small business space, and its QuickBooks Money product upholds the same high standards. You’ll be able to find most of the information you need about the product on the QuickBooks Money website, although it would be nice to see more information about the application process and processing timelines. For some information, you will have to dig into the fine print.
QuickBooks Money doesn’t use misleading advertising, and there are few complaints about deceptive sales tactics. QuickBooks maintains active social media accounts that provide plenty of information for current and prospective account holders. Overall, we give QuickBooks Money a score of 3.9/5 for its sales and advertising transparency.
Customer Service4.3 |
---|
Personal Support 2.7 |
Self-Service 5.0 |
QuickBooks does not appear to have much support dedicated specifically to Money by QuickBooks customers. For that reason, we wavered on our rating for the support options available.
QuickBooks Money Customer Service | Availability |
---|---|
Phone Support | |
Email Support | |
Support Tickets | |
Live Chat | |
Dedicated Support Representative | |
Knowledge Base or Help Center | |
Videos & Tutorials | |
Company Blog | |
Social Media |
In the end, we rate QuickBooks Money customer service options with a score of 4.3/5. Why? Because we see that an email support option has been added especially for QuickBooks banking customers.
Furthermore, we note that QuickBooks representatives are responsive on both app stores when users post their experience with the QuickBooks Money app. That’s always a good sign.
We also were able to search in the general QuickBooks knowledgebase to find targeted answers to specific questions about QuickBooks banking questions. If you’re comfortable relying on self-help options, your experience with QuickBooks Money support may be better than good.
User Reviews4.3 |
---|
User Feedback 4.0 |
Review Site Aggregate 4.4 |
QuickBooks Money is an online money management platform in app form. So when we wanted to know what users thought about it, naturally we turned to the app stores.
Overall, the apps for both iOS and Android are generally well received, with 4.4/5 stars on both app stores. Our rating based on customer feedback followed suit, coming in at 4.3/5.
Although we didn’t read all of the combined 5,000+ user reviews posted on the app pages, we did read enough to pick out some common themes. It’s worth noting that QuickBooks reps seem to respond to all user reviews, both negative and positive, and offer to work with reviewers to improve their user experience.
Here are a few trends we noticed:
QuickBooks Money is safe to use.
Keep in mind that QuickBooks is not a bank but a financial technology company. Banking services through QuickBooks Money are provided by a direct bank: Green Dot Bank, member FDIC. QuickBooks Money says that deposits are FDIC-insured for up to $5 million.
QuickBooks checking accounts come with added security measures to keep your money and your data safe:
Money By QuickBooks is a free business checking account for small business owners and freelancers. How does it compare to other bank accounts aimed at small businesses? We spotlight some other business bank accounts to give you an overview.
Monthly Fee | APY | Perks | Eligible Business Types | |
---|---|---|---|---|
QuickBooks Money | $0 | 5.00% | Free invoicing | All |
BlueVine | $0 | 2.00% | High APY | All |
Novo | $0 | 0% | Cash-back, partner perks | All |
Square Checking | $0 | 1.75% | Instant access to funds | Sole proprietors using Square |
Live Oak | $0 | 4.00% | Welcome bonus | All |
Axos | $0-$10 | 3.30% | Welcome bonus | All |
Bank of America | $0-$29.95 | 0.02%-0.04% | Preferred rewards tied to balance | All |
Found | $0-$19.99 | 1.50% on paid accounts only | Accounting features | All |
LendingClub | $0-$10 | 1.50%-3.50% | Accounting integrations | All |
QuickBooks Money is a simple business bank account best suited for smaller businesses. In particular, we think this will be a good choice for freelancers and independent contractors looking to move from personal to business banking. With an overall score of 3.6/5, we believe that QuickBooks Money will work for some — but not all — businesses looking for a free business banking solution.
While large companies or small businesses with complex financial structures likely will chafe at QuickBooks Money’s limitations, freelancers and others looking for an easy-to-use, free business bank account will find much to appreciate.
In particular, we like QuickBooks Money’s invoicing and payments functions. Users can send invoices or payment links, track payments, send one-click reminders, and receive notifications when payments are received. Your customers likely will appreciate the range of payment options available, including credit and debit cards, Apple Pay, PayPal, Venmo, and direct bank transfer.
If you like what you see with QuickBooks Money but want to consider more options, we have two suggestions for you.
First, take a look at our list of the best bank accounts for freelancers. Whether you’re running a growing business as an independent contractor or turning a hobby into a side hustle, the options on this curated list will help you find a bank account with the features you need to keep your business on track.
Next, if price is your top priority in business banking, QuickBooks Money is not the only free option you’ll find. We’ve looked into 20+ business bank account options and pulled out 10 of the best free business bank accounts for your consideration.
Next steps:
Merchant Maverick has been researching and reviewing business banking services since 2015. Our writers have tested over thirty different banking products, including checking accounts, savings accounts, employee spending cards, and more. In each review, we evaluate rates and fees, services, rewards, features, eligibility requirements, application process, sales and advertising transparency, customer service, and user reviews.
Read more about how we rate business banking products.
When comparing different banks and banking services, we consider many data points, including the ease and transparency of the account application process, account fees, sales ethics, minimum deposit requirements, and revenue, time in business, and credit score requirements. Our lists of the best banking services include only those we’ve deemed worthwhile from multiple vantage points, and often share qualities such as widespread accessibility across fifty states, valuable rewards, numerous transaction options, and competitive APY.
We spend an average of 10-15 hours researching and updating each one of our lists, making sure the banking services included meet our internal standards for quality and reputation.
Let us know how well the content on this page solved your problem today. All feedback, positive or negative, helps us to improve the way we help small businesses.
Give Feedback
Want to help shape the future of the Merchant Maverick website? Join our testing and survey community!
By providing feedback on how we can improve, you can earn gift cards and get early access to new features.
Help us to improve by providing some feedback on your experience today.
The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation.
Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Merchant Maverick’s ratings are not influenced by affiliate partnerships.
Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author’s alone.
"*" indicates required fields