Rho Banking Review

Pros

• Little to no fees
• Quick application process
• No minimum deposit required
• Works directly with Rho’s corporate credit card
• Native accounting integrations

Cons

• Limited rewards
• No ATM withdrawals
• No cash deposits
• Lack of transparency

What Is Rho Banking?

Rho is a fintech company with services aimed specifically at helping businesses manage spending through both banking and corporate card services. Rho serves a large variety of business sizes from startups to enterprises, so long as the business is incorporated in the US (sole proprietors are not eligible for Rho).

Known as one of the best corporate credit cards, Rho is one of the only corporate credit card providers on the market to also offer small business banking services. For businesses looking to manage checking, savings, and employee credit card spending all with one company, Rho is a great option and scores a solid Merchant Maverick rating of 4.0/5 overall.

Rho’s banking services include checking account and savings account options. Rho offers low banking fees, FDIC insurance, and key business banking features like mobile check deposits, invoicing, bill pay, and payment transfers.

Services Offered By Rho

Rho offers a selection of banking and business services:

• Rho Business Checking
• Rho Business Savings
• Rho Treasury
• Rho Corporate Credit Card

Rho Banking Rewards & Perks

In some areas, Rho offers competitive rewards, while in others, Rho leaves something to be desired, particularly when it comes to business checking rewards. Unlike many of the top online business bank accounts, Rho’s business checking account does not have any cash back rewards or APY rewards.

Rho’s savings account rewards are much more promising with an APY of 2.75%. If you opt for a Rho Treasury account, you can unlock APY rates of up to 4.36%-4.81%, but you’ll need a minimum of $500k deposited to start earning interest. Rho Treasury’s APY rates operate on a tiered system and vary based on how large your balance is.

It’s worth noting that Rho does offer additional rewards and perks like cash back with its corporate credit, but since this review is specifically based on banking, we give Rho a 2.7/5 for this section.

Rho Banking Fees

Rho’s banking services have little to no fees and earns a solid 4.6/5 for this section. With Rho, you’ll find:

• No monthly fee
• No annual fee
• No ACH
• No wire transfer fees or foreign transaction fees*
• No overdraft fees

There are no minimum deposits either. You also won’t find any ATM fees or cash deposit fees, but that’s because Rho unfortunately doesn’t support these features, which is why Rho doesn’t score a perfect 5.0/5 here.

If you’re looking for a checking, savings, and/or treasury account with hardly any fees (and you don’t need ATM withdrawals or cash deposits), then Rho is definitely a competitive option. Many other fintechs with banking services have low fees, but you’ll often see at least foreign transaction fees or late payment fees, so Rho gets extra

*There’s a disclaimer on Rho’s website that says: “While Rho does not charge international wire transaction fees, international wires in USD can be subject to additional fees set by recipient, correspondent, or intermediary banks, in addition to the SWIFT network.”

Rho Banking Eligibility Requirements

To be eligible for a Rho bank account, you’ll need to meet the following requirements:

• Have an incorporated business
• Your business must be registered in the US

There is no minimum deposit requirement or minimum balance requirement for Rho.

Sole proprietors and unincorporated businesses are not eligible for Rho banking accounts.

If you are a sole proprietor looking for a business bank account, try looking at Square Banking, Live Oak, or Grasshopper Bank.

Rho Banking Application Process

Rho does not provide much information about its application process, other than that the process takes “minutes.” To apply for Rho, make sure you meet the eligibility requirements and then go online to the company’s website to fill out their online application.

For the application process, you’ll need these basics at minimum:

• Articles of incorporations
• Company bylaws
• Business owner information & EIN
• Personal information & SSN

Once you’re approved, you can start adding funds to your account and connect to your Rho Corporate Credit card directly if you have one.

Rho Banking Features

Rho offers a decent number of helpful business banking features, but two key features are missing — ATM withdrawals and cash deposits. This led to an overall features score of 3.5/5.

Overall, the features Rho does have are pretty in-line with other fintech companies minus the glaring lack of ATM withdrawals which most every other fintech offers. As usual with fintechs, you’ll find more banking features with traditional banks, but the convenience of online banking may win out here for some businesses.

Here’s a list of features you’ll find with Rho’s banking services:

• ACH transfers
• Wire transfers
• Global payments
• Mobile check deposits
• Expense management
• Invoicing
• Bill pay & AP automations
• Mobile app
• FDIC insurance
• Accounting software integrations

Rho Banking Sales & Advertising Transparency

The information Rho provides is truthful and fairly light on the marketing jargon. However, there’s a lot of information lacking regarding Rho’s features and application process, and the company’s eligibility requirements are easy to miss. Rho’s customer service team is responsive when asked questions about these areas, but we wish that Rho was more upfront with this information on its website.

Rho Customer Service

Rho has several means of contacting support including email and phone support. Support is available 24/5, and there is an online help center as well.

Rho customers predominantly report positive customer support experiences, particularly with Rho’s onboarding processes.

Rho Customer Reviews

Across customer review sites, you won’t find separate review ratings for Rho’s checking and savings products. Instead, you’ll have to filter through a collection of Rho reviews to find the banking-specific reviews.

While there are some mixed reviews, Rho many customers leave favorable reviews of Rho Business Checking, Rho Business Savings, and Rho Treasury.

Here’s a deeper breakdown of the specific negative pain points and positive reviews regarding Rho’s banking products.

Negative Rho Reviews

• Long application approval times
• Some instances of applications being denied

Positive Rho Reviews

• Intuitive interface & mobile app
• Helpful customer support
• Accepts startups
• Good expense tracking features & automations

Is Rho Banking Safe?

Rho’s checking acount service is are backed by Webster Bank, N.A., member FDIC, while Rho’s savings accounts are backed by American Deposit Management Co. (and its partner banks — a full list is available on Rho’s website.

Rho meets the standard FDIC insurance of $250K and exceeds this amount with up to $75M in deposit insurance available. There is a detailed Rho privacy policy that explains Rho’s data collection and data protection practices which include physical security measures, data encryption, firewalls, two-factor authentication, and more.

Final Verdict: Is Rho Worth It For Business Banking?

Rho offers competitive banking fees with several helpful banking features, as well as the option to earn substantial interest with either a Rho Business Savings Account and/or a Rho Treasury account.

Unfortunately, the company’s website is not as informative about Rho’s banking features, application process, and rewards as it could be.

We were able to contact Rho directly to obtain some of this information and provide these details to our readers; however, we’d like to see Rho be more communicative with information on their site so that small business owners don’t have to jump through hoops to get basic information about these services. We also hope that they move important information like eligibility requirements and savings APY out of the FAQs and into a more prominent spot on their website.

That being said, Rho does offer a decent set of business banking services. The lack of fees and competitive APY rates are an especially great touch. While Rho’s checking account doesn’t offer as many rewards as other online business bank accounts, Rho sets itself apart by offering corporate credit cards in addition to business banking. For businesses that want to easily manage their corporate spending with both the Rho Corporate Credit Card and Rho Banking are in good hands.

Our biggest issue with Rho Banking is that there are no ATM withdrawals and no cash deposits, so businesses needing these features will need to look elsewhere.

If you want to explore more options, check out our top online business bank accounts or our top corporate credit cards.

Business Banking Review Methodology

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.

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