QuickBooks Money Review

What Is QuickBooks Money?

First launched as Money by QuickBooks, QuickBooks Money is a free business financial 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 financial 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 checking account with ATM access and invoicing and payment capabilities.

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.

Services Offered By QuickBooks Money

QuickBooks Money offers basic financial management tools for small businesses. This includes:

• No-fee business checking accounts
• Invoicing & payments through QuickBooks Payments

While QuickBooks Money doesn’t have traditional business savings accounts, QuickBooks Checking users can stow money in Envelopes, which earn an impressive 3% APY.

A mobile app and online portal make it easy to access your QuickBooks Money account.

Compared to its competitors, 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.

Additional QuickBooks Business Services

When it comes to business finances, QuickBooks is one of the biggest names around. Business checking is only one of the services available.

Here are some other QuickBooks services for small businesses:

QuickBooks Money Rewards & Perks

As with many free products, the QuickBooks Money checking 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 checking account, QuickBooks Money delivers a couple of perks worth highlighting.

• High APY: QuickBooks Money boasts a high-yield savings option without a lot of red tape that complicates the offer and reduces access. You’ll be able to divert some of your funds into sub-accounts called savings envelopes. You’ll earn 3% APY on those funds — a rate that is well above the national average.
• QuickBooks Payments: QuickBooks Payments is a standalone product that comes integrated with the QuickBooks Money app. You can use it to send invoices and payment links to your customers.
• Fast Access To Cash: When you use QuickBooks Money to invoice customers, their payments to your business will be deposited directly into your QuickBooks checking account. Payments made via ACH and card transfers can be sent to your account in almost real time, up to three times a day, seven days a week, including holidays. Same-day deposit is available with no extra fees, with funds available usually within 30 minutes, though some exceptions apply. For the fastest access to deposits, known as instant deposits, you’ll need a paid QuickBooks Online subscription.
• Integration With QuickBooks Online: As your business and revenue grow, you may want to take advantage of additional QuickBooks features. If you decide to upgrade by signing up for a QuickBooks Online or QuickBooks Payments paid account, you can access world-class tools for accounting, payroll, inventory, tax, expense management, reconciliation, accounts receivable, and more.

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.

QuickBooks Money Pricing & Fees

QuickBooks Money is a free financial 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.

While it doesn’t have the bells and whistles found with some of its competitors, this free 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:

Payment Processing Fees

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.

ATM Fees

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 fee.

Cash Deposit Fee

QuickBooks Money account holders can deposit cash into their accounts, a somewhat uncommon feature for online business checking accounts.

Expect to pay up to $5.95 for each cash deposit using the Green Dot network at participating retailers.

Foreign Transaction Fees

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.

QuickBooks Money Eligibility Requirements

QuickBooks Money is open to all business types, but it’s best suited for smaller businesses as opposed to large companies with complex finances.

In particular, this checking 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.

QuickBooks Money Application Process

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 about its application processing timeline.

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.

QuickBooks Money Features

A QuickBooks Money account offers the main features you’d expect from a business checking account. You’ll also find some less common business features that are great to see in a free account.

Here are a few QuickBooks Money features worth highlighting:

• Invoicing: You can send payment requests to your customers via payment link or customized invoice. Your customers can pay you in person or through an app. You’ll receive payment notifications when they do–and if they don’t, you can easily send reminders.
• Payment Processing: When you send an invoice or payment link, your customers can pay in a way that makes sense for them. That includes not only credit and debit cards but also PayPal, Venmo, Apple Pay, and direct bank transfers.
• Savings Subaccounts: You can set up as many as nine subaccounts called envelopes to store money. When you do, those funds will earn 1.75% APY. You’ll need to move money out of its envelope and back into your main account before spending it.
• Cash Deposits: Thanks to QuickBooks’s partnership with Green Dot Bank, QuickBook Money users can make cash deposits, for a fee.
• Fast Funding: For many users, payment funds will be available on the same day, even on nights, weekends, and holidays.
• Integrated Financial Overview: Your QuickBooks Money account’s connected banking and payment tools work together with QuickBooks’s Cash Flow Planner. It helps you track the money coming into and flowing out of your business, all in one dashboard view. You’ll even be able to view important information like sales tax reports from that same dashboard.

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 account and decide later to upgrade, all your data will move with you as you transition to paid accounts.

QuickBooks Money Sales & Advertising Transparency

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.

QuickBooks Money Customer Service

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.

We like that email support has been added. 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 were able to search in the general QuickBooks knowledgebase to find targeted answers to specific questions about QuickBooks Money. If you’re comfortable relying on self-help options, your experience with QuickBooks Money support may be better than good.

QuickBooks Money Reviews

QuickBooks Money is an online money management platform in app form. So when we wanted to know what users thought about it, 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.

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:

Negative QuickBooks Money Reviews & Complaints

• Unsatisfactory customer service experiences
• Buggy app
• Inaccurate transactions recorded
• Inappropriate account holds

Positive QuickBooks Money Reviews

• Convenient payment alerts
• Useful payment request/invoicing feature
• Fast access to funds from convenient online payments
• Easy to set up and use business checking

Is Money By QuickBooks Safe?

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:

• Read-only connections make it difficult for others to gain access to your account.
• Authentication methods include a PIN and customer ID number.
• Privacy measures let you control access to your account. Multi-factor authentication adds an extra layer of protection.
• Encryption protects your details on the front and back ends.

The Final Verdict: Is QuickBooks Money Worth It?

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 checking 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, 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:

• Our guide to opening a business bank account offers suggestions to help you choose a bank that meets your needs.
• Make your money work for you by choosing an option from our list of the best high-yield savings accounts.

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