Money By QuickBooks Review

What Is 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. (See our comparison of some of the differences or check out our complete QuickBooks Checking review.)

You can use QuickBooks Money to bill your customers with customizable invoices or payment links. And you can receive payments by 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.

8 Reasons To Use A Business Bank Account For Your Small Business

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.

How Does QuickBooks Money Compare To Other Business Banking Options?

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.

QuickBooks Money Rewards & Perks

As with many free products, the Money By QuickBooks 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.

High APY

QuickBooks Money boasts one important reward that ranks high on our must-have list for business bank accounts: a high-yield savings option without a lot of red tape that complicates the offer and reduces access.

With a QuickBooks Money account, even though you won’t have a traditional business savings account, you’ll be able to divert some of your funds into sub-accounts called savings envelopes. You’ll earn 1.75% APY on those funds. That rate 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 bank 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 to have a paid QuickBooks Online subscription, however.

Integrations To Grow Into

QuickBooks Money is a free bank account that lets users access QuickBooks Payments for billing customers. That’s just one of the many industry-leading QuickBooks functions available, but to access any others you’ll need to sign up for a paid subscription.

As your business and your 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, ($30-$200/month), you can access world-class tools for accounting, payroll, inventory, tax, expense management, reconciliation, accounts receivable, and more.

For starters, you can upgrade to a QuickBooks Checking account. That includes business accounting and payment functions. Check out our full guide to QuickBooks Online pricing to learn more.

QuickBooks Money Pricing & Fees

QuickBooks Money is a free banking and payment app. You’ll find no monthly fees when you sign up for this platform and use it to get paid and manage your money.

We rate QuickBooks Money as “excellent” in this category because while it leaves out the bows and frills, 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:

Payment Processing Fees

When you bill your customers through your QuickBooks Money account, they can choose among payment methods that include 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.

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 $3 fee.

Cash Deposit Fee

QuickBooks Money account holders can deposit cash into their accounts, which is 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.

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 banking 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 bank account will suit sole proprietors, including freelancers and independent contractors.

The application process for this account is almost as simple as downloading the app. 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.

You won’t need to meet any income or credit score requirements to open a QuickBooks Money account.

QuickBooks Money Features

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.

Here are a few highlights:

• 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, funds from payments 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 bank account and decide later to upgrade, all your data will move with you as you transition to paid accounts.

Looking For Additional Features? Here Are Other QuickBooks Business Services

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:

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.

In the end, we rate QuickBooks Money customer service options as “good.” 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.

Money By QuickBooks Reviews

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 and 4.6/5 stars, respectively.

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 banking

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 banking details on the front and back ends.

The Bottom Line: Is QuickBooks Money Worth It?

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.

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. (Such companies may want to look at the QuickBooks Checking account, which requires a paid QuickBooks subscription and integrates into the QuickBooks universe.)

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 see more options, we have two suggestions for you.

First, we’ve put together a 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:

• 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 too.

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