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

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

What Is Rho?

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).

Rho is one of the only corporate credit card providers on the market to also offer small business checking and savings accounts. Rho has low fees and key features like mobile check deposits, invoicing, bill pay, and payment transfers.

*Rho is a fintech company, not a bank. Checking and card services provided by Webster Bank, N.A., member FDIC; savings account services provided by American Deposit Management Co. and its partner banks.

Services Offered By Rho

Rho’s services include:

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

Rho 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. Unfortunately, Rho’s business checking account does not have any cash back rewards or APY.

Rho’s savings account rewards are much more promising with an APY of 1.75%.

If you opt for a Rho Treasury account, you can unlock higher APY rates, but you’ll need a minimum of $350,000 deposited to start earning interest. Rho Treasury’s APY rates operate on a tiered system and vary based on how large your balance is. Since these rates change regularly, we recommend checking out Rho Treasury rates directly from the company to learn more.

Rho also offers various partner perks, such as 20% off new annual licenses with Zoom, 25% off Slack Pro, and 30% off a one-year subscription to QuickBooks.

It’s also worth noting that Rho does offer additional rewards and perks like cash back with its corporate credit card.

Rho Fees

One of the advantages of Rho is that it has few fees. Here’s what to expect:

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.

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 a competitive option. The only fees you have to worry about are:

• 1% foreign transaction fee
• Late payment fee of up to 3%
• $30 wire recall fee
• Optional $15 SWIFT fee.

*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 Eligibility Requirements

To be eligible for a Rho 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 accounts.

If you are a sole proprietor looking for business checking and savings accounts, try Square Banking, Live Oak, or Grasshopper Bank.

Additionally, Rho does not support payments to and from restricted countries. Businesses in certain high-risk industries are also prohibited from sending international payments.

Rho Application Process

Rho does not provide much information about its application process. However, the application should take only about ten minutes if you have your documentation prepared.

To apply for Rho, make sure you meet the eligibility requirements and then go online to the company’s website to fill out the online application.

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

• Articles of incorporation
• 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 Features

Rho offers a decent number of helpful features, but two key features are missing — ATM withdrawals and cash deposits.

Overall, the features Rho does have are pretty standard when compared to other fintech companies, minus the glaring lack of ATM withdrawals (which most other fintechs offer).

You’ll find more banking features with traditional banks, but the convenience of Rho’s online services may win out here for some businesses.

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

• ACH transfers
• Wire transfers
• Global payments
• Mobile check deposits
• Expense management
• Invoicing
• Bill pay & AP automations
• Mobile app
• FDIC insurance
• Accounting software integrations with QuickBooks Online, NetSuite, Sage Intacct, Campfire, & Puzzle

Rho 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 offers several support options, including email, phone, and text. Support is available 24/7, 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

While there are some mixed reviews, 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 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 Safe?

Rho’s checking account services are provided by Webster Bank, N.A., member FDIC. Rho’s savings account services and up to $75M in FDIC insurance are provided by American Deposit Management Co. and its partner banks. Investment management and advisory services are provided by RBB Treasury LLC dba Rho Treasury, an SEC-registered investment advisor.

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 fees, as well as the option to earn substantial interest with a Rho Treasury account.

Unfortunately, the company’s website is not as informative about Rho’s 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 Rho moves important information like eligibility requirements and savings APY out of the FAQs and into a more prominent spot on its website.

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

That being said, Rho does offer a decent set of business services. The lack of fees is an especially great touch. While Rho’s checking account doesn’t offer as many rewards as some of its competitors, Rho sets itself apart by also offering corporate credit cards.

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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