There’s no denying that challenger banks are one of the hottest things in fintech right now. The coronavirus has accelerated the need for a purely digital banking solution and this boost in demand has spurred an increase in the number of players in the space.
The newest challenger bank to enter the ring is Intuit-owned QuickBooks. The 28-year-old company is launching a business bank account called QuickBooks Cash. The new account will be promoted to QuickBooks’ existing user base of over seven million small businesses. The accounts boast a business bank account, debit card, an envelope budgeting tool, and cash flow management tools that work seamlessly with QuickBooks existing products, including payroll, payments, and accounting tools.
“QuickBooks Cash delivers what current business accounts don’t — a banking experience that enables small businesses to accept payments, pay teams and vendors — with automatic reconciliation for easy financial management,” said Rania Succar, Senior Vice President of QuickBooks Capital and Payments at Intuit. “Combining QuickBooks Cash with the powerful insights and financial management platform powered by QuickBooks, we are building a tool that accelerates the growth of small businesses. Companies that have more working capital can take advantage of more opportunities.”
QuickBooks Cash accounts will be backed by FDIC-insured Green Dot Bank and feature no balance requirements, a high-yield interest rate of 1%, billpay capability, cash flow planning tools, and more. Unlike most challenger banks which offer unlimited free ATM withdrawals, however, QuickBooks only allows four free withdrawals per month.
The new account, along with the corresponding tools, will roll out over the course of the next several weeks.