Member Exclusive, New banks

Intuit introduces QuickBooks Cash, a new business bank account

  • Financial software companies are launching financial products to get closer to their customers.
  • Intuit's QuickBooks has introduced its own business accounts provided by Green Dot Bank.
close

Email a Friend

Intuit introduces QuickBooks Cash, a new business bank account

QuickBooks announced a new business bank account today that makes money management easier for SMBs.

How it works: QuickBooks Cash is a business bank account that allows small businesses to manage their finances, access their cash and earn interest. QuickBooks Cash is free to open, and it has no minimum opening deposit or daily balance requirements and no monthly service fee.

quickbooks cash debit card
Source: QuickBooks

SPONSORED

The specs

  • QuickBooks Cash pays interest on deposits. It launched with a 1% APY.
  • A physical debit card lets a small business spend from its QuickBooks Cash balance. It reconciles with QuickBooks and is linked to the QuickBooks Cash business bank account.
  • Customers can access their cash within 30 minutes, even if deposits happen on the weekends or holidays.
  • The accounts come with a goals-based savings tool called Envelopes. It allows business owners to set aside money, so they can budget and directly partition funds into categories they will need to pay, like quarterly taxes, employee bonuses or supplies or materials.
  • The Cash Flow Planner provides a dashboard view of a business’s finances, indicating how much money is coming into the business and how much money is going out. The AI-based tool predicts a business’s cash flow over 90 days, proactively alerting business owners when a cash flow concern might arise and providing recommendations for navigating the challenge. 
  • QuickBooks Cash accounts are provided by Green Dot Bank.

“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, QuickBooks Capital and Payments, 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."

Financial software moves into challenger banking: Firms that touch financial data are launching financial products.

  • Credit Karma recent launched a savings account for consumers.
  • Credit Sesame launched its own Cash account and then acquired the Canadian fintech that powered it.

QuickBooks Cash, Debit Card, the Cash Flow Planner, and Envelopes will be rolled out over the next several weeks to QuickBooks customers starting today.

0 comments on “Intuit introduces QuickBooks Cash, a new business bank account”

New banks

Rebundling banking services: Are fintechs trying to be more like banks?

  • Why are fintechs that have grown to a certain size continuing to pursue a banking license?
  • Luis Trujillo, CCO at Alviere sheds light on whether acquiring a license guarantees a successful banking business model for fintechs and if it constitutes a threat to banks.
Sara Khairi | January 09, 2023
Banking as a service, New banks

The Big Bank Theory Conference 2022: All session videos

  • Tearsheet's Big Bank Theory Conference brings together the most innovative players changing the face of the financial institution.
  • Here are the videos from this year's conference, held in December online.
Shabih Rao | December 21, 2022
Modern Marketing, New banks

Embracing ‘side bank’ status: 5 questions with Aaron Wollner, CMO of Quontic

  • As a community bank turned digital bank, Quontic has its own unique challenges in sticking out of the crowd.
  • In this Q&A, CMO Aaron Wollner talks about what’s new in the digital bank’s campaign work and how it’s been shifting its messaging to fit the current financial climate.
Rivka Abramson | October 19, 2022
New banks, Sponsored

Creating a winning neobank strategy through differentiation

  • There is a notable opportunity for neobanks to fill gaps that currently exist in traditional financial services, especially since they are free of the restraints of dated technology.
  • However, to be effective, they must identify a primary differentiator or central mission and then build the user experience around that north star.
Praxent | October 18, 2022
Member Exclusive, New banks

Banking Briefing: Will WFH become a thing of the past?

  • Banks are pushing to get employees back in the office – but what will that do for their efforts to attract tech talent?
  • Meanwhile, gender inequality is alive and well in the banking industry. Here’s what one bank is doing to try and solve that.
Rivka Abramson | September 12, 2022
More Articles