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.
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.