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

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

The ‘art and science’ of resilience: How FIs and fintech startups are rebuilding

  • The pandemic will likely cause lasting changes in the way FIs and startups organize themselves.
  • Participants saw resilience through the lenses of adaptability and flexibility, new product offerings and personalization opportunities for customers.
Suman Bhattacharyya | August 05, 2020
New banks

Google to start offering bank accounts in 2021

  • Rumored for months, Google is launching bank accounts in partnership with banks.
  • BBVA, BankMobile, BMO, and Coastal Community are among the first banks announced in the program.
Michael Deleon | August 03, 2020
New banks

Inside Goldman’s product roadmap for digital bank Marcus

  • Next year, Marcus by Goldman Sachs will roll out a series of new products, including checking accounts and digital investment offerings.
  • Data-driven insights will enhance personalization, possibly with the help of an AI assistant.
Suman Bhattacharyya | July 23, 2020
New banks

HMBradley’s new credit card offers awards that adjust to spending

  • HMBradley is a new challenger bank that offers incentives to savers.
  • Its new credit card automatically rewards customers' top spending categories.
Zoe Murphy | July 22, 2020
New banks, Podcasts

Inside Betterment’s move into banking with President of Retail, Mike Reust

  • Betterment was headed in the direction of added banking functionality before the crisis hit.
  • Now, the challenger bank is emphasizing cashflow management as a central tenet of its platform.
Zachary Miller | July 20, 2020
More Articles