QuickBooks Checking Account Review 2022 (FKA QB Cash Account)

Monday, August 8, 2022
Sandra Petrova
SHARE:

If you’ve ever used accounting software, chances are you’ve heard about QuickBooks by Intuit. 

But there's another equally important product within the QuickBooks universe called Quickbooks Checking, formerly known as QuickBooks Cash. 

In this QuickBooks Checking account review, we’ll see what the fuss is all about by discussing the platform’s key features, advantages and disadvantages, and pricing model. 

 

QuickBooks checking account review 2022: Is QuickBooks checking account (FKA QuickBooks cash account) any good?

After writing this QuickBooks Checking account review, we can safely say that it’s a great solution that provides a seamless connection between your accounting, billing, and banking functions. It comes with a high APY(1% interest rate), no monthly fees, and no minimum balance requirements. 

And the best thing is that if you receive a payment via QuickBooks Payments, the funds will appear in your QuickBooks checking account within 30 minutes. You’ll also get a debit card and access to the AllPoint ATM network. All QuickBooks checking accounts are FDIC-insured to the maximum of $250,000.

Another perk of using QuickBooks Checking together with QuickBooks Online and QuickBooks Payments is that you’ll get a full view of your finances via a single dashboard. You can also take things a step further and make use of Quickbooks CRM integration, linking your accounting with customer relationship management to build up a full business suite.

Of course, maybe you don’t use QuickBooks. In that case, you may want to take a look at a Quickbooks Online review and see if that’s the accounting platform you’d like to commit to. 

If you’re on the lookout for the best accounting software, we recommend taking a look at this Accounting Software Comparison Chart where we compare well-known accounting platforms like Intuit QuickBooks Online, Zoho Books, and ZipBooks. 

 

QuickBooks checking pricing plans

First of all, how much does a QuickBooks checking account cost? Let’s first review QuickBooks Online prices: 

QuickBooks Online Plans*

Monthly Pricing

Annual Pricing

Site

Simple Start

$8.50 

$183.60

Visit

Essentials 

$13 

$280.80

Visit

Plus

$18 

$388.80

Visit

*QuickBooks Checking is free. However, you’ll need a QuickBooks Online account in order to use the QuickBooks Checking account.

 

Are there any QuickBooks checking coupon codes or promo discount vouchers?

We did the research, and it seems there are no QuickBooks checking account coupon codes or discount vouchers at this time. If you stay tuned to the vendor’s social media and/or check their website periodically, you might just get lucky and spot a deal. 

 

QuickBooks checking account overview: what is QuickBooks checking & what is a QuickBooks checking account used for?

QuickBooks Checking provides a checking account within the QuickBooks Online software suite. It functions like a business bank account. If you're using QuickBooks Online, you can easily apply for a QuickBooks checking account to manage your banking. 

To get access to the checking account, you must apply for QuickBooks Payments. You can use QuickBooks Payments without using QuickBooks checking account, but you can't use Quickbooks checking account without QuickBooks Payments. 

By connecting QuickBooks Online with QuickBooks Payments and QuickBooks Checking account, you'll be able to see your entire financial picture, pay employees, accept payments, and get access to capital—all from the same platform. 

Once your QuickBooks Checking account is approved, you can use it for routine money-related tasks on business days, i.e. things like: receiving payments, paying for digital and in-person transactions, setting up automatic bill payments, and more. 

And to address one of the more important FAQs—is QuickBooks a bank? No, QuickBooks is a technology company and not an online banking or financial institution. QuickBooks banking services are provided by Green Dot Bank.

 

QuickBooks checking free vs paid: what’s the difference?

The QuickBooks Checking account is free to use. However, to activate this service, you'll need an active QuickBooks Online subscription. QuickBooks Online has three monthly plans, ranging from $8.50 to $18 per month. 

Additionally, you'll need to subscribe to QuickBooks Payments, which is included in each QuickBooks Online subscription. QuickBooks Payments is another great solution in the QuickBooks universe that lets you process incoming customer payments. 

The good news is that QuickBooks Payments doesn't have any monthly or setup fees. The bad news is that you will be required to pay payment processing or transaction fees, including the following:

  • 1% to a $10 maximum per transaction for ACH payments

  • 2.4% + $0.25 for swiped payments 

  • 2.9% + $0.25 for invoiced payments 

  • 3.4% + $0.25 for keyed payments 

In order to open a checking account, you’ll need to provide some basic information about your business, such as your business name, employer identification number, address, and phone number. 

Once you’ve added your new business information, you’ll need to provide details about yourself and any co-owners, including your Social Security number and legal name. 

 

QuickBooks checking account features list

Signing up for a QuickBooks Checking account gives you access to a range of features. The main features of QuickBooks Checking account are:

  • Envelopes

  • Mobile apps

  • Cash flow forecasting

  • Debit card

  • Direct deposit

  • Integrations

  • Bill pay and ACH bank transfers 

1. Envelopes 

The “envelopes” feature lets you move money into separate sub-accounts called Envelopes. For example, you can create an Envelope for taxes, another one for bonuses, a third one for payroll, and so on. The good thing is that money in Envelopes continues to earn interest. However, in order to spend it, you have to move it into the main account. 

2. Mobile apps

You can use QuickBooks Checking on the go with the mobile apps for Android and iOS. The mobile apps let you do almost everything you can with the Quickbooks desktop app, such as depositing checks from your QuickBooks account. 

3. Cash flow forecasting

The Cash Flow forecasting feature lets you see what funds are coming into your account and what funds are going out. Additionally, it analyzes your going in and going out finances to predict your cash flow over the next 90 days. This will help you make smarter decisions for your business. 

4. Debit card 

All users of the QuickBooks Checking account receive a free Visa debit card with their company name. You can use the debit card to pay for digital and in-person transactions, and at more than 19,000 no-fee AllPoint ATMs. 

5. Direct deposit

One of the best features of QuickBooks Checking account is the speed with which funds are available. Payments processed through QuickBooks Payments can arrive in your account in as little as 30 minutes.

6. QuickBooks integrations

QuickBooks Checking account integrates seamlessly with other solutions in the QuickBooks universe, including QuickBooks Payments and QuickBooks Payroll.

For example, the funds can appear in your checking account within 30 minutes if you receive a payment via QuickBooks Payment, making for a nearly instant deposit. Your payments and spending will automatically be synched to keep your books up-to-date. 

7. Bill pay and ACH transfers 

With an active checking account, you can set up automatic bill pay. You’ll also be able to make instant transfers for no additional fee.

 

QuickBooks checking account pros and cons

Here are the advantages and disadvantages of QuickBooks Checking account:

QuickBooks checking account advantages

Checking integrates well with other QuickBooks products, including bill pay and payroll solutions. The “Envelopes” feature that lets you set money aside for different purposes.

You can pay your bills right from QuickBooks, and have a free debit card with your company name for convenience, which you can use to withdraw money at more than 19,000 AllPoint ATMs. ACH transfers are available at no additional fee. Also, there are no monthly fees.

Also, a QuickBooks Checking account has a high rate of return relative to equivalent bank offerings these days; currently, the APY stands at 1%. 

QuickBooks checking account disadvantages

You need an active QuickBooks Online and Payments subscription to get access to QuickBooks checking account.

Customer support is limited. Wire transfers are currently not available, and there’s limited free ATM use. 

 

QuickBooks checking account complaints & praise (from real customer reviews)

Positive reviews of QuickBooks Checking accounts revolve around the seamless integration of QuickBooks multiple platforms. By syncing platforms like QuickBooks Payments, QuickBooks Online, and QuickBooks Payroll with QuickBooks checking account, users are able to sync their sales, billing, and banking services. 

Users also seem to like the 1% APY. QuickBooks checking account is unique in this regard as many free business checking accounts do not pay interest at all.

There are some negative QuickBooks Checking reviews where users complain about the limited free ATM use. 

Unfortunately, with the Quickbooks debit card, you only get four free transactions per month, and they must be within the 19,000-ATM network. Additional withdrawals and out-of-network transitions come with a $3 fee. Some users also complain about the lack of check deposits and wire transfers. 

Review of QuickBooks checking support

Customers have a few ways of contacting customer support. You can reach out via chat and phone. Unfortunately, there’s no email support at this time. On the plus side, there’s a vast knowledge base that contains help articles and video tutorials where QuickBooks customers can find answers to their questions themselves. 

 

Is QuickBooks checking worth it? Final points

Let’s jump right to answering the most important question and the reason why you made it until the end:

Is getting a QuickBooks Checking account worth it?

The answer is yes, it’s definitely worth it overall, but it’s best employed under the right circumstances. 

For example, it’s a great option if you are a small business owner who’s already using Quickbooks Online. Ditto if you want to earn interest on the money in your checking account, or need a tool that gives you smart insights like cash flow forecasting. Also if you prefer to manage your finances digitally, and don’t use checks or wire transfers.

However, if you’re a self-employed freelancer, a sole proprietor, or a small business owner who’s not planning on growing the business any time soon, a QuickBooks Checking account might be overkill for you. 

And there you have it, all the info you might need to make an informed decision. We wish you well in your accounting software journey.

SHARE: