Rho Business Banking
Startup / growth-stage digital treasury + $0 wires/ACH + sweep FDIC on savings; no cash, no branches
Costs & Fees
Monthly maintenance: $0 unconditional on checking and savings — no paid banking subscription tiers
Fee waiver: N/A — core banking is $0
Transaction fees: Unlimited electronic ACH, wires, checks at $0 on published pricing. Savings limited to 6 outbound transfers/month.
Overdraft/NSF: $0 overdraft fees advertised; overdraft facility not published. NSF/return matrix not fully disclosed.
ATM fees: Not offered — cards cannot withdraw cash at ATMs; no cash advance
Wire/ACH: Incoming/outgoing domestic wire: $0. Same-day ACH: $0 before 2pm ET. Incoming intl: $0 Rho-side. Outgoing intl: $0 Rho fee + optional $15 SWIFT + 1% FX via Wise. Returned domestic wire ~$20–$45; recall $30 (conflict with help center 'recalls free').
Cash deposit: Not offered — no cash deposits, no ATM cash, no night drop
Interest & Yields
Checking APY: 0% — non-interest-bearing DDA. Do not treat card cashback or Treasury yield as checking APY.
Savings APY: Variable competitive yield — no public rate sheet number; check live rate at rho.co/business-savings. Requires $25,000 average monthly balance or no interest.
FDIC coverage: Checking: $250,000 at Webster/Santander. Savings: up to $75M advertised via ADM sweep ($250k per program bank).
Access, Features & Tools
Access
Branch/ATM: None. No branches, no ATM cash access.
Mobile app: G2 4.8 (~121 reviews); iOS ~4.6–4.8 (small n); Android ~3.8 (5 reviews); Trustpilot low-to-mid 3s
Cash deposits: None — no Allpoint+, Green Dot, USPS, armored, or night drop
Features
Invoicing/bill pay: Included $0 — unlimited invoices, AI invoice capture, approval routing, mailed vendor checks $0
Virtual cards: Included — physical + virtual Mastercard with spend controls, merchant locks
International: USD ledger only. FX payouts via Wise at 1%. No multi-currency DDAs.
Integrations
- ✓ QuickBooks Online (included)
- ✓ NetSuite (included; enriched categorizations on Pro tier N/A — all included)
- ✓ Sage Intacct (included)
- ✓ Xero (included)
- ✓ Rho API; FDX v6.4 / Plaid SSO
Limits & Requirements
Opening deposit: $0
Minimum balance: No min-balance fee on checking. Savings requires $25k avg monthly for interest. Treasury $50k min.
Eligibility: U.S.-based incorporated businesses — LLC, C-corp, S-corp, nonprofits with EIN. Sole proprietorships NOT eligible per FAQ. EIN required to move money.
Best for: No monthly fee (unconditional) Free USD wires and ACH FDIC sweep up to $75M (savings) Treasury / T-bills QuickBooks / NetSuite / Sage AP and expenses included Startup-friendly (incorporated) High wire/ACH volume
Pros & Cons
Pros
- ✓ $0 monthly, $0 same-day ACH, $0 domestic wires, $0 mailed checks on published pricing
- ✓ Checking at Webster/Santander (Santander U.S. org ~$327B post 8/20/2026 close)
- ✓ Savings ADM sweep advertises $75M FDIC per entity via 400+ bank network
- ✓ Treasury RIA securities book (T-bills + funds) with dated net-yield grid and $50k minimum
- ✓ AP, expenses, invoicing, and QBO/NetSuite/Sage/Xero bundled at $0 per seat with role/approval controls
Cons
- ✗ No cash, no ATMs, no branches — requires second bank for cash businesses
- ✗ Checking earns 0%; operating cash in checking is a yield leak
- ✗ $75M FDIC headline is savings-only; checking capped at $250k Webster
- ✗ Treasury 4.60% is VFSTX/$20M+/15bp case — SIPC not FDIC, market risk, 2–3 day liquidity
- ✗ Sole props ineligible; strict industry/geo KYC; savings APY not published; 6 savings transfers/month
Strong Pick (incorporated cashless startups & finance teams)
Rho is a fintech (Under Technologies, Inc.) with checking and cards at Webster Bank, a division of Santander Bank, N.A. ($250k FDIC). Rho Savings is a separate ADM sweep to $75M (400+ banks) with $25k average balance gate for interest. Rho Treasury is SIPC securities (T-bills + funds) at $50k min with 15–60 bp wrap. Published banking price is $0 for monthly fee, ACH, same-day ACH, domestic wires, and mailed checks. Differentiator is bundled AP, expenses, invoicing, and ERP integrations at $0 per seat. No cash or ATMs. Checking 0% APY. Fits incorporated cashless startups; not sole props or cash businesses. Re-verify savings APY and Treasury yields quarterly.