Nearside Free Business Checking: Earn Cash Back Up To 5%

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nearside business checking account with cash back rewards

Two years into the COVID-19 pandemic that has devastated our country and economy, many small business owners face significant financial challenges, which are exacerbated by a lack of capital to sustain their businesses. A recent national survey of small business owners shows that relatively few small businesses have applied for PPP (Payment Protection Program) or other federal small business assistance services, which has highlighted the need for small businesses to identify alternative solutions to recover and grow post-pandemic.

Traditional lending is obsolete, and has been for a long time. At BestreferralDriver, we are a small business owners community and we like to share with our readers tips and tactics to make more money and help achieve their goals.

When you need to access capital to secure your business financing, business loans are not the only solution.

We’ve been looking for a simple, transactional solution to provide small businesses with capital. Banks are finally getting the message and are rapidly innovating their technology and infrastructure to better serve customers and SMBs.

In this article you will learn everything you have to know about Nearside, a new player focusing on innovative financial solutions for small businesses.

What Is Nearside?

Nearside, formerly known as Hatch, is not a bank but a financial services and technology company headquartered in San Francisco.

Their mobile business banking platform allows you to open a free business checking account offering great perks, and manage your finances online.

Nearside is completely digital, users can access the service through the Nearside website or use the mobile app, which is available for iOS and Android devices.

The app is really user friendly and easy to use.

There are no physical branches or offices, and deposit account services are provided by LendingClub Bank, Nearside’s partner bank.

Each account is insured by the FDIC (Federal Deposit Insurance Corp.) through LendingClub Bank, which is a Member of the FDIC.

We know how hard it can be to get a business loan when you are a small business. Common problems that could be keeping you from getting a small business loan include:

  • Bad credit score
  • Low cash flow

Though Nearside doesn’t offer business loans, their business checking account and debit card can be a great opportunity to save money by accessing a completely free, user-friendly solution that offers great perks and will help you save big money thanks to unlimited cashback rewards and partner discounts.

Account Basics

Before you open a checking account, for personal or business use, there are some important factors you should consider:

  • Minimum deposit requirements
  • Fees
  • ATM network
  • Interest and rewards
  • Mobile app features

Nearside offers a no-fee checking account that never charges monthly service fees.

Additionally, while many checking accounts require you to maintain a certain balance in order to avoid fees (which means that if you don’t meet the balance requirements, you’ll incur a monthly maintenance fee), at Nearside there is no minimum balance requirement.

Finally, it gives you access to thousands of free ATMs that you can easily find directly through the app.

Pros & Cons Of Nearside’s SMB Online Checking Account

Summarizing: let’s list below all the pros and cons of the Nearside checking account.

Pros

  • No fees (No monthly fees, no annual fees).
  • No minimum balance requirement.
  • Unlimited fee-free ATM withdrawals from a global network of 55,000 ATMs.
  • Free, flexible ACH transfers.
  • No-cost access to Mastercard's Enhanced Debit Benefits which include extended warranty coverage on your electronic purchases, access to Mastercard's Global Airport Concierge, Car Rental Insurance (with physical damage and theft coverage nationwide), and other premium services.
  • No debit card replacement fees.
  • And to make your life easier, full Integration with top business tools including QuickBooks for example.
  • Unlimited cashback rewards

Cons

  • There currently are no app notifications to let you know when your deposits arrive on the account or transaction notifications to make you aware of money going out.
  • There is no option to set up recurring transfers

Currently there is a bonus offer for new applicants. By signing up you can get 20% extra on your first deposit ($40 maximum bonus, which will be reached with an initial deposit of as little as $200). Funds are added to your account after your first deposit is posted. Please note this is a limited time offer).

Apply Now

How Nearside Business Checking Works

You can apply for a business checking account online, according to the fintech company the application process will only take about 5 to 10 minutes.

How To Apply

The agreement outlines the access to the Nearside service. If you are 18 years old or older, you can apply for Nerside business checking online by submitting your application through their website.

Follow our step by step tutorial:

  1. Create your account. Creating a Nerside business checking account requires a valid email address. You’ll also need to create a password and agree to terms and conditions, E-sign agreement and privacy notice.
  2. Fill out the form with the required information (Birth date, Primary phone number, U.S. mailing address, Social Security Number)
  3. Upload the required documents: A copy of your driver’s license.
  4. Submit your application: After you submit your application, Nearside will review and process it. If they need additional information or documentation they will reach out to you by email. Your account is generally approved within three to four business days.

💡 PRO TIP: If you are opening an account on behalf of a business entity, documents relating to the business and your EIN number may also be required

Activate the Nearside Debit Mastercard

After you’ve been approved you will receive your Mastercard debit card at the address you entered when creating your account.

Once you receive the card, log in to online banking using the username and password you created during the application process and activate the card.

Nearside Business Checking (Rewards & Perks)

There are a lot of good reasons to open a business checking account with Nearside. However, the most important reason is all the perks and benefits you will get.

You will earn valuable money rewards by using your debit card for online and in-store expenses. Here is the detail of all the SMB rewards:

1% Cashback Reward Program

A number of new apps like Fetch Rewards allow users to earn cash back on their purchases and redeem rewards. However, Nearside can help you save money fast by automating your savings in everyday purchases.

Indeed, Nearside offers 1% unlimited cash back rewards on all everyday purchases.

In our blog we often offer advice to our readers on how to save gas money using cash back apps like GetUpside.

If you are a Doordash or Uber Eats driver, looking for ways to make more money cutting your expenses, Nearside is even better than GetUpside because you will get the cash back rate of 1% at all gas stations, without any restrictions.

The only purchases not eligible for cashback are:

  • ATM withdrawals
  • cash advances
  • money transfers
  • transfers to yourself
  • payments made to affiliated accounts or peer-to-peer payments
  • purchase of travelers checks
  • money orders
  • gift cards
  • wire transfers
  • lottery tickets
  • casino gaming chips

Get Premium Cashback

In addition to the Hatch rewards above, you can get even more cashback offers with Nearside.

Now you’ll get up to 6% cashback when you pay with that card to vendor partners including:

  • Amazon (1%+ extra 1%)
  • Shopify (1%+ extra 5%)
  • Walmart (1%+ extra 1%)

In addition, to help you manage your business, Nearside gives you access to tremendous perks and discounts on business softwares, products and services through your account.

nearside cashback rewards

Our Review

Nearside is ideal for small businesses on the move. The company provides unlimited refunds for ATM charges when using one of 55,000 partner ATMs, no monthly fees and a fully digital process, making it a great option for answering your financial needs .

Their online banking app and debit card are a great way to manage your business expenses, optimize your cash flows and earn rewards helping grow your business.

Using the app you can also download your transaction history as a CSV file in order to upload it to your accounting software.

However, since Nearside has an online focus, it cannot accommodate cash deposits, which traditional business checking accounts can do.

Frequently Asked Questions (FAQs)

+Is Nearside A Bank?

Nearside is not a bank; it’s a mobile banking platform that partners with a bank. Nearside’s deposit account services are provided by LendingClub Bank.

+Is Nearside Legit and Safe?

Yes, Nearside is a legit and safe company. All the deposit accounts are FDIC insured. As an account holder at an FDIC-insured bank, you are protected for up to $250,000 per depositor, for each account ownership category, in the event of a bank failure.

+​​Do I Need a Tax ID Number To Open a Nearside Business Checking Account?

No. You can use your Social Security number to open a business account.

Apply For Nearside Now

Whether you are a small business owner, a freelancer, an Uber driver or an app user looking for ways to save money while shopping at the grocery stores, do not get discouraged, you are not alone. The Nearside online small business checking account can clearly help you save money and focus on growing your business.

There are no lengthy forms, no long approval process. Simply apply today to request your card.

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