Intuit Introduces QuickBooks Cash, a New Business Bank Account With a 1% High-Yield Interest Rate

Today, Intuit Inc. (Nasdaq: INTU) announced QuickBooks Cash, a business bank account that earns high-yield interest¹, which, when used with the QuickBooks suite of business services, takes the complexity — and latency — out of managing finances for small business owners. QuickBooks Cash² has no account opening fees, maintenance fees, minimum balances, overdraft fees, or other recurring fees. Including a machine-learning powered finance planner, QuickBooks Cash helps small businesses plan for the future by making 90-day cash flow projections, including predictions on when invoices are likely to be paid.

The QuickBooks Cash business bank account with debit card² adds banking capabilities to QuickBooks’ robust business offerings. When combined with QuickBooks’ other business tools, including Payments, Payroll and accounting, QuickBooks Cash enables complete cash flow management in one place, eliminating the need to switch back and forth between banks and other solution providers. The QuickBooks Cash with debit card is now available to eligible QuickBooks customers. Go here to learn more and apply.

“Small businesses face unique challenges in the management of their finances — too often, they have to track and manage their money inflows and outflows through multiple solutions, which can lead to increased fees and wasted time. Small businesses need an all-in-one banking platform that helps them holistically manage and plan their finances, affordably and efficiently,” said Rania Succar, Senior Vice President, QuickBooks Capital and Payments, Intuit. “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. 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. Companies that have more working capital can take advantage of more opportunities.”

QuickBooks Cash was created to solve an unmet need for small businesses — a way to holistically manage finances in one place, allowing businesses to get their money fast, manage finances and leverage the built-in accounting for money in and out powered by QuickBooks.

Traditionally, small business payments transition through multiple parties, and during each handover, there is a cost or a wait time incurred. Furthermore, some business bank accounts offer zero to low interest rates, and come with sign-up fees and minimum balance requirements. With QuickBooks Cash, however, there is no balance requirement, the interest rate is 25 times higher than the industry average for checking accounts³ and money is ready when the business is, as all pieces are brought together within QuickBooks.