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Understanding Rho Savings Accounts

This article covers everything you need to know about opening, managing, and funding your Rho Savings account.

Overview

Rho Savings accounts are designed for businesses looking to earn interest on excess cash while accessing expanded FDIC insurance coverage.

With a Rho Savings account, you can benefit from:

  • Up to $75 million in FDIC insurance coverage

  • Competitive interest on eligible balances

  • Seamless transfers between your Rho accounts

Opening a Rho Savings account

To get started:

  1. Navigate to the Savings tab in your Rho dashboard.

  2. Click Request Access.

  3. A member of the Rho Client Service team will prepare and send you a DocuSign agreement to complete.

  4. Review and sign the agreement.

  5. Once signed, your agreement is submitted to our partner for review and your account will be opened. 

Note: Depending on your answers to the due diligence questions, our partner may request additional information before your account is opened. Our team will handle this on your behalf.

Viewing your Savings account balance

You can view your Savings account balance from both the Banking navigation panel and the Savings account page.

The Savings page includes:

  • Available balance: The amount of money in the account that you can use today, excluding pending transfers.

  • Current balance: The total amount of money in the account, including pending transfers.

  • Pending out: The total amount of money that is currently leaving the account.

  • APY: The estimated annual rate of return on your savings, including compounding interest, with interest accruing daily and paid out monthly.

Transfers

Moving Funds Between Accounts

Transfers into your Rho Savings account can only be initiated from a Rho Checking account. To make a transfer:

  1. Go to the Banking tab.

  2. Select Transfer.

  3. Choose the sending and receiving accounts, enter the amount, and select a transfer frequency if applicable.

Transfer settlement times

Settlement times differ depending on the direction of the transfer:

  • Checking → Savings: Typically settles the same business day, if created before 1pm ET.

  • Savings → Checking: Typically settles the next business day, if created before 1pm ET.

Transfer limits

There is no limit on transfers into your Savings account. Transfers out are limited to six (6) per month.

Interest

Here’s how interest works for Rho Savings accounts:

  • Interest accrues daily and is paid monthly.

  • Interest payments are posted on the 5th business day of each month. If the 5th falls on a weekend or holiday, payments will be posted the next business day.

  • Interest is calculated using your average monthly balance with daily ending balances used to determine the monthly average.

  • Interest is calculated using a 30/365 day convention.

  • A minimum average monthly balance of $25,000 is required to earn interest.

Statements 

Monthly statements are available by 6pm ET on the 5th business day of each month. To access statements, navigate to the Settings → Documents section of your Rho dashboard.

For additional assistance, please contact support team.

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Accounting

How to set up Rho's QuickBooks Integration

The following instructions describe how to set up a direct integration between your Rho Account and your existing QuickBooks Online account. If you're interested in connecting Rho transactions via the QuickBooks Bank Feed, see instructions here . Note: this integration is only compatible with QuickBooks Online. For QuickBooks Desktop, you can download a CSV of transactions from your Rho account via these steps and upload them to QB Desktop). Once you are signed into the Rho platform, click Integrations in the navigation bar. Click the QuickBooks icon. Follow the login instructions to connect to your QuickBooks account. When finished, click Accounting in the navigation bar. Select the transactions you want to sync. Click the Sync button. When you connect QuickBooks to Rho, a new account is added to your CHART OF ACCOUNTS tab named RHO [Checking Acct#] , where [Checking Acct#] is the 10-digit account number associated with the linked Rho account. This is your primary account and is required for automatic account reconciliation. You can rename this account, but integration between your Rho account and QuickBooks will not work if the account is deleted. What information can I view in the Accounting Tab? Once you have connected QuickBooks to Rho, use the Accounting Tab in the Rho platform to manage mapping rules, view transactions, and make necessary changes. The Accounting Tab includes two subsections Dashboard and Mapping Rules. Learn more about what you can view in the Dashboard here and about what you see in the Mapping Rules here. Important Integration Notes Syncing with your QuickBooks account is a manual process. Each time you want to reconcile your Rho Account in QuickBooks, you must click the Sync button. However, you can set up automatic recurring syncs by going to the settings tab within your accounting workflow and setting a recurring sync.

General Rho Information

How Do I Contact Support?

When you contact Rho support, you reach a real human — 24/7, on every account, at no cost. No phone trees, no paywalled support tiers. Phone: 1 (855) 743-8746 — that's 1-855-7-GETRHO Email: clientservice@rho.co Live chat: log in to Rho (web or mobile app), click Help in the lower left, and select 24/7 live support Every channel is staffed around the clock, every day of the year.

Cards

How to Add Your Rho Card to your Digital Wallet

Your virtual & physical Rho cards can now be added to your Apple or Google Wallet for a quick, contactless, and secure way to pay. Note: Currently, we don't support adding Rho cards to WeChat. Set up is simple - follow the steps below to get started: Apple Wallet You can add an active physical or virtual Rho Card directly to Apple Wallet from the Rho mobile app: no manual card entry required. Because you’re already authenticated in the Rho app, no additional Rho verification is needed. Open the Rho app and log in. Select the active physical or virtual card you want to add. Tap Add to Apple Wallet . Follow the onscreen instructions. Apple may ask you to confirm your identity using Face ID, Touch ID, or your device passcode. Once complete, your Rho Card will appear in Apple Wallet and be ready to use. Note: Adding your card directly from the Rho app helps prevent entry errors and provides a more secure setup experience. For more information, see Apple’s support document . How to use your Rho Card in Apple Pay at a contactless point-of-sale terminal Select your Rho Card via the Apple Wallet app. Double-click the right-hand button on the side of your iPhone when near a contactless point-of-sale terminal. Verify your identity using Face ID or your Passcode. You will now be prompted to hold your phone near the contactless reader. Hold near the reader until the purchase has been completed. Google Wallet Your virtual & physical Rho cards can now be added to your Google Wallet on your Android device for a quick, contactless, and secure way to pay. Set up is simple - follow the steps below to get started: Open your Google Pay (GPay) app on your Android device and click the image of a card in the right-hand corner. This will open a screen that shows you all the cards you have linked to your wallet. Select “Add a Card” at the bottom of the screen. Select the Payment Method “Credit or debit card.” Take a picture of your Rho physical card or the virtual card in your Rho dashboard. Your phone will recognize your card details and then you must enter your 3-digit CVV security code. Alternatively, you may enter your card details manually. Make sure your address, ZIP code, and phone number match your settings in your Rho account. The address should be your organization’s billing address. Press Save. Review Rho’s Terms & Conditions and click “Accept & continue.” For your added security, you may be asked to verify your Rho Card account via two-factor authentication by “Text Message” or “Email.” After you receive your six-digit verification code by text or email, enter it and click Submit. Your Rho Card is now active in your Wallet and ready to use at contactless point-of-sale terminals that support Google Pay. For more information visit the Google Pay Help Center

Mobile App

How to Upload a Receipt in the Mobile App

You can add receipts to all Rho Card transactions within the app ( in addition to desktop, email, and SMS uploads ). To add a receipt, open the Rho app and tap on the transaction requiring a receipt. In the Attachments section, click "Upload Receipt" and choose one of the following options: Select an image from your camera roll Take a photo of your receipt using your camera Select and upload a file Note: Be sure to include any applicable tip amount on your receipt. In the transaction details window, you can also add departments, labels, and notes to your transaction.