Rho Business Checking & Savings Accounts

Business banking -minus the annoying fees and hold times.

Enjoy a seamless business banking experience backed by award-winning customer support and zero ACH fees. Apply for a Rho account in minutes today.

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Rho is a fintech company, not a bank. Checking and card services provided by Webster Bank, N.A., member FDIC; savings account services provided by American Deposit Management Co. and its partner banks.
Rho is Mercury plus Ramp plus amazing customer service in one platform.
Andy Cloyd, CEO & Co-Founder

Powerful business banking platform meets world-class support

Everything you need to run your company's finances from end to end.

Put an end to annoying fees.

Send payments fast – without any
platform, ACH, wire transfer, or overdraft fees*.

Bank on a strong foundation.

Rho partners with Webster Bank, N.A., Member FDIC, a nationally-chartered institution with over $70B in assets.

Speak with live support fast.

Your business is assigned a dedicated Rho specialist to provide personalized, one-on-one support around the clock.
Open an account and start enjoying an award-winning banking platform experience today.
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*While Rho does not charge international wire transaction fees, international wires in USD can be subject to additional fees set by recipient, correspondent, or intermediary banks, in addition to the SWIFT network

Two business account options, one powerful platform

Manage day-to-day operating cash with zero ACH fees.

Rho Business Checking Account

$0 ACH and wire transfer fees, and reliable support.

Rho Business Savings Account

Get up to $75M in FDIC insurance on your deposits via American Deposit Management Co. and its partner banks while earning yield.
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Multiple capabilities – one powerful online platform

Experience the benefits of a Rho business account today.

Track advertising spend. 


Running advertising campaigns on Facebook or TikTok? Create virtual Rho corporate card that can only be spent with those merchants and understand spending in real-time.

Execute procurement spending with ease.

Assign individual Rho corporate cards to specific vendors or categories of company expenses, simplifying your procurement and accounts payable processes.

Pay for employee travel-related business expenses.

Book your flights and pay for team and client meals with Rho corporate cards to specific budgets or teams.

Distribute employee cards with full control.

Give your employees cards with strict spend limits and controls that help them pay for needed materials and office supplies while maintaining expense policy compliance.

Manage client budgets.


From construction companies to advertising agencies, Rho corporate cards can help track granular spending by client or job code, making budgeting easier.

Limit cardholder access to the C-Suite.

Some businesses prefer to limit corporate card access to senior executives or owners.
Rho corporate cards can easily be assigned just to senior level employees.

Track advertising spend. 


Running advertising campaigns on Facebook or TikTok? Create virtual Rho corporate card that can only be spent with those merchants and understand spending in real-time.

Execute procurement spending with ease.

Assign individual Rho corporate cards to specific vendors or categories of company expenses, simplifying your procurement and accounts payable processes.

Pay for employee travel-related business expenses.

Book your flights and pay for team and client meals with Rho corporate cards to specific budgets or teams.

Distribute employee cards with full control.

Give your employees cards with strict spend limits and controls that help them pay for needed materials and office supplies while maintaining expense policy compliance.

Manage client budgets.


From construction companies to advertising agencies, Rho corporate cards can help track granular spending by client or job code, making budgeting easier.

Limit cardholder access to the C-Suite.

Some businesses prefer to limit corporate card access to senior executives or owners.
Rho corporate cards can easily be assigned just to senior level employees.

Send ACHs for free in as little as one business day.

Enjoy mobile check deposits and zero account fees.

Manage invoices at scale with automated bill pay.

Handle global payment processing at scale.

Set up free Deposit Account Control Agreements for lenders.

Access a business line of credit with the Rho Corporate Credit Card.

We make it easy to switch to Rho

Enjoy a smooth account opening experience and get back to building.
1.

Apply for a Rho account in minutes.

Help us learn more about your business needs by uploading identification and disclosure documentation.
2.

Add funds to your Rho account

Once open, account holders can begin sending payments, receiving incoming wires, and managing monthly transactions.
3.

Set up your team in just a few clicks.

In seconds, generate your first Rho Card with configured spend controls that help enforce your expense policy.
Before Rho, we would hit dial tones when we had issues and started experiencing technical limitations as we scaled. Our previous provider just couldn’t match the technology or service offered by Rho.
Alex Marcus, Co-Founder & CEO

Spend time building your business, not on hold

Seasoned business owners, operators, and CFOs optimize cash flow and bank with confidence using Rho.

From manual finance

Charges you for everything and won’t take your calls.

To frictionless finance

Organize your cash with multiple fee-free operating accounts and count on 24/7 customer support.
Example of well organized finance mobile app.
Stimulate growth with a credit line that scales with you.
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How the Rho platform compares

See how our powerful platform stacks up against other cash management solutions.
 
Zero monthly maintenance fees
Responsive customer support
Fee free wires and Same-day ACH
Native accounting software integrations
Built-in AP automation and expense management
Minimum deposit requirement
FDIC Deposit Insurance
N/A
Up to $250K/$75M*
Mercury
No live support
QuickBooks Online & Xero
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N/A
Up to $5M
Chase
$15
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$2K
$250k
Wells Fargo
$10
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$10K
$250k
Capital One
$15
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$2K
$250k
Experience a better business banking platform with Rho today.
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Checking and card services provided by Webster Bank, N.A., member FDIC; any deposits insured up to $250K per depositor. Savings account services and up to $75M in FDIC insurance provided by American Deposit Management, LLC and its partner banks. Rho is a fintech company, not a bank, and Rho is not FDIC insured.

Competitive data was collected from Chase, Wells Fargo, Capital One, and Mercury websites as of February 26, 2024 and is subject to change or update. Customer wait times are based on anecdotal research.

FAQs

Answers to common questions about Rho Business Checking and Savings Accounts.

Is my business eligible to open a Rho checking account?

To be eligible for Rho, your business must be incorporated in the United States. Rho serves small business owners, startups, middle-market and enterprises across industries.

We do not offer services to sole proprietorships or unincorporated businesses, so small business banking services – like a small business checking account – from another financial institution may be a better fit for these types of entities.

Is Rho a bank?

No. Rho is not a bank. Rho is a financial technology company that partners with other banks, dedicated to helping organizations take charge of their finances.

At Rho, we provide products for digital banking solutions, business credit cards, accounts payable, and more — all through one, intuitive platform. Checking and card services provided by Webster Bank, N.A., member FDIC; savings account services provided by American Deposit Management Co. and its partner banks.

Who is Rho’s sponsor bank?

Checking and card services are provided by Webster Bank, N.A., member FDIC. Savings account services are provided by American Deposit Management Co. and its partner banks.

What do I need to set up a new business checking account with Rho?

To be eligible for Rho, your business must be incorporated in the United States. We do not offer services to sole proprietorships or unincorporated businesses. Terms & conditions apply. 



To open a business checking account through Rho, we require general business information and key documents including:


  • Articles of Incorporation
  • Company bylaws
  • EIN letter
  • Beneficial owner information
  • Additional supporting documents where applicable
  • Other information, including social security number

Does Rho have a mobile app?

Yes, the Rho app is available on iOS and Android devices for both Rho account admins and employee users.

Employees can use the Rho app to manage expenses, upload receipts, request spend limit increases, and access virtual cards for card payments.

Rho admins can do the same plus manage mobile banking needs like depositing checks and checking account balances.

Does Rho offer business savings accounts?

Yes. Banking services for the Rho Business Savings Account (formerly known as Treasury Management Accounts) and up to $75M in FDIC insurance per depositor subject to conditions are provided by American Deposit Management Co. ("ADM") and its partner banks.

Currently, qualifying clients earn up to 2.75% APY (annual percentage yield) on Rho Business Savings Accounts, helping you put your money to work as interest rates change.

Once you enroll, interest will be earned by you with the Rho Business Savings Account will be calculated by ADM each statement cycle. This is in contrast to many business savings accounts, which offer 0.01% APY (national average as of June 6, 2024) on your deposits.

Does Rho charge ATM fees?

Since we do not offer ATM withdrawals at this time, nor do we offer cash deposits or business debit cards, we do not charge ATM fees.

We also don’t charge ACH fees, monthly maintenance fees, or monthly service fees with Rho business checking and savings accounts.

The only exception is Rho Treasury (formerly known as Rho Prime Treasury), our bespoke treasury management solution, that has a small maintenance fee. Learn more about our pricing today.

Does Rho have any minimum balance requirements?

No, we do not have minimum opening deposit requirements at this time for the checking and savings accounts.

Does Rho offer money market funds?

No. Our cash management offering, Rho Treasury (formerly known as Rho Prime Treasury), only invests your idle cash in high-grade assets, like U.S. T-Bills, that align with your customized investment policy and liquidity needs.

If your company’s investment policy allows for high-end investment-grade corporate bonds and U.S. Bank CDs (certificate of deposits), then those may be held in your account as well.

Assets are held in your company’s name, which is an important distinction from money market funds. Read our blog post about money market account for more info, including their risks vs. T-Bills.

Does Rho offer personal checking accounts?

No, Rho is not a personal finance solution and only offers business account products with our partner banks.

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Rho is a fintech company, not a bank. Checking and card services provided by Webster Bank, N.A., member FDIC; savings account services provided by American Deposit Management, LLC and its partner banks. Conditions apply.