If you’re looking for a new debit card that offers great rewards, Nearside is worth considering.
With Nearside, you can earn cashback on all of your purchases.
There are no monthly fees or overdraft fees to worry about.
Nearside doesn’t require you to maintain a minimum balance as many other banks ask for.
If you’re interested in learning more about Nearside, keep reading.
We’ll go over everything you need to know to decide if this card is right for you.
What Is Nearside?
Nearside is an online bank for business owners with business checking needs.
It offers a streamlined application process without credit checks.
Business owners can open a bank account, manage their money online, and use the Nearside debit card to make purchases for the business.
The online bank uses Plaid to support third-party integration with other banks.
The feature allows you to transfer funds between your Nearside checking account and other third-party bank accounts.
How Does Nearside Cashback Debit Card Work?
Nearside is a cash-back debit card that rewards users for their everyday business spending.
You can earn cashback on all of your purchases, no matter where you shop.
The card provides a flat rate of 2.2% cashback on business purchases.
Usually, Nearside offers 1% cashback on your purchases.
For 2023, however, you will get a 2.2% promotional rate.
You can deposit and withdraw funds from any Allpoint ATM.
Allpoint includes more than 50,000 ATM locations across the United States.
Depending on where you live, you shouldn’t have much trouble finding an Allpoint ATM near you.
All Nearside cardholders can benefit from additional debit card perks.
If you use your Nearside business checking debit card to buy various business tools, you can save money.
Here are some of the extra perks you can get with Nearside.
- Get three months for free on any Gusto plan
- Use Buddy Punch free for 30 days
- Get a free wireless card reader and six months of free service from Drip
- Save 20% with Constant Contact forever
- Save 55% for three months with Quickbooks
- Choose any SEMRush plan and get a 140-day free trial
- Save 20% on an annual or monthly Unbounce plan
Many other software companies partner with Nearside to help you obtain savings.
PandaDoc and SignEasy let you share documents online.
Use them when you need clients to sign contracts, for example.
Square helps you take credit card orders.
Use the Yelp savings to place Yelp ads and increase your lead generation results.
The Indeed partnership helps you save when using the service to find the right people for your team.
Use Xero for your accounting needs and Zendesk to help your customer support team perform better.
Debit Card for Independent Contractors
Nearside works well for independent contractors who don’t typically keep large balances in their accounts.
Traditional banks often require minimum monthly bank balances to avoid additional fees.
With Nearside, independent contractors can open a business checking account, obtain a free Nearside Mastercard debit card, avoid NSF fees, and never worry about card replacement fees.
Who Can Get a Nearside Debit Card?
Any small business person can open a Nearside business checking account and quality for the debit card.
To be eligible for the Nearside Mastercard, you simply need to own some sort of business.
Nearside doesn’t make you meet stringent requirements.
The bank will help sole proprietorships, LLCs, and corporations.
If you’re an independent contractor, then list yourself as a sole proprietor when applying.
Nearside doesn’t require an employer identification number (EIN).
You don’t even need a brick-and-mortar business address.
The bank will allow you to apply using your home address.
A P.O. box is the only type of address you can’t use when applying for a Nearside business checking account and debit card.
Without a need to show up as an incorporated business, Nearside represents an excellent choice for sole proprietors who otherwise can’t open business checking accounts.
When applying at Nearside as a sole proprietor, list your Social Security Number instead of an employer identification number.
Applying for a Nearside account is free and won’t affect your credit score.
Now that you know about Nearside’s business checking option, let’s compare it with three competitors.
Nearside vs. Lili Bank Account
Lili Bank focuses on helping freelancers with their banking needs.
It offers a suite of tools that help you pull reports and track spending.
You can easily access what you need when doing your taxes each year.
With Lili, you can choose between a free standard account or paying $4.99 per month for its Pro account.
The Lili Bank Pro account will pay 1% on anything you put into savings.
Like Nearside, Lili Bank doesn’t charge overdraft fees.
It gives you up to $200 free overdraft protection.
It partners with Visa when providing its free business debit card.
You can access free ATM withdrawals at more than 38,000 U.S. locations.
Nearside vs. LendingClub Bank
LendingClub Bank offers more services than Nearside.
At LendingClub Bank, you can access these types of business banking services.
- CD accounts
- Credit cards
- SBA Loans
You’ll need at least $100 to open a business checking account with LendingClub Bank.
Similar to Nearside, you won’t need to worry about monthly service fees or maintaining a minimum balance.
However, LendingClub Bank offers only 1% cashback on purchases compared to the 2.2% back with Nearside.
Here’s the interesting thing about comparing Nearside to LendingClub Bank.
When you open a Nearside business checking account, you’re also doing business with LendingClub Bank.
Nearside uses LendingClub Bank to provide its banking services to customers.
If you’re a smaller business, then Nearside offers a nice option to open a business checking account without the additional fees LendingClub Bank charges larger businesses.
You’ll also get the extra cashback benefit.
Nearside vs. Novo Bank
Novo Bank requires a $50 minimum balance to open your business checking account.
Interestingly, Novo isn’t a bank, but rather, a tech company.
Novo uses Middlesex Federal Savings as its banking partner.
One advantage to Novo is that you can access any ATM without paying ATM fees.
The disadvantage is that its debit card doesn’t offer any cashback benefits.
What Benefits Does Nearside Have?
Nearside offers small business owners a few distinct advantages.
Let’s review them in detail.
Nearside offers a flat rate of cashback on all purchases.
You’ll get back 2.2% on each purchase.
This option represents one of the highest rates in the industry.
No Monthly Fee
There’s no need to worry about monthly fees with Nearside.
You can use your debit card without paying any additional charges.
No Monthly Minimum
Similar to the no monthly fees, there’s also no need to maintain a minimum balance.
For small business owners, this is helpful if your business is in a seasonal slump.
Many independent contractors experience ebbs and flows throughout the year.
Eliminating monthly minimum cash requirements helps run your business without fear of additional fees.
No Overdraft Fee
If you accidentally spend more than what’s in your account, Nearside won’t charge you an overdraft fee.
Again, this is another way Nearside helps small business owners manage their finances more effectively.
No Replacement Fee
If you lose your debit card or it gets stolen, you won’t have to worry about paying a replacement fee.
What Are the Nearside Fees?
Nearside’s unique business angle is that you can open a small business checking account without fees.
However, there’s one caveat to this: If you use an ATM that isn’t a part of the Allpoint network, then you’ll see a $1.00 ATM charge on withdrawals.
Annual Percentage Rate (APR) doesn’t apply in this case.
You aren’t getting a credit card with Nearside.
You open a business checking account and obtain its accompanying business debit card through Mastercard.
Debit cards don’t charge APR as a credit card does.
Is Nearside Worth It?
Let’s take a quick look at the pros and cons associated with using Nearside as your small business banking solution.
- Nearside offers a high cash-back rate of 2.2% (usually 1% but offering 2.2% for 2023)
- No monthly fees
- No debit card replacement fees
- No minimum balance
- No overdraft fees
There aren’t many disadvantages to using Nearside as your business banking partner.
However, some business owners who accept cash or checks as payment may find it disadvantageous that you can’t upload checks to your Nearside account.
Instead, you must deposit all checks at one of the Allpoint ATM locations.
An inability to make online check deposits may cause certain businesses to look at Lili Bank or Novo instead.
Both of those business banking options allow you to upload checks via their banking apps.
Nearside is worth it if you’re looking for a simple, straightforward way to get cashback on your purchases.
The Nearside debit card offers excellent cash-back benefits with no monthly fees and no minimum balance.
You also won’t have to worry about overdraft or replacement fees.
Nearside is perfect for small business owners who are looking for a cash back rewards debit card.
Are you ready for a no-fee, no-hassle banking option for your small business?
Click here to open your Nearside account now.