FinTech News

QuickBooks Rebrands Banking Account as QuickBooks Checking

QuickBooks is giving its small business banking account a new name. What was previously named QuickBooks Cash will now be known as QuickBooks Checking.

With QuickBooks Checking, business owners can take advantage of several digital banking services. These include the ability to earn 1% APY, use a physical or virtual debit card, utilize bill pay, and more. The account also features Instant Deposit — which enables deposits to post within 30 minutes — at no extra cost. Of course, QuickBooks Checking debit card purchases also sync with the QuickBooks product, saving business owners time when categorizing expenses. Notably, the account is free to open and has no monthly fees or account minimums.

According to QuickBooks, more than 150,000 small businesses have signed up for what is now known as QuickBooks Checking since the account debuted last year. Moreover, the company reports seeing a 4x growth since the beginning of 2021. Also interesting is that one-third of customers are new small business owners whose businesses have operated for less than a year.

The move from QuickBooks Cash to QuickBooks Checking is similar to what another Intuit brand did last year —albeit in the opposite direction. After launching what was then called Credit Karma Savings and later Credit Karma Checking, both accounts were renamed to Credit Karma Money Save and Credit Karma Money Spend respectively. Incidentally, the 1% APY that QuickBooks Checking pays is far higher than the 0.10% APY currently offered by Credit Karma Save.

In a press release about the name change, the SVP of QuickBooks Money Offerings Rania Succar said of the account, “Thousands of small businesses are turning to QuickBooks Checking to manage their cash flow and we’re laser focused on continuing to refine and design an even more robust banking experience with their specific needs in mind.” Succar continued, “A banking solution that’s seamlessly integrated with the QuickBooks platform accelerates our ability to deliver tremendous benefits to small businesses and support them with complete visibility of and fast access to their money, all with total reliability.”

Although “QuickBooks Cash” wasn’t necessarily a bad name for its small business banking product, there’s no doubt that “QuickBooks Checking” is a clearer and more direct moniker. With the account already seeing a jolt in popularity, perhaps this enhancement (coupled with a fresh round of marketing and news stories like this one) will propel the offering even further. Regardless, Intuit continues to be a FinTech giant that only seems to grow stronger.