Nearside Business Bank Review: Business Account Benefits

Are you starting a side hustle or growing your business? You need a business bank account that works for you. With competition gearing up amongst banks, it’s the perfect time to find the right business bank account for you. You want to find a bank account that offers incentives, from a free prepaid debit card to zero fees.

Nearside Business Bank is one of the most popular options for any modern business or entrepreneur. You can earn a $50 referral bonus when you sign-up for your nearside business account using our referral link.

What we like about this referral program is that its eligibility requirements are lower than that of most bank platforms, making it easier to earn your free $50 referral credit.

Finding the right business bank account for you can be stressful. Whether you’re a freelancer, entrepreneur, or start-up, you want a business bank that We’re breaking down everything you need to know about Albert, including the platform’s $50 referral program bonus.

What is Nearside Business Bank?

Nearside is a free business bank account that you may remember being called ‘Hatch’. As part of the platform’s transition from Hatch to Nearside Business Bank, they dropped their previous $10 monthly fee to become a free business account. While most banks will make you jump through hoops to access their bank accounts, Nearside has a relatively low threshold to sign-up and take advantage of their business account benefits.

One reason why we recommend Nearside Business Bank for entrepreneurs and small businesses is because of its referral program.

Instead of having to spend thousands of dollars to get your referral bonus, Nearside only needs you to spend $100 on your Nearside business card to be eligible for your $50 referral bonus. You should have no problems meeting the referral threshold as you can spend $100 in one or multiple transactions.

One of the reasons why Nearside Business Bank is so popular with start-ups is that it gives you the benefits we’ve come to expect from a business account without having all the prerequisites.  You don’t need to hold a minimum balance to use its business account and you don’t have to opt-in for paying monthly fees.

If you’re starting your business, a Nearside Business Bank account will likely offer everything that you need without the hassle that comes from most business accounts.

How to sign up for Nearside Business Bank

Signing up for a Nearside account will only take a few minutes. We’re breaking it down step-by-step below to show you how to sign up for your business bank account and ensure you get your $50 bonus credit by using our referral link.

1. Sign up to create your Nearside business account by using our Nearside referral link.
2. Fill in the required information and wait for Nearside to approve your business bank account. This process may take several minutes or hours depending on demand.
3. When your account is approved, you’ll need to spend $100 on your debit card within a month of opening your account to qualify for your $50 free credit.
4. Once you’ve spent your $100, you’ll receive the $50 referral bonus in your Nearside account within 90 days.

Should you sign up for Nearside Business Bank?

The Nearside business bank is an ideal choice for entrepreneurs and small businesses looking to open their first business account. After rebranding from Hatch to Nearside in November 2021, you no longer have to pay monthly fees for the platform’s business account. This feature sets it apart from traditional business accounts that charge a monthly or annual account fee.

With no minimum balance requirement, it’s easier to manage your business account passively and without needing to spend time checking on the status of your bank account. Most entrepreneurs and small business owners don’t have the time to manage their business bank accounts.

You’ll get all the common rewards that you’d expect from a business bank account. Nearside Business Bank offers cashback rewards, flexible prepaid debit cards, and have zero fees for ordering replacement debit cards. You’ll have the peace of mind of not having to pay monthly or NSF fees that are common with other business accounts.

Nearside’s cashback program is one of the reasons why we recommend it for start-ups, entrepreneurs, and small businesses. You can earn 2.2% cashback on any purchase that you make with your Nearside debit card. It’s an easy way to keep your business expenses low and to boost your savings when shopping online or in-store.

Nearside Bank’s Referral Program

The Nearside Business Bank offers a $50 referral program, as well as offering new users a 20% cashback on their initial deposit up to a maximum of $40. By signing up through our referral link and making an initial $200 deposit, you can earn $90 in credit from Nearside. While you’ll get your $40 cashback right away, you’ll have to meet the $100 spending requirement to get your $50 referral credit.

After getting started with your Nearside bank account, you can start earning extra money for your business by sharing your referral link with your friends and family. Each person you refer will earn $50 when they sign up through your link and meet the $100 spending requirement.

Your $50 referral credit will appear as a statement credit on your Nearside bank account. The $50 referral bonus for spending $100 on your Nearside business debit card gives you a 50% return on your purchase.

Like most referral programs, there is a limit to how much you can earn through your Nearside Business Bank account. You’re capped at earning a maximum of $500 through referral credits each calendar year. If you’ve signed up for your Nearside business account using a referral link, this will count towards that year’s referral credits.

Whether you’re limited to 9 or 10 referrals, we all know at least that many entrepreneurs and small businesses. Earning $500 in referral credit could help your business pay for new office supplies, afford to upgrade your technology, or pay off other business expenses.

Combining the referral program with Nearside’s cashback incentive could earn your business hundreds of dollars every year. Read more about the Nearside bank referral program article for all the details.

How to Get Your $50 Nearside Business Bank Referral Credit

Business bank accounts can be confusing, especially when you’re signing up through a referral link. Thankfully, opening a Nearside Business Bank account is easier than you think. It should only take a few minutes to sign up for your account with most business profiles approved within 24-48 hours.

Sign up for a Nearside business bank account and earn your $50 referral credit by following these steps:

1. Sign up for your Nearside account through a referral link

The first step is to create your Nearside account by using a referral link. Our Nearside business bank referral link will get your $50 bonus.

It’s worth flagging that you’ll have to operate a business to qualify for this type of Nearside account. You’ll need to prove that you meet these requirements to open a Nearside business checking account with relevant documentation.

If you’re a freelancer or are self-employed, select the ‘sole proprietor’ option as your business type. You’ll use your name as the business name on your account. Alternatively, you can fill out the details in relation to your registered business.

During the sign-up process, you’ll be asked to link another bank account. While this doesn’t need to occur during the sign-up process. While you can skip doing this during the initial sign-up, you’ll need to do it to transfer money to your business account.

You’ll also be required to upload a photo of your government ID to prove your identity. This process is typical for any bank account application.

You’ll receive a notification informing you that your account application has been received when you finish signing up. While most Nearside accounts are approved within one day, it can take up to 48 hours.

2. Spend $100 with your Nearside debit card

Once your account is approved, you’ll get your Nearside business debit card within 7 business days. You’ll need to spend at least $100 using it to meet the referral program’s requirement.

Don’t forget to link a third-party bank account to your Nearside profile to transfer funds to your business bank accounts. You can spend your $100 in one payment or over multiple transactions. There’s also no requirement for the $100 to be spent specifically on business expenses.

3. Wait 90 days to receive your $50 referral bonus

After spending $100 with your Nearside debit card, you can expect to receive your $50 referral bonus credit within 90 days. The $50 credit will be deposited directly into your business bank account.

Are you also interested about Netspend bank’s referral program? Here’s our Netspend bank referral guide to help you how to register.

Final Thoughts – Is It Worth It?

Nearside Business Bank is one of our top recommendations for new start-ups and SMEs looking for their first business checking account. It only takes you a few minutes to set up your account and there are no fees or minimum account requirements. Nearside has a low threshold for meeting its referral bonus requirements meaning that the $50 credit is easy money to earn for any business.

It’s not just the referral program that makes Nearside one of our top recommendations. Their 2.2% cashback makes it one of the few debit cards on the market that has built-in cashback, allowing you can save extra money in-store and online.

If you’re hunting for the perfect business bank account for you, look no further than Nearside. Signing up for a Nearside account is easy and you can take advantage of all the benefits of a business account without paying monthly fees.

Don’t forget to use our referral link to get your $50 referral credit when you sign up for Nearside’s business checking account.