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Intuit launches QuickBooks Cash accounts for small biz

Intuit Inc. launched QuickBooks Cash, a no-fee business bank account that pays 1% interest when used with QuickBooks software or mobile apps and helps small business owners remove the complexity of managing their finances.

The account charges no account opening fees, maintenance fees, overdraft fees, minimum balance charges or other recurring fees. QuickBooks uses machine learning technology to back a 90-day financial planner to help small businesses forecast their financial spending.

"Small businesses face unique challenges in the management of their finances — too often they have to track and manage their money inflows and outflows through multiple solutions, which can lead to increased fees and wasted time," Rania Succar, senior vice president, QuickBooks Capital and Payment at Intuit, said in a press release. "QuickBooks Cash delivers what current business accounts don't -— a banking experience that enables small businesses to accept payments, pay teams and vendors — with automatic reconciliation for easy financial management."

The accounts will include a debit card and additional features, including instant deposit credits for qualified businesses, envelopes that allow companies put aside money for certain situations, bill payment and seamless integrations across the QuickBooks ecosystem.