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Nearside bankruptcy
Nearside stopped offering its services in November 2022, three months after getting acquired by Plastiq, a lending and payments startup. Both companies filed for bankruptcy in May 2023.
For reliable business formation services, we recommend ZenBusiness for its affordability, user-friendly platform, excellent customer support, and comprehensive services. Learn more in our ZenBusiness review.
Nearside supports business owners by providing limited liability company (LLC) formation and banking services. What the company offers can help you form a business, get it registered, figure out taxes, collect payments, and manage expenses.
Nearside can help you create an LLC with help from its ongoing operations team for a reasonable recurring fee. Normally, Nearside also offers free business checking accounts, including a debit card with an impressive 2.2% unlimited cash back. However, Nearside paused accepting applications for new accounts in August 2022. You can join a waitlist in the meantime.
Let's take a deeper look into how Nearside may help you start and advance your business and how it compares with other alternatives.
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
Up to $400New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Minimum Opening Balance
$0
Monthly Fee
$0
Why We Like It
Earn a $50 or $400 bonus with eligible direct deposit1 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/2026. Full terms at <a href="https://www.sofi.com/banking/" >sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>.</p> and up to 4.00% APY2 <p>Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 3/30/2026. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p> on your money
Limited-Time Offer: +0.70% Boost on Savings APY to up to 4.00% for up to 6 months on new accounts. Terms apply.2 <p>Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 3/30/2026. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p>
No account, overdraft, or monthly fees3 <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a>.</p>
Get your paycheck up to two days early with direct deposit4 <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>
Access additional FDIC insurance up to $3 million5 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
Nearside was founded in 2019 by Thomson Nguyen, who is the current CEO. Based in San Francisco, California, the company's mission is to provide accessible financial products to everyday small business owners, entrepreneurs, freelancers, contractors, e-commerce store owners, and more.
The company states that it has helped more than 20,000 people start businesses through its limited liability company (LLC) formation service, which it calls Nearside Sprout. Sprout helps you navigate the legal maze of forming and running an LLC business.
The company also operates business checking accounts to help you manage your business's finances. The Nearside banking account allows you to manage your money using the desktop banking platform or the Nearside app. The mobile app is available on Android and iOS.
New banking customers can't sign up for business checking accounts as of August 2022, as Nearside is currently updating its banking platform. Instead, you can join a waitlist to be notified once this banking product is available.
Nearside has online and phone support for its customers. You can reach customer support at 888-516-2369 Monday through Friday from 6 a.m. PT to 5 p.m. PT when you need one-on-one help.
What does Nearside offer?
Nearside offers paid LLC formation services and free business checking accounts. The company used to offer small business loans and a business website-building service, but as of August 2022, it no longer includes these products on its list of services.
Sprout LLC formation service
Many small business owners operate under a business structure known as a sole proprietorship that helps separate their personal and business entities.
However, you may need to add partners or hire employees as your business grows. A limited liability company (LLC) makes this possible. You may also choose to switch to an LLC to remove your personal liability from your business operations.
Nearside makes it pretty easy to set up an LLC. If you're filing in Florida or California, Nearside Sprout LLC costs $29 per month or $200 per year. The Nearside Sprout subscription you pay includes the fees these two states charge to create the LLC.
For all other states, Nearside uses an annual pricing model that charges $39 per year. The first year includes a one-time state filing fee of up to $250.
With Nearside Sprout LLC service, you also get:
The paperwork needed to start an LLC
Legal documents filed on your behalf
Unlimited name availability checks
Continued support with annual compliance reports
Free trial subscriptions and discounts at select business-related services
Access to a registered agent service to handle legal communications for $99 a year
Employer identification number (EIN) for federal taxes for a $39 one-time fee
When setting up your LLC, you work with a Sprout LLC specialist who walks you through the business creation process. This includes getting all the paperwork you need, filing legal documents for you, and guiding you through the compliance process.
Nearside business checking account
Nearside is not accepting new business bank account applications as of August 2022 until it completes an update to its banking platform.
Nearside business checking accounts let you separate your business banking from your personal accounts with minimal hassle. Because Nearside doesn't charge monthly fees or overdraft fees, and doesn't require a monthly minimum balance, this is a good checking account option if you're just starting your business.
Nearside bank accounts can integrate with several services:
Accounting services: Intuit Quickbooks, Xero, and Expensify
E-commerce services: Amazon, Etsy, and Shopify
Invoicing platforms: Alto
Payment services: PayPal, Stripe, Square, and Venmo
Payroll platforms: Gusto
Service platforms: Lyft and Airbnb
Wages, payments, and transactions posted to your business bank account can automatically sync with your invoicing and accounting system. This allows you to avoid manually entering each transaction.
Nearside business checking account holders also qualify for discounts and special offers on business services from companies such as Gusto, Quickbooks, and Indeed.
The Nearside business checking account comes with a free Mastercard debit card that earns an unlimited 2.2% cashback rewards on purchases of goods and services throughout 2022. The card gives you access to no-fee ATM withdrawals within a global network of 55,000 ATM locations.
Who can benefit from Nearside?
Nearside is designed for small business owners whose primary goal is to set up a new LLC business. If you're learning how to make money through a new business, Nearside can help you get the ball rolling by filing LLC forms.
However, Nearside can't help if you want to set up other types of businesses, such as a corporation or a partnership. Nearside doesn't support other business entities. Other perks offered by Nearside may be somewhat limited compared with other business setup and management platforms.
Aside from LLC creation, Nearside also offers free business checking accounts that require no credit check. However, as of August 2022, the platform is not accepting new applications until it completes an update to its banking system. You can only join a waitlist.
The platform previously offered additional business-related services, such as small business loans and a website building service. However, these services are no longer available, and it's unclear whether they'll return in the future.
How to sign up for Nearside Sprout
You can sign up for the Nearside Sprout LLC formation service online in just a few minutes. Simply follow these instructions:
Enter your basic contact details and the state where you'll form your LLC.
Enter the name of your company and provide information about the type of business.
Provide your personal and business addresses, as well as your Social Security number.
Review your order and pay. Nearside accepts debit and credit cards as well as Google Pay.
4.8
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
Bank of America Advantage Banking
Up to $500 cash offer. Click ‘Learn More' for more details. Bank of America, N.A. Member FDIC.
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
AWARD WINNERBest Online Checking
SoFi Checking & Savings - Earn Up to $400 When You Set Up Direct Deposit
Limited-Time Offer: Earn a $50 or $400 bonus with eligible direct deposit and up to 4.00% APY on Savings (3.30% APY1 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/2026. Full terms at <a href="https://www.sofi.com/banking/" >sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for up to 6 Months on new accounts. Terms Apply.2 <p>Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 3/30/2026. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p> FDIC Insured.5 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
Enjoy $400 as a new Chase checking customer
When you open a new Chase Total Checking® account with qualifying activities.6 <p>Offer not available to existing Chase checking customers, or those whose accounts have been closed within 90 days or closed with a negative balance within the last 3 years. You can receive only one new checking account opening related bonus every two years from the last coupon enrollment date and only one bonus per account. Coupon is good for one-time use. To receive the bonus: 1) Open a new Chase Total Checking account, which is subject to approval; AND 2) Have your direct deposits totaling $1,000 or more made to this account within 90 days of coupon enrollment. Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. Person to Person payments (such as Zelle®) are not considered a direct deposit. Micro-deposits do not qualify as a direct deposit for the bonus. Micro-deposits are small deposits, typically less than $1, that are sent to your account to verify it is the correct account. After you have completed all the above requirements, we'll deposit the bonus in your new account within 15 days. To receive this bonus, the enrolled account must not be closed or restricted at the time of payout. Eligibility may be limited based on account ownership. Bonus is considered interest and will be reported on IRS Form 1099-INT (or Form 1042-S, if applicable). Offer availability subject to change. Other Chase checking bonus offers may exist concurrently.</p> FDIC Insured. Offer valid through 4/15/2026.
No, Nearside isn't a bank. It's a fintech company that provides banking technology for small businesses, in addition to LLC formation services. As of August 2022, the company has paused accepting new business checking account applications until it completes an update to its banking services. People interested in Nearside bank accounts can join a waitlist to be notified once applications are open again.
Can you overdraft with Nearside?
Yes, Nearside offers a $0 fee overdraft service for its business checking account holders. The account also has no maintenance fees and no minimum balance requirements. However, customers who would like to open a new account must wait until Nearside begins accepting applications again.
How much can you borrow from Nearside?
Nearside previously offered small business loans up to $10,000. However, the company no longer offers this service. Nearside loans had no origination fee, but you needed to have a Nearside business bank account with several months of banking history to qualify.
If Nearside doesn't feel like the right fit or doesn't offer the services you need, ZenBusiness and LegalZoom are two other companies you can consider to set up your business. Both companies offer extra products, like resources to help grow your business, get the right licenses, and create contracts.
ZenBusiness enables you to form several business types, including LLCs, corporations, and more. It offers several plan upgrades that include annual reporting, compliance guidance, business website building, and more. ZenBusiness shares free resources to educate you on how to start a business, including guides for performing market research, competitive analysis, and the creation of a business plan.
LegalZoom offers a robust suite of small business products. It can help you form an LLC, a corporation, or a non-profit, among other business types. The company provides annual reporting, contract templates, tax services, and more for additional fees.
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
AWARD WINNERBest Online Checking
High APY of up to 4.00% on Savings (3.30% APY1 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/2026. Full terms at <a href="https://www.sofi.com/banking/" >sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for up to 6 Months on new accounts. Terms Apply.2 <p>Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 3/30/2026. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p>
Paycheck access up to 2 days early with direct deposit4 <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>
No monthly maintenance or overdraft fees3 <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a>.</p>
Streamlined savings and savings goals with Vaults
Access to a large ATM network7 <p>We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.</p>
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