HL Hunt’s business banking product bundles zero-fee accounts, 4.25% reserve APY and same-day ACH — still labeled coming soon
The BaaS-style account pairs an operating and reserve balance with corporate cards, invoicing and payroll tools, running through a partner bank for FDIC coverage up to $250,000.
HL Hunt Financial's business banking product is the banking-as-a-service layer underneath the company's broader lending and credit-building business — a business checking account built to run alongside HL Hunt's credit builder, underwriting and payments products rather than as a standalone bank in its own right. The page for it, at hlhunt.org/business-banking, lists the product as coming soon, with a waitlist open rather than live accounts.
As described on the site, the account pairs an operating balance with a separate reserve balance carrying a stated 4.25% APY accrued daily with no lock-up, alongside unlimited virtual and physical corporate cards offering 1.5% cashback, same-day ACH and domestic wires, branded invoicing with auto-reminders, and bill pay for vendors, rent and utilities. HL Hunt also lists AI-driven expense categorization with team-level budgets, sub-accounts for segregating tax and payroll funds, and two-way accounting sync with QuickBooks and Xero. An AI payroll tool is listed separately as its own coming-soon feature, distinct from the banking account itself.
HL Hunt frames onboarding as fast and low-friction: an online application collecting EIN and basic business details, described as requiring no credit check, with most businesses said to be verified and approved within hours rather than weeks. The site states deposits will be FDIC insured up to $250,000 through an unnamed partner bank — the standard structure for a banking-as-a-service arrangement, in which a fintech provides the app and account experience while a chartered bank actually holds the deposits and carries the regulatory relationship with the FDIC.
Pricing is tiered by deposit activity rather than a flat fee: a Starter tier free with no minimums, a Growth tier that is also listed at no monthly cost but unlocks with $2,000 or more in monthly deposits, and a Scale tier at $29 per month adding multi-entity support and advanced approval workflows for larger teams. HL Hunt markets the structure as zero monthly fees across the board, with the paid tier priced for added administrative features rather than for basic account access.
The relevant caveat is the same one that has applied to HL Hunt's other pre-launch products: every figure above — the 4.25% reserve rate, the cashback rate, the same-day settlement claims, the hours-not-weeks approval timeline — describes what HL Hunt intends to deliver once the product launches, not a track record from an operating bank account with existing customers. The site does not yet name the partner bank that would hold deposits and carry the FDIC relationship, which is a detail worth confirming once the product leaves waitlist status, since the identity and health of that partner bank is what the deposit-insurance claim actually depends on.