Find the latest Novo Bank Bonuses, Promotions, and Offers here.
Novo is a mobile banking platform designed for entrepreneurs. It offers a Business Checking account with no fees and a MasterCard debit card.
This award-winning service requires no paperwork to sign-up, no hidden fees, and no minimum balance requirements.
One of our favorite features of the Novo App is its integration with other business tools. Just because you changed banks doesn’t mean you need to change tools as well.
Update 1/22/23: Some accounts are being offered a $250 bonus when they spend $5,000+ on the debit card by March 15, 2023.
Novo $40 Referral Bonus
You can earn a $40 bonus when you open a new Novo business checking account using a referral link.
How to earn your Novo referral bonus:
- Open a Novo business checking account using a referral link.
- Deposit $100 to your Novo checking account within 30 days of opening your Novo account.
- Maintain at least a $100 balance in your Novo account for 30 days.
Novo Quick Facts
|Monthly Service Fee||None|
|Minimum To Open||$50|
|Minimum Balance Requirement||None|
You’ll find that Novo offers its services for a wide spectrum businesses, including but not limited to:
- Novo for Health and Beauty Businesses
- Novo for Cleaning Services Businesses
- Novo for Ecommerce and Retail Businesses
- Novo for Freelancers
- Novo for Coffee Shops
- Novo for Florists
- Novo for Fashion Stylists
- Novo for Photographers
- Novo for Truckers
- Novo for Contractors/Construction Businesses
Quick & Easy
It requires only ten minutes for you to apply for the Business Checking Account with the Novo App. The best part is that you can do so from your own convenience. Apply directly using the link above and without the hassle of paperwork.
Any business owner is allowed to apply unless if your business falls within the following industries:
- Those dealing with cryptocurrency
- Privately-owned ATMs
- Money services
- Unlawful internet gambling
- Cannabis sales
Once you are approved for an account, you can:
- Link to other bank accounts
- Make payments
- Process ACH transfers*
- Deposit checks
- Receive domestic and international wire transfers
It comes as no surprise that because this company is in its infancy, there are no physical branches and ATMs for you to deposit cash at. The best solution is to request money orders or checks when conducting business and using mobile deposit to receive your payments.
Novo uses ACH Transfers instead of paper checks, but if you require paper checks you can request them from Novo.
Business Debit Card
Novo provides all it’s customers with a MasterCard Business Debit Card. Additionally, this card can be linked to Apply Pay and Google Pay.
Novo does not charge fees when you use the ATM, but you may have to pay fees to the owner of the ATM. Furthermore, there is limit of $1,000 withdrawals per day.
The Novo app itself comes with some unique features:
- Receive instant notifications for transactions.
- Set up access for multiple users.
- Integrate with Quickbooks, Stripe, & Xero
- Send wire transfers using Trasnferwise.
This offer is available for both iOS and Android devices.
Novo lets you integrate with business tools. Manage all your businesses on the go using the Novo Dashboard and its compatibility with other tools.
CSV files. You’ll receive your Novo account statements as mail to your business address by default. But you can also export your transaction information as CSV files. These files are compatible with both Xero and QuickBooks.
Transferwise. As mentioned before, you can send transfers from within the Novo app if you integrate with Transferwise.
Xero. Sync your transactions and reconcile directly with your Xero account. Xero is a cloud-based accounting software platform.
Zapier. Integrate with a variety of web applications through Zapier. Including Gmail, Slack, Mailchimp, Trello, Twitter, Facebook, Dropbox, Salesforce, WordPress and more.
Safe & Secure
- Are FDIC-insured through partner bank, Middlesex Federal Savings, a community bank near Boston
- Use bank-grade encryption to ensure your private information stays private
The Novo Business Checking account is free with the exception of the fee schedule below. With a $50 deposit you will have access to all the account features.
|Monthly Service Charge||$0|
|Early Account Closing Fee||$0|
|Incoming Domestic or Foreign Wire Transfers||$0|
|Insufficient Funds Charge||$27|
|Uncollected Funds Return Fee||$27|
|Debit Card Replacement||$0|
|Uncollected Funds Return Fee||$0|
|Physical Check Bill Payment||$0|
|Paper Statement Fee||$0|
You may have seen on our site a Push and Pull involving money transfers. More often than not, banks do not allow you to transfer large amounts of money at once. However, Novo has no maximum or minimum transfer limit.
We do suggest, however, that you contact the Novo support team before making a large money transfer or they may freeze your account. This is a protective measure to prevent fraudulent activity from harming you and Novo.
Alternative Business Accounts to Consider
|Chase Business Complete Checking®||$300 Cash||Review|
|U.S. Bank Silver Business Checking||$800 Cash||Review|
|U.S. Bank Gold Business Checking||$800 Cash||Review|
|U.S. Bank Platinum Business Checking||$800 Cash||Review|
|Huntington Bank Unlimited Plus Business||$1,000 Cash||Review|
|Huntington Bank Unlimited Business||$400 Cash||Review|
|Huntington Bank Business Checking 100||$200 Cash||Review|
|Axos Bank Basic Business Checking||$400 Cash||Review|
|Axos Bank Business Interest Checking||$400 Cash||Review|
|Nationwide Business Premium Savings||$375 Cash||Review|
|Novo Business Checking||$40 Cash||Review|
|NorthOne Bank Account||$20 Cash||Review|
|Regions Bank Business Checking||$150 Cash||Review|
Finding the best business checking account is an important decision. Ultimately, it is your decision if an account is the best fit for your business. For a digital bank with relatively no fees, Novo is a wonderful option. The best part is that this platform is improving constantly to better fit your needs.
This account is definitely recommended if your business deals with primarily digital money transfers. But if your company deals with cash we can help find a free business checking account for you.