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.
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Novo Quick Facts
|Monthly Service Fee||None|
|Minimum To Open||$50|
|Minimum Balance Requirement||None|
It requires only ten minutes for you to apply for the Business Checking Account with the Vomo 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.
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.
- 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
• Open a Huntington Unlimited Plus Business Checking Account
• Earn $750 bonus when you open a Huntington Unlimited Plus Business Checking account and make total deposits of at least $20,000 within 60 days of account opening.
• The $750 bonus will be deposited into your account after all requirements are met and your account is open for 90 days.
• Enjoy overdraft protection with no annual fee or deposit-to-deposit overdraft protection with no transfer fee!
• Bonus Service. Choose one bonus service such as fraud tools, discounts on payroll services, or Huntington Deposit Scan®
• Ideal for businesses with higher checking activity and greater cash flow needs.
• Open a Huntington Unlimited Business Checking Account
• Earn $400 bonus when you open a Huntington Unlimited Business Checking account and make total deposits of at least $5,000 within 60 days of account opening.
• The $400 bonus will be deposited into your account after all requirements are met and your account is open for 90 days.
• Get Overdraft Protection Account with no annual fee, or Deposit-to-Deposit Overdraft Protection with no transfer fee.
• Enjoy unlimited transactions. And up to $10,000 in cash or currency deposits monthly in-branch or at an ATM at no charge.
• Designed for businesses with higher checking activity and greater cash flow needs.
• Bonus service. Choose one bonus service such as fraud tools, discounts on payroll services, or Huntington Deposit Scan®.
• Open your Huntington Business Checking 100 Account today!
• Earn $200 bonus when you open a Huntington Business 100 Checking account and make total deposits of at least $2,000 within 60 days of account opening.
• The $200 bonus will be deposited into your account after all requirements are met and your account is open for 90 days.
• Overdraft Protection Line of Credit available, or Deposit-to-Deposit Overdraft Protection with no transfer fee.
• Do business without a minimum checking account balance fee or maintenance fee.
• No monthly maintenance fee applies to this account.
• Enjoy up to 100 monthly transactions. And deposit up to $5,000 in cash or currency monthly in-branch or at an ATM at no charge.
• Ideal for start-ups and small businesses with lower balances and checking activity.
• Bonus Service Trial. Free 120-day trial of a fraud tool: Reverse Positive Pay.
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.
See terms here.
The Best Bank Offers are updated here. See the below pages to get started with some of the best offers:
• Chase Bank Offers. Chase offers a range of attractive Checking, Savings and Business Accounts. Chase has a great selection of sign-up bonuses in comparison to other big banks.
• HSBC Bank Offers. HSBC Bank routinely has offers for several of their Personal Checking and Business Checking accounts. They also have a good referral program.
• Huntington Bank Offers. Huntington Bank has high bonus amounts available through their Checking and Business Checking. Huntington also offers a Business Premier Money Market Account.
• Discover Bank Offers. Discover Bank offers top cashback, savings, money market accounts and CD rates for you to take advantage of. Discover has industry leading selections to cater to your banking needs.
• TD Bank Offers. TD Bank consistently offers a fantastic selection of checking accounts to cater to your banking needs. However, savings account offers are less frequently available.
|Chase Total Business Checking®||$300 Cash||Review|
|Chase Premier Plus CheckingSM||$300 Cash||Review|
|Chase Total Checking®||$200 Cash||Review|
|Chase SavingsSM||$150 Cash||Review|
|Chase Private Client||$2,000 Cash||Review|
|HSBC Premier Checking Member FDIC||$450 Cash||Review|
|HSBC Premier Checking Member FDIC||Up To $600||Review|
|HSBC Advance Checking Member FDIC||$200 Cash||Review|
|HSBC Advance Checking Member FDIC||Up To $240||Review|
|TD Bank Beyond Checking||$300 Cash||Review|
|TD Bank Convenience CheckingSM||$150 Cash||Review|
|Huntington 25 Checking||$500 Cash||Review|
|Huntington 5 Checking||$200 Cash||Review|
|Huntington Asterisk-Free Checking®||$150 Cash||Review|
|Huntington Bank Unlimited Plus Business Checking||$750 Cash||Review|
|Huntington Bank Unlimited Business Checking||$400 Cash||Review|
|Huntington Bank Business Checking 100||$200 Cash||Review|
|You InvestSM by J.P. Morgan||Up To $725 Cash||Review|
|Ally Invest||Up to $3,500 Cash||Review|