Novo is a business banking platform that is bringing small business banking into the modern age with their easy-to-use tools for businesses on the go. You can easily open a business checking account in minutes, securely with no minimum balance requirements.
Business owners are able to open a free business checking account with debit card access. In addition, there are no hidden fees, no paperwork, and no minimum required balances.
This account capable of being integrated with the present day’s tools that allow you to streamline your processes and provide insights of your business’ finances.
It’s everything a business owner needs, no hidden fees with the tools to help you understand and manage you finances all in one place. So if your business is interested, continue reading below to see what else Novo has to offer!
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So What Is Novo?
In summary, Novo is for the hustlers, innovators, entrepreneurs, and founders. Novo has worked with thousands thousands of entrepreneurs to construct a mobile bank account that modern businesses need to succeed.
With that being said, what you’ll get is a small business bank account that comes with no hidden fees or paperwork – meaning a free business checking account with debit card access, a dashboard with business tool integrations that you already use. This gives you the power of a bank right at your fingertips so you can manage your business’ finances in one place.
“To empower customers with their financial data and provide the most compelling banking experience possible.”
(Visit Novo for more details)
Novo Quick Summary
|Minimum to Open||$50|
- No ATM network
- No cash deposit
- Fairly new
- Only one account option
With Novo, you can bank through your mobile phone with the Novo App. Other than using it towards your checking account transactions, you can also:
- Receive instant notifications for transactions
- Set up access for multiple users
- Integrate with QuickBooks, Stripe, & Xero
- Send wire transfers via Transfer wise
However, the app available to iOS and Android devices.
Banking with Novo will save you time and money! You can apply for a business checking account with them in just minutes, directly from your phone.
If you’re business is in the United States, you are able to apply; the only exception is if your business falls within these industries:
- Those dealing with cryptocurrency
- Privately-owned ATMs
- Money services
- Unlawful internet gambling
- Cannabis sales
After you set up your account, you can:
- Link to other bank accounts
- Make payments
- * Process ACH transfers
- Deposit checks
- Receive domestic and international wire transfers
The only drawback is that you can’t deposit cash directly into your Novo checking account, but it can be solved with a purchase of a money order and using the digital check deposit feature.
* With Novo, ACH transfers are used instead of paper checks. If you need to a physical check, Novo will print and send one for you.
When you open an account, you get a free Novo business debit card. You can use it anywhere where Mastercard is accepted, as well as both Apple Pay and Google Pay.
Additionally, Novo doesn’t charge a fee to use an ATM, but you may have to pay a fee to the owner of the ATM. Plus, you can withdraw up to $1,000 per day.
Integrate with business tools to see your business’ financial health from your Novo dashboard and you can manage all your businesses on the go in one place.
- CVS Files: You can receive your Novo account statements as mail to your business addresses by default, but you can also export your transaction information as CVS Files. (These files are compatible with both Xero and QuickBooks.)
- Transferwise: You can send transfers from within the Novo app f you intergrate with Transferwise.
- Xero: Sync your transactions and reconcile directly with your Xero account. Xero is a cloud-based accounting software platform.
- Zapier: Intergrate with a variety of web applications through Zapier like: Gmail, Slack, Mailchimp, Trello, Twitter, Facebook, Dropbox, Salesforce, WordPress and more.
- The Novo accounts are FDIC insured through parnet bank, Middlesex Federal Savings, a community bank near Boston.
- They also use bank-grade encryption to ensure your private information stays private.
It’s good to know that the Novo business checking account is free, but you will need a $50 initial deposit to access account features.
Below is Novo’s fee schedule:
|Monthly Service Charge||$0|
|Early Account Closing Fee||$0|
|Incoming Domestic or Foreign Wire Transfers||$0|
|Insufficient Funds Charge||$27|
|Uncollected Funds Returned Fee||$27|
|Debit Card Replacement||$0|
|Physical Check Bill Payment||$0|
|Paper Statement Fee||$0|
There is no minimum of maximum transfer or deposit limit on your Novo account. Above all, you should contact the Novo support team if you plan on making a large payment or deposit payment because it might be flagged as fraudulent activity.
Novo Business Banking $40 Referral Bonus
Novo Business is offering a $40 referral bonus to new members when they open a new account and complete the requirements! Read the terms and conditions here.
- Account Type: Checking
- Availability: Nationwide
- Direct Deposit Requirement: None
- Credit Inquiry: Soft
- ChexSystems: Unknown, sensitive
- Credit Card Funding: Unknown
- Monthly Fee: None
- Household Limit: 1
- Closing Account Fee: None listed
|You can compare this to several great entry level Checking accounts with bonus offers include the Citi Priority Account (Up to $1500 Cash Bonus), Chase Total Checking® ($200 bonus), Discover Cash Back Debit (up to $360 Bonus), U.S. Bank Checking ($300 bonus), Chase Secure Banking ($100 Bonus), and Aspiration Spend & Save Account ($150 bonus).|
How To Earn $40 Referral Bonus
- Direct Link To Offer
- Must sign up using a referral link
- Manage your business finances on the go.
- Apply for your account in minutes
- Send invoices, track them, and get paid on your terms
- Set aside money with Novo Reserves
- Bank Novo Business Checking: No monthly service fees.
- The Referred User must not have previously opened an Account;
- The Referred User must use the Referring User’s Novo Unique Referral Code when applying for a new Account;
- The Referred User must be approved and open a new Account;
- The Referred User must have credits to their Novo account totaling $100.00 or more within 30 days of the Account Opening Date;
- An external deposit must be made by Authorized User on the Referred User’s Account; and
- After achieving a balance of $100 or more, the Referred User must maintain an average balance of $100 or greater in their Novo business checking account for the next 30 days.
Other 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.
• 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.
• 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 $100 bonus when you open a Huntington Business 100 Checking account and then make a minimum cumulative new money deposit into the new checking account of at least $2,000 within sixty (60) days of account opening.
• The $100 bonus will be deposited into your account after all requirements are met.
• 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.
For a digital bank with very small fees, Novo is a good option. Because it easily manages your business finances for free; plus the flexibility and simplicity of use compared to traditional banks. If you’re interested, sign up for Novo!
But it this doesn’t fit your business or if you deal with cash for the most part, check out other Business Banks in 2019! For more options from a variety of banks, see our list of the best bank promotions or see more free business account options!
(Visit Novo for more details)
See terms here.