Novo is a banking platform that is designed for small business banking. The NOVO platform is capable of integrating with today’s cutting-edge tools to give you detailed insights on your business finances. You can easily open a business checking account in minutes, securely with no minimum balance requirements.
It’s everything a business owner needs, and there are no hidden fees! Novo provides you 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!
(Visit Novo for more details)
Novo Quick Summary
|Minimum to Open||$50|
- Lack of fees
- Quick onboarding
- Easy to use
- Third-party integrations
- Robust banking capabilities
- No cash deposit
- Fairly new
- No QuickBooks integration
- Only one account option
- iOS only (Other platforms coming soon)
- No ATM network
(Visit Novo for more details)
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.
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.
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 other business tools
- Send wire transfers via Transfer wise
Be sure to note that the app is currently available only to iOS devices, but in the near future Novo has plans to debut its web platform and an Android version soon!
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
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.
- 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|
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!
Additionally, you can find a full list of the best bank promotions here. Finally, remember to bookmark this page to stay updated on Novo promotions here.
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