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!
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
- What you’ll get: $40 bonus
- Availability: Nationwide
- Credit Inquiry: Unknown
- Credit Card Funding: Unknown
- Early Termination Fee: None listed
- How to earn it:
- Bank Novo (business checking) is offering a $40 referral bonus. New user must:
- They must not have previously opened an Account;
- They must use the Referring User’s Novo Unique Referral Link when applying for a new Account;
- They must successfully open a new Account;
- They must complete a qualified deposit(s) into their Novo account totaling $100.00 or more within 14 days of Account Opening date;
- The qualifying deposit(s) must be made by any user authorized to transact on the Referred User’s Account; and
- Bank Novo (business checking) is offering a $40 referral bonus. New user must:
- When it expires: None listed
(No expiration date listed)
Novo Quick Summary
Welcome Bonus | $0 |
Monthly Fee | None |
Minimum to Open | $50 |
Minimum Balance | None |
PROS
- Lack of fees
- Quick onboarding
- Easy to use
- Third-party integrations
- Robust banking capabilities
- QuickBook, Xero, & Stripe integration
CONS
- No cash deposit
- Fairly new
- Only one account option
- No ATM network
(Visit Novo for more details)
Novo Features
Novo offers its services to many types of businesses. Some examples include, 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
Business Checking
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.
Business Tools
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.
Novo App
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
Be sure to note that the app is available only to iOS and Android devices.
Quick & Easy
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
Business Debit Card
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.
Novo Fees
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 |
ACH Transactions | $0 |
Incoming Domestic or Foreign Wire Transfers | $0 |
Stop Payments | $0 |
Insufficient Funds Charge | $27 |
Uncollected Funds Returned Fee | $27 |
Debit Card Replacement | $0 |
Physical Check Bill Payment | $0 |
Bank Check | $0 |
Paper Statement Fee | $0 |
Other Business Accounts Choices To Consider
PROMOTION LINK | OFFER | OFFER |
Chase Business Complete Checking® | $300 or $500 Cash | Review |
U.S. Bank Business Checking | $900 Cash | Review |
U.S. Bank Business Checking | $400 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 | $100 Cash | Review |
Bottom Line
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.
See terms here.
PROMOTIONAL LINK | OFFER | REVIEW |
HSBC Premier Checking & Savings Member FDIC | Up to $3,000 Cash | Review |
Chase Private Client | $3,000 Cash | Review |
U.S. Bank Business Checking | $900 Cash | Review |
Chase Business Complete Checking® | $300 or $500 Cash | Review |
KeyBank Key Smart Checking® | $300 Cash | Review |
Truist One Checking | $400 Cash | Review |
Chase Total Checking® | $300 Cash | Review |
Chase College CheckingSM | $100 Cash | Review |
J.P. Morgan Self-Directed Investing | Up to $700 Cash | Review |
Chase Secure BankingSM | $100 Cash | Review |
SoFi Checking and Savings Account | $325 Cash | Review |
Huntington Bank Unlimited Plus Business Checking | $1,000 Cash | Review |
Huntington Bank Unlimited Business Checking | $400 Cash | Review |
Huntington Bank Business Checking 100 | $100 Cash | Review |
Fifth Third Bank Checking | $400 Cash | Review |
Axos Basic Business Checking | $400 Cash | Review |
Axos Business Interest Checking | $400 Cash | Review |
Axos Bank Business Premium Savings | $375 Cash | Review |
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