Bank Novo Review 2024 – Free Checking for Small Businesses
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What is Novo Bank’s business checking account?
- Up to 2.00% Annual Percentage Yield (APY)–over 10X the national average!
- No minimum balance, no monthly service fees, no overdraft
- Get your paycheck up to 2 days earlier
- Signing up takes 2 minutes
How does Novo Bank’s business checking account work?
How much does Novo Bank cost?
Novo Bank business checking account features
Online mobile banking
Fast application
Send invoices and receive payments
Set aside money for taxes and expenses
Free and easy transfers
Deposit checks
Send payments directly
Integrated with Stripe
Accepted worldwide
- Up to 2.00% Annual Percentage Yield (APY)–over 10X the national average!
- No minimum balance, no monthly service fees, no overdraft
- Get your paycheck up to 2 days earlier
- Signing up takes 2 minutes
Who is Bank Novo best for?
- Freelancers. Whether freelancing full-time or as a side hustle, having a separate business bank account may not be the first task on your to-do list. Still, it’s an important step to keep from muddying the waters between your business and personal finances. Novo Bank is free, easy to use, and comes with plenty of extra perks.
- Small business owners. If you own a small business, Novo Bank’s integrations with popular business tools like Stripe and QuickBooks can save you time and money. The bank also makes sending invoices and receiving payments from clients and customers easy.
- Entrepreneurs. Whether you’re an established entrepreneur or are just starting, Bank Novo is a good option for a business bank account. The bank also offers free perks and discounts from partners like Google Ads and GoDaddy to help your business ventures grow.
Who shouldn’t use Novo Bank?
- People who don’t own a business. Business owners include people with a side hustle, freelance, work as contractors, or are self-employed. That said, if you don’t own a business, a bank account from Novo Bank probably isn’t right for you.
- People who want a brick-and-mortar bank. Since Bank Novo is online, visiting a physical bank branch is impossible. This may be a dealbreaker for people who prefer to do their banking in person.
Pros and cons
- Free to use: There’s no fee to open an account with Bank Novo, and the bank doesn’t charge any monthly maintenance fees or require a minimum balance.
- No fees: Bank Novo doesn’t charge any ATM fees at any ATM network, incoming or outgoing ACH fees, or incoming domestic or international wire fees.
- Business tool integration: Bank Novo integrates with tools and apps like Stripe, QuickBooks, and Wise.
- No personal accounts: Bank Novo only offers business checking accounts at this time and has no savings account.
- Can’t deposit cash: There’s no option for cash deposits to your Bank Novo account.
- Doesn’t earn interest: Unlike some other business bank accounts, an account with Bank Novo doesn’t earn interest.
Novo Bank vs. competitors
Bank | Minimum balance | Monthly fee | APY |
Bank Novo | $0 | $0 | N/A |
BlueVine | $0 | $0 | 2.00% up to $100,000 |
Mercury | $0 | $0 | N/A |
BlueVine
Mercury
- Up to 2.00% Annual Percentage Yield (APY)–over 10X the national average!
- No minimum balance, no monthly service fees, no overdraft
- Get your paycheck up to 2 days earlier
- Signing up takes 2 minutes
FAQs
Is Novo Bank legit?
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Margaret Wack covers personal finance and small business and has appeared on MoneyUnder30, The Simple Dollar and Interest.com.