Novo Business Checking Account Review 2024: Easy Integration With Business Tools

Katie StinerJanuary 7, 2024

Novo business checking accounts are a great option for small businesses looking for digital banking services that have no monthly fees, seamless integration with business accounting and payment tools, and no hidden costs. With its simple and easy-to-use app, you can apply within minutes and streamline your business finances, payments, and processes.

Overall rating

Reviews

Features

HQ	New York City
Monthly Fee	$0
Min. To Open	$0
Min. Deposit For No Fee	$0
Transfer Fee	$0
Overdraft Fee	$27 insufficient funds fee
ATM Fee	Refund on all ATM fees
Rewards	Cash savings available with multiple partners
Transactions	Unlimited transactions with no fee
Branch Access	None
State Restrictions	Available in all US States

In depth review on Novo business checking account

Novo business checking accounts are best for business owners that are looking to streamline their finances and processes with a range of small business tools and software. Their business checking account is exclusively tailored to freelancers, entrepreneurs, and small businesses to help manage their finances from anywhere using digital banking services. Novo’s direct integrations with Shopify and Stripe make them a perfect fit for e-commerce businesses.

Novo business checking account is best for

• Integration with small business tools: Novo provides a seamless integration with business tools to help you transfer money, send invoices, pay bills, and do accounting.
• Refunds on all ATM fees: Novo will refund all ATM fees worldwide including fees incurred internationally from other banks for using their ATM and out-of-network ATMs in the U.S.
• No hidden fees:  You’ll never be surprised by a fee with Novo. There are no monthly fees, no minimum balance requirements, no incoming or outgoing ACH fees, and no incoming domestic or foreign wire transfer fees. The only fees stated on their website are an insufficient funds charge and an uncollected funds return fee.

Novo business checking account benefits

• Discounts, savings, and rewards: There are thousands of dollars in exclusive perks available to account holders. Some popular partners include Stripe, Google Cloud, HubSpot, and Salesforce.
• Set up a virtual card: You can use your Novo business checking account straight away using a virtual card before you receive your physical card.
• Deposit checks easily: You can deposit checks instantly from your phone, free of charge by taking a photo.
• Categorize and tag transactions: To help with accounting, you can tag and categorize each transaction and even upload receipts or documents.

Novo business checking account drawbacks

• Cannot send wire transfers: You cannot make domestic outgoing wire transfers. To make international wire transfers, Novo has partnered with Wise to facilitate this.
• No in-person customer support: With no branches, Novo’s customer support is solely available online. There is no in-person customer support at any location.

Account opening

5

You can get started with a Novo business checking account in a few simple steps. You’ll need to provide your personal information, business information and wait for your approval to arrive. The application process is fast and easy, taking under 10 minutes to complete.

You can open your business account as an independent freelancer (sole proprietorship) or as a small business where you’ve registered your business as an LLC, Partnership, or Corporation.

All applicants will need to provide the following information:

• Name
• Mobile phone number
• Social security number
• US mailing address
• Must be at least 18 years old
• Personal ID

Depending on your type of business and the state you live in, you may require specific business documentation for the application. On average the application process takes two to three business days.

Fees

5

Novo has zero hidden fees. There are no monthly fees, no minimum balance requirements, no incoming or outgoing ACH fees, no early account closing fee, no fees for stopping payments, zero cost to replace debit cards, no paper statement fees, and no incoming domestic or foreign wire transfer fees.

The only fees stated on their website are an insufficient funds charge and an uncollected funds return fee which is both $27.

Features

5

Key features for the Bank Novo business checking account include:

• Mobile-friendly platform: Its mobile-friendly platform provides everything you need to complete the essential tasks of running your business from your smartphone. Novo also has a web-based app for more advanced services such as sending invoices.
• Exclusive perks: There are multiple discounts and special offers available as an account holder. For instance, you could save up to $1400 a year with HubSpot and $150 a year in cash savings with QuickBooks.
• Integrates with small business tools: Novo has a suite of business tool integrations. Some of these integrations include popular service providers such as Stripe, Xero, Wise, Slack, Shopify, and QuickBooks.

Deposits and withdrawals

4

There are four different ways you can fund your Novo account. These include:

• Linking your account to a payment processor
• Complete an ACH transfer from your other US bank account
• Connect your Novo account to a digital wallet such as PayPal or Venmo
• Deposit a check into your account

Accounts do not have a minimum or maximum deposit. However, depending on the type of deposit, there are daily and monthly transaction limits in place including up to 20 checks per month and an ACH push limit of $5000 per day. These limits can be increased via the in-app chat support available. If you have a particularly large deposit, it’s best to get in touch with Novo customer support in advance to avoid having the transaction flagged as potentially fraudulent.

At the moment, you cannot make domestic wire transfers. There are no fees for ATM withdrawals as all fees are refunded but there is an ATM withdrawal limit of $1000 a day.

Customer service

4

Novo has a customer support service available from Monday to Friday 9 am – 6 pm EST via Novo web and mobile app. You can also get in touch via email, however, this service is only available for existing Novo customers.

Out of 931 reviews on Trustpilot Bank Novo currently has an average rating of 4.0 with any customers enjoying the user-friendly experience.

Safe and secure

5

Novo’s banking services are provided by Middlesex Federal Savings and deposits are FDIC insured up to $250,000. It is important to note that Novo is an independent technology company that does not have a banking license.

Is a Novo business checking account right for you?

A Novo business checking account could be the best option for you if you’re looking for a business banking that has no ATM fees, no monthly maintenance fees, and seamless integration with a wide range of small business tools. Plus, Novo could be a great option if you’re not a cash-intensive business and prefer to manage your finances digitally.

In addition to paying little to no fees, Novo could also save you hundreds of dollars on small business costs such as marketing and accounting with the discounts offered via its partners.

For the most part, Novo has your needs covered. However, if you’re a small business that requires in-person customer support and financial products beyond a checking account, you may want to look elsewhere. Furthermore, if you’re a business that requires regular cash deposits, it would be best to shop around and look for some branch-based alternatives.