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The Novo Business Account is on Insider’s list of Best Free Business Chequing Accounts.

The account requires a minimum deposit of $ 50 to open and get all of Novo’s features. You can link other bank accounts or deposit checks to manage your money and complete transactions.

The Novo Business Account offers management tools such as

Soft
, QuickBooks and Shopify. It also comes with cash back benefits from companies like Stripe, Google Ads, and HubSpot.

The account is accompanied by a debit card. Even though Novo does not have an ATM network, you can get refunds on all ATM fees.

If you are looking for a bank with business savings accounts or accounts that earn interest then you will want to use another online banking platform. Currently, Novo only has a business checking account option and does not pay any interest.

The account also does not allow you to make outgoing wire transfers. You can only make free ACH transfers, which takes around two to three business days. If wire transfers are important to your business, you may want to consider other options as well.

Annual percentage return (APY)

Nothing

  • Advantages and disadvantages

  • Details


  • Benefits
    • Minimum opening deposit of $ 50
    • No monthly service fees
    • Unlimited free monthly transactions
    • No incoming domestic or international bank transfer fees
    • Connect Novo to tools like QuickBooks, Slack, and TransferWise
    • Reimburses all ATM fees
    • Benefits like cash back and savings with companies like Google Ads, Stripe, and Booking.com
    The inconvenients
    • No physical location
    • No way to deposit money
    • Cannot send transfers
    • Link to QuickBooks, Shopify, Slack, Xero, TransferWise, Zapier and Stripe
    • Earn perks like cash back and business savings
    • No ATM network, but reimburses all fees charged by ATM providers
    • Deposits are insured by the FDIC through a partner bank, Middlesex Federal Savings, FA

    Featured deposit accounts

    Annual percentage return (APY)

    0.40% APY at 07/30/21

    Annual percentage return (APY)

    0.29% to 0.40% APY

    Annual percentage return (APY)

    0.01%

    How the Novo investment bank works

    Novo is an online banking platform, not a bank. However, it is in partnership with the Middlesex Federal Savings Bank, which is in charge of the platform’s banking operations. Middlesex Federal Savings is FDIC insured, so individual accounts are protected up to $ 250,000.

    If you have any questions, Novo has a comprehensive FAQ section on its website for common questions.

    Novo users who require more detailed customer service can contact customer service by phone, email, or through the Novo app, Monday through Friday, 9:00 a.m. to 6:00 p.m. EST. However, if you don’t have an account, your only point of contact is by email.

    The Novo app has a rating of 4.8 out of 5 on the Apple Store and 4.7 out of 5 on the Google Play Store.

    Is Novo trustworthy?

    In recent years, Novo has not experienced any public controversy.

    We use Better Business Bureau ratings to see how companies are handling customer complaints. Novo has a BBB Rating F because he received 15 customer complaints and did not respond to three of them.

    A good or bad BBB rating isn’t the end, however. To find out if a banking platform will meet your specific needs, talk to other business owners about their experiences or read customer reviews online.

    How Novo compares to similar institutions

    We compared the Novo merchant bank to two other online banking platforms that are on our list of the best business checking accounts: Brex and Axos Bank.

    Novo vs. Brex

    Brex has a cash management account, which is basically a combination of a checking account and a savings account. Online banking platforms offer cash management accounts so that you can manage your money in one place.

    You may prefer Brex if you want an account that allows you to make transfers at no charge. However, if you want an account with a debit card option, Novo may be a better choice. Brex only provides a credit card.

    Novo v Axos Bank

    If you want business banking with multiple account options, Axos Bank may have more of what you are looking for. Axos Bank offers savings, checks, CDs and

    money market accounts
    . It also offers savings and checking options with interest.

    To keep things simple and avoid transaction fees, you can give preference to Novo. The Axos Bank basic business current account has a limit of 200 free monthly transactions, while the Novo business account allows you to perform an unlimited number of free transactions.


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