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Novo is an award-winning, no-fee, mobile-first banking platform built by entrepreneurs for entrepreneurs. It offers a free business checking account with debit card access. There’s no paperwork, no hidden fees and no minimum balance requirements. And best of all? It’s capable of integrating with today’s cutting-edge tools to give you detailed insights on your business finances.
Novo Banking $100 Business Checking Referral Bonus
- What you’ll get: $100 bonus each
- Where it’s available: Nationwide
- How to earn it:
- Bank Novo is offering a $100 referral bonus to each party for opening a new business checking account.
- No direct link to the offer, requires a referral link (feel free to share your own in the comments section)
| Monthly fee | None |
| Minimum to open | $50 |
| Minimum balance | None |
PROS
- Lack of fees
- Robust banking capabilities
- Third-party integrations
- Easy to use
- Quick onboarding
- QuickBooks integration
CONS
- Only one account option
- No cash deposit
- No ATM network
- Fairly new (constant updates)
Novo Features
Quick & Easy
From the get go, Novo saves you time and money with its quick and easy onboarding process. Apply for a Novo business checking account in just ten minutes, directly from your phone. There’s no need to physically go to a bank branch and submit endless paperwork.
Any business owner based in the United States can apply, EXCEPT if your business falls within the following industries:
- Those dealing with cryptocurrency
- Privately-owned ATMs
- Money services
- Unlawful internet gambling
- Cannabis sales
Business Checking
Once you’ve set up your free business checking account, you can:
- Link to other bank accounts
- Make payments
- Process ACH transfers*
- Deposit checks
- Receive domestic and international wire transfers
Typical of digital banking, you can’t deposit cash directly into your Novo checking account. The best solution is to purchase a money order, then use the digital check deposit feature.
*With Novo, ACH transfers are used instead of paper checks. But if you need to issue a physical check, Novo will print one and send it for you.
Business Debit Card
You also get a free, EMV chip protected, Novo business debit card. Use it anywhere in the world where Mastercard is accepted, as well as both Apple Pay and Google Pay.
Novo does not charge a fee to use the ATM, but you may have to pay a fee to the owner of the ATM. You can withdraw up to $1,000 per day.
Novo App
The Novo app lets you perform all checking account transactions, as well as the following:
- Receive instant notifications for transactions
- Set up access for multiple users
- Integrate with other business tools
- Send wire transfers (with Wise)
The app is currently available for iOS and Android devices, as well as Web apps.
Business Tools
Novo lets you integrate with business tools, so you can see your business financial health at a glance from your Novo dashboard. Manage all your businesses on the go and in one place. Some favorite tools Novo integrates with include (see Novo for updates):
- Quickbooks
- Xero
- Zapier
- Slack
- Wise
Also, anyone can link their Novo account to Stripe just as you would do with any bank account.
Safe & Secure
Novo accounts:
- Are FDIC-insured through partner bank, Middlesex Federal Savings, a community bank near Boston
- Use bank-grade encryption to ensure your private information stays private
Novo (Lack of) Fees
The Novo business checking account is free. However, you’ll 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 |
There’s also no minimum or maximum transfer or deposit limit on your Novo account. However, you should contact the Novo support team if you plan on making a large payment or deposit because the transaction might otherwise be flagged as fraudulent activity.
Bottom Line
Settling on a business checking account is an important decision, and only you can decide which one is the best fit for your business. For a digital bank with very few fees, Novo is a solid option. You’ll be able to manage much of your business finances for free. Plus it’s incredibly flexible and easy to use, compared to most traditional banks.
If your business deals in cash for the most part, you might want to write off digital banks entirely. You’ll want to look into a low-cost account made for small businesses from a traditional bank.
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