Novo Online Business Promotions: $100 Business Checking Referral Bonus (Nationwide)

Contents

1 Novo Promotions Review Below
2 Novo Features
3 Novo (Lack of) Fees
4 Bottom Line

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.

See our bank offers page for more offers. Top offers can be found from Chase Bank, HSBC Bank, Aspiration, TD Bank, BMO Harris, Bank of America and many more.

Learn More at Novo

Novo Promotions Review Below

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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)

[Expired] Novo Banking $25 Sign Up Bonus

This offer is currently unavailable

What you’ll get: $25 bonus
Where it’s available: Nationwide
How to earn it:
- Sign up for a new account using our referral link below and fund with $50.
- The one-time cash bonus of $25 will be distributed within 10 business days after you fund your account.
When it expires: None listed

Learn More at Novo

How To Earn The Bonus

EARNING THE BONUSWAIVE THE MONTHLY FEEFINE PRINT

Sign up for a new account using our referral link below and fund with $50.
The one-time cash bonus of $25 will be distributed within 10 business days after you fund your account.

No monthly fees with Novo Business Banking.

The terms below and those set forth in the Novo Platform Inc. (“Novo”) standard customer terms govern your participation in this Novo bonus program (“Novo Partner Bonus Program’).
The Novo Partner Bonus Program is open to all individuals who are candidates to receive a Novo banking account (“Eligible Money Recipient”).
For each Eligible Money Recipient who opens and funds a new Novo checking account with $50 after following a link or following a direct referral, Novo or its designee will: credit the checking account of the Eligible Money Recipient, with a one-time cash bonus of $25 (the “Money Welcome Bonus”).
The one-time cash bonus of $25 will be distributed within 10 business days after an Eligible Money Recipient funds their account.
Only one Money Welcome Bonus will be awarded for each Eligible Money Recipient, regardless of whether the Eligible Money Recipient opens and funds multiple accounts.
An Eligible Money Recipient will not earn a Money Welcome Bonus if Eligible Money Recipient has or had an existing funded Novo Checking account, or does not use the unique application link provided by Novo.
Money Welcome Bonus is considered miscellaneous income and may be reportable to the IRS on Form 1099-MISC (or Form 1042-S, if applicable).

Bottom Line

The bonus value is only for $25, but requirements don’t get much easier than this. Compare this offer with the best bank bonuses here, with offers from TD Bank, HSBC, Aspiration and more.

Novo Quick Facts

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 & EASYBUSINESS CHECKINGBUSINESS DEBIT CARDNOVO APPBUSINESS TOOLSSAFE & SECURE

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

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.

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.

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.

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.

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.

Learn More at Novo

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