Novo Business Checking account review
A low-fee online checking account designed for small businesses and startups.Novo is an app-based checking account for small businesses looking for minimal fees and no monthly service charges. But you won’t be able to deposit cash.
Minimum deposit to open
What are the benefits of the Novo Business Checking account?Novo Business Checking is FDIC insured and account holders get access to a suite of benefits:
- Minimal fees. Unlike other banks, Novo doesn’t charge for monthly maintenance, incoming/outgoing transfers, stop payments, debit card replacements and more.
- Integration. Novo integrates with Slack, Xero, Zapier for smoother transactions with your clients.
- Resources. Take advantage of Novo‘s industry-specific tools and resources that can help your business succeed.
Novo ATM network and fees
You can use the debit card included with your account almost anywhere in the world, but Novo doesn’t have an ATM network. While Novo won’t charge you any fees when withdrawing from an ATM, the ATM owners might.
What should I look out for?
Despite Novo Business Checking’s lack of fees and balance requirements, it has its drawbacks:
- No recurring payments. You can’t set up recurring payments going out of this account, so you’ll need to do it manually each time.
- No payroll providers. Novo currently can’t integrate directly with any payroll providers, but they are working on this issue.
- No cash deposits. Since Novo doesn’t have any ATMs or branches, you won’t be able to deposit cash.
- App only. Novo is currently only available for iOS users, but Android and online banking is coming soon, according to their site.
- Limited products. Novo only offers this account, so you’ll have to go elsewhere if you want to open a business savings account or other business banking products.
- Restrictions. Novo doesn’t offer accounts to privately-owned ATMs, marijuana, gambling, cryptocurrency, crowdfunding or money services businesses.
Compare with other business checking accounts
How much do I need to open an account?
There is no required minimum balance to open a Novo Business Checking account.
How do I apply?
You can sign up for this account online or through the app:
- Visit the Novo website and click Apply now.
- Click Apply now again.
- Enter your business email, create a password and click Let’s get started.
- Enter the verification code that was sent to your email, then click Next.
- Proceed through each step until you reach the Personal Info page, then enter your information and click Next.
- Enter your phone number and verify the code you received.
- Enter your business information, then click Next.
- Upload any requested business documents, then click Next.
- Read and agree to account disclosures, then Submit your application.
In order to open this account, you must meet a few eligibility requirements:
- At least 18 years old
- Social Security number and/or Tax ID
- Government-issued ID
- US citizen with valid US address
- Eligible business
- Deposit at least $50
- Valid email and US phone number
When you apply for this account, you’ll need to provide the following information:
- Name and date of birth
- Mailing address
- Social Security or Tax ID number
- Driver’s license or other state-issued ID
- Contact information
- Business information
How do I deposit or withdraw money?
- Mobile check deposit
- Money order
- Phone, online or wire transfer
- Mail a check
- Phone, online or wire transfer
- Cashback from participating merchant
How do I contact Novo customer service?
You can call 844-260-6800 from 8 a.m. to 4 p.m. (EST), email support@bankNovo.com or fill out a contact form on Novo Bank’s website.