Novus bank account review

New UK banking startup Novus says it will offer a digital bank account with a conscience. Here’s what we know about it so far.

Updated

Fact checked

Novus describes itself as “the next-generation digital banking and lifestyle app for a sustainable future”. The app is not live yet, but you can join the waitlist via the company’s website. And for everyone who does, Novus says it will plant a tree.

What is Novus?

Novus says it will offer an account that combines traditional digital banking features with an ethical outlook. So you can set up savings goals, manage your monthly budget, and buy things using your Novus card, at the same time as making a “positive impact” on causes you care about.

What features will the Novus bank account have?

There’s no word yet on what fees may be involved with Novus, but it has revealed that its account will come with the following features:

  • Mobile banking app
  • Debit card
  • Ability to make and receive payments from the UK and abroad
  • Instant spending notifications
  • Budgeting tools
  • Savings pots
  • Spending insights
  • Overview of your other bank accounts

The app will also let users tap into an “ethically and sustainability inspired marketplace”. This will be a network of brand partners, across sectors such as food, fashion, beauty, fitness, homewares and travel.

Novus also says that you’ll be able to generate a “positive impact” for charities and other social or environmental causes simply by using your card, but at no extra cost to you (details on how that works are still to come).

How can I sign up to Novus?

Novus isn’t live yet and it hasn’t confirmed a launch date.

However, the brand says that by subscribing to its waitlist now, you’ll be given the opportunity to become an early user of the app when it enters beta testing.

Compare digital bank accounts

Data indicated here is updated daily
Name Product Ratings Interest (AER) Arranged overdraft Key benefits Link Representative example
Starling Bank
We say
★★★★★
★★★★★
You say
★★★★★
★★★★★
0.05%
15% EAR variable
Award-winning current account, apply in minutes
Go to site
Current account switch service guarantee badge
No fees for spending or withdrawing cash overseas - currencies are converted at Mastercard’s standard exchange rate
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 15% EAR variable.
Santander
We say
★★★★★
★★★★★
You say
★★★★★
★★★★★
0%
39.94% EAR variable
Interest and fee free overdraft
for first four months when you switch
Go to site
Current account switch service guarantee badge
Up to 15% cashback at a range of major retailers
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.94% EAR variable.
Cashplus
We say
★★★★★
★★★★★
0%
N/A
Guaranteed acceptance plus a credit building feature
Go to site
Account fee of £5.95 per month.
ThinkMoney
We say
★★★★★
★★★★★
0%
N/A
Guaranteed acceptance
Go to site
Current account switch service guarantee badge
Earn cashback on your purchases when you shop through the ThinkMoney rewards portal
Account fee of £10 per month or £15 per month.
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