Novo Business Banking Review: A Banking Solution For Entrepreneurs

Novo offers a digital-first banking solution perfect for small businesses, freelancers, and entrepreneurs. It’s an excellent choice for anyone looking to separate their personal and business finances. Catering specifically to the dynamic nature of modern entrepreneurship, Novo provides an innovative and flexible banking experience. 

This platform not only serves as a financial institution but also as a growth partner for small business ventures. Novo’s approach is ideal for managing financial transactions and business expenses efficiently, making it a smart choice for entrepreneurs aiming to elevate their businesses.

Continue reading my Novo Business Banking review to determine if it meets your business banking needs. 

What Is Novo Business Banking? 

Novo is not a traditional bank, they collaborate with Middlesex Federal Savings for FDIC-insured banking solutions. Novo stands out for its simplicity and digital convenience, focusing on providing online business checking accounts without monthly fees or the complexities typical in conventional banking.

This fintech entity aims to transform small business banking by integrating banking data seamlessly into bookkeeping and reporting, offering a streamlined and user-friendly banking experience.

Novo Business Banking Features

Novo has a number of beneficial features that meet the needs of business banking. Here are some of the most powerful features:

  • No Fee Structure: Novo offers a business checking account with no monthly fees, minimum balance requirements, or transaction fees. This extends to no charges for incoming or outgoing ACH transfers, stop payments, and more.
  • Free ATM Access Globally: Customers can use any ATM worldwide without incurring Novo fees, with third-party ATM fees refunded.
  • Invoicing Feature: Allows creation, sending, and management of invoices within the account, compatible with ACH transfer, Venmo, PayPal, Stripe, and Square.
  • Integration with Business Tools: Novo integrates with Xero, Stripe, Shopify, Wise, and Zapier, and connects to Square, QuickBooks, PayPal, Wave, Venmo, Apple Pay, and Google Pay.
  • Business Discounts: Through Novo Perks, users get discounts on business software and services, including waived credit card processing fees with Stripe.
  • Interest Rates and Virtual Card: Offers competitive interest rates on checking accounts and an innovative Novo Virtual Card for transactions.
  • Mortgage Solutions for Businesses: Tailored mortgage options catering to diverse business needs.
  • Online and Mobile Banking: User-friendly digital banking solutions with robust security measures for data protection.

Novo Business Banking Pricing

Novo offers an accessible banking solution for businesses with zero monthly fees and no minimum balance requirement. Opening an account is straightforward, requiring only a $50 initial deposit to fully activate all account features.

This approach is beneficial for businesses looking to minimize banking expenses. Notably, Novo also provides relief from ATM fees by waiving up to $7 each month. This nationwide service is ideal for entrepreneurs seeking a transparent and cost-effective banking option without the worry of hidden charges.

Who Is Novo Business Banking A Good Fit For?

Novo is particularly well-suited for business owners seeking a no-cost checking account without a minimum balance requirement. It’s a great match for those who rarely deal with cash deposits and need efficient digital banking solutions.

Novo excels for freelancers and independent contractors, offering a built-in invoicing system. It’s also ideal for tech-savvy entrepreneurs and growing small businesses that can leverage Novo’s digital tools and integrations for financial management. 

Novo Business Banking Alternatives

Much like Quontic Bank, it is clear that Novo Business Banking is a solid choice for small business online banking needs. There are a number of FinTech solutions that have come to market recently, to solve a variety of needs. Here are a few that should be mentioned:

  • CIT Bank: CIT Bank is an online-only bank that solves the problem of low-interest rates offered by traditional banks. It offers a range of high-yield savings products, including Savings Builder, Money Market, and Certificates of Deposit (CDs), that provide competitive APYs.
  • MPH Bank: MPH Bank, under Liberty Savings Bank, is an innovative online bank designed for modern banking needs in the U.S. It offers customizable banking products and emphasizes flexibility and personalization. Key features include a variety of account types tailored for different financial goals, a high-yield savings account with 5.00% APY, user-friendly digital tools, contactless debit cards, and access to 55,000 free ATMs. 
  • Baselane: Baselane is a fintech platform offering comprehensive solutions for landlords, property managers, and real estate investors. It’s not a bank itself, but partners with Thread Bank to provide specialized accounts. Key features include real-time property insights, property valuations, comprehensive income statements, automated bookkeeping, integrated rent collection, high-yield interest rates, and cash back rewards.

Conclusion

Novo Business Banking stands out as an innovative, digital-first banking solution ideal for small businesses, freelancers, and entrepreneurs. Its focus on simplicity and digital ease, coupled with a no-fee structure and global ATM access, makes it a valuable tool for modern business owners. Novo’s integration with various business tools and its unique invoicing feature further enhance its appeal.

If you’re looking for a user-friendly, efficient, and cost-effective banking option, Novo might be the perfect fit for your business needs. To discover more about what Novo can offer, Click Here and dive into the details.