Novo Bank Business Checking Pros And Cons – Find out

Whether you’re simply beginning with a side hustle…Novo Bank Business Checking Pros And Cons…  already earning decent earnings, one of the most essential steps you can take as a business owner is to separate your organization and individual earnings.

Using a business inspecting account for depositing your company earnings and making your business expenses can help you take your organization to the next level. What bank should you use for your small company examining account?

One company to think about is Novo. is a fintech business that is making it easier for small business owners to open inspecting accounts. See how they compare to the other leading small company inspecting accounts.

Here’s what you need to understand about the business in our review.

For someone without any experience with company checking accounts, a business checking probably appears plain vanilla. However, opening a service banking account can be a frustrating experience. In addition, company banking accounts frequently bring large month-to-month costs.

Novo’s company examining account differentiates itself on several points. Here are some of its tops features.

Novo Bank Business Checking Pros And Cons Features

Multiple Funding And Spending Alternatives
makes it easy to fund your account with complimentary ACH transfers from another checking account. You can also transfer physical checks by simply snapping an image.

The one missing out on feature on the financing side is basic cash deposits. While it’s technically possible to fill money into your account, the procedure is troublesome. You ‘d need to purchase a money order from a seller and then deposit it into your account utilizing Novo’s mobile check deposit tool.

You also have a variety of alternatives when it comes to spending your cash. While you’re awaiting your physical debit card to show up, you can use The Novo Virtual Card which can be used online or added to Apple Pay or Google Pay to use at physical retailers.

Novo deals with over one thousand service tools including popular ones QuickBooks, Stripe, Xero, Shopify, and WooCommerce. Over 15 of these integrations are native inside the Novo app which removes the need to log into each app independently to get a birds-eye of your service’s full financial photo.

Novo is an independent financial institution that partners with banks, F.A., Middlesex Federal Savings bank to supply a digital banking experience to small business owners. Novo company inspecting account hit the mark with practically free banking services.

If it is the best fit for you, our review will stroll you through everything you might want to know about this bank to help you decide.

Novo company inspecting account features all the functions you may be trying to find in a checking account. The business likewise provides some distinctive features that you may not find in any other checking account.

No monthly costs and minimum balance requirement
All ATM charges reimbursement
No repeating charges, no ACH transfer fees, and no incoming wire charges.
Online banking with unrestricted invoicing and bill pay.
Incorporates with popular tools like Stripe, QuickBooks, Shopify
User-friendly mobile app
No interest-earning accounts
It’s no cash deposits
No loaning alternatives
No recurring payments are readily available with bill pay
Online Bank Features
You can access your account on the go. The online mobile app functions include:

Remote check deposit
Mobile wallets
ATM gain access to
Reserve cash

checking accounts are developed for small business owners who are comfortable running online. Novo’s FDIC-insured checking account comes with a debit card and no recurring charges or minimum balance requirements. Also, the application process is quick and simple, with no credit check.

Note that although offers some banking services, is a monetary innovation (fintech) company and not a bank. is powered by its bank sponsor, Middlesex Federal Cost Savings F.A.

Is the very best service represent your small company? Our evaluation reveals the good and the bad about Novo.

Here’s a partial list:

ATMs: Since doesn’t have its own ATM network, users will be repaid by for all ATM fees they sustain.
Cash Deposits: does not accept money deposits, though users can link their account to a savings account and then move it; transfers are free. Checks can be deposited in a account through the mobile app. Additionally, you can utilize your money to purchase a money order and then use Novo’s mobile app to transfer the cash order into your account.
Interest: does not provide savings accounts, and inspecting accounts do not earn interest.

Financing: does not provide credit or loans at this point.
Checks: You won’t have the ability to write traditional checks with Novo, though users can have checks sent for them through the mobile app.
Combinations: Unlike many competitors, provides combinations with popular software application, such as Xero, Slack, Stripe, Shopify, and QuickBooks. You can likewise utilize your account and routing numbers to link to other services, such as Square.
Users have access to the following services:

Service monitoring
Reserve subaccounts for savings
Debit card
Free inbound wires and ACH transfers
Costs pay via check
Free ATM access
eWallet options
Combinations for eCommerce, accounting, and more
Discounts and advantages with software partners
Score: Excellent
does not use some of the common benefits that other fintechs and organization banks offer, such as a high APY or any interest-earning potential.

However, does offer some important rewards that are worth highlighting. Chief among those is a 6% money back offer on travel booked through, $20,000 in fee-free processing from Stripe (a $500 worth), and $3,000 in Google Cloud credits. Credits and discount rates are readily available from Gusto, QuickBooks, HubSpot, Section, Zendesk, Snapchat Advertisements, Salesforce Fundamentals, and Homebase.

Provides a recommendation program called Turns 3 for current clients who refer a brand-new consumer utilizing a special recommendation link. Each celebration will receive a $30 money deposit to their account when the brand-new customer makes a certifying deposit of $100 or more within 2 week of opening the brand-new account. users may receive a maximum of $330 in referral rewards. Novo Bank Business Checking Pros And Cons

If you want more traditional company banking rewards, have a look at the best high-yield savings accounts for organizations instead. These high-yield alternatives let your money work harder for you to build up your company savings account quickly and safely.