Novo business banking review: Free business checking account with unlimited transactions and ATM refunds

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The Novo Business Account is featured on Insider’s list of best free business checking accounts.

The account requires a $50 minimum deposit to open and get all of Novo’s features. You can link other bank accounts or deposit checks to manage your money and make transactions.

The Novo Business Account features management tools such as Slack, QuickBooks, and Shopify. It also comes with cash-back perks from companies like Stripe, Google Ads, and HubSpot.

The account comes with a debit card. Even though Novo doesn’t have an ATM network, you can get refunds on all ATM fees.

If you are looking for a bank with business savings accounts or accounts that accumulate interest, then you’ll want to use another online banking platform. Right now, Novo only has a business checking account option, and it doesn’t pay any interest.

The account also doesn’t allow you to make outgoing wire transfers. You can only make free ACH transfers, which take about two to three business days. If wire transfers are important for your business, you also may want to consider some alternative options.

Novo Business AccountRelated Product Module: Deposit Accounts

How Novo business banking works

Novo Business Account is an online banking platform, not a bank. However, it is partnered with Middlesex Federal Savings Bank, which is in charge of the platform’s banking. Middlesex Federal Savings is FDIC insured, so individual accounts are protected up to $250,000.

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If you have any questions, Novo has an extensive FAQ section on its website for common questions.

Novo users who need more detailed customer service support can contact customer service through phone, email, or the Novo app, Monday to Friday from 9:00 a.m. to 6 p.m. EST. However, if you don’t have an account, your only point of contact is through email.

The Novo app has a 4.8 out of 5 rating from the Apple store, and a 4.7 out of 5 rating from the Google Play store.

Is Novo trustworthy?

In recent years, Novo hasn’t gone through any public controversies.

We use ratings from the Better Business Bureau to see how businesses deal with customer complaints. Novo Business Account has an F rating from the BBB because it has received 15 customer complaints and failed to respond to three of them.

A good or bad BBB rating isn’t the end all be all, though. To get a better idea of whether a banking platform will meet your specific needs, talk to other business owners about their experiences or read online customer reviews.

How Novo compares to similar institutions

We’ve compared Novo business banking to two other online banking platforms that are on our list of the best business checking accounts: Brex and Axos Bank.

Novo Bank logo

Brex bank logo

axos logo

Business accounts

Checking account

Business accounts

Cash management account

Business accounts

Checking, savings, money market, and CD accounts

Max. free monthly transactions from checking

Unlimited

Max. free monthly transactions from checking

Unlimited

Max. free monthly transactions from checking

200

Standout feature

Unlimited ATM fee refunds

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Standout feature

Cash back

Standout feature

Unlimited ATM fee refunds

Novo Business Account

Brex Cash Account

Axos Bank Basic Business Checking Account

Novo vs Brex

Brex has a cash management account, which is essentially a combination of a checking and savings account. Online banking platforms offer cash management accounts so that you can manage your money all in one place.

You may prefer Brex if you want an account that allows you to make wire transfers at no cost. However, if you want an account with a debit card option, Novo may be a better fit. Brex only provides a credit card.

Novo vs Axos Bank

If you want business banking with multiple account options, Axos Bank may have more of what you’re searching for. Axos Bank offers business savings, checking, CDs, and money market accounts. It also offers savings and checking options with interest.

For keeping things simple and avoiding transactions fees, you may favor Novo. The Axos Bank Basic Business Checking Account account has a 200 free monthly transaction limit, while the Novo Business Account allows you to make unlimited free transactions.

Related Content Module: More Savings Coverage

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By: Sophia Acevedo
Title: Novo business banking review: Free business checking account with unlimited transactions and ATM refunds
Sourced From: www.businessinsider.com/personal-finance/novo-business-banking-review
Published Date: Wed, 11 Aug 2021 10:35:13 -0400

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