Novo Bank Review – An Honest Novo Review

Novo Bank Review
Overall
4.7
  • Ease of use
  • Features
  • Stability
  • Security
  • Support

Summary

Novo Bank is a leader in online banking options targeting Small businesses, Entrepreneurs, Digital Nomads, and everything in between. 

Novo Bank Review – An Honest Novo Review | Overview

Welcome to this Novo Bank Review. In this Novo Review, I’ll take you through the ins-and-outs of Novo so you see if it’s the right choice for you.

Novo is an online bank or NEO bank that has carved itself into the niche market to provide amazing internet banking services to entrepreneurs and small online business owners. It has quickly become extremely popular amongst these types of individuals as can be paid directly from most online sources to Novo, including YouTube and Affiliate networks.

Video Review

Novo Bank Review – An Honest Novo Review | Features

There are a wide range of features that make Novo a great online banking option.

Competitive

Novo has been compared to Azlo bank due to having similar features and perks. Now while Azlo used to be considered slightly better, recently 2 things have happened.

  1. Novo has stepped their game up a lot more to be the better service
  2. Alzo has gone completely out of business=

So if you had an Azlo account previously and you’re left without a bank, Novo might be the best logical choice you’ve been searching for.

Novo Bank Review

History and Financial Backing

Novo established in 2016 and is considered a Neo bank, which is essentially a tech company with a partnership with a real bank on the backend, similar to Chime Bank

In Novo’s case it is partnered with Middlesex Savings bank, which has been around for roughly 130 years.

What this partnership means is that users of Novo get FDIC insurance, which is $250,000. The same you’d get when joining any regular bank.

Novo Bank Review

Made for Entrepreneurs / Small Online Businesses

Novo has tried to carve out a niche market of providing banking services to small businesses specifically. That means anyone from small LLCs, freelancers, to sole proprietors.

Fees (or lack there of)

You can open a business account with a minimum of $50, and there are no low balanc, monthly fees, transaction fees, or ATM fees! (I know, wow!)

The only fees you will pay using Novo are for insufficient funds and uncollected funds returned which is a $27 charge

Also note, there is no interest in your account, but with yearly APY averaging about 0.2-0.5% – you’re not going to be making any interesting anyway considering how inflation is looking.

I don’t mind this so much as since there are zero fees with everything else to do with Novo, if you’re responsible with your money, you won’t run into these charges anyway.

Also, the ZERO ATM fees are applicable to any ATM, anywhere in the world, but comes with a small with a caveat. It works like a cash-back system. So, you are charged ATM fees initially, but these fees are refunded to you in full at the end of each month.

So, free, at the end of the day … or month.

Novo Bank Review

Core Product and Interface

The core Novo product is a business bank account and debit card. The interface is slick, intuitive, free or bugs, and it only takes a few minutes to sign up.

It’s extremely easy to check balances, deposit and transfer money, and everything else you’d expect in a banking app.

Novo Bank Review

Integrations

Novo also Integrates with a bunch of common freelancer or small business tools like,

  • Quickbooks
  • Shopify
  • Slack
  • Stripe
  • TransferWise
  • Wise
  • Xero

For those of you using stripe, you can connect stripe directly to your Novo account and transfer between each. They’re currently working on making these transfers instantaneous.

Stripe will also give you $20,000 Free in credit card processing.

There are perks included in a bunch of other integrations as well, such as free credits, discounts, and extended free trails, so check out their perks page every once in a while to see which ones could benefit you.

Novo Bank Review

Novo Reserves or Sub Accounts

For those of you who like sub accounts to separate your money for income and tax purposes, Novo offers what is called a Novo Reserve, which act in the same way. Currently you can only create one reserve account, but more will be available soon.

Invoicing

The invoicing feature is something special and similar to PayPal. You can send invoices directly to clients, track them, and also accept invoice payments via Credit Card, Debit card, Stripe, and Square is coming soon.

Fingers crossed for PayPay and maybe even Crypto.

Novo Bank Review

Novo Bank Review – An Honest Novo Review | Are there any Downsides?

A downside to a bank like Novo is that it isn’t a physical bank, so deposits aren’t as easy. If you do find yourself needing to make a lot of cash deposits, i’d recommended having another bank that you can transfer from into your Novo account

The trade off with it not being a physical bank is getting all the other amazing features I’ve mentioned.

Novo Bank Review

Novo Bank Review – An Honest Novo Review | Conclusion

To wrap up Novo is going to satisfy any small businesses owners and aspiring entrepreneurs out there.

It’s an intuitive business account with reserve accounts, ZERO ATM fees, and some excellent integrations with common small business software, as well as providing attractive perks with each one.

To check out Novo on your own, click the button in the description which I keep updated with Special deals regularly. So if there are any, clicking the button will ensure you get them!

Thanks for checking out this Novo Bank Review. Hope it helps!

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