Business checking accounts tend to charge monthly or sign-up fees, require a cumbersome application process, and sell you outdated business tools. So what can you do to ensure you find an easy, free account to manage your business expenses, income and overall cash flow? One solution is to check out the Novo Business Checking Account, known for its beautiful mobile interface and free structure. In this Novo review, we take a look at how Novo works as a business checking account and how it differs from all other business checking accounts on the market.
Overview: Novo Business Review
NEW Offers an online business checking account focused on the US. The company strives to eliminate the usual fees that come with business checking accounts, while also making it easy to set up accounts and complete tasks email list like mailing checks and accepting wire transfers.
As an "all-online" business checking account, you don't have the option of visiting bank branches (which are very helpful). However, Novo makes up for the lack of branches by offering a sleek online interface and a mobile app that makes Chase and Bank of America the envy. It's intuitive, providing the necessary insight right at the top of the app, eliminating the need to hunt around for buttons to move funds or check for necessities like recent activity.
Novo supports small business owners, e-commerce merchants , freelancers, and entrepreneurs across the United States. This means you can be a US citizen or an international founder to open an account. There may be plans to expand to other markets in the future, but that hasn't happened yet.
However, you should keep in mind that Novo is not actually a bank, but a fintech company that essentially provides all the technical resources you get through your account. Novo says it has a fully digital workforce with locations in Miami, New York City and India. It works with Middlesex Federal Savings, FA, located in Somerville, Massachusetts. These types of partnerships ensure you get more powerful banking technology tools, while staying safe with FDIC insurance and the protection of a physical bank.
Novo offers a 10-minute business account application.
There are no hidden fees when registering, holding an account or closing an account. Novo provides a complete list of fees (most of which are $0) to maintain complete transparency throughout your journey as a customer.
There is no monthly fee.
There are no barriers to quick transfers. Mail checks, complete ACH transfers, and accept wire transfers, all for free.
You can get the benefits of a beautiful online interface from a tech company while still getting an FCIC-insured bank account.
Their customer service is solid for a fintech company.
You will receive a refund of all ATM fees encountered.
All customers receive a virtual and physical debit card for business spending.
You can send invoices and integrate with multiple payment tools such as Wise, Stripe and PayPal.
Integrate directly with your tax software.
They have a product called Novo Boost that gets paid within hours instead of days. This speeds up transfers to your bank and provides more immediate cash flow for your business through Stripe integration.