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Novo Review

Run your business from the palm of your hand

Reviews 4,155
Novo Boost
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Novo Boost
Novo Boost
Excellent
Reviews 4,155
Michael Graw
Nov. 15, 2022
2 min read
Michael Graw
Novo Boost Summary
Novo offers checking accounts for small businesses, freelancers, and entrepreneurs. There are no monthly account fees or balance requirements, no ATM fees, and no fees for incoming wires. Novo integrates with a variety of business software tools. You can also make international payments using an integration with Transferwise, or pay for everyday purchases with the Novo debit card.

Pros

  • No monthly account fees
  • Quickbooks and Xero integrations
  • International payments with Transferwise

Cons

  • 0% interest on funds
  • Limited support hours

Novo Boost at a glance

8.8
Editorial score

Fees?

No fees at all
10.0

Security

FDIC insured, SSL/AES encryption and supports 2 factor authentication
10.0

Customer service

Limited customer service
4.0

Online experience

Excellent user friendly site with transparency of rates and full online banking capabilities
10.0

Mobile experience

Excellent mobile app with all mobile banking features enabled, including digital check deposits
10.0

Advantages Over Traditional Banks

One of the biggest advantages Novo offers is that you don’t need to meet specific balance requirements to avoid paying a monthly account fee. In fact, after you meet the $50 minimum deposit required to open an account, there’s no minimum balance at all with Novo. In addition, Novo does away with traditional wire transfer fees and ATM fees. Novo also integrates with Transferwise to make paying international employees or vendors simple.

Cutting-Edge Banking Services

Novo has modern banking features. To start, you can manage your entire account from the mobile app, which enables seamless payments and check scanning. The app also gives you access to customer support via live chat at any time. Novo also integrates with the software that most businesses use, including Stripe, Quickbooks, Shopify, Slack, and Xero. The Novo debit card offers zero foreign transaction fees, compatibility with Google Pay and Apple Pay, and mobile alerts.

Traditional Banking Services

Novo is a fintech, not a bank. Banking services provided by Middlesex Federal Savings F.A.; Member FDIC. Novo doesn’t offer many traditional banking services and doesn’t have physical branches. That said, you can use any bank’s ATMs anywhere in the world and Novo will refund the ATM fees.

Interest Rates and Fees

You can open a Novo business checking account with a $50 minimum deposit. Once your account is open, there is no minimum balance you need to maintain and no monthly account fee. The only fee Novo charges is a $27 fee if you overdraw your account. All other transactions, including wire transfers and check payments, are free. 

Novo’s checking account does not offer interest.


Novo Checking Account
Account Fee
$0
Overdraft Fee
$27
ATM Fee
$0


Customer Service

Novo offers customer service by email or live chat from 9:00 AM to 6:00 PM ET, Monday to Friday. If you’re a current customer, you can also call the number on the back of your debit card. Novo’s website has a helpful FAQs section where you can find more information about the application process and what to do if you have issues with your account.

Mobile App

The Novo mobile app for iOS and Android is designed to be the primary access point for your checking account. You can monitor your balance, make payments to employees and vendors, and scan checks for deposit. You can also link your Novo debit card to use Apple Pay or Google Pay. If you need help, you can reach customer support by live chat from within the app.

Novo’s integrations with Transferwise, Slack, Stripe, Quickbooks, Xero, and Shopify also work on the mobile apps for these platforms.

Security

Novo requires that you verify your identity when first opening an account, and uses SSL encryption during the online application process to protect your personal information. Once your account is open, you can set up SMS alerts to be notified anytime a transaction is made using your Novo debit card. One downside to Novo’s security is that the company does not support two-factor authentication at this time. Novo is also backed by the FDIC, which insures your account for up to $250,000 if Novo were to go out of business.

Summary

Novo offers checking accounts built for the modern small business. The account is free to open and eliminates many of the fees charged by traditional banks. In fact, the only fee at Novo is an overdraft charge. Another nice thing about Novo is that you can integrate your checking account with a variety of business software platforms to more easily manage your entire business. Novo’s mobile app supports SMS alerts for transactions, Apple Pay, Google Pay, mobile check deposits, and mobile payments.

Methodology

This review was created using information from Novo’s website and a chat with Novo’s customer support.

Michael Graw
Written by
Michael Graw
Michael Graw is a Bellingham, Washington-based writer focusing on finance, tech, and science. His work has been featured in print magazines and high-impact websites. He writes for BestMoney and enjoys helping readers make sense of the options on the market.‎
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Trustpilot reviews
See what some customers are saying about Novo Boost
Excellent • Reviews 4,155
on
Excellent
77%
Great
4%
Average
2%
Poor
3%
Bad
15%
We upload 100 to 400 Trustpilot reviews to our website daily, displaying them by default from "best" to "worst". You have the option to adjust the sorting criteria. If you wish to see all reviews, you can visit Trustpilot's website here.
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Thorsten Glumm
2 weeks ago
Muy buenas tarifas
Muy buenas tarifas
Jean-Michel Decombe
3 weeks ago
Great bank for businesses
It was easy to set up, with no hassle like some other banks. Making name, EIN, and other changes later was easy as well and the support team was courteous and efficient. I highly recommend Novo online bank for your company banking.
MR
Michael Risser
4 weeks ago
User experience and support has far exceeded my expecations.
My user experience and the level of platform stability and customer support Novo has continued to provide have far exceeded my expectations.
Wynd wacker
1 month ago
Love digital banking
Love digital banking I keep now all my business accounts digitally. Novo is wonderful. My husband also has his business account with Novo. We're a Novo family. Highly recommend
Danilo Frias
1 month ago
I had wanted a solution for starting up…
I had wanted a solution for starting up my small business and Novo had everything I needed and then some. Invoice, ACH transfers, integration with other platforms like Square and Quickbooks.
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