About Novo
Novo is a web-based financial institution designed for small companies, entrepreneurs, and freelancers. The financial institution integrates with standard third-party instruments, corresponding to Slack and Shopify, to assist make working your enterprise simpler. Clients additionally get entry to reductions on standard companies to assist their enterprise get monetary savings.
Highlights
- Devoted Account For: Small companies, entrepreneurs, and freelancers
- Account Varieties: Checking
- Min Opening Deposit: $50
- Minimal Stability Required: None
- Month-to-month Payment: None
- ATM Entry: Limitless ATM price refunds worldwide
- Availability: On-line
- third Occasion Integrations: Transferwise, Slack, Xero, Stripe Shopify
What We Like About Novo
Novo has plenty of advantages that will attract prospects.
- No month-to-month charges – When you make your $50 opening deposit, Novo doesn’t have any minimal steadiness necessities or month-to-month charges, which suggests you don’t have to fret about charges consuming away at your enterprise’s cash.
- Use any ATM – Novo doesn’t have its personal ATM community. As a substitute, it affords limitless ATM price refunds. You should utilize any ATM on this planet and Novo will foot the invoice, so that you’ll by no means be removed from an ATM you need to use.
- Third-party integrations – Novo integrates with standard enterprise instruments like Slack and Shopify so you possibly can handle your enterprise extra simply.
- Reductions and perks – Novo prospects get reductions on standard enterprise companies like Google Advertisements, Salesforce, and Quickbooks. The corporate claims to supply greater than $5,000 in financial savings to its account holders.
- Ship checks out of your cellphone – If you wish to pay somebody they usually don’t settle for digital funds, you need to use your cellphone to mail a bodily verify to them, freed from cost.
What May Be Improved With Novo
Earlier than you open a Novo account, contemplate these drawbacks.
- No financial savings account – Novo affords one account: a enterprise checking account. If you’d like a means for your enterprise to put aside some extra cash for a wet day or to avoid wasting towards objectives, Novo doesn’t provide instruments to assist with that.
- No money deposits – As a web-based financial institution, Novo doesn’t function a community of branches. That implies that prospects can’t go to a financial institution in-person to make a money deposit. If your enterprise makes use of plenty of money, Novo in all probability isn’t the only option for you.
Novo Accounts
Novo affords only one kind of account.
Enterprise checking
Novo’s enterprise checking account is a regular on-line enterprise checking account. It has a $50 minimal deposit to open however doesn’t have a minimal steadiness after that and expenses no month-to-month charges.
The account’s biggest perk is its integrations with third-party apps. A number of companies depend on instruments like Slack, Shopify, and Transferwise. Novo integrates with these sorts of apps with the intention to maintain monitor of extra of your enterprise in a single place.
For instance, by connecting your Novo account to your Shopify account you possibly can see your gross sales metrics with out leaving the Novo app and monitor the standing of funds from Shopify to see when the cash might be out there to spend.
Whereas there is no such thing as a strategy to deposit money, Novo does make it straightforward to make use of money. Clients can withdraw cash from any ATM on the planet and Novo will cowl the ATM charges.
Options
Novo has plenty of options that prospects will admire.
Third-party integrations
Considered one of Novo’s strongest factors is how nicely it integrates with standard enterprise instruments. The financial institution’s web site advertises integrations with Transferwise, Slack, Xero, Stripe, and Shopify, all standard instruments for enterprise house owners.
These integrations can allow you to view issues like gross sales stats and cash switch standing with out leaving the Novo app. That may make the executive work of managing your enterprise a lot simpler. Integrating with Slack additionally means you possibly can simply get updates about your enterprise and focus on vital monetary particulars along with your crew by means of the chat app.
Reductions and perks
Working a enterprise will be costly. Small companies and the self-employed usually pay for companies like card processing, payroll help, accounting assist, and promoting.
Novo prospects can get reductions on many standard companies together with Quickbooks, Google Advertisements, Gusto, Stripe, Salesforce, and extra. These reductions can prevent tons of of {dollars} annually. Novo advertises that its prospects can save greater than $5,000 of their first yr by making the most of these reductions.
Use any ATM worldwide
Generally, you need to use money to purchase one thing, even for your enterprise. Discovering an ATM that’s in your financial institution’s community could be a problem and nobody likes paying a price simply to entry their very own cash.
Novo makes utilizing money straightforward by letting you utilize any ATM worldwide. The ATM’s proprietor could cost a price however Novo will refund any ATM charges incurred, with out restrict.
Straightforward cash transfers
If you wish to ship cash to somebody and don’t need to use money, Novo additionally makes that straightforward. You may shortly and simply ship cash to somebody electronically by means of the Novo app. When you’re paying somebody who likes to do issues the old school means, you need to use the Novo app to have a bodily verify mailed to their tackle.
Novo Charges
Novo retains charges to a minimal. There are not any month-to-month upkeep charges, ATM charges, or charges for a lot of different frequent companies. The one charges that the financial institution lists on its price schedule are $27 charges for inadequate funds and uncollected funds returned.
Is Novo FDIC Insured?
Sure, Novo’s checking account affords the complete safety supplied by the FDIC. Novo has partnered with Middlesex Federal Financial savings (Member FDIC) to supply its banking companies. You may obtain as much as $250,000 in protection for your enterprise’s accounts.
Is Novo Protected?
Once you’re doing all of your banking on-line, it’s regular to fret about whether or not your cash might be secure.
Novo makes use of customary web safety instruments and applied sciences to maintain your private data and cash secure. The cash you deposit can also be insured by the FDIC. If Novo is unable to return your cash, the FDIC will reimburse you for any cash misplaced, as much as a restrict of $250,000.
Who’s Novo Finest For?
Novo is an efficient alternative for enterprise house owners who run a primarily on-line enterprise, or at the very least one which doesn’t use a lot money. It affords comparatively fundamental checking companies with some helpful integrations.
When you use the instruments and companies that Novo integrates with or affords reductions on, Novo could make working your enterprise simpler and prevent some huge cash. When you don’t, different on-line enterprise banks could also be a better option.
Alternate options to Novo
When you’re in search of a enterprise checking account however don’t assume Novo is best for you, contemplate these alternate options.
Azlo
Azlo is a web-based enterprise financial institution that focuses on serving to you automate as a lot of your enterprise’s funds as doable. Azlo’s fundamental service is free to make use of however signing up for Azlo Professional unlocks its full set of options for $10 monthly.
With Azlo Professional, you possibly can arrange envelopes in your enterprise checking account, letting you set funds apart for particular objectives. This makes it straightforward to maintain monitor of your enterprise’s money and progress towards completely different financial savings objectives.
Azlo Professional additionally consists of instruments to automate invoicing and funds. Meaning you possibly can let Azlo handle the executive work of working your enterprise and keep targeted on different issues.
Like Novo, Azlo affords integrations with standard enterprise instruments like Stripe and PayPal, which might make it simpler to maintain monitor of your enterprise from one place.
Learn our full Azlo financial institution evaluate.
BlueVine
Novo solely affords one kind of account: a checking account. Notably, it doesn’t provide any lending companies.
BlueVine has a enterprise checking account but in addition affords financing choices to your firm within the type of bill factoring and a line of credit score. BlueVine has comparatively low credit score rating necessities, as an alternative specializing in your enterprise’s funds to make a lending choice, which can be interesting to some enterprise house owners.
BlueVine’s checking account is a superb alternative even when you don’t need to use its financing. It affords 1% APY curiosity on balances as much as $100,000 and doesn’t cost any month-to-month charges.
FAQ – What Customers Need To Know About Novo
Listed here are some often requested questions on Novo.
Does Novo cost charges for worldwide transactions?
No, Novo doesn’t cost any charges when you use your debit card abroad. You should utilize it to make purchases or withdraw money from an ATM. If the ATM expenses a price, Novo will refund it.
Does Novo have transaction limits?
Novo does place some limits on sure forms of transactions. The boundaries are:
ACH pull limit- $1,250
- ACH push limit- $5,000
- Mailed verify limit- $5,000
- Test deposit restrict per day- $20,000
- Test deposit restrict per month- $40,000
- Test deposit transaction limit- 20 monthly
- POS limit- $5,000, 30 POS transactions per day
- ATM withdraw limit- $1,000
You may typically exceed these limits by talking with help by means of the Novo app.
Does Novo have Zelle?
Novo doesn’t presently provide Zelle for making transfers to different folks. The financial institution does produce other choices out there within the app, together with ACH transfers and the choice to mail a verify to somebody.
Does Novo have invoicing instruments?
No, Novo doesn’t have built-in invoicing instruments. You’ll have to make use of a third-party service to deal with your organization’s invoicing. Novo does combine with some instruments that supply invoicing companies.
Conclusion
Novo is an efficient alternative of on-line financial institution when you solely want a checking account and use the companies it integrates with. When you use these companies and may benefit from the reductions the financial institution affords, your enterprise can save tons of of {dollars} annually.
When you don’t use the companies that Novo integrates with or provide reductions on, Novo remains to be an alright alternative. Nonetheless, in that state of affairs, different on-line enterprise checking accounts could have extra helpful options for your enterprise.
