With no month-to-month fees…Novo Federal Credit Union…unlimited refunds for ATM charges and a concentrate on digital banking, Novo business checking is a fantastic alternative for small-business owners on the go. Novo uses its own integrated invoicing tool along with direct combination with top business tools, making it ideal for enhancing financial processes and managing multiple accounts in one location.
While Novo has a strong online focus, it can not accommodate cash deposits, an essential feature for many businesses. Many competitors, on the other hand, use the capability to deposit cash with an online-based business checking account.
Novo business checking is best for small-business owners who:
Want a complimentary business checking account without any minimum balance requirement.
Prefer to handle their financial resources online and do not require to deposit money regularly.
Want to be able to use any ATM in the U.S. or internationally without fretting about fees.
Want to connect their business checking account to financial tools they already utilize.
” MORE: How to pick a bank for your small business
No regular monthly charges or minimum balance requirement.
Limitless fee-free transactions, no ACH transfer charges and no incoming wire costs.
Refunds on all ATM fees worldwide.
Online banking with unlimited invoicing and bill pay, which includes the option to send out paper checks for totally free.
Combination with top business tools like QuickBooks, Xero, Stripe and Shopify.
Gain access to discounts on business software and services through your account.
Can’t deposit cash.
Can’t send international or domestic wires (international wires available via Wise integration, nevertheless.).
No recurring payments available with bill pay.
$ 27 costs for insufficient funds/uncollected funds returned.
to see you are you a small business owner or have you began a side hustle and now you’re looking for an exceptional business checking account well are you did you well you remain in luck my friend as i believe i have discovered an excellent banking option for you i’m talking about novobank not just am i talking about novo but i in fact utilize novo i have an account with them for this here youtube channel i will earn money from youtube for ads shown on this video in to my novo account which this video is about what a wild world we reside in are you talking about inception that’s right morty this is gon na be a lot like that except you understand it’s gon na make good sense but before i get to the video let me leap straight into a spoiler alert novobank is one of my preferred choices for business banking today their functions are extremely competitive and the advantages they use really make them stick out so they get a big fat recommendation from me with just a few really minor caveats if you desire more information than that and i’m guessing you do then stay for the rest of the video because i’ll dive into what makes novo unique what the pros and cons are and whether.
you should think about banking with them or not or not well okay on with the video if you enjoyed my video rounding up my preferred business savings account you ‘d understand that one of the banks i suggested was aslo bank and if you didn’t see that video then check it out right up here it’s excellent you should view it you ‘d also observe in that video i didn’t talk about novo i actually liked novo but i simply could not fit them or any others into my video at the time because the functions were so similar to aslo i picked not to include them aslo also had a few functions that i felt were standout functions that nova was lacking however i more than happy to report that that’s no longer the case and i’ll get more on that in a bit also the other reason i’m discussing aslo bank in this video is since they are on my business bank accounts video list of leading accounts however they have since failed and i seem like novo is the absolute finest choice to replace them.
no those found in 2016 like lots of other modern-day banks they aren’t actually a bank at all their tech company that has actually partnered with a bank in this case they have actually partnered with middlesex federal cost savings for the actual banking part i will not make any jokes here i’m an adult good lord even though i seldom imitate one anyways novo the tech company covers all the expensive software you communicate with day to day possibly you haven’t heard of middlesex federal cost savings well you aren’t alone i hadn’t either but don’t worry they are quite established they have actually been around for 130 years whoa and they are a very trusted bank so your cash in novo is fdic insured so it is super safe to save there nova was constructed particularly for small business owners business owners and freelancers they support those who run as actual business entities like a corporation s corp or llc or simply those who are sole owners slash freelancers their business account just needs 50 to open has no minimum balance and no regular monthly charge in fact they are entirely no charge across the board except for two exceptions inadequate funds charged and uncollected funds returned both costs are.
currently 27 i do not love when banks have inadequate fund fees but given they have essentially no other costs i do not think it’s that big of a deal because if you’re responsible with your money you shouldn’t encounter these charges in the first place their core offering is a business checking account with a debit card a beautiful killer function with their debit card is that you can utilize any atm they will refund any atm fees you pay at the end of monthly back into your account yes even that questionable atm at the back of the corner store that appears like it was built in 1980 that they used to prop open their storage closet door they’ll refund that atm charge too it’s incredible it’s incredibly simple to sign up for an account with no vote you can do it in simply a few minutes online quickly as all checking account openings need to be they have a terrific looking app that’s well reviewed by their consumers in the app shops it enables you to see an introduction of your account transfer money quickly deposit checks and other common functions i find it very easy to use and it has all the functions i ‘d get out of a banking app another cool function of their account is all the integrations they support is their combinations they support wow they have Novo Federal Credit Unioncombinations with transferwise slack xero stripe sensible quickbooks and shopify these have a range of fantastic functions for example the stripe integration enables you to see your stripe balance and transfers right from your novo account likewise they have a terrific perk where if you connect your account.
with stripe you get twenty thousand dollars in fee free charge card processing that alone could conserve you five hundred dollars in fees that alone can conserve you cash they’re also including immediate payments with stripes quickly so instead of waiting on the funds to clear they will be instantly available in your account it’s very similar to what some banks are finishing with personal bank account and permitting you to get your paycheck a couple of days early speaking of perks they have a lot they offer benefits for stripe google cloud gusto quickbooks and godaddy to call simply a few these range from cash savings to annual discounts to add credits to prolonged complimentary trials there’s a lots of value here so certainly inspect them all out to see if there’s something on the list you’re currently considering using among the biggest things keeping back on totally advising novo was that they didn’t use subaccounts or invoicing when i very first looked at them two functions i worth really extremely with a business account sub accounts especially are really crucial to me as i like to reserve and conserve money for paying taxes i want this separate from my main account so that i do not touch it or invest it you don’t want to cross those money streams there’s something extremely important i forgot to inform you what do not cross the streams well the fantastic news is that novo now uses these features too their sub accounts.