Novo Business Checking Account

Novo Business Checking Account Review

Novo Business Checking Account is offered by Novo Bank, a bank founded in 2016 and based in New York, NY. Novo Business Checking Account is available in 50 states (and Washington, DC).

Key Takeaways

• 0% APY. As with most checking accounts, Novo Business Checking Account does not pay interest.
• $0 monthly fee. This account does not charge any monthly account fees.
• No ATM fees. Novo Business Checking Account does not charge fees on ATM transactions.
• ATM fee rebates. This account will reimburse you for ATM fees (see terms and conditions for details).
• Bill pay. Pay your bills to practically anyone in the United States through Novo Bank.
• Soft credit pull. This bank will not perform a hard credit pull when you open a checking account.

Novo Business Checking Account Pros & Cons

Novo Business Checking Account FAQ

Are business checking accounts from Novo Bank federally insured?

Yes, your deposits are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC #28368). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

What APY does Novo Business Checking Account offer?

Novo Business Checking Account is not an interest-bearing account.

What are the account minimums for Novo Business Checking Account?

Novo Business Checking Account requires a minimum initial deposit of $50 to open an account.

What fees does Novo Business Checking Account charge?

The good news is that this account does not have a monthly service charge.

What features and perks does Novo Business Checking Account offer?

This account includes the following features:

• ATM reimbursement - This account will reimburse you for the ATM fees charged by other networks.
• Fraud monitoring - Novo Business Checking Account monitors transactions for potentially fraudulent activity, such as when a debit card is unexpectedly used in a different location or you make a sudden string of costly purchases.
• Free Bill Pay - Bill Pay allows you to pay bills easily from your account.
• Mobile Banking Services - Novo Business Checking Account allows you to manage your money online. This includes depositing checks in your account with your smartphone.
• Nationwide ATM network - Conveniently transact at a nearby ATM.
• Soft credit pull - Novo Business Checking Account performs a soft credit pull so you can check whether you qualify without hurting your credit.