Novo business checking debit card review

• Pros:
• $0 monthly fee, $0 minimum opening deposit, and $0 overdraft fees
• Get up to $7 back in ATM fees each month
• Connects directly to business tools like Etsy, eBay, Amazon, and WooCommerce
• Has tools for invoicing and financial reports

• Cons:
• You cannot deposit cash
• Not everyone can make domestic wire transfers
• Customer support is mostly by email or chat in the app. There is no phone number for general help
• It does not have a feature to pay bills
• You cannot have a joint account with someone else

The Novo Business Checking account is a product from the fintech company Novo. It is a popular choice for small businesses, freelancers, and sole proprietors today. It gives you a business checking account with a Mastercard debit card and has no monthly fee. This account is for people who do most of their business online and are fine with a bank that only exists digitally. Novo wants to make business banking simple and cheaper for entrepreneurs. So, it has no monthly fees or minimum balance rules.

This review is about the Novo Business Checking account and its debit card. It is not about the Novo Business Credit Card. That is a different product. The Novo Business Checking account is a good choice for business owners who want a simple, cheap banking solution with good digital tools.

Novo's best feature is that it has very few fees. You pay no monthly maintenance fees. You do not need to keep a minimum balance. You do not pay for transactions. For a small business, this can save a lot of money. The account also gives you back up to $7 in ATM fees every month. This makes it easier to get cash when you need it.

Other features are mobile check deposits, free ACH transfers, and a way to send and receive money. The account also works with many business tools. This can make running a business easier. One thing to know is that there is no welcome offer or sign-up bonus for this account.

The Novo platform has more to offer than just banking. For people who sell online, the connections to sites like Etsy and Shopify are a big advantage. The invoicing tool is built in. It lets you make and send as many invoices as you want, right from your Novo account. The platform also gives you simple financial reports. These help you see where your money is coming from and where it is going.

Another benefit is that you can get discounts on business services from Novo's partners. The debit card is a normal Mastercard. The real strength of the Novo account is its digital features and connections.

The Novo Business Checking Debit Card has no rewards program. You do not get cashback or points when you use it. If you want rewards, you should look at a business credit card. Novo has a separate credit card, the Novo Business Credit Card, that does have rewards.

This is not a rewards card, so there are no transfer partners.

If you are a business owner who wants a digital-first bank, you have other options. Here are a couple of competitors are worth looking at:

• Bluevine Business Checking: This account pays you interest on your balance, which Novo does not. It also has more features, like a way to pay bills.
• Relay Business Checking: Relay is another bank that is only online. It is good for businesses that need more than one account or have more complicated banking needs. It gives you more control over transactions and spending.

The Novo Business Checking account and debit card are best for sole proprietors, freelancers, and small business owners who work online. If you do not use cash much and like digital banking, it is a great choice. The lack of fees and the helpful integrations make it a good option for businesses that are just starting or growing.

But, if your business uses cash, needs to make wire transfers often, or if you want to be able to call your bank for help, you should probably find a different option. The limits of the Novo platform might not work for everyone.

The Novo Business Checking account is a good, fee-free choice for many small businesses. Its simple, digital-first design can help you save money and manage your finances more easily. It does not have all the features of some other banks, but its main offering is strong. It will work well for many business owners today.