Looking for the answer? Novo Bank Customer Service
account only requires 50 to open has no minimum balance and no monthly charge in fact they are entirely no cost across the board except for two exceptions insufficient funds charged and uncollected funds returned both fees are currently 27 i don’t love when banks have inadequate fund costs however provided they have generally no other fees i do not think it’s that huge of a deal since if you’re accountable with your money you shouldn’t encounter these costs in the first place their core offering is a company bank account with a debit card a lovely killer feature with their debit card is that you can use any atm they will refund any atm fees you pay at the end of every month back into your account yes even that questionable atm at the back of the corner store that looks like it was built in 1980 that they utilized to prop open their storage closet door they’ll refund that atm cost too it’s fantastic it’s extremely easy to register for an account with no vote you can do it in just a couple of
minutes online easily as all checking account openings need to be they have a great looking app that’s well evaluated by their customers in the app shops it enables you to see an introduction of your account transfer cash instantly deposit checks and other typical features i discover it really easy to use and it has all the features i ‘d expect from a banking app another cool function of their account is all the integrations they support is their integrations they support wow they have integrations with transferwise slack xero stripe smart quickbooks and shopify these have a variety of fantastic features for example the stripe integration allows you to see your stripe balance and transfers right from your novo account likewise they have a great perk where if you connect your account with stripe you get twenty thousand dollars in charge complimentary charge card processing that alone might save you five hundred dollars in fees that alone can save you money they’re also including instantaneous payments with stripes soon so instead of waiting on the funds to clear they will be immediately readily available in your account it’s really similar to what some banks are making with individual bank account and permitting you to get your paycheck a few days early speaking of perks they have a lot they offer benefits for stripe google cloud gusto quickbooks and godaddy to call just a couple of these variety from money cost savings to yearly discounts to add credits to extended free trials there’s a ton of value here so definitely examine them all out to see if there’s something on the list you’re already considering utilizing among the most significant things keeping back on completely recommending novo was that they didn’t use subaccounts or invoicing
Is Novo the best bank for small businesses?
when i first looked at them 2 functions i value extremely highly with a service account sub accounts particularly are very important to me as i like to set aside and save cash for paying taxes i desire this separate from my primary account so that i don’t touch it or invest it you do not wish to cross those cash streams there’s something extremely important i forgot to tell you what don’t cross the streams well the excellent news is that novo now uses these functions too their sub accounts are called novo reserves right now you can only produce one reserve however their site says that they are soon including the ability to have numerous reserves so book your full enjoyment till they include that complete function yeah their invoicing function has also been launched with billings you can take and send out invoices card payments through stripe they’re currently beta testing payments through square and i’m guessing they will also present payments through paypal in the future though of those options stripe is without a doubt my preferred and most preferred i think billings are a fantastic feature and were the huge standout that asil has so i am thrilled that novo is now using billings this lets you have simple banking and invoicing established with just one account versus requiring additional services for smaller sized businesses or side hustles this simpleness can be a big deal so that’s a lot of terrific stuff what about the downsides as i stated earlier they are 99 no charge but they do charge an insufficient funds fee something to be familiar with they also do not provide an interest bearing account this is a bummer because while earning interest in a bank account
will never make you money because of inflation it’s nice to get something back while your cash just sits there so if this is important to you i would not rule novo out i simply may open a devoted organization savings account elsewhere to keep your income or sales tax cash saved that way your cash makes something while it sits there and use novo as your primary operating account with money moving in and out as you do business however truly lots of other accounts are only offering point two to point four percent apy so you’re not truly missing much and lastly there are no physical places they are online just this is the same downside i say with every online just bank however i have to include it even if in some cases individuals still require to hear it if you want a bank with a physical area that you can walk into novo is not for you however by quiting the physical place you gain a lot of fantastic features and services so i believe it’s definitely worth it also if you need to transfer cash i just suggest getting a local credit union business account just for cash deposits or you can do cash without any vote however you have to go to a usps walmart supermarket and so on and buy a money order and then utilize novo’s deposit feature to get the cash numerous companies nowadays do not operate with cash so for a lot of this isn’t a huge