Banking with Novo Business Virtual Bank and Novo Business Debit Mastercard Features
Starting a business is no easy task. You will need to save money on the smallest of details until you establish cash flow, which can take some time. You will need to open a business bank account that will help you manage your finances better, and Novo Business Banking will help you there. It’s designed to help small businesses, freelancers, and startups get on their feet. It functions 100% online so that you can access your accounts at any time, from anywhere in the world. The card is still new on the market, but its outstanding features are gathering new users daily. It was founded in 2016 and launched in 2018.
- Novo Bank – is best for small business owners who want to save money, and time. Get a free business banking account with no hidden fees, exclusive perks, and a debit card in a few minutes online.
- Banking with Novo Business Virtual Bank and Novo Business Debit Mastercard Features
- Why We Like It
- What Can Be Better
- Usage and Applications
- What are Novo Business Banking Costs and Fees?
- How Easy and Convenient Is to Use Novo Business Banking?
- Novo Checking Account Competition
- What Are Qualification Requirements?
- How To Apply for Novo Business Banking?
- Bottom Line
- Frequently Asked Questions
It works fantastic for small businesses offering features like no minimum balance, no fees, and unlimited transactions. As a business owner, this card is an excellent choice because you can apply for it in a matter of minutes. Let’s take a closer look at what the Novo Business Debit Card has to offer.
Why We Like It
There are a few excellent features that come with the Bank Novo and its debit card.
Good startups solution
It’s the go-to business solution for many startups and small businesses because it doesn’t require any credit checks upon registration. The registration process takes only a few minutes to complete, and once that’s done, you can start using your account right away. The only thing you have to do is to make a $50 minimal deposit, and the card is active.
Another reason why Bank Novo is a good choice is that it doesn’t have any annual or monthly fees. It doesn’t have any fees other than the $27 for non-sufficient funds and returned deposits. So, even if you don’t have any funds on the card, you won’t have to pay a single dollar to keep it in your wallet.
ATM fees reimbursed
Even though the card doesn’t have its own ATM network, it reimburses ATM fees every time you use the card to withdraw money from any ATM. In practice, that means that every withdrawal is free. It’s one of the best options for small businesses because there are no hidden fees or surprise charges at the end of the year.
Easy transfer funds
It’s clear that the Bank Novo debit card isn’t designed to be used as a bank account, but it does an excellent job when it comes to transferring funds to and from your account. If you connect it to another bank account, you will be able to pull cash directly to the card at any moment. Things work the other way around as well, which means that you can use the business card to pay yourself and other employees your salary.
A good option for freelancers
Furthermore, once you open an account, you will be able to use it with Zapier, Slack, TransfrerWise, Xero, and other apps. The list is continuously updated, making this card an ideal solution for freelancers, not only small businesses. These integration features allow other users to send you invoices directly through your communication channels. That makes paying for services much more comfortable. It’s also a good choice if you prefer e-banking features rather than traditional banking.
What Can Be Better
Not suitable for all
While Bank Novo accounts provide a fantastic option for small business owners, they are not suitable for anyone else. You must either own a small business or work as a freelancer to get the card in the first place.
No paper check
Another feature that might be problematic, even if you are a business owner, is that there are no paper checks. The entire platform works online, which means that there are no physical paper checks. While that might not be a problem for tech-savvy users, it could lead to complications if you need paper checks.
Not a full bank service
Bank Novo accounts are designed to make money transfers easier, but other than that, you won’t get standard banking features. It’s not a full-service bank, which means that you won’t be able to get any loans or interest on your deposit accounts. Keep that in mind before you apply for the card. But since it doesn’t come with an annual fee and there are no credit checks involved when you apply, you don’t have to worry about paying any fees.
No integration with payroll
If you’re looking for a card with easy integration with payroll services, you should keep looking because this account doesn’t allow it. You can use it to pay yourself a salary directly to your full-bank account, but other than that, you won’t be able to get much out of the account. That’s because the bank doesn’t allow recurring payments and direct deposits. You can only receive deposits, but can’t make them every month. (UPDATE: Novo Business now integrates with Quickbooks payroll service and many more accounting softwares and business apps).
New service with little customization
The Novo Business account doesn’t allow you to customize your experience. It offers a set of features that can’t be changed. However, if those features are something your business needs, you will be just fine. Lastly, it’s important to say that the Novo Business Debit cards were launched only two years ago in 2018. They are still new on the market, which is why they are missing some features at the moment. The good thing is that Novo Bank will surely improve its services in the near future. We still don’t know when we can expect new features to arrive, but waiting shouldn’t be a problem since there are no fees. If you ever run into a problem because of missing features, you can always get another credit card that comes with those features.
We still don’t know when we can expect new features to arrive, but waiting shouldn’t be a problem since there are no fees. If you ever run into a problem because of missing features, you can always get another credit card that comes with those features.
Usage and Applications
As a business card for small businesses and startups, Bank Novo is just what you need to start a business. It allows you to link business checking accounts, make payments and send money, transfer money directly from other bank accounts, deposit checks through the app, and receive international and domestic wire transfers. It doesn’t allow any paper checks, but you can make secure direct transactions whenever you want. All of the statements are sent to your email address. So, you can always know what’s going on with your account. The bottom line is, that Novo Business Banking provides flexibility and ease of use. This is something you just can’t get with a traditional bank account. You won’t have as many options, but it’s a good starting point for small businesses and startups.
What are Novo Business Banking Costs and Fees?
The Bank Novo debit card is an excellent choice for small businesses and freelancers as it doesn’t come with any fees. That means no annual fee, no monthly fees, no transaction fees, no out-of-network AMT fees, etc. Since the card doesn’t have a complimentary ATM network, you can use an ATM to withdraw money. Doing that does come at a small fee, but the bank will reimburse you every time you use an ATM.
The only real fees you might encounter are the $27 fees for non-sufficient funds and returned deposited items. Make sure to use the app to check how much funds you have before using the card to pay for something, and you will never have to pay for these fees. Startups and small businesses have other bills to take care of, and Novo Bank is well aware of that fact, which is one of the reasons why it doesn’t require any fees. It’s here to help new businesses establish a secure paying method, and nothing more than that.
How Easy and Convenient Is to Use Novo Business Banking?
You can use the Novo Business Debit card the same way you would use any other card. Since it’s a Mastercard, you can use it on any ATM all over the world. You can use it to pay for products and services pretty much anywhere you go. Since the card doesn’t come with any monthly or annual fees, you don’t have to worry about losing any money when your account is empty.
One area where Novo Bank shines is mobile banking. It allows you to make withdrawals, deposits, transfer money, and mail checks using your smartphone. You don’t have to go to the bank to get things done. Just open the app, and you can manage your funds whenever you want. That’s one of the reasons why this card is popular among small businesses and freelancers.
Novo Checking Account Competition
|Virtual Bank||Easy to get||Bonus||Credit Needed||Fees||Comes with Card(s)||More Info||Online Application|
|Novo Bank||Yes||Yes||n/a||Accepts All||No||Yes, Novo Business Debit Card||Novo Bank Review||Claim this offer|
|Chase Bank||No||Average||Yes, a $225 bonus||Good, Excellent||See Terms||Yes, Chase Ink Business Cash||Chase Ink Cards Review||Claim this offer|
|Fifth Third||No||Yes||Yes. $250 bonus||Accepts All||No||Yes, 5/3 Debit Mastercard||–||Claim this offer|
|Revenued||Yes||Yes||Yes. $500 bonus||Accepts All||No||Yes, Revenued Business Card Visa||–||Claim this offer|
|Ramp||Yes||Yes||Yes||Accepts All||No||Yes, Ramp Visa Corporate Card||Ramp Card Comparison||Claim this offer|
|NorthOne||Yes||Yes||Yes||Accepts All||Yes||Yes, NorthOne Debit card||–||Claim this offer|
|Nearside||Yes||Yes||Yes, up to $40 on your first deposit||Accepts All||No||Yes, Nearside Mastercard Debit Card||–||Claim this offer|
|MissionLine||Yes||Yes||n/a||Bad Credit OK||No||Yes, Mission Money, MisisonLane Visa||–||Claim this offer|
|Axos Bank||No||Average||Yes, a $100 bonus||Good||See Terms||Yes, Axos Bank Visa Debit Card||Axos Bank Review||Claim this offer|
Also, see Novo vs Nearside Comparison, and Uplyft Capital Review.
What Are Qualification Requirements?
When compared to similar cards, applying for Bank Novo has much lower requirements. It takes only a few minutes to apply online, and since there are no credit checks involved, almost anyone can get one. Here’s a list of the information you have to provide to open an account:
- You must be at least 18 years old
- Social security number
- Personal ID
- A valid US address
- Eligible business
- A minimum $50 deposit
- Valid US phone number and email.
If you meet the basic requirements, you will have to provide additional information, including:
- Name and date of birth
- Social security number
- Government-issued ID or driver’s license
- Details about your business
How To Apply for Novo Business Banking?
Since Novo Bank is only an online bank, you can apply two different ways for an account. You can either visit the official website or register through the app. Here is what you have to do:
- Hit “Apply now.”
- Enter the required information, create your password, and hit “Get started.”
- You will then receive a confirmation code in your email.
- Follow the steps until you get to the Personal Info page. Enter all of your personal info and hit “Next.”
- Type your phone number and the verification code you received.
- Enter the information about your business.
- Upload the required documents, and hit “Next.”
Once your application is reviewed, you will get a confirmation email, and the bank will send your card. It should arrive in under two weeks.
It’s quite clear that Bank Novo is designed for specific use. And, It’s not one of those banking services everyone can use. It is designed to help businesses and startups transfer money without hidden fees. There are no traditional banking services, as it’s an online bank. You will manage your finances, transactions, and other details through the complimentary app. There are no interests, loans, or other features.
However, if you’re starting a small business and need a flexible account to help you transfer money, Novo Bank is an excellent choice. Once your business starts growing, you will probably have to get another account with more features, but this one will be more than helpful until then. You should also know that the bank promised to add more features in the near future. Novo Bank is an excellent choice for every business owner who wants to save money on fees and transactions when all things are considered.