Novo vs American Express Business Checking: Which Is Better?

Round by round

1. Round 1💰 Interest on Your BalanceAmerican Express wins
   Novo3/10

   0% APY

   No interest paid on checking balances; Reserves are for budgeting, not yield

   • Reserves budgeting envelopes at no cost
   • 0% APY — leaves real money on the table for big balances

   Source: Novo account disclosures

   American Express9/10

   1.30% APY

   Paid automatically on balances up to $500,000 — roughly $650/yr on a $50K balance

   • 1.30% APY automatic, up to $500K
   • Real money on established balances
   • Interest is negligible for thin-file, low-balance accounts

   Source: American Express account disclosures

   This round goes to American Express.

2. Round 2🎁 Signup Bonus & Rewards PointsAmerican Express wins
   Novo4/10

   $0 bonus

   No cash bonus or points program; perks marketplace instead (Stripe, QuickBooks discounts)

   • Discounts on tools already used (Stripe, QuickBooks)
   • No cash bonus or points program

   Source: Novo perks marketplace

   American Express8/10

   30,000-point signup bonus

   • 30,000-point signup bonus
   • 1 point per $2 in debit spend
   • Bonus requires a $5,000 deposit and balance target

   So this round goes to American Express.

3. Round 3🚀 Approval & EligibilityNovo wins
   Novo9/10

   $0 minimums

   No minimums or deposit hoops — built for brand-new, thin-file businesses

   • Approves thin-file/brand-new businesses fast
   • No minimums or deposit hoops

   Source: Novo onboarding

   American Express5/10

   Restrictive review, support complaints

   • Straightforward for established businesses
   • Can be restrictive on approval
   • Lingering Kabbage-transition support complaints

   This round goes to Novo.

4. Round 4🛒 E-commerce & Accounting IntegrationsNovo wins
   Novo9/10

   Native Stripe, Shopify, Square sync

   • Native Stripe, Shopify, Square, QuickBooks, Wave sync
   • Includes Novo Invoices for built-in invoicing

   American Express6/10

   QuickBooks only

   Consolidates with Amex cards and QuickBooks, but no native Stripe/Shopify/Square sync

   • Consolidates cleanly with Amex cards and QuickBooks
   • No native e-commerce payout integrations

   Source: American Express integrations

   Novo is built for a seller juggling three platforms; Amex is built for one ledger.

5. Round 5🏧 ATM Access & FeesNovo wins
   Novo7/10

   ~$7/mo refunds

   Worldwide third-party ATM fee refunds, domestic and international

   • Refunds work at any ATM, domestic or international
   • Refund capped around $7/month

   Source: Novo fee schedule

   American Express6/10

   70,000+ ATMs

   Fee-free in-network domestic ATMs; no refunds out-of-network, foreign fees apply abroad

   • 70,000+ truly fee-free ATMs domestically
   • No refunds out-of-network
   • Foreign transaction fees abroad

   Source: American Express fee schedule

   This round goes to Novo.

6. Round 6🛡️ FDIC Protection & Bank StrengthAmerican Express wins
   Novo5/10

   $250K, 1 partner bank

   FDIC coverage through a single partner, Middlesex Federal Savings

   • Coverage depends on a single small partner bank
   • No multi-bank sweep to expand coverage beyond $250K

   Source: Novo FDIC disclosure

   American Express7/10

   $250K, direct charter

   Directly FDIC-insured through American Express National Bank

   • Direct FDIC insurance through its own national bank charter
   • Backed by a large, well-capitalized national bank

   Source: American Express FDIC disclosure

   This round goes to American Express.

Which one is for you?

Side by side

Novo

American Express

Check price

Overall score

5.6

5.8

Best

Price

See price

See price

Signup Bonus

2.3

5.0

Cash Deposits

1.0

1.0

Head-to-head findings

Signup Bonus

No standing cash bonus

~30,000 points

Cash Deposits

$0 — no cash deposits accepted

$0

Record

Head-to-head record

2–7

2–7

Head-to-heads won

22 %

22 %

Rounds won

46 %

43 %

Pros

• No fee, no minimum, nothing to track
• Unlimited transactions, no per-item fees
• Payouts sync automatically into your books
• Novo Invoices included for client billing

• Rare for any checking account to pay real interest
• Applies up to a $500,000 balance
• Never charges a maintenance fee
• No minimum balance to track

Cons

• No branch, no cash-load partner, no workaround
• Would need a second account for cash-handling businesses
• No branches or in-person support
• No built-in card acceptance

• Cannot accept any cash deposits
• Online-only, no branch workaround
• Value depends on how you redeem Membership Rewards points
• No branches or in-person support

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