Novo vs Bank of America Business Checking: Which Is Better?

Round by round

1. Round 1💵 Cash Deposits & Cash HandlingBank of America wins
   Novo2/10

   $0

   Novo accepts no cash deposits at all — checking-only fintech

   • Cannot accept any physical cash deposits
   • No branch or retail network to deposit cash through

   Source: Novo product disclosure

   Bank of America9/10

   $7,500 free cash per cycle across ~5,700 branches

   • $7,500 free cash deposits per cycle across ~5,700 branches
   • $0.30 per $100 in cash deposits above the free cap

   This round goes to Bank of America.

2. Round 2🧮 Cost to Hold the AccountNovo wins
   Novo9/10

   $0/$0

   No monthly fee, no minimum balance, no way to trigger a charge

   • Free indefinitely, no balance to maintain
   • Unlimited transactions with no per-item fees

   Source: Novo fee schedule

   Bank of America4/10

   $16/mo after year one, waived at $5,000

   • First 12 statement cycles free for new accounts
   • $16/mo after the intro year unless $5,000 balance or $500 debit spend

   This round goes to Novo.

3. Round 3🛒 Ecommerce & Accounting IntegrationsNovo wins
   Novo9/10

   Direct Stripe, Shopify, Square, QuickBooks, Wave

   • Automatic payout and bookkeeping sync
   • Novo Invoices built in for getting paid

   Bank of America5/10

   QuickBooks only

   Solid banking software but no direct Stripe/Shopify/Square payout sync

   • Cash Flow Monitor and Business Advantage 360 banking software
   • No direct ecommerce payout integrations

   Source: Bank of America product disclosure

   So this round goes to Novo.

4. Round 4🗂️ Budgeting & Setting Money AsideNovo wins
   Novo7/10

   ~20 Reserves

   Free budgeting envelopes inside one account; earmarking only, no interest

   • Up to ~20 free envelopes for taxes/payroll
   • 0% APY — set-aside cash earns nothing

   Source: Novo product disclosure

   Bank of America4/10

   1 account

   No native budgeting envelopes; separate accounts needed to earmark funds

   • No built-in envelope/bucket system
   • 0% APY on checking

   Source: Bank of America product disclosure

   Novo lets you earmark money for free inside one account; Bank of America makes you open more accounts to do it.

5. Round 5🏧 ATM Access & Fee RefundsNovo wins
   Novo7/10

   ~$7/mo

   Refunds third-party ATM fees domestically and internationally

   • Refunds work at any ATM worldwide
   • No Novo-branded ATM network of its own

   Source: Novo ATM disclosure

   Bank of America4/10

   No refunds

   Free at Bank of America ATMs only; no out-of-network fee refunds

   • Large proprietary ATM network
   • No refunds for out-of-network fees

   Source: Bank of America ATM disclosure

   This round goes to Novo.

6. Round 6🏦 Branches, In-Person Service & LendingBank of America wins
   Novo3/10

   0 branches

   Online-only; FDIC coverage through one partner bank at standard $250K

   • No branches, no in-person lending path
   • FDIC coverage runs through a single partner bank only

   Source: Novo disclosure

   Bank of America9/10

   ~5,700 branches

   Full-service branch network plus lending and Preferred Rewards for Business

   • In-person service and lending access
   • Preferred Rewards for Business cuts fees as balances grow

   Source: Bank of America disclosure

   This round goes to Bank of America for hands-on support and fee rewards.

Which one is for you?

Side by side

Novo

Best for cash depositsBank of America

Check price

Overall score

5.6

6.3

Best

Price

See price

See price

Signup Bonus

2.3

4.7

Cash Deposits

1.0

8.8

Head-to-head findings

Signup Bonus

No standing cash bonus

$200 base

Cash Deposits

$0 — no cash deposits accepted

$7,500/cycle

Record

Head-to-head record

2–7

3–5–1

Head-to-heads won

22 %

38 %

Rounds won

46 %

44 %

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

• Free, easy cash deposits nationwide
• Interest-bearing options exist at higher relationship tiers
• Free first year with no balance required
• Direct chartered-bank relationship, lower operational risk

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

• Charges $0.30 per $100 beyond the $7,500 free limit
• Idle balances earn nothing
• $5,000 balance hurdle after year one
• Lower coverage ceiling than Bluevine's sweep

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