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Bank of America vs Novo

Bank of America is a national bank with widespread accessibility and wide range of services. How does it compare to Novo? Read our comparison chart below.

Bank of America is one of the largest banks in the U.S. with approximately 4,300 locations and 17,000 ATMs. It is known for good customer service with extended hours. It offers checking, savings, CDs, IRA, and investment accounts through Merrill Edge.

While Novo offers all-in-one banking for digital businesses. It includes up to 20 Reserves, free unlimited invoicing, and over a thousand business app integrations. But there's no cash deposits. There is no monthly fee.

Compare Bank of America with Novo, side-by-side. Read on for an in-depth look, including ratings, reviews, pros and cons.

 Bank of America
Member FDIC
Novo
 Learn MoreVisit Site
 

Bank of America

Novo

OFFER
Bank of America Advantage Banking - $200 Bonus Offer

Read Bank of America Review

SPECIAL OFFER
Free Business Checking - Learn More

Read Novo Review

 

Benefits and Features

SavingsBank of America Advantage Savings Standard Rate: 0.01% APYNo savings account, but you add up to 20 Reserves
CD
Check
 
Checking
Check
No monthly fees; no balance requirements
Monthly Fee 
$0
APY 
N/A
Minimum Deposit to Open $50 to access all Novo's features
ACH Transfer Fee 
$0
ATMs
Approximately 16,000+ ATMs
Up to $7 per month reimbursement of ATM fees worldwide
Balance Requirement 
None
Cash Deposit Fee 
N/A
Customer Service
  • Mon-Fri: 8am - 9pm (ET)
  • Sat: 8am - 8pm (ET)
  • Sun: 8am - 5pm (ET)
Phone, email, or in-app messaging: Monday - Friday, 9 am - 6 pm EST
Incoming Wire Transfer Fee 
$0
IRA CD
Check
 
Locations
3,922 financial centers
Online only
Out of Network ATM Fee Up to $7 per month ATM fee reimbursement
Outgoing Wire Transfer Fee 
N/A
Overdraft Fee 
$0
 

CreditDonkey® Reviews

 Bank of AmericaNovo
SavingsStarStarEmpty StarEmpty StarEmpty StarEmpty StarEmpty StarEmpty StarEmpty StarEmpty Star
CDStarStarStarHalf StarEmpty Star
CheckingStarStarStarStarEmpty StarStarStarStarStarEmpty Star
Mobile AppStarStarStarStarHalf StarStarStarStarStarStar
Customer ServiceStarStarStarStarEmpty StarStarStarStarStarEmpty Star
Pros & ConsPros:
  • Large branch network
  • Extended service hours
  • Full service banking
Cons:
  • Monthly fees
  • Low interest rates
  • Many misc. banking fees
Pros:
  • No monthly fees
  • ATM refunds up to $7 per month
  • Lots of software integrations
Cons:
  • No cash deposits
  • Can't send wires
Bottom LineNational bank with widespread accessibility and wide range of services... Read full reviewFee-free online business checking with lots of good features... Read full review
 Learn MoreVisit Site

    Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details.

    Bank of America: Pricing information from published website as of 06/13/2024 based on 91107 zip code.

    Novo: Pricing information from published website as of 04/10/2024.

    Bank of America
    Member FDIC

    Bank of America Advantage Banking - $200 Bonus Offer

    Expires 9/30/2024
    • The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
    • The offer is for new checking customers only.
    • Offer expires 9/30/2024.
    • To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
    • Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
    • Additional terms and conditions apply. See offer page for more details.
    • Bank of America, N.A. Member FDIC.
    Bank of America
    Member FDIC

    Bank of America Business Advantage Checking Account - $200 Bonus Offer

    Expires in 6 days
    Earn a cash bonus in three steps:
    1. Open a new eligible business checking account by June 30, 2024
    2. Make Qualifying Deposits* of $5,000 or more in new money within 30 days of opening the new eligible business checking account
    3. Maintain an average balance of $5,000 for the next 60 days (day 31-90) during the maintenance period**
    *Qualifying Deposits are deposits of new money, which is money not currently or previously held in any account at Bank of America or Merrill
    **The maintenance period begins thirty-one (31) days after account opening and ends ninety (90) calendar days after account opening.
    Member FDIC
    Bank of America
    Member FDIC

    Bank of America Advantage SafeBalance Banking®

    • Banking that helps you stay within your balance.
    • No monthly maintenance fee each statement cycle when you meet one of the following: an owner of this account is under the age of 25 or maintain a minimum daily. balance of $500 in your account or are a member of Bank of America Preferred Rewards®.
    • Bank of America, N.A. Member FDIC.
    Novo

    Free Business Checking

    • $0 monthly service fee
    • $50 deposit to unlock all features
    • ATM fee refunds up to $7 per month
    Banking services provided by Middlesex Federal Savings F.A., Member FDIC
    Novo

    Free Business Checking

    • $0 monthly service fee
    • ATM fee refunds up to $7 per month
    • Free ACHs, incoming wires, and mailed checks
    • Up to 20 Reserves to manage multiple budgets
    • Thousands of app integrations
    Banking services provided by Middlesex Federal Savings F.A., Member FDIC

    Which is Better: Bank of America or Novo?

    Still need help deciding which bank reviews & deals is better? Read the in-depth reviews below. You may also be interested in comparing Bank of America or Chase.


    Articles on Bank of America

    Bank of America Review

    Bank of America is a national bank with many account options and user-friendly online banking. But does this convenience come at a cost? Read on.

    Bank of America Savings Account Interest Rate

    Bank of America's Advantage Savings has a standard APY way below the national average. Read on to find out more.

    Bank of America High Yield Savings

    Bank of America offers various banking products and services. But does it have a high-yield savings account? Find out here.

    Bank of America Problems

    Bank of America may be one of the biggest banks, but many customers find a lot of issues with their banking services. What are they? Keep reading.

    Bank of America CD Rates

    Bank of America is one the biggest banks in the U.S. But are their CD rates worth it? Read on to find out.

    How to Close a Bank of America Account

    Want to close your Bank of America account? Learn how and what you need to do before you close your account.

    Bank of America Hours

    Bank of America is open 5-6 days a week, depending on the location. Take a look at their business hours below.

    Bank of America Routing Number

    Find your Bank of America routing number and learn about money transfers in our guide.

    Articles on Novo

    Novo Review

    Novo provides digital banking services for entrepreneurs and small businesses. Explore Novo's features, business perks, and fees in this review.

    Is Novo Legit

    Novo is a platform offering banking services for small businesses and freelancers. But is it safe and legit? Read on to find out.

    Which Do You Think is Best?





    Which Bank Account is Right for You?


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    CreditDonkey is a bank comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

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