Discover Bank vs Novo
Discover Bank is a solid online bank with high APY rates and good customer service. How does it compare to Novo? Read our comparison chart below.
Discover Bank offers some of the highest interest rates on the market. CDs go up to 10-year terms. There are no service fees.
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 Discover Bank with Novo, side-by-side. Read on for an in-depth look, including ratings, reviews and pros.
 |  | |
| Visit Site | Visit Site | |
Discover Bank | Novo | |
|---|---|---|
Discover® Online Savings - $200 Cash Bonus - | Free Business Checking - | |
Benefits and Features | ||
| Savings | No savings account, but you add up to 20 Reserves | |
| CD | 2.00% to 4.20% APY depending on terms | |
| Checking | No monthly fees; no balance requirements | |
| Monthly Fee | ||
| APY | ||
| Minimum Deposit to Open | $50 to access all Novo's features | |
| Mobile App | ||
| ACH Transfer Fee | ||
| ATMs | up to $7 per month reimbursement of ATM fees worldwide | |
| Balance Requirement | ||
| Cash Deposit Fee | ||
| Customer Service | Phone, email, or in-app messaging: Monday - Friday, 9 am - 6 pm EST | |
| Incoming Wire Transfer Fee | ||
| Locations | ||
| Out of Network ATM Fee | up to $7 per month ATM fee reimbursement | |
| Outgoing Wire Transfer Fee | ||
| Overdraft Fee | ||
CreditDonkey® Reviews | ||
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| Savings |   |  |
| Checking | | |
| Money Market | | |
| Mobile App | | |
| Customer Service | | |
| Pros & Cons | Pros:
| Pros:
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| Bottom Line | Solid online bank with high APY rates and good customer service... | Fee-free online business checking with lots of good features... |
| Visit Site | Visit Site | |
Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details. Discover Bank: Pricing information and data points from published website as of 07/22/2025. Novo: Pricing information from published website as of 05/09/2025. | ||
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY325 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/Bank. See advertiser website for full details.
Discover® Online Savings - $150 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY325 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/Bank. See advertiser website for full details.
Online Savings Account - Earn 3.50% APY
- No fees
- No minimum opening deposit
- No minimum balance required
Free Business Checking
- $0 monthly service fee
- $50 deposit to unlock all features
- ATM fee refunds up to $7 per month
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
Which is Better: Discover Bank 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 Discover Bank or Chase.
In short: Discover Bank's savings and customer service are worth mentioning. In particular, the customer service is outstanding.
Articles on Discover Bank
Discover Bank Review
Discover Savings Review
Discover CD Rates Reviews
Discover Bank Bonus
Discover Savings Account Bonus
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Is Discover a Real Bank
Is Discover Savings Worth It
Articles on Novo
Novo Review
