Novo vs Ally Bank

Novo is a fee-free online business checking with lots of good features. How does it compare to Ally Bank? Read our comparison chart below.

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.

While Ally Bank offers high interest on their Savings account. It also offers interest checking and multiple CD options, including No Penalty and Raise Your Rate CDs. There is no minimum deposits or service fees for any of their banking products.

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

		Ally BankBluevineChase Business $300 BonusLiliAxos BankDiscover BankChaseBank of AmericaCIT Bank
	Visit Site	Learn More
	Novo	Ally Bank
	SPECIAL OFFER Free Business Checking - Learn More Read Novo Review	SPECIAL OFFER Online Savings Account - 4.20% APY - Learn More Read Ally Bank Review
	Benefits and Features
Savings	No savings account, but you add up to 20 Reserves	4.20% APY
CD		3.00% to 4.50% APY. Terms of 3 months to 5 years. 12-month CD APY of 4.50%
Checking	No monthly fees; no balance requirements	0.10% APY for daily balances less than $15,000. 0.25% APY for daily balances over $15,000
Monthly Fee	$0
Money Market		4.20% APY
APY	N/A
Minimum Deposit to Open	$50 to access all Novo's features
Mobile App		iOS & Android
ACH Transfer Fee	$0
ATMs	Up to $7 per month reimbursement of ATM fees worldwide	Over 43,000 no-fee Allpoint ATMs
Balance Requirement	None
Cash Deposit Fee	N/A
Customer Service	Phone, email, or in-app messaging: Monday - Friday, 9 am - 6 pm EST	24/7
Incoming Wire Transfer Fee	$0
Locations	Online only	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
Savings
Checking
Mobile App
Customer Service
Money Market
Pros & Cons	Pros: No monthly fees ATM refunds up to $7 per month Lots of software integrations Cons: No cash deposits Can't send wires	Pros: CD options No account minimums Good customer service Cons: Low Checking APY for lower balance customers
Bottom Line	Fee-free online business checking with lots of good features... Read full review	Solid online bank with a great user-friendly website and customer service... Read full review
	Visit Site	Learn More
	Free Business Checking	Online Savings Account - 4.20% APY Money Market - 4.20% APY Interest Checking
Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details. Novo: Pricing information from published website as of 04/10/2024. Ally Bank: Pricing information from published website as of 04/20/2024.

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

Learn More

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

Learn More

Which is Better: Novo or Ally Bank?

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

In short: Ally Bank's savings and customer service are worth mentioning. In particular, the customer service is outstanding.

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.

• Novo vs Bluevine
• Novo vs Chase Business $300 Bonus
• Novo vs Lili

Is Novo Safe

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

• Novo vs Axos Bank

Articles on Ally Bank

Ally Bank Review

Ally Bank offers good interest rates and no account minimums. But is this popular online bank good for you? Learn the benefits (and drawbacks) here.

• Ally Bank vs Discover Bank
• Ally Bank vs Chase
• Ally Bank vs Bank of America

Ally High Yield Savings

Ally Savings offers a strong APY and various savings tools to help you boost your funds. Read on to find out more.

• Ally Bank vs CIT Bank

Ally Bank Problems

Ally Bank is well-known for having attractive APYs and practically no fees. But, what's the catch? Read on to know what nuisances you may encounter.

Ally Money Market vs Savings

Ally's Money Market and Savings accounts boast high APYs with no hidden fees. But, how do they differ? Read on to find out.

Ally Bank CD Rates

Ally Bank CD accounts offer high APYs and require no minimum deposit. But what is the catch? Learn more about Ally CD rates in this review.

Ally Bank Routing Number

Looking to transfer money in or out of your Ally account? You'll need the right routing number. Find your Ally routing number and learn more about money transfers in our guide.

Which Do You Think is Best?