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Novo vs Axos Bank

Novo is a fee-free online business checking with lots of good features. How does it compare to Axos 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 Axos Bank offers a range of checking and savings products. Checking options includes a up-to 1% cashback account and rewards checking account with a higher interest rate. Savings options include savings accounts and CDs with higher-than-average rates. All accounts have no monthly service fees.

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

 NovoAxos Bank
Member FDIC
 Visit SiteLearn More
 

Novo

Axos Bank

SPECIAL OFFER
Free Business Checking - Learn More

Read Novo Review

SPECIAL OFFER
Basic Business Checking - Up to $400 Bonus - Learn More

Read Axos Bank Review

 

Benefits and Features

SavingsNo savings account, but you add up to 20 Reserves0.61% APY (balances under $25k); 0.25% APY ($25K-$100K); 0.15% APY ($100k and over)
CD 0.20% APY. Terms of 3 months to 5 years. $1,000 minimum
CheckingNo monthly fees; no balance requirementsRewards Checking: Up to 3.30% APY
Cashback Checking: Up to 1% cashback
Monthly Fee
$0
 
Money Market 
0.25% APY
APY
N/A
 
Minimum Deposit to Open$50 to access all Novo's features 
Mobile App 
iOS & Android
ACH Transfer Fee
$0
 
ATMsUp to $7 per month reimbursement of ATM fees worldwideapproximately 91,000 partner ATMs
Balance Requirement
None
 
Cash Deposit Fee
N/A
 
Customer ServicePhone, 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 FeeUp to $7 per month ATM fee reimbursement 
Outgoing Wire Transfer Fee
N/A
 
Overdraft Fee
$0
 
 

CreditDonkey® Reviews

 NovoAxos Bank
SavingsEmpty StarEmpty StarEmpty StarEmpty StarEmpty StarStarStarStarStarHalf Star
CheckingStarStarStarStarEmpty StarStarStarStarStarStar
Mobile AppStarStarStarStarStarStarStarStarStarHalf Star
Customer ServiceStarStarStarStarEmpty Star
CDStarStarStarEmpty StarEmpty Star
Money MarketStarStarStarStarHalf Star
ATMsStarStarStarStarHalf Star
LocationsStarStarEmpty StarEmpty StarEmpty Star
Pros & ConsPros:
  • No monthly fees
  • ATM refunds up to $7 per month
  • Lots of software integrations
Cons:
  • No cash deposits
  • Can't send wires
Pros:
  • Checking with rewards
  • No monthly fee
  • Domestic ATM rebates
Cons:
  • Low CD rates
  • No physical branches
Bottom LineFee-free online business checking with lots of good features... Read full reviewFull-service online bank with excellent cashback and interest checking... Read full review
 Visit SiteLearn More

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 09/27/2024.

Axos Bank: Pricing information from published website as of 09/27/2024.

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

Spend $1500 with your Novo card within 90 days, and get $75

Expires 12/31/2024
  • $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
Axos Bank
Member FDIC

Basic Business Checking - Up to $400 Bonus

Expires 10/31/2024
  • Business owners get up to $400 welcome bonus!*
  • Open a business checking account by October 31 and get up to $400 when you use promo code NEW400 on your application.*
  • No initial deposit requirement
  • No minimum balance requirement
  • No monthly maintenance fees
  • Free domestic incoming wires. Two (2) outgoing domestic wire fees reimbursed per month.
  • Unlimited domestic ATM fee reimbursements
  • Unlimited item processing (debits, credits, and deposited items)
  • Cash deposits via MoneyPass and AllPoint networks
Axos Bank
Member FDIC

Business Premium Savings - Up to 4.01% APY

  • Unlock a bonus up to $375 with Business Premium Savings. Save more, pay lower fees, and get a limited-time bonus up to $375 with a 4.01% APY* Business Premium Savings account. Use promo code BPS375.†
  • Earn 4.01% APY* With Business Premium Savings
  • Free domestic and international incoming wires
  • No monthly maintenance fee
  • No minimum opening deposit
  • No average daily balance requirement
  • Business deposit accounts FDIC insured up to $250k
Axos Bank
Member FDIC

High Yield Savings - Up to 0.61% APY

  • 0.61% APY on balance < $25,000
  • 0.25% APY on balance $25K-$100K
  • 0.15% APY on balance > $100K
  • No monthly maintenance fees
  • No minimum balance requirements
  • $250 minimum opening deposit
  • Free incoming wires
  • Zero minimum balance requirement

Which is Better: Novo or Axos 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 Bluevine.

In short: Axos Bank's savings and checking are notable. In particular, the checking is excellent.


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 Safe and Legit

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

Articles on Axos Bank

Axos Bank Review

Axos Bank offers full-service banking completely online with no fees. Find out below whether they can replace your traditional bank account.

Axos Business Checking

Looking for affordable banking for your small business? Axos Bank offers a free business checking account or an interest-bearing account. Read on.

Which Do You Think is Best?





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