Novo vs Bank of America

Novo is a fee-free online business checking with lots of good features. How does it compare to Bank of America? 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 Bank of America is one of the largest banks in the U.S. with approximately 3,700 locations and 15,000 ATMs. It is known for good customer service with extended hours. It offers checking, savings, CDs, IRA, and investment accounts through Merrill Edge.

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

	Novo	Bank of America
		Member FDIC
	Visit Site	Learn More
	SPECIAL OFFER Free Business Checking - Learn More Read Novo Review	OFFER Bank of America Advantage Banking - Up to $500 Cash Offer Read Bank of America Review
	Benefits and Features
Savings	No savings account, but you add up to 20 Reserves	Bank of America Advantage Savings Standard Rate: 0.01% APY
CD		7-Month CD - 3.51% APY 10-Month CD - 2.95% APY 13-Month CD - 2.00% APY 25-Month CD - 1.75% APY 37-Month CD - 0.11% APY 1-Month CD - 0.03% APY 120-Month CD - 0.03% APY
Checking	No monthly fees; no balance requirements
Monthly Fee	$0
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	Approximately 15,000+ ATMs
Balance Requirement	None
Cash Deposit Fee	N/A
Customer Service	Phone, email, or in-app messaging: Monday - Friday, 9 am - 6 pm EST	Monday -Friday: 8AM - 9PM ET Saturday: 9AM - 6PM ET Sunday: 8AM - 5PM ET
Incoming Wire Transfer Fee	$0
IRA CD
Locations	Online only	3,700 financial centers
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
CD
Pros & Cons	Pros: No monthly fees ATM refunds up to $7 per month Lots of software integrations Cons: No cash deposits No interest-bearing accounts	Pros: Large branch network Extended service hours Full service banking Cons: Monthly fees Low interest rates Many misc. banking fees
Bottom Line	Fee-free online business checking with lots of good features... Read full review	National bank with widespread accessibility and wide range of services... Read full review
	Visit Site	Learn More
	Free Business 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 04/22/2026. Bank of America: Pricing information from published website as of 04/16/2026 based on 91107 zip code.

Member FDIC

Bank of America Advantage Banking - Up to $500 Cash Offer

Learn More

Expires 5/31/2026

The cash offer up to $500 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 05/31/2026.
To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* into that new eligible account within 90 days of account opening. Your cash bonus amount will be based on the total amount of your Qualifying Direct Deposits received in the first 90 days.

Cash Bonus Total Qualifying Direct Deposits

$100 $2,000

$300 $5,000

$500 $10,000+
If all requirements are met 90 days after account opening, Bank of America will attempt to deposit your bonus into your new eligible account within 60 days.
Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
Additional terms and conditions apply. See offer page for more details.
*A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
Bank of America, N.A. Member FDIC.

Cash Bonus	Total Qualifying Direct Deposits
$100	$2,000
$300	$5,000
$500	$10,000+

Which is Better: Novo or Bank of America?

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