Novo vs BMO Bank

Novo is a fee-free online business checking with lots of good features. How does it compare to BMO 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 BMO Bank has over 600 branches and is the 8th largest bank in North America by assets. Smart Advantage checking has no fee and no minimum balance if you opt for eStatements. Savings need just $100 to open with easy ways to waive fees. Special Rate CDs require a $5,000 minimum opening deposit.

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

	Novo	BMO Bank
		Member FDIC
	Visit Site	Visit Site
	SPECIAL OFFER Free Business Checking - Learn More Read Novo Review	SPECIAL OFFER BMO Smart Advantage Checking - $250 Cash Bonus - Learn More Read BMO Bank Review
	Benefits and Features
Savings	No savings account, but you add up to 20 Reserves	0.01% APY. $5 reward every month you save $200 or more, for the first year.
CD		0.05% - 4.90% APY. Terms of 3 months to 5 years. $1,000 minimum opening deposit.
Checking	No monthly fees; no balance requirements	Smart Advantage, Smart Money, Relationship
Monthly Fee	$0
Money Market		1.00% APY. $25 minimum opening deposit. $10 monthly fee, waived with a $5,000 minimum daily balance.
APY	N/A
Minimum Deposit to Open	$50 to access all Novo's features
ACH Transfer Fee	$0
ATMs	Up to $7 per month reimbursement of ATM fees worldwide	40,000+ BMO and 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	Mon-Fri: 7am - 10pm (CT); Sat-Sun 8am - 8pm
Incoming Wire Transfer Fee	$0
IRA CD		0.05% - 0.25% APY. Terms of 3 months to 5 years. $1,000 minimum opening deposit
IRA Money Market		IRA Premium Savers: $100 minimum opening deposit. No monthly maintenance fee
Locations	Online only	981 branches
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
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: Free checking with eStatements Large ATM network Good financial tools Cons: Limited branches Low savings APY
Bottom Line	Fee-free online business checking with lots of good features... Read full review	Midwest bank with options for low and high-balance customers... Read full review
	Visit Site	Visit Site
	Free Business Checking	BMO Smart Advantage Checking - $250 Cash Bonus BMO Smart Money Checking - $250 Cash Bonus BMO Relationship Checking - $400 Cash Bonus
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. BMO Bank: Pricing information from published website as of 04/09/2024 based on 60603 zip code.

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

Member FDIC

BMO Smart Advantage Checking - $250 Cash Bonus

Open a new BMO Smart Advantage Checking account and get a $250 cash bonus when you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening. Offer is limited to one per customer and is not available for existing BMO personal checking customers (including signers on joint accounts) or those who have closed a BMO personal checking account within the past 12 months. Conditions apply.

Get Deal

Expires 5/3/2024

Member FDIC

BMO Smart Money Checking - $250 Cash Bonus

Open a new BMO Smart Money Checking account and get a $250 cash bonus when you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening. Offer is limited to one per customer and is not available for existing BMO personal checking customers (including signers on joint accounts) or those who have closed a BMO personal checking account within the past 12 months. Conditions apply.

Get Deal

Expires 5/3/2024

Member FDIC

BMO Relationship Checking - $400 Cash Bonus

Open a new BMO Relationship Checking account and get a $400 cash bonus when you have a cumulative total of $7,500 in qualifying direct deposits within 90 days of account opening. Offer is limited to one per customer and is not available for existing BMO personal checking customers (including signers on joint accounts) or those who have closed a BMO personal checking account within the past 12 months. Conditions apply.

Get Deal

Expires 5/3/2024

Which is Better: Novo or BMO 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.