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 900 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 Checking Accounts - Earn up to $600 - 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% - 4.00% 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% - 2.00% 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 Spend $1500 with your Novo card within 90 days, and get $75 Free Business Checking	BMO Checking Accounts - Earn up to $600 BMO Smart Advantage Checking - Earn up to $350 Savings Account - Up to $60 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 09/27/2024. BMO Bank: Pricing information from published website as of 09/27/2024 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

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

Get Deal

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

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 Checking Accounts - Earn up to $600

Earn up to $600 with qualifying activities. Conditions Apply. BMO Bank N.A. Member FDIC

Get either a $250 or $500 cash bonus when you open a new checking account and complete qualifying activities between 9/10/24 and 10/31/24. Plus, get a $100 digital gift card when you meet with a BMO banker to discuss your financial priorities after opening your account online. Combine the cash bonus and the gift card to maximize your rewards.

Get Deal

Expires 10/31/2024

Member FDIC

BMO Smart Advantage Checking - Earn up to $350

Earn up to $350 with qualifying activities. Conditions Apply. BMO Bank N.A. Member FDIC

Earn a $250 cash bonus when you open a new checking account and complete qualifying activities between 9/10/24 and 10/31/24. Plus, get a $100 digital gift card when you meet with a BMO banker to discuss your financial priorities after opening your account online. Combine the cash bonus and the gift card to maximize your rewards.

Get Deal

Expires 10/31/2024

Member FDIC

BMO Smart Advantage Checking

No minimum balance required
Fee-free transactions at more than 40,000 Allpoint® network ATMs nationwide
No monthly fees with paperless statements

Learn More

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 Bluevine.