Novo vs Discover Bank

Novo is a fee-free online business checking with lots of good features. How does it compare to Discover 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 Discover Bank offers some of the highest interest rates on the market. CDs go up to 10-year terms. There are no service fees.

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

	Novo	Discover Bank
		Member FDIC
	Visit Site	Visit Site
	SPECIAL OFFER Free Business Checking - Learn More Read Novo Review	SPECIAL OFFER Online Savings Account - Earn 3.40% APY - Learn More Read Discover Bank Review
	Benefits and Features
Savings	No savings account, but you add up to 20 Reserves	3.40% APY
CD		2.00% to 3.85% APY depending on terms
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	Over 60,000 no-fee 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: High yield No fees 24/7 customer service
Bottom Line	Fee-free online business checking with lots of good features... Read full review	Solid online bank with high APY rates and good customer service... Read full review
	Visit Site	Visit Site
	Free Business Checking	Online Savings Account - Earn 3.40% APY Certificate of Deposit Discover® CD Rates
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 09/27/2025. Discover Bank: Pricing information and data points from published website as of 10/23/2025.

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

Online Savings Account - Earn 3.40% APY

Get Deal

No fees
No minimum opening deposit
No minimum balance required

Member FDIC

Certificate of Deposit

3.50% APY for 6-month term
3.85% APY for 12-month term
3.70% APY for 18-month term
3.50% APY for 24-month term
3.50% APY for 36-month term
3.50% APY for 5-year term

Learn More

Member FDIC

Discover® CD Rates

No minimum opening deposit required
No fees
FDIC insured

Term	CD Rates
3 Months	2.00% APY
6 Months	3.50% APY
9 Months	3.50% APY
1 Year	3.85% APY
1.5 Years	3.70% APY
2 Years	3.50% APY
2.5 Years	3.50% APY
3 Years	3.50% APY
4 Years	3.50% APY
5 Years	3.50% APY
7 Years	3.50% APY
10 Years	3.50% APY

Learn More

Which is Better: Novo or Discover 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: Discover 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.

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.

Novo vs Axos Bank

Articles on Discover Bank

Discover Bank Review

Discover® Bank offers high interest rates on its online savings and CD accounts. But there are downsides. Here's what you need to know before you open an account.

Discover Savings Review

Make your money work with Discover® Bank high yield savings: high interest, no fees. Find out its benefits, drawbacks, and the easy way to open an account.