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 and have a minimum deposit of $2,500. There are no service fees.
Compare Novo with Discover Bank, side-by-side. Read on for an in-depth look, including ratings, reviews, pros and cons.
Visit Site | Visit Site | |
Novo | Discover Bank | |
---|---|---|
Free Business Checking - | Online Savings Account - Earn 4.25% APY - | |
Benefits and Features | ||
Savings | No savings account, but you add up to 20 Reserves | |
CD | 2.00% to 4.70% APY depending on terms. $2,500 minimum | |
Checking | No monthly fees; no balance requirements | Cashback Debit Account: 1% cash back on up to $3,000 in debit card purchases each month. See website for details |
Monthly Fee | ||
Money Market | 4.00% APY under $100,000; 4.05% APY $100,000 or more. $2,500 minimum deposit. | |
APY | ||
Minimum Deposit to Open | $50 to access all Novo's features | |
ACH Transfer Fee | ||
ATMs | Up to $7 per month reimbursement of ATM fees worldwide | |
Balance Requirement | ||
Cash Deposit Fee | ||
Customer Service | Phone, email, or in-app messaging: Monday - Friday, 9 am - 6 pm EST | |
Incoming Wire Transfer Fee | ||
IRA CD | 12-month CD APY of 4.70%. 18-month CD APY of 4.40%. 24-month CD APY of 4.00%. 5-year CD APY of 3.75%. | |
Locations | ||
Out of Network ATM Fee | Up to $7 per month ATM fee reimbursement | |
Outgoing Wire Transfer Fee | ||
Overdraft Fee | ||
CreditDonkey® Reviews | ||
Savings | ||
Checking | ||
Mobile App | ||
Customer Service | ||
Money Market | ||
Pros & Cons | Pros:
| Pros:
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Bottom Line | Fee-free online business checking with lots of good features... | Solid online bank with high APY rates and good customer service... |
Visit Site | Visit Site | |
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 03/01/2024. Discover Bank: Pricing information and data points from published website as of 03/15/2024. |
Free Business Checking
- $0 monthly service fee
- $50 deposit to unlock all features
- ATM fee refunds up to $7 per month
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
Online Savings Account - Earn 4.25% APY
- No fees
- No minimum opening deposit
- No minimum balance required
Online Checking Account - Earn Cash Back
- 1% cash back on up to $3,000 in debit card purchases each month. See website for details
- No fees
- Early Pay - Get your paycheck up to two days early with no charge
- No credit impact - You can apply without affecting your credit score.
- Access to over 60,000 no-fee ATMs in the U.S.
Discover® Cashback Checking – Up to $30/Month Cashback
Earn 1% cash back on up to $3,000 in debit card purchases each month, for a total of up to $30 cashback per month. Discover Cashback Debit checking account has no minimum balance requirement, no fees, and free online bill pay. See website for details.
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 Chase.
In short: Discover Bank's savings and customer service are worth mentioning. In particular, the customer service is outstanding.