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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.

 NovoDiscover Bank
Member FDIC
 Visit SiteVisit Site
 

Novo

Discover Bank

SPECIAL OFFER
Free Business Checking - Learn More

Read Novo Review

SPECIAL OFFER
Online Savings Account - Earn 4.25% APY - Learn More

Read Discover Bank Review

 

Benefits and Features

SavingsNo savings account, but you add up to 20 Reserves
4.25% APY
CD 2.00% to 4.70% APY depending on terms. $2,500 minimum
CheckingNo monthly fees; no balance requirementsCashback Debit Account: 1% cash back on up to $3,000 in debit card purchases each month. See website for details
Monthly Fee
$0
 
Money Market 4.00% APY under $100,000; 4.05% APY $100,000 or more. $2,500 minimum deposit.
APY
N/A
 
Minimum Deposit to Open$50 to access all Novo's features 
ACH Transfer Fee
$0
 
ATMsUp to $7 per month reimbursement of ATM fees worldwide
Over 60,000 no-fee ATMs
Balance Requirement
None
 
Cash Deposit Fee
N/A
 
Customer ServicePhone, email, or in-app messaging: Monday - Friday, 9 am - 6 pm EST
24/7
Incoming Wire Transfer Fee
$0
 
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
Online only
Online Only
Out of Network ATM FeeUp to $7 per month ATM fee reimbursement 
Outgoing Wire Transfer Fee
N/A
 
Overdraft Fee
$0
 
 

CreditDonkey® Reviews

 NovoDiscover Bank
SavingsEmpty StarEmpty StarEmpty StarEmpty StarEmpty StarStarStarStarStarHalf Star
CheckingStarStarStarStarEmpty StarStarStarStarStarEmpty Star
Mobile AppStarStarStarStarStarStarStarStarStarStar
Customer ServiceStarStarStarStarEmpty StarStarStarStarStarStar
Money MarketStarStarStarStarHalf Star
Pros & ConsPros:
  • 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
Cons:
  • No interest checking
  • $2,500 minimum deposit for CDs
Bottom LineFee-free online business checking with lots of good features... Read full reviewSolid online bank with high APY rates and good customer service... Read full review
 Visit SiteVisit 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.

Novo

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
Novo

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
Discover Bank
Member FDIC

Online Savings Account - Earn 4.25% APY

  • No fees
  • No minimum opening deposit
  • No minimum balance required
Discover Bank
Member FDIC

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 Bank
Member FDIC

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.


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.

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.

Discover CD Rates Reviews

Maximize returns with Discover® Bank lucrative CD rates - no hidden fees. Read this detailed review.

Discover Bank Locations

Wondering if there is a Discover® Bank near you? Read this article to find out.

Discover Checking Account Fees

Does Discover® Cashback Debit have any fees? Find out if they are completely fee-free.

Who Owns Discover

You've probably heard of Discover credit cards, but what exactly is Discover® Bank? Is it a legitimate bank? Read on for all the details.

Discover Checking Account Minimum Balance

Discover® Cashback Debit doesn't have a minimum balance. But what's the catch? Read on for all the details.

Discover Checking Account Requirements

Discover® checking account offers no monthly fees and a rewarding cashback program. Here's what you need to open an account today.

Discover Savings vs Money Market

Discover® Bank boasts solid rates for both their money market and savings accounts. Find out which one is more suited for you.

Is Discover a Real Bank

Looking for a safe bank with great rates? This analysis of Discover® Bank reveals all - is it legit? Find out now.

Is Discover Savings Worth It

Is your money secure in a high-yield Discover® savings account? Get your answers now.

Which Do You Think is Best?





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