Novo vs M&T Bank
Novo is a fee-free online business checking with lots of good features . How does it compare to M&T Bank? Read our comparison chart below.
Novo offers all-in-one banking for digital businesses. It includes up to 10 Reserves, free unlimited invoicing, and over a thousand business app integrations. But there's no cash deposits. There is no monthly fee.
While M&T Bank has 690 branches serving the Upper East Coast and Florida. Offers a no-fee checking, as well as interest checking but with heavier requirements to waive service fees. Select Promo CD offers high rates for terms up to 36 months with a $1,000 minimum opening deposit.
Compare Novo with M&T Bank, side-by-side. Read on for an in-depth look, including ratings, reviews, pros and cons.
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| Visit Site | Learn More | |
Novo | M&T Bank | |
|---|---|---|
Free Business Checking - | M&T Tailored Business Checking Account - $500 Bonus - | |
Benefits and Features | ||
| Savings | No savings account, but you add up to 10 Reserves | 0.01% APY. Monthly service fee of $7.50 unless you 1) maintain a minimum daily balance of $500 or more or, 2) have a personal checking account with M&T Bank or, 3) make at least one deposit in your Relationship Savings account |
| CD | 4.50% APY. Terms of 12 - 18 months. Minimum opening deposit $1,000. | |
| Checking | No monthly fees; no balance requirements | |
| Money Market | 2.27% APY. M&T MyChoice Money Market Regular Interest. | |
| APY | ||
| Customer Service | Phone, email, or in-app messaging: Monday - Friday, 9 am - 6 pm EST | Mon - Fri 8:00 am - 9:00 pm (ET); Sat - Sun 9:00 am - 5:00 pm (ET). |
| Minimum Deposit to Open | $50 to access all Novo's features | |
| ACH Transfer Fee | ||
| ATMs | Unlimited reimbursement of all ATM fees worldwide | More than 1,800 M&T Bank ATMs in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and the District of Columbia. |
| Balance Requirement | ||
| Cash Deposit Fee | ||
| Incoming Wire Transfer Fee | ||
| Locations | 690 bank branches located throughout New York, New Jersey, Pennsylvania, Maryland, Washington, D.C., Virginia, West Virginia and Florida | |
| Out of Network ATM Fee | ||
| Outgoing Wire Transfer Fee | ||
| Overdraft Fee | ||
| Monthly Fee | ||
CreditDonkey® Reviews | ||
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| Savings |  |  |
| Checking | | |
| Customer Service | | |
| Mobile App | |  |
| CD | | |
| Money Market | | |
| Pros & Cons | Pros:
| Pros:
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| Bottom Line | Fee-free online business checking with lots of good features... | Upper East Coast bank with free checking option and good promo CD rates... |
| Visit Site | Learn More | |
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 09/05/2023. M&T Bank: Pricing information from published website as of 09/21/2023 based on 14203 zip code | ||
Free Business Checking
- $0 monthly service fee
- $50 deposit to unlock all features
- Unlimited ATM fee rebates
Free Business Checking
- $0 monthly service fee
- Unlimited ATM fee rebates
- Free ACHs, incoming wires, and mailed checks
- Up to 10 Reserves to manage multiple budgets
- Thousands of app integrations
Which is Better: Novo or M&T 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: Novo's mobile app is outstanding.
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Novo Review
Is Novo Safe
Articles on M&T Bank
