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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
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Novo

M&T Bank

SPECIAL OFFER
Free Business Checking - Learn More

Read Novo Review

SPECIAL OFFER
Personal Checking Account - Up to $200 Bonus - Learn More

Read M&T Bank Review

 

Benefits and Features

SavingsNo savings account, but you add up to 5 Reserves0.01% 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 0.30% APY. Terms of 24 months. Minimum opening deposit $1,000.
CheckingNo monthly fees; no balance requirements 
Money Market M&T MyChoice Money Market account Regular rate of 0.02% APY, Premium rate of 0.02% APY for qualifying customers.
APY
N/A
 
Customer ServicePhone, email, or in-app messaging: Monday - Friday, 9 am - 6 pm ESTMon - 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
$0
 
ATMsUnlimited reimbursement of all ATM fees worldwideMore 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
None
 
Cash Deposit Fee
N/A
 
Incoming Wire Transfer Fee
$0
 
Locations
Online only
690 bank branches located throughout New York, New Jersey, Pennsylvania, Maryland, Washington, D.C., Virginia, West Virginia and Florida
Out of Network ATM Fee
Unlimited ATM fee rebates
 
Outgoing Wire Transfer Fee
N/A
 
Overdraft Fee
$27
 
Monthly Fee
$0
 
 

CreditDonkey® Reviews

 Novo
SavingsEmpty StarEmpty StarEmpty StarEmpty StarEmpty StarStarStarStarEmpty StarEmpty Star
CheckingStarStarStarStarEmpty StarStarStarStarStarEmpty Star
Customer ServiceStarStarStarStarEmpty StarStarStarStarStarEmpty Star
Mobile AppStarStarStarStarStarStarStarStarHalf StarEmpty Star
CDStarStarStarEmpty StarEmpty Star
Money MarketStarStarStarEmpty StarEmpty Star
Pros & ConsPros:
  • No monthly fees
  • Unlimited ATM refunds
  • Lots of software integrations
Cons:
  • No cash deposits
  • Can't send wires
Pros:
  • Free checking option
  • High APY for Promo CD
  • Free savings with checking
Cons:
  • Fee heavy
  • Subpar savings APY
  • Limited branches
Bottom LineFee-free online business checking with lots of good features... Read full reviewUpper East Coast bank with free checking option and good promo CD rates... Read full review
 Visit SiteLearn More

Free Business Checking

Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details.

M&T Bank: Pricing information from published website as of 07/27/2022 based on 14203 zip code

Novo

Free Business Checking

  • $0 monthly service fee
  • $50 deposit to unlock all features
  • Unlimited ATM fee rebates
Banking services provided by Middlesex Federal Savings F.A., Member FDIC

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.


Articles on Novo

Novo Review

Novo Bank provides digital banking services for entrepreneurs and small businesses. Explore Novo's features, business perks, and fees in this review.

Is Novo Safe

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 M&T Bank

M&T Bank Review

If you are on the upper East Coast, you probably see M&T Bank frequently. With a free checking option and a range of deposit accounts, does it meet your needs?

Which Do You Think is Best?





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