Novo vs SoFi

Novo is a fee-free online business checking with lots of good features. How does it compare to SoFi? Read our comparison chart below.

	Novo	SoFi

	Visit Site	Learn More
	SPECIAL OFFER Free Business Checking - Learn More Read Novo Review	OFFER Personal Loans: Borrow Between $5k-$100k - Learn More Read SoFi Review
	Benefits and Features
Savings	No savings account, but you add up to 20 Reserves	3.60% APY on savings balances with direct deposit or qualifying deposits (1.00% APY without)
CD		N/A
Checking	No monthly fees; no balance requirements	0.50% APY on checking balances
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	55,000+ Allpoint ATMs
Balance Requirement	None
Cash Deposit Fee	N/A
Customer Service	Phone, email, or in-app messaging: Monday - Friday, 9 am - 6 pm EST	Checking and Savings Support: Phone: (855) 456-7634 Monday - Thursday: 5AM - 7PM PT Friday - Sunday: 5AM - 5PM PT 24/7 online chat
Incoming Wire Transfer Fee	$0
Locations	Online only	4 branch locations
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
Fees
Interest Rates
Eligibility
Pros & Cons	Pros: No monthly fees ATM refunds up to $7 per month Lots of software integrations Cons: No cash deposits No interest-bearing accounts	Pros: Competitive, fixed rates Low fees No collateral Cons: Slower underwriting process High standards for borrowers
Bottom Line	Fee-free online business checking with lots of good features... Read full review	Personal loans with low APR and fees. Must have good credit to qualify... Read full review
	Visit Site	Learn More
	Free Business Checking	Personal Loans: Borrow Between $5k-$100k Active Investing with SoFi SoFi Active Invest with SoFi Plus - Up to $2,000 Free Stock
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.

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

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