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.

	Visit Site	Learn More
	Novo	SoFi
	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	3.80% 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 Can't send wires	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 The Claw Active Investing - $5 to $1,000 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

Which is Better: Novo or SoFi?

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 Bluevine.

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.

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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.

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Articles on SoFi

SoFi Reviews

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SoFi Bank Review

Seeking high rates and a great digital banking experience? SoFi Bank offers solid accounts and a top-rated mobile app. Read on to know more.

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SoFi Bank Locations

SoFi is an online bank offering checking and savings accounts. But does it have physical branches? Keep reading to find out.

SoFi High Yield Savings

Want a high APY and easy access to your money? Get the best of both worlds with SoFi's Checking and Savings account.

Which Do You Think is Best?