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Novo vs SunTrust Bank

Novo is a fee-free online business checking with lots of good features. How does it compare to SunTrust 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 SunTrust Bank has 1,400 branches in the Southeast region. Checking accounts require $100 to open and offers different ways to waive fees. Select Savings account offers an annual 1% bonus up to $25. Promotional CD offers a high APY with a $2,000 minimum opening deposit.

Compare Novo with SunTrust Bank, side-by-side. Read on for an in-depth look, including ratings, reviews, pros and cons.

 Novo
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Novo

SunTrust Bank

SPECIAL OFFER
Free Business Checking - Learn More

Read Novo Review

 

Benefits and Features

SavingsNo savings account, but you add up to 20 Reserves0.01% APY for all savings account. For Essential Savings Account - no minimum opening deposit, no monthly maintenance fee, no tiered interest rates. For Select Savings Account - $100 minimum opening deposit, $7 monthly maintenance fee unless 1) minimum $25 per month auto-transfer from a SunTrust personal checking account or, 2) $1,000 minimum daily collected balance. Has tiered interest rates.
CD 0.05% APY. Terms ranging from 6 months - 24 months. $2,500 minimum opening deposit. Terms ranging from 7 days - 31 days. OR $1000 minimum opening deposit. Terms ranging from 32 days - 60 days.
CheckingNo monthly fees; no balance requirements 
Monthly Fee
$0
 
Money Market Minimum opening deposit $100. Monthly maintenance fee $12 unless 1) one (1) automated transfer ($100 minimum) occurs, OR 2) a minimum daily collected balance of $10,000 is maintained.
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 worldwideMore than 2160 ATMs across 11 southeastern states and Washington DC.
Balance Requirement
None
 
Cash Deposit Fee
N/A
 
Customer ServicePhone, email, or in-app messaging: Monday - Friday, 9 am - 6 pm EST24/7 Telephone and Automated Customer Service
Incoming Wire Transfer Fee
$0
 
IRA CD Terms ranging from 1 - 10 years.
Locations
Online only
1400 bank branches across 11 southeastern states and Washington D.C.
Out of Network ATM FeeUp to $7 per month ATM fee reimbursement 
Outgoing Wire Transfer Fee
N/A
 
Overdraft Fee
$0
 
 

CreditDonkey® Reviews

 Novo
SavingsEmpty StarEmpty StarEmpty StarEmpty StarEmpty StarStarStarStarHalf StarEmpty Star
CheckingStarStarStarStarEmpty StarStarStarStarEmpty StarEmpty Star
Mobile AppStarStarStarStarStarStarStarStarStarEmpty Star
Customer ServiceStarStarStarStarEmpty StarStarStarStarStarEmpty Star
CDStarStarStarStarHalf Star
Money MarketStarStarStarEmpty StarEmpty 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 APY for CDs
  • Free student account
  • Good customer service
Cons:
  • No free checking option
  • Low savings APY
  • Limited branches
Bottom LineFee-free online business checking with lots of good features... Read full reviewSoutheastern regional bank known for good customer service... Read full review
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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.

SunTrust Bank: Pricing information from published website as of 04/12/2022 based on 91107 zip code.

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

Which is Better: Novo or SunTrust 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 checking and mobile app are notable. In particular, the mobile app is outstanding. SunTrust Bank's savings is notable.


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 SunTrust Bank

SunTrust Bank Review

If customer service ranks high on your list, SunTrust Bank may be one you want to check out. While they offer interest rates comparable to most "big banks," they do offer that warm, fuzzy feeling some people look for in a bank.

Which Do You Think is Best?





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