Novo vs Synchrony Bank
Novo is a fee-free online business checking with lots of good features . How does it compare to Synchrony 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 Synchrony Bank offers high interest savings with an ATM card for easy withdrawals. There is no minimum deposit. Their CDs require a $2,000 minimum deposit to open. There are no service fees for any products.
Compare Novo with Synchrony Bank, side-by-side. Read on for an in-depth look, including ratings, reviews, pros and cons.
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Novo | Synchrony Bank | |
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Free Business Checking - | High Yield Savings - 3.75% APY - | |
Benefits and Features | ||
Savings | No savings account, but you add up to 10 Reserves | 3.75% APY. No monthly service fee and no minimum deposit. An ATM card is provided for easy withdrawal. Synchrony will refund ATM fees for other banks up to $5 per statement cycle |
CD | 2.25% to 4.60% APY. Terms of 3 months to 5 years. No minimum deposit to open. | |
Checking | No monthly fees; no balance requirements | |
Money Market | 2.25% APY. No monthly service fee and no minimum deposit. | |
APY | ||
Customer Service | Phone, email, or in-app messaging: Monday - Friday, 9 am - 6 pm EST | Mon-Fri 8:00 am - 10:00 pm (ET); Sat-Sun 8:00 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 | Any ATMs with Plus or Accel logos |
Balance Requirement | ||
Cash Deposit Fee | ||
Incoming Wire Transfer Fee | ||
IRA CD | 2.25% to 4.60% APY. Terms of 3 months to 5 years. No minimum deposit to open. | |
IRA Money Market | 2.25% APY. | |
Locations | ||
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 | ![]() ![]() ![]() ![]() ![]() | |
Money Market | ![]() ![]() ![]() ![]() ![]() | |
Pros & Cons | Pros:
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Bottom Line | Fee-free online business checking with lots of good features... | Good online bank offering high interest rates... |
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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. Synchrony Bank: Pricing information from published website as of 01/26/2023. |
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
Novo Boost (available for payments processed via Stripe)
- Get paid faster and speed up cash flow
- Access funds in hours instead of days
- Connect with 50+ tools to help grow your business
Which is Better: Novo or Synchrony 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: Synchrony Bank's savings is excellent.