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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
 Visit SiteLearn More
 

Novo

Synchrony Bank

SPECIAL OFFER
Free Business Checking - Learn More

Read Novo Review

SPECIAL OFFER
High Yield Savings - 1.65% APY - Learn More

Read Synchrony Bank Review

 

Benefits and Features

SavingsNo savings account, but you add up to 5 Reserves1.65% 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 1.00% to 3.25% APY. Terms of 3 months to 5 years. No minimum deposit to open.
CheckingNo monthly fees; no balance requirements 
Money Market 1.10% APY. No monthly service fee and no minimum deposit.
APY
N/A
 
Customer ServicePhone, email, or in-app messaging: Monday - Friday, 9 am - 6 pm ESTMon-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
$0
 
ATMsUnlimited reimbursement of all ATM fees worldwideAny ATMs with Plus or Accel logos
Balance Requirement
None
 
Cash Deposit Fee
N/A
 
Incoming Wire Transfer Fee
$0
 
IRA CD 1.00% to 3.25% APY. Terms of 3 months to 5 years. No minimum deposit to open.
IRA Money Market 1.10% APY.
Locations
Online only
Online Only
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 StarStarStarStarStarStar
CheckingStarStarStarStarEmpty Star
Customer ServiceStarStarStarStarEmpty StarStarStarStarStarEmpty Star
Mobile AppStarStarStarStarStar
Money MarketStarStarStarStarEmpty Star
Pros & ConsPros:
  • No monthly fees
  • Unlimited ATM refunds
  • Lots of software integrations
Cons:
  • No cash deposits
  • Can't send wires
Pros:
  • Savings with ATM card
  • High APY
  • All balance tiers receive same rate
Cons:
  • No checking account
  • Limited customer service hours
Bottom LineFee-free online business checking with lots of good features... Read full reviewGood online bank offering high interest 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.

Synchrony Bank: Pricing information from published website as of 07/27/2022.

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 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.


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 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 Synchrony Bank

Synchrony Bank

Synchrony offers some of the highest savings and CD rates. But there are downsides. Read this review before you open an account.

Which Do You Think is Best?





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