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 20 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.

	Novo	Synchrony Bank

	Visit Site	Learn More
	SPECIAL OFFER Free Business Checking - Learn More Read Novo Review	SPECIAL OFFER High Yield Savings - 4.75% APY - Learn More Read Synchrony Bank Review
	Benefits and Features
Savings	No savings account, but you add up to 20 Reserves	4.75% 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		0.25% to 5.15% APY. Terms of 3 months to 5 years. No minimum deposit to open.
Checking	No monthly fees; no balance requirements
Monthly Fee	$0
Money Market		2.25% APY. No monthly service fee and no minimum deposit.
APY	N/A
Minimum Deposit to Open	$50 to access all Novo's features
ACH Transfer Fee	$0
ATMs	Up to $7 per month reimbursement of ATM fees worldwide	Any ATMs with Plus or Accel logos
Balance Requirement	None
Cash Deposit Fee	N/A
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)
Incoming Wire Transfer Fee	$0
IRA CD		0.25% to 5.00% APY. Terms of 3 months to 5 years. No minimum deposit to open.
IRA Money Market		2.25% APY.
Locations	Online only	Online Only
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
Money Market
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: Savings with ATM card High APY All balance tiers receive same rate Cons: No checking account Limited customer service hours
Bottom Line	Fee-free online business checking with lots of good features... Read full review	Good online bank offering high interest rates... Read full review
	Visit Site	Learn More
	Free Business Checking	High Yield Savings - 4.75% APY Money Market - 2.25% APY Certificate of Deposit
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 04/10/2024. Synchrony Bank: Pricing information from published website as of 04/11/2024.

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

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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 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.