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.
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Novo | Synchrony Bank | |
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Free Business Checking - | High Yield Savings - 1.65% APY - | |
Benefits and Features | ||
Savings | No savings account, but you add up to 5 Reserves | 1.65% 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. | |
Checking | No monthly fees; no balance requirements | |
Money Market | 1.10% 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 | 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 | ||
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 07/27/2022. |
Free Business Checking
- $0 monthly service fee
- $50 deposit to unlock all features
- Unlimited ATM fee rebates
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.