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.
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| Visit Site | Learn More | |
Novo | Synchrony Bank | |
|---|---|---|
Free Business Checking - | High Yield Savings - 3.80% APY - | |
Benefits and Features | ||
| Savings | No savings account, but you add up to 20 Reserves | 3.80% 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 4.15% APY. Terms of 3 months to 5 years. No minimum deposit to open. | |
| Checking | No monthly fees; no balance requirements | |
| Monthly Fee | ||
| Money Market | 2.00% APY. No monthly service fee and no minimum deposit. | |
| APY | ||
| Minimum Deposit to Open | $50 to access all Novo's features | |
| Mobile App | ||
| ACH Transfer Fee | ||
| ATMs | up to $7 per month reimbursement of ATM fees worldwide | Any ATMs with Plus or Accel logos |
| Balance Requirement | ||
| Cash Deposit Fee | ||
| 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 | ||
| IRA CD | 0.25% to 4.15% APY. Terms of 3 months to 5 years. No minimum deposit to open. | |
| IRA Money Market | 2.00% APY. | |
| Locations | ||
| Out of Network ATM Fee | up to $7 per month ATM fee reimbursement | |
| Outgoing Wire Transfer Fee | ||
| Overdraft Fee | ||
CreditDonkey® Reviews | ||
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| Savings |  |  |
| Checking | | |
| Mobile App | | |
| Customer Service | | |
| Money Market | | |
| Pros & Cons | Pros:
| Pros:
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| Bottom Line | Fee-free online business checking with lots of good features... | Good online bank offering high interest rates... |
| Visit Site | Learn More | |
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 05/09/2025. Synchrony Bank: Pricing information from published website as of 06/23/2025. | ||
Free Business Checking
- $0 monthly service fee
- $50 deposit to unlock all features
- ATM fee refunds up to $7 per month
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
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 Bluevine.
In short: Synchrony Bank's savings is excellent.
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