Novo vs US Bank
Novo is a fee-free online business checking with lots of good features . How does it compare to US 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 US Bank has over 2,200 branches across 26 states. It has somewhat high minimum balance requirements to waive monthly checking account service fees. Their promotional CD Special offers high interest rates with a $1,000 minimum opening deposit.
Compare Novo with US Bank, side-by-side. Read on for an in-depth look, including ratings, reviews, pros and cons.
 |  | |
 | | |
Novo | US Bank | |
|---|---|---|
Free Business Checking - | U.S. Bank Smartly™ Checking - Up to $600 Bonus - | |
Benefits and Features | ||
| Savings | No savings account, but you add up to 10 Reserves | 0.01% APY. Minimum deposit $25. Monthly maintenance fee $4, unless you have $300 minimum daily ledger balance OR $1,000 average monthly collected balance. |
| CD | Standard Term CD: 0.05% - 0.25% APY. Terms ranging from 1 month - 60 months. Minimum deposit of $500. Maximum deposit $249,999. | |
| Checking | No monthly fees; no balance requirements | |
| Money Market | 0.01% APY, depending on amount. Minimum opening deposit $100. Monthly maintenance fee $10 unless you have $10,000 daily ledger balance. | |
| APY | ||
| Customer Service | Phone, email, or in-app messaging: Monday - Friday, 9 am - 6 pm EST | 24/7 Live Customer Service (Telephone) |
| Minimum Deposit to Open | $50 to access all Novo's features | |
| ACH Transfer Fee | ||
| ATMs | Unlimited reimbursement of all ATM fees worldwide | More than 37,000 ATMs across the country |
| Balance Requirement | ||
| Cash Deposit Fee | ||
| Incoming Wire Transfer Fee | ||
| IRA Money Market | Minimum opening deposit of $100 or $25 automatic monthly deposit. No monthly maintenance fees. | |
| Locations | More than 2200 branches across the country. | |
| 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 | | |
| CD | | |
| Money Market | | |
| Pros & Cons | Pros:
| Pros:
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| Bottom Line | Fee-free online business checking with lots of good features... | Big national bank with wide array of services and many account options... |
| | |
Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details. US Bank: Pricing information from published website as of 11/9/2022 based on 91107 zip code. | ||
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
U.S. Bank Smartly™ Checking - Up to $600 Bonus
Earn up to $600 when you open a new U.S. Bank Smartly™ checking account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through April 11, 2023. Member FDIC.
Complete these steps within 90 days of opening your new Bank Smartly™ checking account online:
- Enroll in online banking or the U.S. Bank Mobile App
- Complete two or more direct deposits of $3,000 to $5,999.99 to earn $200, $6,000 to $9,999.99 to earn $400 and $10,000 or more to earn $600.
Silver Business Checking Package - $500 Bonus
Earn a $500 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q1AFL23 and complete qualifying activities1, subject to certain terms and limitations. Offer valid through April 23, 2023. Member FDIC.
Complete these steps to earn the offer:
- Enroll in business online banking within 60 days of account opening.
- Complete $3,000 in new money deposits and maintain for 60 days from account opening.
Gold Business Checking Package - $500 Bonus
Earn a $500 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q1AFL23 and complete qualifying activities1, subject to certain terms and limitations. Offer valid through April 23, 2023. Member FDIC.
Complete these steps to earn the offer:
- Enroll in business online banking within 60 days of account opening.
- Complete $3,000 in new money deposits and maintain for 60 days from account opening.
Which is Better: Novo or US 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: Novo's checking is notable.
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 Safe
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 US Bank
US Bank
U.S. Bank is the 5th largest bank in the US, but does that make them a good bank for you? Do you need a large national bank or is a smaller bank more your style?
US Bank Routing Number
To transfer money in or out of your US Bank checking or savings account, you'll need the right routing number. Find your US Bank routing number below.
Which Do You Think is Best?
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