Novo vs Wells Fargo
Novo is a fee-free online business checking with lots of good features . How does it compare to Wells Fargo? 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 Wells Fargo is one of America's largest banks with over 4,500 locations and 12,000 ATMs. Offers many checking options, including Teen Checking and Opportunity Checking for those who had financial troubles. 24/7 customer service. Special CDs offers high rates with $5,000 minimum opening deposit.
Compare Novo with Wells Fargo, side-by-side. Read on for an in-depth look, including ratings and reviews.
 | ||
 |  | |
Novo | Wells Fargo | |
|---|---|---|
Free Business Checking - | Savings Account - $525 Bonus - | |
Benefits and Features | ||
| Savings | No savings account, but you add up to 10 Reserves | 0.15% APY. Minimum opening deposit of $25. Monthly service fee of $5, unless you maintain a minimum daily balance of $300, make 1 automatic transfer each fee period of $25 or more from a linked Wells Fargo checking account, make 1 automatic transfer each business day within the fee period of $1 or more from a linked Wells Fargo checking account, make 1 or more Save As You Go® transfers from a linked Wells Fargo checking account, or primary account owner is 24 years old or under. |
| CD | Standard Term CD: 0.50% to 2.00% APY. Terms of 3 months to 1 year. Minimum deposit of $2,500. Bonus of up to 2.01% APY if you maintain a linked Portfolio by Wells Fargo relationship. | |
| Checking | No monthly fees; no balance requirements | Clear Access Banking, Everyday Checking, Portfolio by Wells Fargo |
| Money Market | Also known as the Platinum Savings Account. 0.25% - 2.50% APY. Minimum opening deposit of $25. $12 monthly service fee, unless you maintain a minimum daily balance of $3,500. Bonus APY of 2.51% requires account linked to Portfolio by Wells Fargo relationship. | |
| APY | ||
| Customer Service | Phone, email, or in-app messaging: Monday - Friday, 9 am - 6 pm EST | Available 24 hours a day, 7 days a week. |
| Minimum Deposit to Open | $50 to access all Novo's features | |
| ACH Transfer Fee | ||
| ATMs | Unlimited reimbursement of all ATM fees worldwide | More than 12,000 ATMs across the country. |
| Balance Requirement | ||
| Cash Deposit Fee | ||
| Incoming Wire Transfer Fee | ||
| IRA CD | Standard Term CD: 0.01% to 2.00% APY. Terms of 1 month to 144 months. Minimum deposit of $1,000. Bonus of up to 2.01% APY if you maintain a linked Wells Fargo Prime/Portfolio Checking account. | |
| IRA Money Market | 0.01% APY. $100 minimum opening deposit. | |
| Locations | Approximately 4,500+ retail banking branches coast to coast. | |
| 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 | | |
| Pros & Cons | Pros:
| |
| Bottom Line | Fee-free online business checking with lots of good features... | |
| | |
Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details. Wells Fargo: Pricing information from published website as of 03/22/2023 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
Which is Better: Novo or Wells Fargo?
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.
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 and 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 Wells Fargo
Wells Fargo Bank Review
Wells Fargo offers nationwide access with thousands of ATMs and branch locations. But are their checkings and savings accounts right for you? Read on to see the best options.
Wells Fargo Bank Hours
Wells Fargo is one of the biggest banks in the country. Here's when you can visit a branch near you.
Wells Fargo Routing Number
Not all routing numbers are the same for Wells Fargo. Here's how to find the routing number for your bank account.
Which Do You Think is Best?
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