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.
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Novo | Wells Fargo | |
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Free Business Checking - | Personal Checking Account - $200 Bonus - | |
Benefits and Features | ||
Savings | No savings account, but you add up to 5 Reserves | 0.01% APY. Minimum opening deposit of $25. Monthly service fee of $5, unless you maintain a minimum daily balance of $300, or primary account owner is 24 years old or under |
CD | Standard Term CD: 0.01% APY. Terms of 3 months to 1 year. Minimum deposit of $2,500. Bonus of up to 0.02% 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. 0.01% APY. Minimum opening deposit of $25. $12 monthly service fee, unless you maintain a minimum daily balance of $3,500. Bonus APY of 0.02% 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 13,000 ATMs across the country. |
Balance Requirement | ||
Cash Deposit Fee | ||
Incoming Wire Transfer Fee | ||
IRA CD | Standard Term CD: 0.01% APY. Terms of 1 month to 144 months. Minimum deposit of $1,000. Bonus of up to 0.02% APY if you maintain a linked Wells Fargo Prime/Portfolio Checking account. | |
IRA Money Market | 0.01% APY. $100 minimum opening deposit. | |
Locations | Approximately 5,400 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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Checking | ![]() ![]() ![]() ![]() ![]() | |
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Pros & Cons | Pros:
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Bottom Line | Fee-free online business checking with lots of good features... | |
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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. Wells Fargo: Pricing information from published website as of 03/25/2022 based on 91107 zip code. |
Free Business Checking
- $0 monthly service fee
- $50 deposit to unlock all features
- Unlimited ATM fee rebates
Which is Better: Novo or Wells Fargo?
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