By: Mike Cashion, MFF Director of Operations
- All online
- Business Checking Account
- Seamless Account Opening
- App is Simple and Effective
- Limited Services
- No Physical Bank
- Slow Shipping of Debit Card (Blame Covid)
WHAT IS IT?
Bank Novo is an online bank focused on Business Banking for Small Business, Soloprenuers, Contractors and Freelancers. They provide a business checking account with a debit card. The online business bank has a number of seamless integrations with Quickbooks, Stripe, Transferwise and more. This is a super simple online business banking solution for those that really only need something simple and forward looking for their business.
As someone who has used a 100% online bank since 2006 for his personal banking, it seemed odd at how difficult it was to find a 100% online business bank or even a simple online business checking account. Believe me, it was tough to find… After exploring a number of different large banks to see if I could set up an account online, I became more and more frustrated. Setting up a business checking account online was a confusing and frustrating experience. Multiple banks brought me through the account setup. At the end of a lengthy setup process, the system informed me that I would need to visit a local branch to finish my account set up… Well that defeats the purpose…
After some continued research, I found Bank NOVO ranked really high on a list of best business accounts. The company is a relatively small FinTech Startup but I figured, why not? I’m glad I gave them a try!
The account setup made sense. It was super easy and clear. At no point did Bank NOVO try to upsell me on things I did not need. They communicated clearly throughout my account opening. The integrations, services available and functions that are available were well-presented through account opening. All of the fees and time frames were also clearly presented during account opening. When things finished up, they did tell me that completing my account opening and shipping me a debit card will likely be delayed due to increased demand during COVID. To my pleasant surprise, they under-promised and over-performed. My account was activated much sooner than they promised, and my debit card will be here before I know it.
Since opening the account, I have come to love the mobile app. It is nothing crazy. It is simple, works well and elegant. I have enjoyed using it. The service has worked great to date. I have deposited checks and transferred money with ease. Although I have yet to utilize the integrations, I will be checking out the Quickbooks integration and expect it to be all kinds of awesome.
HOW DOES IT WORK?
Everything is super simple. Basically, everything works like it would with a normal bank, although it is all online. You can deposit checks via the mobile app, transfer funds, bill pay, export transactions to Quickbooks, import transactions and funds via stripe, etc. It is super simple and intuitive via both the desktop and mobile app. Sometimes the experience can come across as too simple. But if your needs are small and you are looking for something simple, Bank Novo might be perfect for you.
So far, I am sold on Bank NOVO. My situation is super simple. I am a contractor for a few different organizations, receive a few checks each month and am an easy customer. When you set up the account, make sure you have all of your financial needs covered and figured out for a week or two. The bank is online and funds likely won’t be available right away. Definitely do not plan on everything being instant right out of the gate. Everything is seamless, but Bank NOVO is still a bank and has to follow all of the laws, rules and regulations of a bank.
If you fall into the category of Small Business, Soloprenuer, Contractor and/or Freelancer, then Bank NOVO may be really great for you. Learn more about them here: https://banknovo.com/
START YOUR JOURNEY TO FINANCIAL INDEPENDENCE TODAY
At MFF, we believe that everyone should have the chance to learn to be financially independent. Our team continues to build out free online programs so that you, too, can start your journey to financial independence. Get started TODAY with our Standards of Financial Literacy Program!