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Online banking makes it easier and more convenient for you to manage your finances from anywhere without needing to go to a physical branch. And depending on the bank, you may also get the benefit of 24/7 customer service, something most brick-and-mortar locations don't always promise.
Novo is an online-only platform that partnered with Middlesex Federal Savings Bank in 2017 to provide banking services for their customers. Through its mobile app or online, business owners can manage their finances, make check deposits and make payments.
CNBC Select named the Novo Business Checking Account the best business checking account for sole proprietors and contractors because of it's easy-to-use tech integrations and discounts with invoicing, marketing and communications tools. If you use some of the most common small-biz accounting tools, such as QuickBooks, there's a good chance Novo can make your workflow more seamless.
Perks upon sign up can include $3,000 in Google Cloud credits, $150 toward Google Ads, 40% off the first six months of QuickBooks Online and up to $20,000 in fee-free credit card transactions when you link your account with Stripe
Monthly maintenance fee
Minimum deposit to open
Annual Percentage Yield (APY)
Free ATM network
No out-of-network ATM fees and reimburses fees charged by other ATM operators, up to $7 per month
ATM fee reimbursement
Yes, up to $7 per month worldwide
Small business perks
Sync your account with Slack, Stripe, Shopify, Quickbooks, TransferWise, Xero, Zapier and other popular merchant tools. Amazon integration for sales and revenue tracking.
No overdraft fee but has a nonsufficient funds fee of $27
Mobile check deposit
Terms apply. Novo is FDIC-insured through Middlesex Federal Savings.
Novo does not charge out-of-network ATM fees and reimburses fees charged by ATM operators worldwide, up to $7 per month.
Users can deposit checks into the account using the mobile app. All ACH transfers, mailed checks, and incoming wires are free of charge. If you are charged an ATM fee, it will be automatically reimbursed at the end of every month (up to $7 per month).
This account is available to owners of any U.S.-based business regardless of whether they are U.S. citizens or not.
Novo also offers a budgeting tool, Novo Reserves, that allows you to designate money in your account ahead of time for large expenses or recurring payments.
When you sign up for a Novo account and spend $50 or more on your debit card you become eligible for perks including:
- $3,000 in Google Cloud credits
- $150 toward Google Ads
- $150 toward Snapchat ads
- 40% off the first six months of QuickBooks Online
- 6% cash back on trips made with Booking.com
- Up to $20,000 in fee-free credit card transactions when you link your account with Stripe
Users can sync their account with Slack, Stripe, Shopify, Quickbooks, TransferWise, Xero, Zapier and Wise. This allows you to track purchases made by customers and manage your accounts on these platforms through your Novo account.
Novo does not charge any monthly fees or require a minimum monthly balance. However there is a $50 minimum deposit to open the account. Accounts are not closed due to inactivity, but if you have a balance of $0 for over 130 days, the account may be closed automatically.
The Novo Business Checking Account is a great option for for people who like to manage their finances on their phone or computer, but because Novo only offers online banking this account may not be for everyone.
Novo does offer a number of deals and discounts that could also save you money on marketing, accounting and other small-business costs. Another big perk of having this account is reimbursements for all ATM fees worldwide, up to $7 per month.
If you are looking for in-person banking services, the Chase Business Complete Banking® account could be a better option for you. It allows you to take out multiple debit cards for owners and employees and manage spending on those cards.
The Novo Business Checking Account may not be well suited for large businesses, but CNBC Select named the Capital One Business Enhanced Checking account the best business checking account for medium to large businesses.
To determine which business checking accounts offer the most convenience, CNBC Select analyzed dozens of U.S. business checking accounts offered nationwide by online banks as well as those with physical branches. We narrowed down our rankings by considering no-fee checking accounts or accounts with easy ways to waive the monthly maintenance fees.
We compared each checking account on a range of features, including:
- Minimum balance requirement
- Mobile banking ease
- Small business tools and support
- Large ATM network
- Account accessibility
- Customer reviews, when available
All of the accounts included on this list are either members of the Federal Deposit Insurance Corporation (FDIC) or FDIC-insured through partner institutions. This insurance protects and reimburses you up to your balance and the legal limit in the event your bank or credit union fails.
The rates and fee structures for checking accounts are subject to change without notice and they often fluctuate in accordance with the prime rate.
Your earnings depend on any associated fees and the balance you have in your checking account. To open an account, some banks and institutions may require a deposit of new money, meaning you can't transfer money you already had in an account at that bank.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the CNBC Select editorial staff's alone, and have not been reviewed, approved or otherwise endorsed by any third party.