but don’t worry they are quite established…Novo Bank Portugal… they have been around for 130 years whoa and they are a very relied on bank so your cash in novo is fdic insured so it is incredibly safe to store there nova was constructed particularly for small business owners entrepreneurs and freelancers they support those who operate as real service entities like a corporation s corp or llc or just those who are sole owners slash freelancers their service Novo Bank Portugal
Is Novo A legit bank?
account just requires 50 to open has no minimum balance and no monthly charge in fact they are entirely no fee across the board except for two exceptions inadequate funds charged and uncollected funds returned both fees are currently 27 i don’t love when banks have insufficient fund charges however offered they have essentially no other charges i do not think it’s that huge of an offer since if you’re accountable with your cash you shouldn’t come across these costs in the first place their core offering is a business bank account with a debit card a beautiful killer feature with their debit card is that you can utilize any atm they will reimburse any atm charges you pay at the end of every month back into your account yes even that sketchy atm at the back of the convenience store that appears like it was integrated in 1980 that they used to prop open their storage closet door they’ll refund that atm cost too it’s amazing it’s incredibly simple to register for an account with no vote you can do it in simply a few
minutes online quickly as all checking account openings need to be they have an excellent looking app that’s well reviewed by their customers in the app shops it enables you to see an overview of your account transfer money instantly deposit checks and other typical functions i find it very easy to use and it has all the features i ‘d get out of a banking app another cool function of their account is all the combinations they support is their combinations they support wow they have combinations with transferwise slack xero stripe smart quickbooks and shopify these have a variety of fantastic functions for instance the stripe combination allows you to see your stripe balance and transfers right from your novo account also they have a fantastic perk where if you link your account with stripe you get twenty thousand dollars in charge complimentary charge card processing that alone might save you five hundred dollars in fees that alone can save you cash they’re likewise including instant payments with stripes soon so instead of waiting on the funds to clear they will be immediately readily available in your account it’s really comparable to what some banks are making with personal bank account and enabling you to get your income a couple of days early speaking of advantages they have a bunch they use perks for stripe google cloud gusto quickbooks and godaddy to call simply a couple of these variety from money savings to yearly discount rates to add credits to extended free trials there’s a lots of worth here so definitely check them all out to see if there’s something on the list you’re already considering utilizing one of the greatest things keeping back on totally suggesting novo was that they didn’t provide subaccounts or invoicing
Is Novo the best bank for small businesses?
when i first looked at them 2 features i worth really highly with a company account sub accounts particularly are very essential to me as i like to set aside and save cash for paying taxes i want this different from my main account so that i don’t touch it or spend it you do not wish to cross those money streams there’s something extremely crucial i forgot to tell you what don’t cross the streams well the fantastic news is that novo now uses these functions too their sub accounts are called novo reserves today you can just develop one reserve however their website states that they are very soon including the ability to have multiple reserves so schedule your full enjoyment till they include that full feature yeah their invoicing function has actually also been introduced with billings you can take and send invoices card payments through stripe they’re presently beta screening payments through square and i’m thinking they will likewise present payments through paypal in the future though of those options stripe is by far my favorite and most preferred i believe billings are a terrific feature and were the big standout that asil has so i am delighted that novo is now offering invoices this lets you have basic banking and invoicing established with just one account versus needing additional services for smaller sized services or side hustles this simplicity can be a big deal so that’s a lot of terrific stuff what about the drawbacks as i stated earlier they are 99 no charge however they do charge an inadequate funds fee something to be knowledgeable about they also do not use an interest bearing account this is a downer since while making interest in a bank account
will never ever make you money because of inflation it’s nice to get something back while your money simply sits there so if this is very important to you i wouldn’t rule novo out i just may open a devoted company savings account elsewhere to keep your income or sales tax cash saved that way your money makes something while it sits there and utilize novo as your main operating account with money moving in and out as you do business however truly lots of other accounts are just using point 2 to point 4 percent apy so you’re not truly missing much and finally there are no physical locations they are online just this is the same disadvantage i say with every online just bank but i need to include it just because in some cases people still require to hear it if you desire a bank with a physical place that you can walk into novo is not for you nevertheless by quiting the physical location you gain so many fantastic functions and services so i think it’s absolutely worth it also if you need to transfer money i simply recommend getting a local cooperative credit union organization account just for money deposits or you can do cash without any vote but you need to go to a usps walmart supermarket etc and buy a money order and after that utilize novo’s deposit function to get the cash lots of companies these days do not run with money so for most this isn’t a big