Novo Bank Springfield | IHC FAQ

however don’t worry they are quite developed…Novo Bank Springfield… they have been around for 130 years whoa and they are an extremely trusted bank so your cash in novo is fdic insured so it is super safe to keep there nova was built specifically for small company owners business owners and freelancers they support those who run as actual business entities like a corporation s corp or llc or just those who are sole owners slash freelancers their service Novo Bank Springfield

Is Novo A legit bank?

account only requires 50 to open has no minimum balance and no monthly fee in fact they are entirely no fee across the board except for two exceptions inadequate funds charged and uncollected funds returned both charges are presently 27 i don’t love when banks have insufficient fund fees but provided they have basically no other charges i don’t believe it’s that big of a deal because if you’re accountable with your money you shouldn’t encounter these costs in the first place their core offering is a service 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 costs you pay at the end of monthly back into your account yes even that questionable atm at the back of the corner store that appears like it was integrated in 1980 that they utilized to prop open their storage closet door they’ll refund that atm charge too it’s remarkable it’s extremely easy to sign up for an account with no vote you can do it in just a few

minutes online easily as all savings account openings should be they have a fantastic looking app that’s well reviewed by their consumers in the app stores it allows you to see an overview of your account transfer cash immediately deposit checks and other typical features i find it really easy to use and it has all the features i ‘d anticipate from a banking app another cool function of their account is all the combinations they support is their combinations they support wow they have integrations with transferwise slack xero stripe wise quickbooks and shopify these have a variety of excellent functions for instance the stripe integration permits you to see your stripe balance and transfers right from your novo account likewise they have an excellent perk where if you link your account with stripe you get twenty thousand dollars in fee complimentary charge card processing that alone might save you five hundred dollars in charges that alone can save you cash they’re likewise including instantaneous payments with stripes quickly so instead of awaiting the funds to clear they will be instantly offered in your account it’s really similar to what some banks are finishing with individual bank account and allowing you to get your income a few days early speaking of perks they have a lot they offer perks for stripe google cloud gusto quickbooks and godaddy to name simply a couple of these variety from cash cost savings to yearly discounts to include credits to prolonged complimentary 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 thinking about using one of the greatest things holding back on fully suggesting novo was that they didn’t provide subaccounts or invoicing

Is Novo the best bank for small businesses?

when i very first took a look at them two functions i value really highly with a service account sub accounts specifically are extremely essential to me as i like to reserve and conserve money for paying taxes i want this different from my main account so that i do not 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 great news is that novo now provides these functions too their sub accounts are called novo reserves today you can just create one reserve however their site says that they are soon adding the capability to have numerous reserves so book your complete excitement until they add that full feature yeah their invoicing function has also been launched with invoices you can take and send out billings card payments through stripe they’re currently beta screening payments through square and i’m thinking they will also roll out payments through paypal in the future though of those options stripe is without a doubt my preferred and most preferred i believe billings are a great function and were the big standout that asil has so i am thrilled that novo is now offering invoices this lets you have basic banking and invoicing established with simply one account versus needing extra services for smaller companies or side hustles this simplicity can be a big deal so that’s a lot of great stuff what about the drawbacks as i stated earlier they are 99 no cost however they do charge an insufficient funds cost something to be familiar with they likewise do not provide an interest bearing account this is a downer because while making interest in a bank account

will never make you cash because of inflation it’s nice to get something back while your cash just sits there so if this is necessary to you i wouldn’t rule novo out i just might open a devoted service savings account somewhere else to keep your income or sales tax money conserved that way your cash earns something while it sits there and use novo as your primary operating account with money moving in and out as you work but actually lots of other accounts are only using point two to point four percent apy so you’re not really missing much and last but not least there are no physical areas they are online only this is the same downside i say with every online only bank however i have to include it even if often individuals still require to hear it if you want a bank with a physical area that you can stroll into novo is not for you however by giving up the physical place you acquire so many great features and services so i believe it’s definitely worth it likewise if you need to deposit money i simply advise getting a local credit union company account just for cash deposits or you can do cash with no vote but you have to go to a usps walmart grocery store etc and buy a money order and after that use novo’s deposit function to get the money many services nowadays don’t operate with money so for a lot of this isn’t a huge