Novo Small Business Banking | IHC FAQ

however don’t stress they are quite developed…Novo Small Business Banking… they have actually been around for 130 years whoa and they are a very relied on bank so your money in novo is fdic guaranteed so it is very safe to store there nova was developed specifically for small company owners business owners and freelancers they support those who run as actual service entities like a corporation s corp or llc or just those who are sole owners slash freelancers their organization Novo Small Business Banking

Is Novo A legit bank?

account only needs 50 to open has no minimum balance and no month-to-month cost in fact they are entirely no cost across the board except for 2 exceptions inadequate funds charged and uncollected funds returned both fees are currently 27 i don’t love when banks have inadequate fund costs but offered they have generally no other costs i do not think it’s that huge of an offer since if you’re responsible with your cash you shouldn’t experience these charges in the first place their core offering is a service savings account with a debit card a lovely killer feature with their debit card is that you can utilize any atm they will refund any atm costs you pay at the end of monthly back into your account yes even that sketchy atm at the back of the convenience store that looks like it was built in 1980 that they utilized to prop open their storage closet door they’ll reimburse that atm cost too it’s fantastic it’s extremely simple to register for an account with no vote you can do it in simply a couple of

minutes online quickly as all bank account openings must be they have a fantastic looking app that’s well evaluated by their clients in the app shops it enables you to see an introduction of your account transfer cash quickly deposit checks and other common functions i discover it really easy to use and it has all the features i ‘d expect 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 range of terrific functions for example the stripe combination permits you to see your stripe balance and transfers right from your novo account also they have a great perk where if you connect your account with stripe you get twenty thousand dollars in fee free credit card processing that alone could conserve you five hundred dollars in costs that alone can conserve you cash they’re likewise including instant payments with stripes soon so instead of waiting on the funds to clear they will be right away offered in your account it’s really similar to what some banks are making with personal checking accounts and permitting you to get your paycheck a couple of days early speaking of advantages they have a bunch they provide advantages for stripe google cloud gusto quickbooks and godaddy to call simply a few these variety from cash cost savings to annual discount rates to add credits to extended totally free trials there’s a ton of value here so definitely check them all out to see if there’s something on the list you’re already thinking about utilizing among the biggest things keeping back on fully advising novo was that they didn’t offer subaccounts or invoicing

Is Novo the best bank for small businesses?

when i first looked at them 2 features i value very extremely with a service account sub accounts particularly are really crucial to me as i like to set aside and conserve cash for paying taxes i want this different from my primary account so that i do not touch it or invest it you do not wish to cross those cash streams there’s something extremely important i forgot to inform you what don’t cross the streams well the terrific news is that novo now offers these features too their sub accounts are called novo reserves right now you can only create one reserve but their site says that they are soon including the ability to have numerous reserves so reserve your complete excitement up until they include that full function yeah their invoicing function has also been released with billings you can take and send 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 choices stripe is without a doubt my favorite and most preferred i think billings are an excellent feature and were the huge standout that asil has so i am thrilled that novo is now offering invoices this lets you have simple banking and invoicing established with just 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 excellent things what about the drawbacks as i stated earlier they are 99 no fee but they do charge an insufficient funds charge something to be aware of they likewise do not use an interest bearing account this is a downer because while earning interest in a savings account

will never make you cash 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 might open a devoted company savings account elsewhere to keep your income or sales tax cash conserved that way your money makes something while it sits there and use novo as your main operating account with money moving in and out as you operate however actually numerous other accounts are just offering point two to point four percent apy so you’re not truly missing much and lastly there are no physical areas they are online only this is the same disadvantage i say with every online just bank but i need to include it just because often individuals still need to hear it if you want a bank with a physical location that you can walk into novo is not for you however by quiting the physical place you get so many fantastic features and services so i believe it’s definitely worth it likewise if you need to deposit cash i just recommend getting a local credit union company account just for money deposits or you can do cash without any vote however you need to go to a usps walmart grocery store and so on and acquire a money order and after that use novo’s deposit feature to get the cash lots of services these days don’t run with money so for the majority of this isn’t a big