Novo Business Checking Account Review (AFTER 3 YEARS)
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- เผยแพร่เมื่อ 10 ก.พ. 2025
- ✅ Try Novo ➝ createwithpenn...
Is the Novo Business Checking account the right option for your small business or side hustle? In this video I look at the pros and cons of Novo after using it for 3+ years.
You can start a Novo business checking account with $0 and adding just $50 unlocks all the perks and special integrations. There is no minimum balance you need to keep so it's perfect for new businesses.
My favorite feature is Novo reserves where you can set percentages toward certain sub accounts making budgeting for your business goals super easy.
Novo offers business checking with a focus on digital banking geared toward small businesses, freelancers, and startups.
In my opinion it’s perfect for content creators, digital product sellers and online business owners who mainly earn income from multiple sources online. I know because that’s me and I’m currently using Novo as my bank for TH-cam & Etsy income.
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💚 ABOUT CREATE WITH PENNIES 💚
I started selling digital products to create income with my TH-cam channel in 2019. Two years later I quit my job and I've been growing my business ever since.
On this channel I love sharing what I’ve learned about creating income and growing a profitable business.
💛 AFFILIATE LINKS 💛
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Are you able to pay yourself through the app? Without having to have another app like paychex for payroll. More like can you pay yourself by transferring the amount to your personal checking account
Yes you can make transfers so that would be paying yourself via owners draws. It would need to be tracked in whatever you use for accounting/bookkeeping but you can transfer to a personal account in novo. That’s how I paid myself.
tysm! can I deposit checks online through the app?
Yes you can!!
You can deposit checks directly from within the Novo mobile app using our mobile deposit feature. Follow these steps to make a check deposit:
➡️ Log in to your Novo App.
➡️ Click on the ‘Move Money’’ tab.
➡️ ‘Add Money’ and Select ‘Deposit a check.
➡️ Enter the check amount and click on ‘Continue’.
➡️ Enter the name on the check. Please make sure the check is made out to one of the following:
- You
- An additional user on your account
- Your company name
- The DBA on file with your Novo account
➡️ Sign and endorse your check. Make sure your check follows the endorsement format:
- "For mobile deposit at Novo" on the first line of the back of the check using a black or blue pen
- Your signature on the second line on the back of the check
- The details on the second line are clear and do not contain any scribbles or crossed-out items. - You will need to click "I have signed the check" and "I have written the endorsement" before you can continue to the photo section of the deposit flow.
➡️ Follow the instructions on the Novo App to take a photo of your check.
➡️ Review the details of your deposit. Use the slider at the bottom of the screen to submit your deposit.
➡️ That's it! Note that all check deposits, including money orders, and cashier's checks will be placed on a standard 1 - 4 business day hold.
How do i go about depositing cash payments ?
Unfortunately with Novo you can't, which is one of the downsides. Novo business checking cannot accommodate traditional cash deposits. If you have cash that you'd like to deposit, you'll have to put the cash into another bank.
Per the Novo website, here are the ways you can make deposits:
➡️ Link an external bank account held in your name and pull funds into your Novo account
➡️ Deposit a check with the Novo mobile app
➡️ Link your Novo account to your payment processor to receive deposits
➡️ Generate an invoice and get paid from your customers, clients or vendors
➡️ Instantly deposit funds with your Virtual Card via PayPal or Venmo
➡️ Send funds from your external bank account to Novo via ACH or wires
➡️ Send your bank details to your respective vendors, clients, and business partners
You use Novo and Relay?
I’ve used many different accounts! I’m always trying new things to see what’s best and what has the best features. No two banks or fintech companies offer the exact same thing.
I started with Novo before I learned about Relay so technically I’ve had a Novo account the longest! It’s a great option for anyone who wants built in invoicing or integrations directly with Etsy for example.
I also use or plan to try several others. You’ll see even more business checking and savings reviews soon.
@@CreateWithPennies Looking forward to it!