Novo vs Axos Bank
Novo is a fee-free online business checking with lots of good features. How does it compare to Axos Bank? Read our comparison chart below.
Novo offers all-in-one banking for digital businesses. It includes up to 20 Reserves, free unlimited invoicing, and over a thousand business app integrations. But there's no cash deposits. There is no monthly fee.
While Axos Bank offers a range of checking and savings products. Checking options includes a up-to 1% cashback account and rewards checking account with a higher interest rate. Savings options include savings accounts and CDs with higher-than-average rates. All accounts have no monthly service fees.
Compare Novo with Axos Bank, side-by-side. Read on for an in-depth look, including ratings, reviews, pros and cons.
 |  | |
| Visit Site | Learn More | |
Novo | Axos Bank | |
|---|---|---|
Free Business Checking - | Rewards Checking - Up to 3.30% APY - | |
Benefits and Features | ||
| Savings | No savings account, but you add up to 20 Reserves | 0.61% APY (balances under $25k); 0.25% APY ($25K-$100K); 0.15% APY ($100k and over) |
| CD | 0.20% APY. Terms of 3 months to 5 years. $1,000 minimum | |
| Checking | No monthly fees; no balance requirements | Rewards Checking: Up to 3.30% APY Cashback Checking: Up to 1% cashback |
| Monthly Fee | ||
| Money Market | ||
| APY | ||
| Minimum Deposit to Open | $50 to access all Novo's features | |
| Mobile App | ||
| ACH Transfer Fee | ||
| ATMs | Up to $7 per month reimbursement of ATM fees worldwide | approximately 91,000 partner ATMs |
| Balance Requirement | ||
| Cash Deposit Fee | ||
| Customer Service | Phone, email, or in-app messaging: Monday - Friday, 9 am - 6 pm EST | |
| Incoming Wire Transfer Fee | ||
| Locations | ||
| Out of Network ATM Fee | Up to $7 per month ATM fee reimbursement | |
| Outgoing Wire Transfer Fee | ||
| Overdraft Fee | ||
CreditDonkey® Reviews | ||
| | |
| Savings |  |   |
| Checking | | |
| Mobile App | | |
| Customer Service | | |
| CD | | |
| Money Market | | |
| ATMs | | |
| Locations | | |
| Pros & Cons | Pros:
| Pros:
|
| Bottom Line | Fee-free online business checking with lots of good features... | Full-service online bank with excellent cashback and interest checking... |
| Visit Site | Learn More | |
Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details. Novo: Pricing information from published website as of 09/27/2024. Axos Bank: Pricing information from published website as of 09/27/2024. | ||
Free Business Checking
- $0 monthly service fee
- $50 deposit to unlock all features
- ATM fee refunds up to $7 per month
Spend $1500 with your Novo card within 90 days, and get $75
- $0 monthly service fee
- $50 deposit to unlock all features
- ATM fee refunds up to $7 per month
Free Business Checking
- $0 monthly service fee
- ATM fee refunds up to $7 per month
- Free ACHs, incoming wires, and mailed checks
- Up to 20 Reserves to manage multiple budgets
- Thousands of app integrations
Rewards Checking - Up to 3.30% APY
- Build your own APY with up to 3.30% APY*
- Zero monthly maintenance fees
- Zero overdraft or NSF fees
- Zero minimum monthly balance reqs
- No initial deposit requirement
- Unlimited domestic ATM fee reimbursements
- Online debit card management
- Simple, 3-step process for direct deposit
Basic Business Checking - Up to $400 Bonus
- Business owners get up to $400 welcome bonus!* Open a business checking account by January 31, 2025 and get up to $400 when you use promo code NEW400 on your application.*
- No initial deposit requirement
- No minimum balance requirement
- No monthly maintenance fees
- Free domestic incoming wires. Two (2) outgoing domestic wire fees reimbursed per month.
- Unlimited domestic ATM fee reimbursements
- Unlimited item processing (debits, credits, and deposited items)
- Cash deposits via MoneyPass and AllPoint networks
Business Premium Savings - Up to 4.01% APY
- Unlock a bonus up to $375 with Business Premium Savings. Save more, pay lower fees, and get a limited-time bonus up to $375 with a 4.01% APY* Business Premium Savings account. Use promo code BPS375.†
- Earn 4.01% APY* With Business Premium Savings
- Free domestic and international incoming wires
- No monthly maintenance fee
- No minimum opening deposit
- No average daily balance requirement
- Business deposit accounts FDIC insured up to $250k
Which is Better: Novo or Axos Bank?
Still need help deciding which bank reviews & deals is better? Read the in-depth reviews below. You may also be interested in comparing Novo or Bluevine.
In short: Axos Bank's savings and checking are notable. In particular, the checking is excellent.
Articles on Novo
Novo Review
Novo provides digital banking services for entrepreneurs and small businesses. Explore Novo's features, business perks, and fees in this review.
Is Novo Safe and Legit
Novo is a platform offering banking services for small businesses and freelancers. But is it safe and legit? Read on to find out.
Articles on Axos Bank
Axos Bank Review
Axos Bank offers full-service banking completely online with no fees. Find out below whether they can replace your traditional bank account.
Axos Business Checking
Looking for affordable banking for your small business? Axos Bank offers a free business checking account or an interest-bearing account. Read on.
Which Do You Think is Best?
You Might Also Like
Open Business Checking Account Online
Do it yourself: open your business checking account online in no time. Read this comprehensive review of the top 6 banks to make an informed choice.
Best Business Bank Accounts for LLC
The best banks for LLCs have low fees and valuable perks to help your business grow. Here are the best business bank accounts for all types of LLCs.
Bluevine Alternatives
Bluevine offers a high APY and no monthly fees. But it has limitations. Find out if one of these business checking alternatives is better for you instead.
Best Online Business Bank Accounts
Bank from your desk. Find the top 10 online business bank accounts that save time & money.
Best Free Business Checking for Freelancers and Side Hustlers
Which banks offer the best free business checking accounts for freelancers? Find the top interest rates and business perks for independent contractors.
Best Business Checking Account
Cut banking costs and keep more money in your business. Here are the best business checking accounts (#1 is free).
Best Bank for Small Business
Discover the top 10 banks for small businesses. Unlock your business' potential with the best bank
Best Free Checking Accounts for Small Businesses
Avoid hidden fees. Determine the best free business checking account for your small business.
Next Page: Novo Review
