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.

	Novo	Axos Bank
		Member FDIC
	Visit Site	Learn More
	SPECIAL OFFER Free Business Checking - Learn More Read Novo Review	SPECIAL OFFER Rewards Checking - Up to 3.30% APY - Learn More Read Axos Bank Review
	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	$0
Money Market		0.25% APY
APY	N/A
Minimum Deposit to Open	$50 to access all Novo's features
Mobile App		iOS & Android
ACH Transfer Fee	$0
ATMs	up to $7 per month reimbursement of ATM fees worldwide	approximately 91,000 partner ATMs
Balance Requirement	None
Cash Deposit Fee	N/A
Customer Service	Phone, email, or in-app messaging: Monday - Friday, 9 am - 6 pm EST	24/7
Incoming Wire Transfer Fee	$0
Locations	Online only	Online only
Out of Network ATM Fee	up to $7 per month ATM fee reimbursement
Outgoing Wire Transfer Fee	N/A
Overdraft Fee	$0
	CreditDonkey® Reviews

Savings
Checking
Mobile App
Customer Service
CD
Money Market
ATMs
Locations
Pros & Cons	Pros: No monthly fees ATM refunds up to $7 per month Lots of software integrations Cons: No cash deposits Can't send wires	Pros: Checking with rewards No monthly fee Domestic ATM rebates Cons: Low CD rates No physical branches
Bottom Line	Fee-free online business checking with lots of good features... Read full review	Full-service online bank with excellent cashback and interest checking... Read full review
	Visit Site	Learn More
	Free Business Checking	Rewards Checking - Up to 3.30% APY Axos ONE - Earn up to 4.66% APY Basic Business Checking - Up to $400 Bonus
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

Banking services provided by Middlesex Federal Savings F.A., Member FDIC

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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

Banking services provided by Middlesex Federal Savings F.A., Member FDIC

Learn More

Member FDIC

Rewards Checking - Up to 3.30% APY

Get Deal

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

Member FDIC

Axos ONE - Earn up to 4.66% APY

Learn More

Earn up to 4.66% APY* on savings, and 0.51% APY* on checking when you meet requirements.
Get your money up to 2 days early.
No monthly maintenance, minimum balance, account opening, or overdraft fees.

Member FDIC

Basic Business Checking - Up to $400 Bonus

Get Deal

Expires 9/30/2025

Business owners get up to $400 welcome bonus!* Open a business checking account by September 30 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

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.