Summary of "Novo Business Checking Review"

The video provides an in-depth review of Novo’s business checking account based on nearly two years of personal use by a small online business owner operating an LLC set up as an S corporation in the U.S.

Main Financial Strategies and Business Trends:

Online-focused banking: Novo is ideal for businesses that do not handle cash and operate primarily online.
Use of business credit cards for rewards: The presenter prefers using business credit cards to earn points and pays them off via the Novo checking account.
Integration with business tools: Novo offers perks and integrations with popular business platforms such as Stripe, QuickBooks, Xero, Gusto, Slack, Wise, and Zapier, which can help streamline business operations.
Cost-saving on payment processing: Novo provides credits or fee waivers on Stripe fees, which can significantly reduce payment processing costs.

Key Features and Pros:

No fees: No monthly fees, no minimum balance requirements, and reportedly no overdraft fees.
Free invoicing: Novo offers free invoicing without the fees charged by some platforms like Stripe.
User-friendly interface: Both desktop and app versions are clean, simple, and easy to navigate.
Perks and integrations: Regularly updated discounts, rebates, and credits on integrated services, especially beneficial for small business owners.
Physical and virtual cards: Novo provides a physical debit card and virtual cards, although the presenter mainly uses credit cards instead.

Cons and Areas for Improvement:

No interest or APY: The account does not earn interest, which is a downside compared to some competitors.
App bugs: Issues with the Android app include unexpected logouts and unreliable push notifications, which have been partially resolved by reinstalling the app but remain inconvenient.
Lack of notifications: Push notifications for transactions are inconsistent, sometimes toggling off without user input.
Limited use of “reserves” feature: Novo allows up to 20 separate reserves (sub-accounts) for budgeting purposes but does not pay interest on these funds.

Methodology/Step-by-Step Guide to Accessing Perks:

Log into the Novo desktop account.
Click on the “Apps” tab.
Navigate to “External Connections.”
Click on “Perks” at the top and select “View Perks.”
Review and activate available perks such as Stripe credits or discounts on other services.

Overall Conclusion:

Novo business checking is highly recommended for solopreneurs and small online businesses due to its simplicity, lack of fees, and useful integrations. While there are some app-related bugs and no interest earnings, these issues are not dealbreakers for the presenter. Novo is positioned as a practical, user-friendly banking option tailored to digital-first small businesses.

Presenter:

The review is presented by a small online business owner who has used Novo for nearly two years. The video is not sponsored but includes a referral link for viewers.