If you need access to affordable, digital-only business checking, Novo and Bluevine are both excellent platforms. Depending on your needs, Novo is a good pick if you are looking for useful tech tools, while Bluevine is an excellent option if you prioritize high interest-earning opportunities.
Here is a summary of what each is best for:
- Novo Novo is a fintech platform backed and FDIC-insured by a supporting bank partnership with Middlesex Federal Savings. : Best for businesses that need rapid access to funds, free invoicing tools, and quick online financing
- Bluevine Bluevine is a financial technology (fintech) platform backed and FDIC-insured by a supporting bank partnership with Coastal Community Bank. : Best for businesses seeking competitive annual percentage yield (APY), unlimited cash back rewards, and lines of credit
Novo vs Bluevine Quick Comparison
 |  | |
|---|---|---|
Business Checking | Standard Checking | |
Required Opening Deposit | $0 | $0 |
Required Balance Minimum | None | None |
Monthly Fees | None | None |
Transaction Limit Before Fees | No limit | No limit |
Automated Clearing House (ACH) Fees | Incoming: $0 Outgoing: $0 | Incoming: $0 Outgoing: $0 Same-day ACH: $10 |
Domestic Wire Transfer Fees | Incoming: $0 Outgoing: N/A | Incoming: $0 Outgoing: $15 |
International Wire Transfer Fees | Incoming: $0 Outgoing: Available via Wise | Incoming: $0 Outgoing: $25 (United States dollars); $25 plus 1.5% (foreign currency) |
ATM Fees | None, but third-party fees can apply; ATM fee refunds are limited up to $7 monthly | |
Cash Deposited | None; money orders can be purchased and deposited through the app | $4.95 (Green Dot) or $1 plus 0.5% of deposit (Allpoint+ ATMs) |
APY | N/A | 1.5% on balances of up to $250,000, once qualifications are met |
Overdraft Fee | $27 | Overdrafts not allowed |
Review | ||
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Comparison of Novo vs Bluevine Business Checking Account Features
Novo | Bluevine | |
|---|---|---|
3.3 ★ | 2.8 ★ | |
APY | 0 | ★★★★★ |
Cash Deposits | ★★ | ★★★ |
Reserve Accounts | ★★★★★ | ★★★ |
ATM Fees | ★★★★ | ★★★★ |
Cash Flow Boost | ★★★★ | 0 |
Same-day ACH | ★★★★ | ★★★ |
Invoicing | ★★★★★ | 0 |
International Payments | ★★★★ | ★★★★ |
Available Financing | 0 | ★★★★ |
Promotional Deals | ★★★★★ | 0 |
Cash Back Rewards | 0 | ★★★★ |
FDIC Insurance Coverage | ★★★ | ★★★★ |
Rating Explanation: ★★★★★ 5: This feature enhances your banking experience at no cost. ★★★★ 4: This feature has a few minor drawbacks/limits or comes at a slight cost. ★★★ 3: This feature has a few drawbacks/limits or comes at a slightly high cost. ★★ 2: This feature has a few major drawbacks/limits or comes at a high cost. ★ 1: This feature has major drawbacks/limits. 0: This feature is unavailable. | ||
When we compare Novo vs Bluevine business checking, Novo edges out Bluevine when it comes to providing more tools, such as invoicing, cash flow boost, and more reserve accounts that streamline your business operations. You also have access to discount deals for business software.
Meanwhile, Bluevine provides an outstanding earning potential with a top-notch APY rate and unlimited cash back rewards when you own a Bluevine business credit card. You also have the option to deposit cash in multiple retail locations and Allpoint+ ATMs, although fees apply.
Novo: 0 out of 5
The Novo business checking account does not earn interest.
Bluevine: 5 out of 5
While Bluevine’s Standard Checking offers one of the most competitive rates in today’s business checking market, you can only access the 1.5% rate if you meet one or both of the following requirements within one month:
- Spend $500 per month using your Bluevine debit card
- Receive $2,500 per month in payments from ACH, wire, or payment processing providers
Signing up for a Bluevine Premier account entitles you to 4.25% APY on balances of $3 million and less. There are no activity requirements to meet, but if you want to waive the $95 monthly fee, you must maintain a minimum daily balance of $100,000 and spend $5,000 using your Bluevine debit card.
Novo: 2 out of 5
To deposit cash into your Novo account, you must purchase a money order and take a picture using Novo’s mobile check deposit feature. Money orders typically cost $3 for orders up to $1,000.
Bluevine: 3 out of 5
You can deposit cash into your Bluevine account through Green Dot Retail locations. There is a $4.95 fee per deposit. Another option is to deposit cash at Allpoint+ ATMs for a fee of $1 per deposit plus 0.5% of the deposit amount.
Novo: 5 out of 5
With Novo Reserves, you can create up to 20 reserve accounts in addition to your main checking account.
Bluevine: 3 out of 5
Bluevine lets you create up to five reserve accounts, called sub-accounts, in addition to your main checking account.
Novo: 4 out of 5
Novo refunds third-party operator fees up to $7 per month.
Bluevine: 4 out of 5
With Bluevine, you get access to fee-free ATM transactions at the MoneyPass network, which has approximately 40,000 machines across the country. The fee for out-of-network transactions is $2.50, plus third-party operator fees.
Novo: 4 out of 5
The Novo Boost feature, which is free, gives you faster access to any funds earned from the payment processing tools Stripe, Square, and PayPal. Without it, you would typically need to wait three business days for payouts to appear in your account.
Bluevine: 0 out of 5
Bluevine has no features that boost cash flow.
Novo: 4 out of 5
Novo’s Express ACH feature lets you send ACH payments within shorter periods. Express ACH follows the following payment schedules:
Day of the Week | Time Funds Were Sent | Expected Fund Arrival Time |
|---|---|---|
Monday to Friday | Midnight to 2:30 p.m. ET | Same day |
Monday to Thursday | 2:30 p.m. to midnight ET | Next day |
Friday | 2:30 p.m. to midnight ET | Following Monday |
Saturday to Sunday | Any | Following Monday |
When sending money through Express ACH, you will be charged a fee equivalent to 1.5% of your transaction amount. The minimum fee is 50 cents, while the maximum is $20.
Bluevine: 3 out of 5
You can send same-day ACH payments through Bluevine for a flat fee of $10. Payments must be initiated before 1:15 PM EST.
Novo: 5 out of 5
Novo offers a built-in invoicing tool that lets you create, customize, and send an unlimited number of invoices fee-free. You can create one-time or recurring invoices and send one-click payment reminders.
Through this tool, you can accept payments from a wide variety of channels, such as credit cards, online ACH, Apple Pay, Google Pay, and PayPal.
Bluevine: 0 out of 5
Bluevine does not offer invoicing software.
Novo: 4 out of 5
Although Novo does not directly offer international payments, it has a partnership with Wise, which lets you send international wire transfers at affordable rates. There is no fee for using Wise through Novo.
Wise typically charges a currency conversion fee of around 0.43% and a flat fee that varies by currency.
Bluevine: 4 out of 5
Through Bluevine, you can send international payments to 32 countries in 15 currencies. Payments arrive within 24 hours, and there is a flat fee of $25 per payment. If you are sending payments in foreign currency, you need to pay an additional fee equivalent to 1.50% of your transaction amount converted into USD.
Novo: 4 out of 5
You can apply online for an MCA through Novo Funding and access up to $75,000 working capital funds. This financing option has a monthly rate of 1.5%. Applications are typically reviewed within 24 hours, and you gain instant access upon approval.
Bluevine: 4 out of 5
The only lending product Bluevine offers is its line of credit. You can access credit lines up to $250,000 without paying opening, closure, prepayment, or monthly maintenance fees. The estimated rate is 6.2%.
Novo: 5 out of 5
Through Novo, you gain access to discounts and deals on popular business software, including QuickBooks, Stripe, and Gusto.
Bluevine: 0 out of 5
Bluevine does not offer promotional deals.
Novo: 0 out of 5
Novo does not provide cash back rewards.
Bluevine: 4 out of 5
Through the Bluevine Business Cashback Mastercard, users can earn unlimited 1.5% cash back for eligible purchases. This credit card has no annual fee. Currently, the card is offered by invitation only for eligible customers.
Novo: 3 out of 5
Novo deposit accounts are protected up to the standard FDIC insurance of $250,000 through its partner bank, Middlesex Federal Savings.
Bluevine: 4 out of 5
Bluevine deposits are covered by FDIC insurance up to $3 million through Coastal Community Bank and other partner banks.
Bluevine vs Novo Business Checking Account User Reviews
Novo | Bluevine | |
|---|---|---|
Trustpilot Rating | 4.5 (based on around 4,100 reviews) | 4.3 (based on approximately 7,800 reviews) |
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On Trustpilot[1], Novo has a rating of 4.5 from around 4,100 reviews. Several Novo users expressed satisfaction and stated that setting up an account was easy. They also appreciated the lack of fees and transparency of the provider. Some said that the app provided useful insights and that the reserve accounts feature made organizing and allocating funds easy. Others also praised Novo’s funding solution and mentioned it was simple and made overseas vendor payments easier.
Despite that, there was still negative feedback, where some users complained that the app is buggy. Others were also dissatisfied with the recent ATM fee reimbursement limit. Further, others reported their accounts were closed without explanation.
Meanwhile, Bluevine displays a rating of 4.3 from about 7,700 reviews[2]. Several customers shared pleasant customer service experiences and mentioned that helpful representatives resolved their issues. They also praised the high interest rate offer and the simple user interface.
Like Novo, some reviewers also complained about closed accounts and suspended lines of credit without clear reasons. A few mentioned that the app sometimes malfunctioned and that they did not receive notices even when a core feature was down.
Bluevine vs Novo Business Checking Account Sample Scenario
Same-day ACH
Novo | Bluevine | ||
|---|---|---|---|
Small Transfer Amount Example | Transfer Amount | $500 | $500 |
Same-day ACH Fee | $7.50 | $10 | |
Large Transfer Amount Example | Transfer Amount | $1,500 | $1,500 |
Same-day ACH Fee | $20 | $10 |
While Novo charges a 1.5% fee for Express ACH transactions (with a minimum fee of 50 cents and a maximum fee of $20), Bluevine charges a flat transaction fee of $10. This means that Novo is the better option if you regularly send ACH transfers for low amounts.
The Express ACH fee for Novo will only exceed Bluevine’s $10 flat fee for transfer amounts above $666.
Cash Deposits
Novo | Bluevine | |
|---|---|---|
Possible Monthly Fees | 10 cash deposits × $2.10* = $21 | 10 cash deposits × $4.95 = $49.50 |
Possible Total Fee | $21 | $49.50 |
*The US Postal Service charges up to $3 for money orders of up to $1,000. Individual bank fees for money orders may vary. Visit the USPS page on money orders for more information.
Novo users can only deposit cash through money orders, while Bluevine allows cash deposits through Green Dot retail locations. The cost of a money order is lower than Green Dot’s cash deposit fee.
Bottom Line
When choosing between Bluevine vs Novo business checking, you must first evaluate your business needs. Novo offers a wider selection of features, including free invoicing tools, some ATM rebates, a financing option, and cash flow boosts for faster access to payment processing funds.
However, Bluevine is better for competitive APY, unlimited cash back rewards, and access to lines of credit. If you don’t need the additional bells and whistles Novo provides, Bluevine might be better for boosting your earnings—so long as you meet its monthly activity requirements.
User review references:
[1]Trustpilot | Novo
[2]Trustpilot | Bluevine
