If you need access to affordable, digital-only business checking, Novo and Bluevine are excellent platforms. Choosing between the two is a matter of knowing what your business needs more: useful tech tools (Novo) or increased interest-earning opportunities (Bluevine).
Novo’s biggest selling point is Novo Boost, a feature that lets you access payouts from Stripe two days earlier than the typical delivery time. It also offers Express ACH, which lets you send and receive automated clearing house (ACH) payments faster. Its other highlights include access to fee-free invoicing and unlimited ATM refunds.
Meanwhile, Bluevine’s best feature is its annual percentage yield (APY). If you’re able to meet the provider’s monthly activity requirements, you can earn 2.0% APY on balances of $250,000 or less. It also offers business lines of credit of up to $250,000 with no monthly fees.
Here is a summary of both Novo and Bluevine and what each is best for:
- Novo*: Best for businesses that need rapid access to funds, faster payments, ATM refunds, and free invoicing tools
- Bluevine*: Best for businesses that need competitive APY and lines of credit
For small business owners that prefer a traditional bank, we recommend:
- Chase: Best for national availability, easy-to-waive monthly fees, and suite of additional banking products
*Providers are financial technology (fintech) platforms backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership (Middlesex Federal Savings for Novo and Coastal Community Bank for Bluevine).
Novo vs Bluevine Quick Comparison
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Required Opening Deposit | None | None | None |
Required Balance Minimum | None | None | None |
Transaction Limit Before Fees | No limit | No limit | 20 monthly, then 40 cents per transaction |
Monthly Fees | None | None | $15, waivable if conditions are met |
Automated Clearing House (ACH) Fees | Incoming: $0 Outgoing: $0 | Incoming: $0 Outgoing: $0 Same-day ACH: $10 | $25 for first 25 items per month, 15 cents per item above 25 per month, $2.50 return fee |
Domestic Wire Transfer Fees | N/A | Incoming: $0 Outgoing: $15 | Up to $35 for outbound, up to $15 for inbound |
International Wire Fees | Novo partners with Wise to send international wires for a “low” fee | $25 plus 1.5% of transaction for outgoing; incoming are free | Up to $50 for outbound, up to $15 for inbound |
ATM Fees | All fees refunded at the end of the month | Free at MoneyPass locations nationally, $2.50 plus for nonnetwork ATM use | $3 per transaction at any non-Chase domestic ATM, plus ATM operator fees; $5 per transaction internationally plus third-party fees |
Cash Deposited | None; money orders can be purchased and deposited through the app | $4.95 fee per transaction, available through Green Dot retail locations | $2.50 per $1,000 after you deposit $5,000 in a billing cycle |
APY | N/A | 2.0% on balances of up to $250,000, once qualifications are met | N/A |
Overdraft Fee | $27 | Overdrafts not allowed | $34 per transaction after the first transaction that reduces the account’s balance to negative $50 |
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Debit Card | Virtual debit card available immediately, one free physical debit card per user | Free debit card, mailed within ten business days of application approval | Free debit card, mailed within 10 business days of application approval |
Physical Checks | Paper checks can be sent straight from the app | Two free checkbook orders per year | Cost varies depending on type of checks ordered |
Accounting Software Integrations | QuickBooks and Xero | QuickBooks and Xero | QuickBooks, FreshBooks, and other leading accounting software |
Business Payment Integrations | Includes Stripe, Square, PayPal, Wise, and Shopify | Includes Stripe, PayPal, and Expensify | Available with Chase Payment Solutions |
Customer Service | App or email (support@novo.co.) | Email (support@bluevine.com) or phone (1-888-216-9619) | Live customer support online or in bank branch locations |
Phone Operating Hours | N/A | Monday to Friday, 8 a.m. to 8 p.m. Eastern time | Not disclosed, but at least during banking business hours |
Invoicing Products | Free unlimited invoicing | N/A | N/A |
Reserve Accounts | Up to 10 | Up to 5 | N/A |
Other Products Available | No lending products available | Line of credit also available | Business savings, certificates of deposit (CD), lending products, credit cards, merchant services, and collection service |
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When To Use
Comparison of Novo vs Bluevine Business Checking Account Features
Novo | Bluevine | |
|---|---|---|
OVERALL RATING* | 3.3 ★ | 2.4 ★ |
APY | 0 | ★★★★ |
Cash Deposits | ★★ | ★★ |
Reserve Accounts | ★★★★ | ★★★ |
ATM Fees | ★★★★★ | ★★★★ |
Cash Flow Boost | ★★★★ | 0 |
Same-day ACH | ★★★★ | ★★★ |
Invoicing | ★★★★★ | 0 |
International Payments | ★★★★ | ★★★★ |
Lending Products | 0 | ★★★★ |
Promotional Deals | ★★★★★ | 0 |
*This score is reflective of the features of each platform compared to its competitor. It does not reflect the overall quality of the financial provider. A feature not offered by a provider earns zero stars, which is averaged into the overall rating. | ||
★★★★★ 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.
Novo: 0 out of 5
The Novo business checking account does not earn interest.
Bluevine: 4 out of 5
While Bluevine Standard checking offers one of the most competitive rates in today’s business checking market, you can only access this 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 from payment processing providers
However, if you’re willing to pay a monthly fee of $95 per month (which can be waived if you have a minimum balance of $100,000 and spend $5,000 vie your Bluevine debit card), you can earn a 4.25% APY on all account balances by upgrading to a Bluevine Premier checking account.
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 $2.40 for orders up to $1,000.
Bluevine: 2 out of 5
You can deposit cash into your Bluevine account through Green Dot Retail locations. There is a $4.95 fee per deposit.
Novo: 4 out of 5
With Novo Reserves, you can create up to 10 reserve accounts in addition to your main checking account.
Bluevine: 3 out of 5
Bluevine lets you create up to five reserve accounts, called subaccounts, in addition to your main checking account.
Novo: 5 out of 5
Novo refunds all ATM fees, including third-party operator fees, at the end of each month. This lets you make ATM transactions at any network of your choice.
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 tool Stripe. 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 time 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 p.m. ET.
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, Apple Pay, Google Pay, PayPal, and more.
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 0.41% or higher and a flat fee that varies by currency.
Bluevine: 4 out of 5
Through Bluevine, you can send international payments to 32 countries in 14 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 US dollars (USD).
Novo: 0 out of 5
Novo does not offer business lending products.
Bluevine: 4 out of 5
The only lending product Bluevine offers is its line of credit. You can gain access to credit lines of up to $250,000, with no fees for opening, closure, prepayment, or monthly maintenance.
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.
Refer to our article on how to open a business bank account for additional tips on selecting accounts and providers.
Novo vs Bluevine Business Checking Account User Reviews
Novo | Bluevine | |
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Trustpilot Rating | 4.2 (based on 2,300-plus reviews1) | 4.2 (based on 7,200-plus reviews2) |
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Users Dislike |
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Novo and Bluevine both received ratings of 4.2 on the third-party review platform Trustpilot. They were praised for offering helpful and responsive customer service but criticized for having long hold times for deposited checks. Novo users, in particular, complained that the bank often rejected check deposits without explanation. Users could not deposit these checks elsewhere due to Novo having specific instructions for check deposits.
Praise for Novo typically was centered on the platform’s interface and tools. Users found Novo’s user interface (UI) easy to navigate. Many also said that its invoicing tools, reserve accounts, and app integrations made business banking easier.
Meanwhile, Bluevine’s positive feedback centered on the provider’s high APY and minimal fees. However, a handful of users complained that Bluevine closed their accounts without notice or explanation. Others had their accounts frozen, also without being provided with an explanation.
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 $0.50 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 worth $666 or greater.
Cash Deposits
Novo | Bluevine | |
|---|---|---|
Possible Monthly Fees | 10 cash deposits x $1.95* = $19.50 | 10 cash deposits x $4.95 = $49.50 |
Possible Total Fee | $19.50 | $49.50 |
*The US Postal Service (USPS) charges up to $2.40 for money orders 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, first evaluate what your business needs. Novo offers a wider selection of features, including free invoicing tools, ATM refunds, and cash flow boosts for faster access to payment processing funds.
However, Bluevine is better for competitive APY 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’re able to meet its monthly activity requirements.
User review references:
1Novo on Trustpilot
2Bluevine on Trustpilot
