BlueVine vs Novo Business Checking Account: Which is Better?
- BlueVine offers interest, QuickBooks integration, and loans, whereas Novo provides a virtual card, invoicing, many app integrations, and discounts.
- BlueVine allows cash deposits and earns interest on balances, unlike Novo which prioritizes software integration and service discounts.
- BlueVine suits businesses seeking interest and loans; Novo is for those wanting software integration and diverse service discounts.
Both companies are online business banks that offer a variety of tools and perks that make managing your company’s finances easier. Like most online banks, the drawback is that it can be hard to deal with cash, but online companies and those who don’t use much cash should definitely consider BlueVine and Novo. Here is how to choose a online bank:
BlueVine vs. Novo Business Checking Accounts Overview
Before you start looking at the nuts and bolts of BlueVine vs. Novo’s business checking accounts, it’s a good idea to learn more about each company. Understanding their history can give you an idea of the types of businesses they’re looking to serve.
BlueVine was founded in 2013 in Redwood City, California. It primarily aims to serve small and medium-sized businesses. Since 2018, the bank has grown, receiving significant funding from major venture capital firms.
Novo is the newer neobank having started in 2013 in New York. The company also seeks to serve small and medium-sized businesses.
Both banks offer additional business banking services beyond just checking accounts.
|Business checking||Business checking|
|Business lending||Virtual business debit card|
|Bill payment||Invoicing tools|
|Quickbooks integrations||Set aside money with Reserve accounts|
|Interest checking||Integrates with many business apps, like Stripe and Quickbooks|
|Discounts on business services|
BlueVine vs. Novo Business Checking: Features
When comparing BlueVine and Novo, you should think about which checking account will be best for your company. However, it’s also important to think about whether BlueVine or Novo offers other services that could be useful.
BlueVine offers many useful features as part of its business checking account.
One potentially valuable perk of BlueVine is that it lets its business customers earn interest on their checking account balances. At the time of writing, you can earn 2.0% interest on balances up to $100,000, which is worth as much as $2,000 per year.
To earn the interest, your company must spend $500 on its debit card or receive $2,500 in customer payments each month. These requirements are both relatively easy to meet, meaning you should have little trouble earning the interest.
BlueVine has an easy bill payment utility that lets you send ACH, wire, and check payments to customers from a convenient dashboard. You can even use a business credit card to send these payments, giving you the chance to earn rewards.
The tool lets you track all of your bills in one place and set up automated payments, making it easy to ensure you pay vendors on time.
BlueVine’s checking account integrates with the popular bookkeeping and accounting tool Quickbooks. You can easily track your company’s income and expenses using Quickbooks, which makes managing your books much simpler.
If you need some extra cash to keep your business running or to help expand, BlueVine allows its checking customers to open a business line of credit. You can borrow up to $250,000 with interest rates under 5%, giving your business essential funding.
BlueVine's Flex Credit is a form of "revolving credit," providing added flexibility by allowing you to obtain additional loans as you pay off existing debts, unlike a one-time loan system.
To qualify for a BlueVine line of credit, the requirements include:
- A personal credit score of 600 or above
- Business registration as a corporation or LLC
- Monthly business revenue of at least $10,000
- A minimum of 6 months in operation
With BlueVine, you have the opportunity to earn up to 1.5% interest on balances up to $100,000 USD, a rate that's 50 times higher than the national average.
To qualify, accomplish just one of these two monthly requirements:
- Spend $500 USD monthly using your BlueVine Business Debit Mastercard.
- Receive $2,500 USD in customer payments in your BlueVine checking account through mobile check deposit, wire transfer, ACH payment, or your payment processing provider.
BlueVine provides its users with the opportunity for invoice factoring through FundThrough. This process allows you to sell your invoices to BlueVine instead of waiting for customer payments. BlueVine pays your invoices, deducting a fee, ensuring you receive cash swiftly.
Novo, like BlueVine, also offers many powerful features for its checking account.
Virtual Business Debit Card
When you sign up for Novo, you'll receive a virtual business debit card that you can use immediately, rather than having to wait for a physical debit card. It also links with digital wallets like Apple Pay or Google Pay so you can easily spend money while on the go.
Novo has a built-in invoicing tool that helps you send and track your invoices. There’s no fee to create and send invoices and you can connect apps like Stripe, Square, or PayPal to receive payment. There’s also an option to accept ACH and check payments to save on fees.
Set Aside Money with Reserve Accounts
With your Novo checking account, you can set up a maximum of five Reserve accounts that you can use to help with budgeting. For example, you can use a Reserve account to set aside cash for taxes and another to save for payroll. You can move money between Reserve accounts instantly and have deposits split between them automatically.
Novo integrates with dozens of popular business apps to make running your company even easier. Some of the integrations available include:
Novo makes it easy to send payments to other companies in the US and around the globe. You get unlimited free ACH and paper checks within the US and can send international wire transfers through a partner service.
Currently, Novo does not offer any interest on their checking accounts, though they aim to improve this aspect in the future. In this regard, BlueVine has an upper hand, offering a 1.5% interest rate.
As of now, Novo does not provide any business loans, though there are plans to extend their credit services in the future. In contrast, BlueVine holds a distinct advantage with their available "Flex" credit scheme for business loans.
Discounts on Business Services
Novo business checking customers get discounts on many popular business services, including:
- Google Cloud
- Google Ads
Novo claims that the total savings available exceed $3,000.
BlueVine vs. Novo Business Checking Accounts Comparison
Novo and BlueVine both offer great features and perks in addition to their checking accounts, but it’s important to actually look at the basics of each checking account to see whether it’s a good fit for your business.
|Best for||Businesses that need to make cash deposits or that want to earn interest on their balance||Businesses that want an almost completely fee-free experience or that can benefit from app integrations and discounts|
|Transaction limit before fees||No limit||No limit|
|Requirements to avoid monthly fee||N/A||N/A|
|APY||2.0% on balances of up to $250,000, once qualifications are met||N/A|
|Other fees||Two fee-free, paper checkbooks per year, 2.9% credit card bill payment fee, $15 outgoing wire transfer fee, $4.95 per cash deposit, $2.50 out-of-network ATM fee||$27 insufficient funds charge fee, $27 uncollected funds returned fee|
|Other features||Make cash deposits, Earn interest||Reserve accounts|
Both BlueVine and Novo offer fee-free checking accounts. However, BlueVine does charge a few fees that Novo does not, such as a fee for outgoing wire transfers.
What sets BlueVine apart from Novo is that it accepts cash deposits and it offers interest on your checking account balance. Cash deposits do come with a fee, but Novo has no way to accept cash deposits short of you buying a money order and depositing it to your account.
Overall, both checking accounts are a great choice if you’re simply looking for a functional business checking account. To really figure out which is right for you, you’ll have to consider the other features and perks Novo and BlueVine offer.
Best for Affordability: Bluevine Both Bluevine and Novo present themselves as free business checking options, but Bluevine proves more affordable. Neither bank imposes a monthly fee, transaction charges, or maintains a balance requirement. However, Novo demands a $50 initial balance to unlock all features, whereas Bluevine does not require any initial deposit.
In terms of NSF fees, Bluevine holds an edge as it does not charge for transactions not covered by your account balance, unlike Novo. Although Bluevine does have a fee for outgoing wire transfers, a service not provided by Novo unless integrated with specific apps, it still stands out as the more economical business checking account option overall, with both platforms charging fewer fees compared to traditional banks.
Best APY: Bluevine Bluevine business banking uniquely offers interest on account balances, including up to 5 sub-accounts. Unlike the nominal interest rates from other platforms, Bluevine provides a 2.0% APY on business checking account balances up to $250,000. While not a path to retirement, this rate surpasses many business savings accounts.
In contrast, Novo does not grant any interest on its online business checking account. Given the choice, earning a 2.0% interest with BlueVine is a more lucrative option.
Best for Access: Bluevine Bluevine offers more accessible business banking compared to Novo. While Novo has no easy cash deposit method, Bluevine allows cash deposits at any Green Dot location, found in various stores. Additionally, Bluevine provides two free checkbooks upon account opening, a feature not offered by Novo without extra cost.
For wire transfers, Bluevine permits sending directly from your account, whereas Novo only allows this through integration with its partner app, TransferWise. While Novo refunds all ATM fees, allowing use of any ATM, Bluevine doesn’t offer refunds but provides access to over 38,000 ATMs, making cash withdrawals convenient and fee-free.
In summary, with easier cash deposits, free checkbooks, and straightforward wire transfers, Bluevine is perceived to offer more comprehensive access for small business owners compared to Novo.
Best for Integrations: Novo Novo holds an edge over Bluevine with its extensive software integrations. Novo syncs with numerous popular business platforms like Google Sheets, QuickBooks, Shopify, Slack, Stripe, Xero, and others, offering a wide array of integration possibilities. It also collaborates with Zapier for custom integrations. In contrast, Bluevine only integrates natively with QuickBooks. For diverse and seamless connections with various business applications, Novo stands out as the superior option.
Best Non-banking Perks: Tie Beyond business bank accounts, both Bluevine and Novo offer additional benefits. Bluevine provides business financing options like lines of credit and has recently partnered with FundThrough for invoice factoring. Novo, while not offering other products, presents various discounts for other companies, including savings on QuickBooks and free Google Ads credits.
Both banks facilitate sub-accounts for enhanced fund management for different purposes, aiding in effective budgeting. Notably, Bluevine's sub-accounts are interest-earning, presenting an additional financial advantage. While these additional features from Bluevine and Novo do not drastically shift opinions, they offer valuable benefits for customers, adding to the overall banking experience.
Where Does BlueVine Business Checking Stand Out?
Bluevine offers an APY for idle funds and a credit line option allowing borrowing up to $250,000, catering to businesses seeking financing and additional interest. While both Novo and Bluevine have limitations regarding ATM cash deposits, Bluevine slightly leads, despite a $4.95 fee per cash deposit transaction. Free withdrawals are available within Bluevine’s ATM network.
Where Does Novo Stand Out?
Novo provides enhanced perks for account holders aiming to save significantly on top business tools and advertising platforms. It boasts more business integrations compared to Bluevine, making it a preferable option for those heavily relying on various business tools or venturing into online advertising. Additionally, for frequent ATM users, Novo stands out with its extensive ATM network and out-of-network ATM fee reimbursements.
Why Choose BlueVine Business Checking?
There are plenty of reasons for a company to choose BlueVine over Novo.
Read 2023 Review
- 4.25% APY with Premier and 2.0% APY for Bluevine Standard on qualifying balances
- Get up to $3 million in FDIC insurance — that’s up to 12x the national average See More Highlights
- Unlimited transactions, no overdraft fees, and no fees on ACH payments, incoming wires
- Add up to 5 sub accounts each with designated account numbers
- Free & easy 100% online sign up (no minimum deposit)
- Live customer support from dedicated professionals (A+ rated by BBB)
You want to earn interest
Most checking accounts don’t offer interest. This is true for both personal and business checking accounts.
This usually isn’t a big deal for individuals because most people don’t carry large balances in their checking accounts. However, companies can easily have tens of thousands of dollars in their checking account. Earning interest on the balance can be a big deal.
BlueVine pays interest on checking balances up to $100,000 if you meet one of a few easy-to-satisfy requirements. That can help your business’s cash go a bit further.
You need to make cash deposits
Novo and BlueVine are both online banks, which means that cash-heavy companies will likely want to look elsewhere. However, BlueVine offers a convenient way to deposit cash through a partnership with Green Dot.
You can make cash deposits to your BlueVine account at any Green Dot location, though you’ll have to pay a $4.95 fee per deposit. A per-deposit fee isn’t a great deal, but if your company occasionally has to deposit cash, this can be useful.
Your company needs a line of credit
BlueVine offers business lending services, primarily in the form of a line of credit for up to $250,000. There are lots of reasons to do your banking and borrowing with the same company, including the simple convenience of having all your finances in one place.
Novo does not offer loans, so if you think your company can benefit from a line of credit, BlueVine is a good choice.
Why Choose Novo Business Checking?
Novo also gives business owners plenty of reasons to open an account.
You want to easily send invoices
Invoicing is an essential activity for any business that wants to keep operating. You need to send invoices if you want to get paid.
Novo offers a built-in invoicing tool that makes it easy to track your invoices and payments you receive. You can even set up ACH and check payments to avoid fees when accepting payment from your customers.
You use many business apps
Novo integrates with all sorts of popular business apps, from communications tools like Slack to e-commerce apps like WooCommerce or payment tools like Stripe.
If you’re a high-tech company that uses a lot of apps, Novo can easily integrate with all of them and let you view all of your business’s data on one dashboard.
You use services where Novo offers a discount
Novo gives customers discounts worth hundreds or thousands of dollars for popular business tools and services like Google Ads. If your company is already using one of these tools, banking with Novo can help you save a lot of money.
When To Use BlueVine Business Checking Account
If earning interest on checking deposits is a priority for you, consider your options. Novo’s business checking account does not accrue interest. On the other hand, Bluevine offers a notable 2.0% APY on balances up to $250,000 for accounts meeting specific activity standards. This competitive interest rate places Bluevine high on our list of leading online banks for small enterprises.
For those frequently dealing with domestic wire transfers, Novo might not be suitable as it doesn’t support sending or receiving domestic wire transfers. In contrast, Bluevine provides free incoming domestic wire transfers and imposes a $15 fee for outgoing ones.
If you’re seeking lending products, Novo falls short as it doesn't offer any, whereas Bluevine extends credit lines up to $250,000. Applicants could access the funds within 24 to 48 hours of application submission, contributing to Bluevine’s top position in our guide for small business lines of credit.
When To Use Novo Business Checking Account
If immediate access to funds from payment processing platforms is crucial for your business, consider Novo. With a feature named Novo Boost, Novo ensures up to two-day early access to Stripe payouts. This exclusive offering places Novo prominently in our ranking of top banks for e-commerce businesses. Unlike Novo, Bluevine does not extend features accelerating cash flow from payment processing platforms.
Seeking unlimited fee-free ATM transactions? While Bluevine allows fee-free ATM transactions within the MoneyPass network, it imposes a $2.50 charge for out-of-network ATM use, plus any additional third-party operator fees. In contrast, Novo reimburses all ATM fees, including those from international ATMs, at each month's end, offering you the liberty to use any ATM network seamlessly.
Novo vs Bluevine Business Checking Account User Reviews
|Trustpilot Rating||4.2 (based on 7,400-plus reviews)||4.3 (based on 2,800-plus reviews)|
|Users Like||Minimal fees, Competitive APY, Good customer service||Intuitive user experience (UX), Useful tools, Good customer service|
|Users Dislike||Slow check-clearing times, Closes and freezes accounts without warning||Slow check-clearing times, Rejects check deposits without explanation|
Novo and Bluevine both received commendations for their supportive and prompt customer service, though they were criticized for extended hold times on deposited checks. Specific complaints from Novo users included unexplained rejection of check deposits, leaving users unable to deposit these checks elsewhere due to Novo's particular deposit instructions.
Compliments for Novo generally focused on the platform's user interface and tools. Users lauded the easy navigation of Novo's interface and expressed that its invoicing tools, reserve accounts, and app integrations simplified business banking.
On the other hand, positive remarks about Bluevine primarily highlighted the provider's high APY and low fees. Despite these benefits, some users reported abrupt closures or freezing of their accounts by Bluevine, with no given explanation or prior notice.
Both BlueVine and Novo are great business banks for companies that operate primarily online or that don’t deal with cash very frequently. If you expect to carry a large balance in your account, the interest you can earn with BlueVine is a huge perk, but the vendor discounts Novo offers could save you even more money.
Before opening any business checking account, make sure to consider your options, analyze their pros and cons, and consider how your decision will impact your business.
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Frequently Asked Questions
It can be hard to choose between BlueVine and Novo, so make sure you understand the specifics of each account before you choose a bank.
Which Is Better: BlueVine or Novo?
There isn’t a single answer to whether BlueVine or Novo is better. Both have pros and cons.
Thanks to paying interest on balances up to $100,000, BlueVine could be a great choice for companies with large cash reserves. On the other hand, Novo’s discounts on business services can help startups save a lot of money.
Is BlueVine legit?
Yes, BlueVine is legit. It’s a real bank that offers online business checking accounts. It has full insurance from the Federal Deposit Insurance Corporation (FDIC) and offers legitimate business loans. During the Covid-19 pandemic, BlueVine even worked with the United States government to offer Paycheck Protection Program loans.
Is Novo a good banking platform?
Novo can suit your banking needs if you're seeking an affordable, straightforward business checking account. However, for more comprehensive banking services such as a savings account, credit card, or easy cash deposits, Novo might not be the ideal choice for your business.
What bank backs Bluevine?
Bluevine banking accounts are supported by Coastal Community Bank, while its business lines of credit are handled through Celtic Bank.
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