BlueVine vs Novo Business Checking Account: Which is Better?

Key Takeaways

  1. BlueVine offers interest, QuickBooks integration, and loans, whereas Novo provides a virtual card, invoicing, many app integrations, and discounts.
  2. BlueVine allows cash deposits and earns interest on balances, unlike Novo which prioritizes software integration and service discounts.
  3. BlueVine suits businesses seeking interest and loans; Novo is for those wanting software integration and diverse service discounts.
BlueVine vs Novo Business Checking Account: Which is Better?

BlueVine and Novo are two leading online business banks that cater primarily to small and medium-sized enterprises. If you're in the process of setting up your business, it’s crucial to weigh the options such as Bluevine vs. Novo to determine which bank best aligns with your business banking needs.

Both institutions offer an array of tools and benefits designed to simplify financial management for your company. While most online banks face challenges handling cash transactions, companies not heavily reliant on cash should consider the robust features provided by 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 histories 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.

Bluevine Novo
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
Bill payment
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 Features

BlueVine offers many useful features as part of its business checking account.

Interest Checking

Bluevine offers a standout feature allowing businesses to earn 2.0% interest on balances up to $250,000, potentially yielding up to $5,000 annually. This benefit requires minimum monthly activities, which are easily achievable for most businesses.

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.

Bill Payment

Streamline your payments with Bluevine’s comprehensive bill payment service, which supports payments via ACH, wire, and checks directly from a user-friendly dashboard.

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.

Quickbooks Integration

With seamless integration into Quickbooks, Bluevine facilitates easy management of your financial books, enhancing your accounting processes.

Business Lending

Access to a line of credit up to $250,000 with competitive rates underpins Bluevine's robust support for business financing.

Novo Features

Novo, like Bluevine, also offers many powerful features for its checking account.

Virtual Business Debit Card

Instantly issued upon account setup, Novo’s virtual card integrates with digital wallets, making transactions swift and simple.

Invoicing Tools

Novo's invoicing capabilities are robust, supporting various payment methods and integrating with popular payment processors to enhance your receivables.

Set Aside Money with Reserve Accounts

For budgeting ease, Novo allows the setup of up to five reserve accounts, facilitating better fund allocation for expenses like taxes and payroll.

App Integrations

Novo’s platform is highly compatible with numerous business applications, promoting efficient data management and operations across your business tools.

  • Stripe
  • Square
  • Shopify
  • WooCommerce
  • Quickbooks
  • Slack
  • Etsy
  • eBay

Bill Payment

Novo makes it easy to send payments to other companies in the United States and around the globe. You get unlimited free ACH and paper checks within the United States and can send international wire transfers through a partner service.

Discounts on Business Services

Novo business checking customers get discounts on many popular business services, including:

  • Stripe
  • Google Cloud
  • Google Ads
  • Usto
  • Hubspot
  • Quickbooks

Novo claims that the total savings available exceed $4,000.

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.

Bluevine Novo
Best for Companies that need to make occasional cash deposits or earn interest Companies that want an almost completely fee-free experience or that can benefit from app integrations and discounts
Minimum deposit None $50 recommended
Monthly fee None None
Requirements to avoid monthly fee N/A 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.

Why Choose BlueVine Business Checking?

There are plenty of reasons for a company to choose Bluevine over Novo.

  • Up to 4.25% APY available with paid tiers; Standard has no fee
  • Unlimited transactions, no overdraft fees, and no fees on ACH payments or incoming wires
  • See More Highlights
  • Add up to 5 sub accounts each with designated account numbers
  • Get up to $3 million in FDIC insurance — that’s up to 12x the national average
  • Free & easy 100% online sign up (no minimum deposit)
  • Live customer support from dedicated professionals (A+ rated by BBB)
Year Founded Pricing BBB Rating APY
2013 No service fees A+ 4.25%

You want to earn interest

Most checking accounts don’t offer interest. This is true for both personal and business checking accounts.

Unlike most checking accounts, Bluevine offers the potential to earn interest on substantial balances, which can significantly benefit your financial operations. 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 $250,000 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, but 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. Most businesses set up ACH transfers to streamline their bookkeeping. Businesses that are cash-heavy, however, will need to use the deposit feature.

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 payments 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.

Bottom Line

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 $250,000, Bluevine could be a great choice for companies with large cash reserves. On the other hand, Novo’s discounts on business services can help start-ups 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 U.S. government to offer Paycheck Protection Program loans.

About The Author

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Louis DeNicola

Credit Expert Witness

Louis Denicola is a personal finance writer who helps educate consumers and small business owners regarding financial topics. He particularly specializes in credit reporting and scoring, credit cards, and works with a variety of lenders, aggregators, content publishers, and credit bureaus.

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