those who run as actual business entities like a corporation s corp or llc or just those who are sole owners slash freelancers their company Novo Bank Norge
Is Novo A legit bank?
account just needs 50 to open has no minimum balance and no month-to-month cost in fact they are totally no cost across the board except for two exceptions inadequate funds charged and uncollected funds returned both fees are currently 27 i don’t love when banks have inadequate fund costs but given they have essentially no other fees i don’t think it’s that big of an offer because if you’re responsible with your money you shouldn’t encounter these fees in the first place their core offering is an organization savings account with a debit card a pretty killer feature with their debit card is that you can utilize any atm they will refund any atm fees you pay at the end of every month back into your account yes even that questionable atm at the back of the corner store that looks like it was integrated in 1980 that they used to prop open their storage closet door they’ll refund that atm fee too it’s fantastic it’s incredibly easy to register for an account without any vote you can do it in simply a few
minutes online quickly as all savings account openings should be they have a fantastic looking app that’s well reviewed by their clients in the app stores it permits you to see an overview of your account transfer cash immediately deposit checks and other normal features i find it really easy to use and it has all the functions i ‘d expect from a banking app another cool feature of their account is all the integrations they support is their integrations they support wow they have integrations with transferwise slack xero stripe smart quickbooks and shopify these have a variety of terrific features for instance the stripe integration enables you to see your stripe balance and transfers right from your novo account also they have a great perk where if you connect your account with stripe you get twenty thousand dollars in fee totally free charge card processing that alone might conserve you five hundred dollars in charges that alone can conserve you money they’re also including instantaneous payments with stripes soon so instead of waiting for the funds to clear they will be right away readily available in your account it’s very comparable to what some banks are making with personal bank account and enabling you to get your income a couple of days early speaking of perks they have a lot they offer perks for stripe google cloud gusto quickbooks and godaddy to name simply a couple of these variety from money savings to annual discount rates to include credits to prolonged free trials there’s a ton of value here so certainly check them all out to see if there’s something on the list you’re already considering using one of the biggest things holding back on completely suggesting novo was that they didn’t offer subaccounts or invoicing
Is Novo the best bank for small businesses?
when i very first took a look at them 2 functions i worth really highly with an organization account sub accounts particularly are very crucial to me as i like to reserve and save money for paying taxes i want this different from my main account so that i do not touch it or invest it you do not wish to cross those money streams there’s something very important i forgot to inform you what do not cross the streams well the excellent news is that novo now offers these features too their sub accounts are called novo reserves right now you can just create one reserve however their site says that they are very soon adding the ability to have several reserves so reserve your complete excitement until they include that complete function yeah their invoicing function has actually likewise been introduced with billings you can take and send out invoices card payments through stripe they’re currently beta testing payments through square and i’m guessing they will likewise roll out payments through paypal in the future though of those choices stripe is without a doubt my favorite and most preferred i believe billings are an excellent function and were the huge standout that asil has so i am thrilled that novo is now offering invoices this lets you have easy banking and invoicing set up with just one account versus requiring extra services for smaller sized organizations or side hustles this simplicity can be a big deal so that’s a great deal of terrific stuff what about the downsides as i said earlier they are 99 no cost however they do charge an inadequate funds charge something to be aware of they also do not offer an interest bearing account this is a downer because while earning interest in a checking account
will never ever make you cash because of inflation it’s nice to get something back while your cash simply sits there so if this is important to you i wouldn’t rule novo out i just might open a dedicated business savings account somewhere else to keep your earnings or sales tax money conserved that way your money makes something while it sits there and utilize novo as your primary operating account with money moving in and out as you do business but truly lots of other accounts are only offering point two to point four percent apy so you’re not actually missing out on much and finally there are no physical places they are online just this is the same drawback i say with every online just bank however i need to include it even if often people still require to hear it if you desire a bank with a physical location that you can walk into novo is not for you nevertheless by giving up the physical place you gain many excellent functions and services so i think it’s absolutely worth it also if you need to transfer money i just suggest getting a regional credit union service account just for money deposits or you can do cash without any vote however you need to go to a usps walmart grocery store and so on and buy a money order and then utilize novo’s deposit function to get the cash many services these days do not run with cash so for many this isn’t a huge