Novo vs Bluevine: Which One is Better?

Looking for a powerful business banking platform and ended up with two pros – Novo and Bluevine?

Well, choosing one of them is definitely a tough decision, but not an impossible one; especially when we are ready to help you out all the way!

Both Novo and Bluevine come sans any monthly fees. While Novo offers up to 20 Reserves, free unlimited invoicing, and bridges your business with more than one thousand powerful business app integrations, cash deposits are not allowed. 

On the other hand, Bluevine offers, 5 free subaccounts, 2 free checkbooks per year, and one of the highest APYs (2.0%) for its Business Checking account customers, on top of unlimited transactions, and additional users at no extra cost. 

So, which one should you choose and how do you draw an effective business use case-based comparison to choose the right business bank account

Let’s find out. 

Novo’s Business Banking: Key Features

Novo’s Business Banking_ Key Features

As a Novo business banking customer, you get 10 virtual sub-accounts, one checking account, and one debit card, if you are a freelancer or solopreneur. You can create and send a fully customizable unlimited number of invoices, integrate with existing services, like Shopify, Stripe, etc., and get exclusive partner perks such as access to tools such as QuickBooks, Gusto, and Hubspot.

With Novo Boost, you can get your Stripe payments 95% faster, free of charge, which means quicker cash flow. Let’s zoom out on the other features of business banking with Novo

Free Business Checking Account

There are no hidden charges or account maintenance costs. You don’t have to pay any monthly fees, and there are no minimum balance requirements. Further, you can enjoy unlimited transactions without any fees, thereby unlocking the ultimate freedom to manage your business financials.

You can manage finances, process payments, make transfers, and keep track of your cash flow without any hassles via a completely free and intuitive mobile banking app, which is available for both iOS and Android devices. The app is quite comprehensive in terms of features and allows you to deposit checks, view transaction history, and access business bank account information from a single unified interface.

Truly Effortless and Seamless Invoicing

As a small business owner or freelancer, efficient invoicing is one of the major business must-haves. Investing in paid invoicing software would add to your costs and opting for a free tool might come with customization limitations. 

Novo overcomes all these challenges and offers a built-in invoicing tool for streamlined billing management. You can generate professional-looking invoices with personalized branding and other physical customizations right within the platform.

You can also add formal terms such as payment terms, and add a professional touch to your financial processes without incurring any additional costs. Novo allows you to monitor your invoices in real time, send and create unlimited invoices from within the platform, and facilitate client follow-ups for outstanding payments.

Faster Access to Funds

As mentioned above, the Novo Boost users can get access to their Stripe payouts within hours instead of days. This is significantly beneficial for small business owners and freelancers who have limited cash flow and capital for the continuity of business operations and lifestyle expenses. 

Amazing ATM and Debit Card Features

Novo offers an impressive nationwide ATM network coverage with a complete monthly ATM fee reimbursement of up to $7. There are no out-of-network fees, and you can draw unlimited cash without fretting about debit card usage. The Novo debit card is accepted worldwide. Also, you can lock your card and set a travel notice to get alerts about all card activity.

For businesses with limited runway, choosing between a debit card and a credit card is also a critical decision. Hence, we recommend consulting with a tax expert and then finalize your choice.

Miscellaneous Features

You don’t have to wait for a physical debit card to make online payments with Novo. Once you are registered and have completed your first deposit, you can get access to the virtual debit card for online payments. 

  • Novo saves you trips to the bank, as you can do remote check deposits, electronically via the Novo mobile app.
  • It offers robust human agent-based customer support via emails and chats, for quick query resolution. 
  • Novo employs industry-standard bank-grade encryption protocols and security measures and all the deposits are FDIC insured up to $250,000.
  • For more detailed information, or to avoid missing out on any new add-on features, we recommend exploring the official website.

Business Banking With Bluevine: Key Features

Business Banking With Bluevine_ Key Features

Bluevine offers attractive Annual Percentage Yields (APY) on bank account balances with an upper limit. The standard account comes with a 2% APY. However, the Bluevine Plus and Premier account holders can get as much as 3% and 4.25% APY respectively, on qualifying account balances.

Here’s a detailed overview of the business banking features of Bluevine.

Account Options

There are three tiers of business checking accounts – BlueVine Business Checking, BlueVine Plus Business Checking, and BlueVine Premier Business Checking accounts. While the basic features in each tier remain the same, the perks are added with increasing benefits for higher monthly fees (waivable).

Sub-Accounts for Organization

As a Bluevine user, you can create sub-accounts within your main business checking account. These sub-accounts function similarly to your main account, making it easier to categorize your finances and do budgeting.

Premium Perks BlueVine Plus & Premier

Upgrading to Bluevine Plus or Premier includes multiple additional benefits, such as waived monthly fees, free printed & mailed checks, increased interest rates for maintaining higher bank balances, and priority customer support. We recommend checking the minimum balance thresholds and qualifying activity requirements on the official website for a better understanding. 

Fee Reduction & Elimination

There are no monthly service fees and minimum balance requirements for the standard account holders but the higher tier banking customers have to pay a waivable fee. Bluevine also offers a vast network of MoneyPass ATMs.

However, you have to pay fees for out-of-network ATM withdrawals and cash deposits, bill payments (ACH, wires), and credit card bill payments through the Bluevine platform.

Miscellaneous Features

  • BlueVine offers automated accounts payable features, such as payment scheduling, bill management, etc. Thus, you can easily manage the billings and delegate tasks directly from your online dashboard.
  • Bluevine also offers a mobile app to deposit checks, manage finances, and collaborate with team members. You can also set user permissions for secured access control.
  • You can choose from different payment options for vendors and bills, such as checks, ACH transfers, wire transfers, international payments, or even credit card payments.
  • You can use the in-built online directory of registered vendors, or add your vendors for recurring payments.
  • Bluevine is a Green Dot network partner for offering cash deposits at participating retail locations. These cash deposits are not free and can also be made through a network of Allpoint ATMs.
  • Bluevine also offers FDIC Insurance for up to $3 million per depositor and employs industry-standard security measures

If you still want to explore all your options, we recommend checking our guide to choosing the best bank for small business owners.

Novo vs Bluevine – Quick Feature Comparison

Feature Novo Bluevine
Debit Card Physical debit cards and virtual cards available Free debit card, mailed within ten business days of application approval
Accounting Software Integrations QuickBooks and Xero QuickBooks, Wave, Expensify, and Xero
APY N/A 4.25% APY on balances up to $3M for Premier customers; 2.0% APY on balances up to $250,000 for Standard tier customers that meet monthly eligibility requirements
Business Payment Integrations Stripe, Square, PayPal, Wise, Shopify, Amazon, Apple Pay, Google Pay, and Samsung Pay Includes Wise, Venmo, CashApp, and Square
Physical Checks Paper checks can be sent straight from the app Two free checkbook orders per year
ATMs Up to $7 per month reimbursement of ATM fees worldwide 38,000+ MoneyPass ATMs
Invoicing Products Free unlimited invoicing N/A
Reserve Accounts Up to 10 Up to 5
Other Products Available Merchant cash advances (MCAs) through Novo Funding and limited liability company (LLC) creation Bluevine Premier Checking, line of credit, and credit card
Out of Network ATM Fee Up to $7 per month ATM fee reimbursement $2.50

Novo vs Bluevine: Pros and Cons

Pros and Cons Novo Bluevine
Pros  No monthly fees High interest rates
Lots of software integrations $0 monthly fee
ATM refunds up to $7 per month 2 free checkbooks
Cons No cash deposits Fees to deposit cash
Can’t send wires No physical branches

When to Choose Novo

You can choose Novo if you want: 

  • Rapid access to funds from multiple payment processing platforms, such as Shopify, Stripe, etc., which makes it perfect for eCommerce businesses.
  • Effortless and seamless invoicing capabilities for unlimited and customizable invoices and finance management.
  • To accept payments from various channels, such as PayPal, credit cards, Google Pay, Apple Pay, etc.
  • You require immediate additional working capital. Novo users can apply for a merchant cash advance (MCA) of up to $75,000 through Novo Funding. 

When to Choose Bluevine

You can choose Bluevine if you want: 

  • To earn cashback rewards. Bluevine offers 1.5% cash back for eligible expenses to its credit card users. Novo offers no credit card.
  • To each interest on checking deposits. While the standard banking users can enjoy a 2% APY, Novo doesn’t offer any interest benefits.
  • You require a higher financing amount. Applicants can get access to funds as high as $250,000 within 24 to 48 hours of application.

doola – Beyond Business Banking

When to Choose doola

Having a reliable and affordable business banking service provider can do wonders for your finance management and operations. However, why limit yourselves to banking when you can get a complete business-in-a-box partner as your aide?

doola is a comprehensive business and banking management platform that offers a diverse range of services, like company formation, tax filing, compliance management, bookkeeping, and international money transfers across 100 countries via doola Money

We enable everyone ranging from a small business owner to content creators, to online business founders, freelancers, and anyone who wishes to be their own boss, with a strong suite of solutions. We take your formality and compliance headaches away making it easier for you to work and focus on what matters most for your business.

doola’s Total Compliance Package allows you to put your tax filings on auto-pilot and comes with amazing features, such as company formation, tax filing, CPA consultation, and more.

To know more or catch our product in action, grab a free consultation with our experts!

doola's website is for general information purposes only and doesn't provide official law or tax advice. For tax or legal advice we are happy to connect you to a professional in our network! Please see our terms and privacy policy. Thank you and please don't hesitate to reach out with any questions.

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