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Forget the big bank bureaucracy. Today’s small business owners need a banking partner that moves as fast as they do. But with a number of options flooding the market, choosing the right digital banking platform can feel like an impossible challenge. In the golden age of digital business banking, how do you pick the best one?
Often, the best way to gauge the ideal digital business bank is to stack up the competition side by side. To that end, let’s look at Novo vs. Bluevine to determine which offers the best solutions for small business owners—or if there’s a better alternative to both.
Meet the Contenders: Novo vs. Bluevine
Novo and Bluevine are two well-established business banks; however, it’s important to have a clear understanding of their foundations before choosing one or the other:
- Novo: Founded in 2016 by a team of tech and finance veterans, Novo set out to build a digital banking experience specifically designed for freelancers and entrepreneurs. They focus on seamless integration with popular business tools and fostering a mobile-first approach to managing your finances.
- Bluevine: Launched in 2014, Bluevine boasts a heritage in small business finance. It started by offering lines of credit and invoice factoring and then expanded into online business banking. Bluevine aims to be a one-stop shop for small businesses, providing a checking account and access to credit and financial tools.
Both banking institutions are committed to providing a robust digital experience—one that differs from traditional banking structures. However, we must delve deeper into these options to understand which bank offers the optimal experience for small businesses.
Head-to-Head Comparison of Novo vs. Bluevine
We evaluated each bank’s key features, rates, perks, and programs to help you determine which best meets your business needs. By examining their strengths and weaknesses across various aspects, we aim to help you decide which bank aligns with your operational and financial priorities.
Features
When selecting a business banking solution, it’s crucial to understand the features each provider offers. This section compares Novo vs. Bluevine on essential aspects such as ATM access, cash deposit options, invoicing capabilities, international payments, software integrations, and customer support—features that can significantly impact your business’s day-to-day operations and efficiency.
| Feature | Novo | Bluevine |
| Account Type | Single free business checking account | Three membership tiers: Free, Plus, Premier |
| ATM Access | Refunds all ATM fees, including out-of-network and international fees | Fee-free access to MoneyPass network; $2.50 for out-of-network |
| Cash Deposits | Not supported | $4.95 fee at MoneyPass ATMs; $1 + 0.5% at Allpoint ATMs |
| Invoicing | Built-in tool for unlimited invoicing | Not available |
| International Payments | Through Wise, with competitive rates | Available to 32 countries; $25 flat fee plus 1.5% conversion fee |
| Software Integrations | Over 15 integrations, including QuickBooks, Shopify, PayPal, Stripe | Multiple integrations, including QuickBooks, PayPal, Stripe |
| Customer Support | Email and chat support, no phone support | Phone and email support |
Winner: Novo
Novo takes the lead in this category due to its comprehensive range of features tailored for digital businesses. Novo offers free ATM fee reimbursements, an integrated invoicing tool, and partnerships for international payments through Wise, making it highly versatile for small businesses.
Rates
Understanding the rates associated with business bank accounts is essential for managing costs. This section outlines the monthly fees, annual percentage yields (APY), same-day ACH fees, overdraft fees, and outgoing wire fees for Novo vs. Bluevine. By comparing these rates, you can determine which bank offers the most cost-effective solution for your business.
| Rate | Novo | Bluevine |
| Monthly Fee | $0 | $0 for Free, $49 for Plus, $95 for Premier (waivable) |
| APY | None | 2.0% on balances up to $250,000 (Free), up to 4.25% (Premier) |
| Same-day ACH | 1.5% per transaction (min $0.50, max $20) | $10 flat fee |
| Overdraft Fees | None | None |
| Outgoing Wires | Not supported | $12.50 to $15 depending on tier |
Winner: Bluevine
Bluevine stands out in this category thanks to its high APY of up to 2.0% on balances up to $250,000, making it a superior choice for businesses looking to earn interest on their checking accounts. Additionally, Bluevine offers competitive fees for same-day ACH transfers and outgoing wires.
Perks
Business banking isn’t just about managing transactions but also maximizing benefits. In this section, we break down the various perks offered by Novo and Bluevine, including cash-back rewards, promotional deals, and sub-account availability. These perks can provide additional value and help you get the most out of your banking experience.
| Perk | Novo | Bluevine |
| Cash Back Rewards | None | 1.5% cash back with Business Cashback Mastercard |
| Promotional Deals | Discounts on business software like QuickBooks, Stripe, Gusto | None |
| Sub-accounts | Up to 20 Reserves for managing budgets | Five free sub-accounts |
Winner: Novo
Novo wins in the perks category, offering a range of promotional deals on popular business software such as QuickBooks, Stripe, and Gusto. Additionally, Novo provides up to 20 sub-accounts (Reserves) to help manage budgets effectively.
Comparison of Programs
Beyond basic banking services, small businesses often require access to financing and additional security. Let’s stack up financing options—such as lines of credit, merchant cash advances, and the FDIC insurance coverage—provided by Novo and Bluevine. These programs can be vital for the growth and protection of your business.
| Program | Novo | Bluevine |
| Financing Options | Merchant Cash Advance up to $75,000 | Line of credit up to $250,000 with a 6.2% estimated rate |
| FDIC Insurance | Up to $250,000 | Up to $3 million |
Winner: Bluevine
Bluevine excels with its extensive line of credit (up to $250,000) at competitive rates and high FDIC insurance coverage (up to $3 million). While Novo offers merchant cash advances up to $75,000, Bluevine’s broader financing options and higher insurance limits make it the better choice for businesses seeking robust financial support and security.
Comparison of Reviews
The overall experience of using a bank can be influenced by customer reviews, mobile app ratings, and the bank’s reputation with the Better Business Bureau (BBB). This information can help you gauge the reliability and satisfaction of other business owners with these banking solutions.
| Metric | Novo | Bluevine |
| Customer Reviews | 4.5 stars on Trustpilot | 4.3 stars on Trustpilot |
| Mobile App Ratings | 4.8 stars on the App Store; 4.5 on Google Play | 4.5 stars combined on the App Store and Google Play |
| BBB Rating | C (not accredited) | A+ (accredited) |
Winner: Bluevine
Bluevine is the winner in the customer experience category, with a higher BBB rating of A+ and strong customer support, including phone service. It also boasts competitive Trustpilot ratings and positive app reviews, indicating a reliable and satisfactory user experience. Novo, while also highly rated on app stores, lacks phone support, which can be crucial for many business owners needing immediate assistance.
Head-to-Head Winner: Bluevine
In the comparison of Novo vs. Bluevine, Bluevine comes out as our overall winner—mainly because it provides a more comprehensive suite of benefits for small businesses. It offers higher interest rates (up to 2.0% APY on balances up to $250,000), extensive financing options, and higher FDIC insurance coverage of up to $3 million. Bluevine also excels in customer experience with a high BBB rating and accessible customer support. Although Novo has strong features and valuable perks, Bluevine’s combination of financial benefits, security, and customer satisfaction makes it the superior choice for most small businesses.
Considering an Alternative? Try North One
If you’re split between Novo vs. Bluevine, don’t worry—there are alternatives out there that offer you the best of both worlds when it comes to digital business banking! North One offers a unique combination of features that make it an exceptional choice for small businesses, surpassing both Novo and Bluevine in several critical areas.
One of North One’s standout characteristics is its support for unlimited sub-accounts—referred to as envelopes. This allows businesses to manage multiple budgets and financial goals easily within a single account, providing greater flexibility and organization compared to Bluevine’s five sub-accounts and Novo’s 20 reserves.
Customer service is another area in which North One excels. It provides phone, email, and live chat support from Monday to Sunday, 8 am to 10 pm EST. This extensive availability ensures that business owners can get help whenever they need it, surpassing both Novo, which lacks phone support, and Bluevine, which offers more limited service hours.
Additionally, North One integrates with close to 100 popular business tools and services, such as QuickBooks, PayPal, and Stripe, making it highly versatile and convenient for managing various business operations within one platform. North One also offers a range of perks for new customers, including over $5,000 in benefits!
While North One does charge a fee for cash deposits and some wire transfers, its robust feature set, comprehensive customer service, and extensive integrations make it a superior choice for many small businesses looking for an all-in-one banking solution.
You Deserve the Best in Digital Business Banking
In the battle for business banking supremacy, both Novo and Bluevine offer distinct advantages. Novo empowers the tech-savvy entrepreneur with its invoicing tools, early access to payouts, and seamless integrations. For those prioritizing interest earnings and international transactions, Bluevine’s competitive APY and broader reach might be the winning edge.
However, for those who want the best of all worlds, it’s difficult to top North One. With perks to match both Novo and Bluevine, North One represents banking built for the digital age of commerce. Ultimately, it’s important to carefully consider your banking habits, desired features, and financial goals to pick the digital banking solution that will help your business thrive.
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1 Minimum $50 deposit required. See your Deposit Account Agreement for more details.
North One is a financial technology company, not a bank.
Banking services provided by The Bancorp Bank, N.A., Member FDIC.
