Is there a Novo bank promo code?
Novo publishes no promo code on its own pages. It says there are no promo codes to remember for its card rebates, and its Perks page lists partner savings included with a Novo account.
Novo says perks are included when you open an account, and some need a sign-up with the partner directly. The referral bonus is covered in its own answer.
Examples from the Novo Perks page
- Save up to 30% on Quickbooks Online, Solopreneur, or Online Payroll
- Save 20% on TurboTax
- Get 20% off Dropbox
Source: Novo Perks (novo.co/perks)
What is the Novo referral bonus and how does it work?
Novo's referral program lets you and the person you refer each earn a bonus. The person you refer must use your referral link, be approved, deposit at least $100 within 30 days, and keep at least $100 for 30 days after.
Novo's help page points to an Earn $40 link in the web dashboard for your referral link. The link must be used during the application and cannot be added after an account is open.
What the referred person must do
- Have no earlier Novo account
- Apply using a valid referral link
- Deposit at least $100 within 30 days of opening
- Keep at least $100 in the account for 30 days after the first deposit
Source: Novo referral help (novo.co/help/how-does-novos-referral-program-work), Novo referral requirements (novo.co/help/what-are-the-requirements-to-qualify-for-the-novo-referral-progr...)
Is Novo business checking free?
Novo says business checking has no monthly maintenance fee, no minimum balance requirement, and $0 standard ACH transfers. Express ACH, wires and some optional services can carry fees shown before use.
Novo also says it reimburses third party ATM fees up to $7 per customer each month, subject to current terms. Account approval remains subject to eligibility and verification.
Source: Novo free checking (novo.co/business-checking/no-fee-checking)
What cashback does the Novo business credit card offer?
Novo says the Novo Business Credit Card earns up to 2% cashback on every purchase with no annual fee. The rate depends on balance: 2% with a checking balance of $5,000 or more, and 1% under $5,000.
Approval is not guaranteed. Cardholders also unlock more perks than debit card holders.
Source: Novo Perks (novo.co/perks)
Is Novo a bank, and are deposits FDIC insured?
Novo says it is a fintech, not a bank. Banking services are provided by Middlesex Federal Savings, F.A., Member FDIC, and Novo states that the money in Novo accounts is FDIC insured through that partner bank.
Novo's help page says deposits at Middlesex are insured up to $250,000 per depositor, per account ownership category, and that through a deposit network they may become eligible for up to $5,000,000 in total FDIC deposit insurance. This is Novo's own description, not financial advice.
Source: Novo Perks (novo.co/perks), Novo FDIC help (novo.co/help/are-novo-accounts-fdic-insured)
