Bank of America Business Advantage
National branch + ATM bank with waivable monthly fees; cash and paper-item priced by tier; 0% APY on checking
Novo Business Checking
No monthly fee + invoicing/integrations; online-only; no cash deposits; 0% APY
Costs & Fees
| Metric | Bank of America Business Advantage | Novo Business Checking |
|---|---|---|
| Monthly maintenance | Fundamentals $16/mo (first 12 cycles free); Relationship $29.95/mo (first 2 cycles free) | $0 unconditional |
| Fee waiver | Fundamentals: $5,000 combined avg monthly balance OR $500+ net debit purchases OR Preferred Rewards for Business. Relationship: $15,000 combined avg balance OR Preferred Rewards. No debit-spend waiver on Relationship. | N/A — already $0 |
| Transaction fees | Fundamentals: 20 free non-electronic items/cycle then $0.45 each. Relationship: 500 free then $0.45. Electronic/debit/mobile-ATM-RDO excluded from cap. | No excess-item fees on schedule. Operational limits on ACH, RDC, mailed checks, ATM, POS (raisable in-app). |
| Overdraft/NSF | $10 overdraft item fee, max 2/day. No NSF fee when bank declines/returns unpaid. | $0 Insufficient Funds; $0 Uncollected Funds Returned. No overdraft protection product. |
| ATM fees | BofA ATMs $0. Other U.S. ATMs $2.50 + operator. International ATM $5.00 + operator. | Novo ATM fee $0. Third-party operator surcharge rebate max $7/customer/month. No branded free network disclosed. |
| Wire/ACH | Incoming domestic/intl $15 (waived Relationship + Preferred Rewards inbound). Outgoing domestic $30. Outgoing intl USD $45. Outgoing ACH online: $1 (3-day) / $5 (next-day). Bill pay $0. | Incoming domestic: $0. Outgoing domestic: up to $45 (online only, eligibility-gated). Incoming intl: $0 Novo-side. Outgoing intl: via Wise (Wise fees apply). Standard ACH in/out: $0. |
Interest & Yields
| Metric | Bank of America Business Advantage | Novo Business Checking |
|---|---|---|
| Checking APY | None — non-interest-bearing on both Advantage checking tiers | 0% — non-interest-bearing (fee schedule Annual Percentage Yield 0%) |
| Savings APY | Business Advantage Savings 0.01% standard; up to 0.04% with Preferred Rewards booster (Gold 0.02%, Platinum 0.03%, Platinum Honors 0.04%) | N/A — Reserves earn 0%; same deposit account |
| FDIC coverage | Standard FDIC $250,000 per depositor, per ownership category at Bank of America, N.A. | FDIC pass-through at Middlesex Federal Savings, F.A. — $250,000 per depositor per ownership category |
Features & Access
| Metric | Bank of America Business Advantage | Novo Business Checking |
|---|---|---|
| Branch/ATM network | ~3,530 U.S. financial centers; ~14,939 branded ATMs (as of 6/30/2026). Thin/no presence in several states. | No branches. Any ATM for withdrawal only — $7/month rebate cap. No ATM cash deposit. |
| Mobile app | iOS ~4.8/5 (~5M ratings); Google Play 4.6/5 (~1.2M reviews, Jul 2026) | iOS ~4.8; Android ~4.5–4.6 (secondary 2026 aggregators) |
| Virtual cards | Digital debit card with dynamic security codes; employee debit with access controls | Virtual debit included. Fine-grained merchant locks not documented. |
| Opening deposit | $100+ (Clarity) or unfunded online open | $0 ($1,000 recommended) |
| Eligibility | Sole prop, LLC, corp, partnership, professional corp, unincorporated association. Nonprofit supported as association-type — confirm. | U.S. sole prop (incl. DBA), LLC, corp, partnership, 501(c)(3). Trusts not offered. One checking login per EIN. |
Pros & Cons
Bank of America Business Advantage
Pros
- First 12 statement cycles at $0 on Fundamentals, then waiver via $500 debit spend, $5k balance, or Preferred Rewards
- Electronic transactions do not consume the 20/500 non-electronic item cap
- Relationship bundles second checking + savings at $0 and waives inbound wires and stop payments
- Dense branch/ATM network — ~3,530 centers and ~14,939 ATMs as of 6/30/2026
- Preferred Rewards waives fees on up to 4 checking + 4 savings and boosts card rewards 25–75%
Cons
- 0% APY on checking; linked savings only 0.01–0.04% even with Preferred Rewards booster
- Fundamentals 20-item / $5,000 cash limits are tight for paper- or cash-heavy operators
- Outgoing wires $30 domestic / $45 international USD on both tiers
- 3% foreign debit FX unless high Preferred Rewards tier waives it
- Support not 24/7; megabank hold/closure complaint patterns; FDIC $250k only with no sweep
Novo Business Checking
Pros
- $0 monthly, $0 minimum, $0 NSF/stop-pay/statement/card replace (Feb 2026 schedule)
- Free standard ACH both ways; $0 inbound domestic and foreign wires
- Invoices + up to 20 Reserves in one account
- Stripe/Shopify/Square/QuickBooks/Xero connectors (40+ integrations)
- Virtual + physical debit; $7/month ATM rebate; fast U.S. online open including nonprofits
Cons
- No cash deposits at all
- 0% APY; Reserves earn nothing
- Advertised FDIC $250,000 only — no marketed multi-million sweep
- Outbound wires up to $45 and eligibility-gated; FX via Wise only
- Weekday support; added users get full owner access; freeze/hold complaints recur
Verdict
Bank of America Business Advantage
Bank of America's Business Advantage series offers Fundamentals ($16/mo after 12 free cycles) and Relationship ($29.95/mo after 2 free cycles) — both non-interest-bearing with waivable fees. Fundamentals waives via $5k balance, $500 debit spend, or Preferred Rewards; Relationship via $15k balance or Preferred Rewards and adds a free second checking, savings, and waived inbound wires. Strengths are branch/ATM access, 12-month Fundamentals intro, electronic activity outside item caps, and Merrill/Preferred Rewards ecosystem. Weaknesses are 0% checking APY, tight Fundamentals item/cash boxes, expensive outgoing wires, and no sweep above $250k FDIC. Choose Relationship for higher paper/cash volume; Fundamentals for digital-light SMBs that can hit the $500 debit waiver.
Novo Business Checking
Novo Business Checking is a single-tier online account from fintech Novo Platform Inc. with deposits at Middlesex Federal Savings, F.A. (FDIC Cert. 28368). Feb 26, 2026 fee schedule: $0 monthly, $0 NSF, $0 standard ACH, $0 inbound wires, 0% APY. Costs appear on Express ACH (1.5%), Express Check Deposit (up to 2%), outbound wires (up to $45 when enabled), and ATM surcharges above $7/month rebate. Up to 20 Reserves inside same 0% account. Strong ecommerce integrations. No cash, no branches, $250k FDIC advertised. Fits indie digital businesses; weak for cash, treasury, international founders, and teams needing permission controls.