Update 7/24/25: Deal is back, now requires two debit card purchases.
Offer at a glance
- Maximum bonus amount: $300
- Availability: Nationwide
- Direct deposit required: None
- Additional requirements: See below
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: None
- Early account termination fee: Unknown
- Household limit: None
- Expiration date: None listed
The Offer
- Bank Novo (business checking) is offering a $300 checking bonus. New user must:
- Make two debit card purchases
- Deposit a total of $5,000 or more in new money into your new Novo account within 30 days of account opening
- Once your balance first reaches $5,000, maintain that minimum balance of $5,000 for 90 consecutive days
The Fine Print
- Upon meeting the above requirements, Novo will automatically deposit the $300 bonus into your new Novo account typically within 30 days. To receive this offer, your account must be active and unrestricted at the time of payout. No further opt in is required by you. This bonus offer applies to new accounts only. One bonus per account is permitted.
- Only applicants that follow an official Novo offer link will be eligible. Eligibility for specific products and services is subject to Novo’s final determination and acceptance. Employees of Novo and its affiliates are not eligible for this offer.
- Novo reserves the right to modify or withdraw this offer at any time without prior notice. Not all products and services are available in all geographic areas.
- Novo accounts are governed by our Terms of Use, Privacy & Security Policy, and Novo E-sign and Electronic Communications Agreement.
- Novo reserves all rights to revoke an applicant’s bonus due to activities that are abusive, fraudulent, or in violation of these offer terms or Novo’s terms of use.
- Bonuses are considered interest and may be reported on IRS Form 1099-INT (or Form 1042-S, if applicable).
- Novo is a fintech company, not a bank. Banking services are provided by Middlesex Federal Savings, F.A., Member FDIC.
Monthly Fees
This account has no monthly fees
Early Account Termination Fee
Not sure if there is any early account temrination fee or not.
Our Verdict
Better than the $100 referral bonuses that were offered in the past. Think this is worth doing if you’re eligible and haven’t done it before. This will be added to our best bank bonuses.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
Is a transfer from Novo to BankX typically seen as a direct deposit by BankX ?
any CC funding?
Website now cannot proceed for sole proprietorship with SSN! It allows you to enter at the beginning BUT will block you from submitting at the end of the application submission page showing “you entered EIN as the same as your SSN”. Enter EIN is required!
Even used a EIN and still denied my application
Despite having a valid EIN my application was denied. Just reached out to support to figure out why.
Any clue to open a business checking account for someone who has no valid business and just works for an employer for regular income? Also does this need a person to be a US citizen or are Legal permanent residents eligible? Thanks in advance.
Sole proprietor, easiest in states where you can establish a business without any additional paperwork. But this specific bank also requires an EIN even for sole prop, which you apply for on the IRS website. Others typically don’t in my experience. You’d just use your personal SSN.
Reminds me of the good ol days when they shut me down last year.
Why did they shut you down?
Tried linking my account to a fintech that pays rewards on spend.
FYI your $5K is at risk for 90+ days in the hands of a fintech. This is not risk free.
Banking services are provided by an FDIC insured bank, so you are protected.
in my opinion the risk isn’t your funds disappearing completely. It’s everything else. compliance/risk mixups locking your funds/closing accounts/refusing to pay you. I trust most new business to be slightly worse, because they are less likely to be experienced to encounter when THEY screw up.
THAT BEING SAID, big, established businesses screw this up all the time too. So it’s hard to really, really know the risk. Someone should scrape CFPB data
See Yotta/Synapse, etc
DOC: Are Fintech Banks FDIC Insured? (read comments, too)
Must go through NerdWallet link. Not DoC?
We don’t have a link
If I had an account previously under an SSN, and opened one with an EIN now, would I be eligible for the bonus? Unsure with the churnign language if the above would be considered different.
Looks like you need an EIN if applying under sole proprietorship
Do you need a true EIN or could you just enter your SSN into that field to complete the application?
EIN
EIN is free and you can get it in 5 minutes, btw
Do you think they’ll report the bonus to the IRS under the EIN as business income as opposed to the SSN?
So one cannot open this account as Sole Prop with SSN?
Do you need specific paper work for getting the EIN or just you can apply with your home business and get one online?
I just punched SSN into that field and it worked. I opened mine months ago. This account covers a lot of DD requirements.
Wish I’d done that. Got an ein and was rejected probably because the ein is new
Weird, for me it says “Please include a valid EIN number that is unique from your SSN to complete this application”. It won’t let me proceed
Same as zerosum mentioned. Cannot submit with SSN used as EIN. Has to get an EIN. It blocked you at the end.