Update 9/5/23: Reader Sunshine tells us the $100/$100 offer is back – the referrer gets $100 and the new business gets $100.
Update 1/22/23: Some accounts are being offered a $250 bonus when they spend $5,000+ on the debit card by March 15, 2023. Hat tip to reader sg77
Update 8/9/22: Those who got $40 referral bonus when they were supposed to get $100 are now seeing the extra $60 in their account.
Update 6/22/22: Referrals are down to $40/40 now
Update 6/20/22: Apparently the referral stacks with Swagbucks by first clicking the referral link (this will add the referral code automatically to the sign up page), then click on the Swagbucks link and the referral code will auto-populate. Swagbucks via Revenue Universe is currently offering 3,330 ($33.30) or slightly more with MyPoints RU.
Update 6/17/22: Referral bonus has increased to $100 for each party. Old referral codes will earn $100 going forward. (ht Sophia) DO NOT LEAVE REFERRALS IN THE COMMENTS BELOW. Find/share referrals in this linked post. DO NOT LEAVE YOUR REFERRAL A SECOND TIME THERE.
Offer at a glance
- Maximum bonus amount:Â $100 referral bonus
- Availability:Â Nationwide
- Direct deposit required:Â NoneÂ
- Additional requirements:Â See below
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding:Â Unknown
- Monthly fees:Â None
- Early account termination fee: Unknown
- Household limit:Â None
- Expiration date: 9/30/21
Contents
The Offer
No direct link to offer, requires a referral link. Find/share referrals in this linked post
- Bank Novo (business checking) is offering a $100 referral bonus. New user must:
- They must not have previously opened an Account;
- They must use the Referring User’s Novo Unique Referral Link when applying for a new Account;
- They must successfully open a new Account;
- They must complete a qualified deposit(s) into their Novo account totaling $100.00 or more within 14 days of Account Opening date;
- The qualifying deposit(s) must be made by any user authorized to transact on the Referred User’s Account; and
- The Referred User must hold a balance of at least $100 in their Novo checking account on October 31, 2021.
The Fine Print
- Full terms here
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
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
Apparently this account is interesting due to the perks offered, $3,000 in Google cloud credits seems interesting but don’t know too much about it. $30 is a pretty small bonus though, normally we don’t post bonuses unless they are $100+ but because of the Perks it could be interesting and Bank Novo hasn’t offered a bonus in the past. Find/share referrals in this linked post
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
Updated referral terms (Jan 17 – 2024) are located here: https://www.novo.co/legal/novo-referral-program
I wanted to let people know that Novo allows self-referral…so hop on over to the linked referral page…click a link [edited] and then after you open your first account you can refer yourself using a 2nd email address and get both sides of the bonus (makes this worth $120…if you stack with SB, RevU or MyPoints you can add to it)
Is more than account per SSN allowed, or what are you saying?
Correct.
Novo appears to be rolling out a new payroll feature: https://www.novo.co/blog/novo-announces-novo-payroll
Are you hoping for better control of what is used in description field?
Yes that would be nice, but I won’t likely use this feature due to the high price. It’s much more economical to use Chase Business ACH for $2.50 or Wise for $0.39.
Is there currently any use for Novo, or what are you using it for? I was considering closing the account in hopes of churning it down the road.
I use it mainly as a transfer hub when I need to move money around. It allows me to link most of my accounts and P2’s accounts via Plaid. Most banks balk if the name on the account you’re trying to link doesn’t match. Pushes to other accounts always arrive on the second business day. It satisfies DD requirements for quite a few banks as well.
Which banks has it satisfied? I’m considering opening for this, but not if Chase Business ACH is sufficient.
Fairwinds CU, Capital One, BMO, US Alliance CU, US Bank, Ally… Chase Biz may work too for those, but Novo is free, and since the don’t pull Chex or EWS, no harm in getting it.
Adrian
Novo worked for Amex personal checking for me.
Gadget, you said Novo didn’t work for Ally. 🙂
https://www.doctorofcredit.com/ally-bank-200-checking-bonus-get200/#comment-1707617
Oops… I looked at my Novo setup and saw it listed as a payment… and forgot it didn’t work. L
IIRC, it did not work at Educational Systems FCU…. so it’s far from foolproof.
Seen a couple of recent DP’s that sending money from the Wise balance are going over as real-time payments or Instant transfers… specifically when sending to Upgrade and Wells Fargo. Luckily WF has tons of free options, and Upgrade has Fidelity or other options too. I’m thinking it’s only an EWS bank issue, but we will see.
I saw that as well. I haven’t done a Wise transfer in a few weeks, so still to be determined if something has changed.
Novo is once again under paying the referral bonus in the amount of $40 not $100. Does anyone have the screenshot for the referred user showing a $100 bonus? I am the referred user, not the referring user.
Cant even find any fine print showing how much the referal program pays out. https://www.novo.co/legal/novo-referral-program
killdozer The referrer can see the amount from the Novo login, but it doesn’t show up as part of the application. AFAIK, the bonus level is $40 for everyone. You can stack with portals such as Swagbucks/Mypoints by using the referrer’s code.
Think SB/Mypoints can be stacked simultaneously with a refers link? Or I suppose one or the other (unless you rechurn later with a new application).
Yes, it can be stacked by going through the portal. You find the offer in the portal and then you enter the referrer’s code in the appropriate block in the application process. killdozer
And to confirm by what I mean, thats with one application churning both swagbucks and mypoints together at the same time plus the refer – so its effectively 3 bonuses with one account application.
If this is what you mean – I never realized multiple portals can be stacked on the same application. Thought they had to be done independently.
How do these portals (mypoints/swagbucks) track completition?
LoL… no, I highly doubt you can stack all three at once. That’s not a churn. That’s a stack.
A churn would be to come back later and apply again… with a different portal and different referrer. I have no clue if that is possible. I saw someone spamming the page about self-referral plots, so it might work. killdozer
Where is the sunshine’s link, thanks very much.
Find/share referrals in this linked post.
$5k in free processing with stripe is perfect for my side hustle
Good news bad news. I got the $40 payout, but the good news is that my Novo works as a ‘DD’ for my wife’s $900 chase bonus. She can’t easily change her real DD and we were going to go through treasury direct, but this was much easier.
Hey, just to confirm what u said, u used novo (business/personal?) to spoof the dd for chase total checking? I just got novo and plan to do the same exact thing. Thanks!
Anyone able to fight them to get full $100? I too got only $40
Churnia
People are posting their $40 links, that’s why you only got $40.
Yea I usually try to spread the referral love so used someone else’s link and it turned out to be a $40 link. Oh well. I’m using this account to test DDs so at least it’s not all for naught.
Sunshines link was the only way I was able to get the full 100
I got the $100 too by using Sunshine referral link. Thanks Sunshine!
$100 bonus posted for me. I also got $25 Swagbucks.
I used Sunshine ‘s referral link. Thanks for posting an image of what your referral page looks like: https://www.doctorofcredit.com/bank-novo-business-checking-30-referral-bonus/#comment-1686741
L that’s great! thank you
Is your $100 referral still available?
Hey Sunshine, is your $100 referral still available?