Novo vs Chase Business 2024
Disclosure
This page may contain affiliate links. This means we earn a small commission (at no additional cost to you) if you purchase a product through our links. In the competitive landscape of business banking, Novo and Chase Business offer distinct advantages for entrepreneurs and small business owners. Novo, with its digital-first approach, caters to tech-savvy businesses in need of flexible and innovative banking solutions. Chase, a stalwart in the banking industry, provides a comprehensive suite of services with the reliability and extensive network of a traditional bank.
This comparison delves into the features, benefits, and limitations of Novo and Chase Business to help businesses make an informed decision. Keep reading to find out the winner of this matchup.
| Novo Bank is Better for: | Chase Business is Better for: |
| Tech-savvy startups and digital entrepreneurs. | Businesses preferring in-person banking support. |
| Businesses seeking seamless third-party integrations. | Companies with high cash deposit needs. |
| Owners looking for straightforward, no-fee banking. | Entrepreneurs looking for a wide range of financial products. |
| Entrepreneurs who value innovative banking tools. | Businesses that can meet the criteria to waive monthly fees. |
| Small businesses wanting quick, online account management. | Owners wanting extensive ATM and branch access. |
Introducing the Platforms
Novo Bank
Novo Bank revolutionizes the business banking sector with its digital-first approach, tailored specifically for modern entrepreneurs and small businesses. Offering a suite of online tools and integrations with popular business applications, Novo simplifies financial management, allowing owners to focus more on growth and less on banking complexities.
Find out more information about Novo Bank and its features for business banking in my comprehensive review.
Chase Business
Chase Business Checking accounts provide a robust banking solution with a mix of physical accessibility and digital tools. Ideal for businesses ranging from startups to established enterprises, Chase offers a variety of checking options, each designed to meet different banking needs, backed by the extensive network and reliability of one of the largest banks in the U.S.
Learn more on Chase Bank’s website pages dedicated to business accounts.
 |  | |
| Type of Service | Digital-First Business Banking | Comprehensive Business Banking |
| Best Use | Tech-savvy startups, digital businesses | Businesses preferring branch access |
| Customer Support | Online, mobile support | 24/7 phone, branch access |
| Unique Features | Novo Virtual Card, Reserves | Welcome bonus, credit card processing |
| Integration | Direct with tools like Slack, Shopify | Basic online banking, mobile app |
| Current Promotion | ||
| Modest Money Overall Rating |
| |
| Type of Service | Digital-First Business Banking |
| Best Use | Tech-savvy startups, digital businesses |
| Customer Support | Online, mobile support |
| Unique Features | Novo Virtual Card, Reserves |
| Integration | Direct with tools like Slack, Shopify |
| Current Promotion | |
| Modest Money Overall Rating |
| |
| Type of Service | Comprehensive Business Banking |
| Best Use | Businesses preferring branch access |
| Customer Support | 24/7 phone, branch access |
| Unique Features | Welcome bonus, credit card processing |
| Integration | Basic online banking, mobile app |
| Current Promotion | |
| Modest Money Overall Rating |
Factor 1: Digital Tools and Accessibility
Novo offers superior digital tools for the modern business
- Chase provides traditional banking with digital enhancements.
- Novo’s digital-first approach is more suited to today’s businesses.
Novo excels in providing digital tools that cater specifically to the needs of modern businesses. With features like the Novo Virtual Card and Reserves, businesses can manage their finances more effectively. The platform’s emphasis on digital accessibility allows for banking anywhere, anytime, making it an ideal choice for businesses that operate predominantly online.
Chase Business offers a combination of digital and traditional banking services. While its online banking and mobile app offer basic functionalities like online bill pay and account monitoring, they might not match the comprehensive digital suite that Novo provides. However, for businesses that value the option of in-person banking alongside digital tools, Chase remains a strong contender.
Factor 2: Integration with Business Tools
Novo seamlessly integrates with a wide range of business tools
- Chase’s integrations are more limited compared to Novo’s.
- Novo’s integration capabilities offer significant advantages for businesses leveraging multiple digital platforms.
Novo’s strength lies in its ability to integrate effortlessly with popular business tools such as Slack, QuickBooks, and Shopify. This integration streamlines financial processes, from accounting to e-commerce, providing a cohesive banking experience that can save time and reduce errors for businesses heavily reliant on digital ecosystems.
While Chase Business offers some level of integration, primarily through its online banking platform, it may not offer the same breadth and depth of integrations as Novo. Businesses looking for extensive third-party tool integration might find Novo’s offerings more aligned with their needs.
Factor 3: Customer Support
Novo provides efficient online and mobile support tailored for digital businesses
- Chase offers comprehensive support, including 24/7 phone service and branch access.
- Novo’s focused digital support model is highly effective for businesses operating online.
Novo’s customer support is designed for the digital age, offering timely and effective assistance through online channels. This focus on digital support meets the expectations of businesses accustomed to online operations, providing them with quick resolutions to their banking inquiries.
Chase’s customer support model includes 24/7 phone support and the added benefit of in-person assistance through its vast network of branches. This multi-channel support system can be particularly beneficial for businesses that prefer face-to-face interactions or have more complex banking needs.
Factor 4: Fees and Charges
Novo stands out with its no-fee model for basic banking services
- Chase Business has a monthly fee, with ways to waive it based on account activity.
- Novo’s fee structure is more conducive to small businesses and startups looking to minimize banking costs.
Novo’s approach to fees is straightforward, with no monthly fees for its basic business banking services. This transparency is particularly appealing to small businesses and startups mindful of their operating costs, as it allows them to predict their banking expenses accurately.
Chase Business accounts come with a monthly fee, although there are several criteria customers can meet to have this fee waived, such as maintaining a minimum daily balance or making a certain number of transactions. While this offers flexibility, businesses need to actively manage their accounts to avoid fees, which might not be as straightforward as Novo’s no-fee model.
Factor 5: Account Features and Benefits
Novo provides innovative account features like the Novo Virtual Card and Reserves
- Chase offers a welcome bonus and integrated credit card processing among its features.
- Novo’s unique account features offer modern solutions that align with current business banking needs.
Novo’s account features are designed with the modern business in mind, offering tools like the Novo Virtual Card for secure online transactions and Reserves for budgeting and saving. These features provide businesses with the flexibility and control needed to manage their finances effectively in the digital marketplace.
Chase Business offers its own set of benefits, such as a welcome bonus for new customers and integrated credit card processing, which can be advantageous for businesses with physical storefronts or those who conduct a significant amount of transactions in person. However, for businesses primarily operating online, Novo’s suite of digital tools might offer more relevance.
The Verdict
Novo and Chase Business both offer compelling banking solutions for businesses, each with its strengths. Novo excels in providing a digital-first banking experience with innovative tools and integrations that cater to modern entrepreneurs and tech-savvy businesses. Its no-fee model and focus on digital accessibility make it an attractive choice for startups and small businesses looking to streamline their financial operations.
Chase Business, with its extensive branch network and range of financial products, offers a more traditional banking experience that might appeal to businesses valuing in-person support and a wide array of services.
However, for businesses seeking a modern, efficient, and cost-effective banking solution, Novo Bank emerges as the preferred choice. Its commitment to innovation, customer-centric support, and transparent pricing aligns with the needs of today’s businesses, making it an ideal partner for growth and success. Click here to explore Novo Bank and take the first step towards a better banking experience for your business.
Related Financial Product Reviews:
https://www.novo.co/
https://www.novo.co/business-banking
https://www.novo.co/debit-card
https://www.novo.co/funding
https://www.novo.co/novo-apps
https://www.chase.com/business
https://www.chase.com/business/banking/loans
https://www.chase.com/business/payments
https://creditcards.chase.com/business-credit-cards?jp_ltg=chsecate_smlbiz&CELL=6HK5