If you‘re a small business owner looking for a better way to manage your company‘s finances, Novo may be the perfect solution. Novo is a fast-growing online business banking platform that makes it easy to open a checking account, get a debit card, send payments, and keep track of your cash flow. Best of all, you can take advantage of Novo referral codes to earn a cash bonus when you sign up.
In this in-depth guide, we‘ll tell you everything you need to know about Novo and how referral codes work. You‘ll learn about Novo‘s top features and benefits, get step-by-step instructions for opening an account and applying a referral code, and see how Novo stacks up against other business banking options. We‘ll also share some of the best Novo referral codes available now so you can earn the highest possible bonus.
What Is Novo?
Launched in 2018, Novo is a fintech startup that offers FDIC-insured business checking accounts with no monthly fees, no minimum balance, and no hidden charges. It‘s a completely online banking experience—you can open an account, make deposits, write checks, use your debit card, and manage everything else from Novo‘s website or mobile app.
Some of Novo‘s top features and benefits include:
- Free ACH transfers, mailed checks, and incoming wires
- Refunds on all ATM fees
- Mobile check deposit
- Bill pay and invoicing tools
- Up to 5 Mastercard debit cards (first card is free, $5 for additional cards)
- Integration with popular business tools like Stripe, Shopify, Square, and more
- Deposits are FDIC-insured up to $250,000 through Middlesex Federal Savings
- No minimum balance requirements
- No monthly fees
- No NSF fees
Signing up for Novo is quick, easy, and completely online. It takes just a few minutes to provide some basic info about your business and get approved. Once you open your account, you can start using all of Novo‘s digital banking features and tools right away.
What Are Novo Referral Codes?
Like many digital banks and financial apps, Novo has a referral program that rewards users for inviting their friends and business contacts to sign up. When someone opens a new Novo account using your unique referral link or code, both you and the new account holder can earn a cash bonus.
Novo‘s referral program is called Novo Perks. Here‘s how it works:
- Generate your unique referral link inside the Referrals widget in the Novo app
- Share your referral link with other business owners via email, text, social media, etc.
- When someone signs up for Novo using your link and fulfills the requirements (typically making a minimum deposit within 30 days), you each earn a cash bonus
- Referral bonuses are deposited into your Novo account within 7 days
The amount of the referral bonus can vary, but at the time of this writing, the standard offer is a $40 bonus for each person. So if you refer a friend to Novo and they open an account and deposit at least $100, you‘ll both get $40.
Novo occasionally runs special promotions that increase the referral bonus amount. For example, they have offered $50 or even $100 bonuses in the past. Be sure to check Novo‘s website or blog for any current special offers before you sign up.
It‘s important to note that there are a few restrictions on Novo referral bonuses:
- Novo reserves the right to change or end the referral program at any time
- Referrals must be new Novo customers (someone who already has a Novo account isn‘t eligible)
- Novo may refuse to pay referral bonuses that seem fraudulent or abusive of the program
- Referral links can‘t be posted on public coupon sites or used for paid advertising
How to Find Novo Referral Codes
The easiest way to get a Novo referral code is to ask a friend who already has a Novo account to send you their link. Most Novo users are happy to refer others in order to earn bonuses.
If you don‘t know anyone who uses Novo, you can also search online to find referral codes posted by bloggers, influencers, and deal/coupon websites. It‘s important to make sure any code you find is up-to-date and hasn‘t expired. Also watch out for scams—never give out sensitive info like your SSN or bank account number.
Here are a few Novo referral codes that are active as of April 2023:
- TNOVA
- BC223
- NOVONOW
- 2023BONUS
- GETSTARTED
These codes should earn you and the referrer a $40 bonus each when you open an account and deposit $100 or more. If you come across a higher bonus offer, definitely use that one instead.
The referral bonus is a nice incentive to try out Novo, but keep in mind that it shouldn‘t be the only factor in choosing a business bank. Be sure to research all of Novo‘s features and compare it to other options to find the best fit for your needs.
How to Open a Novo Account and Use a Referral Code
If you‘ve decided that Novo is the right business banking solution for you, signing up is a quick and easy process. Here‘s a step-by-step guide:
- Go to Novo‘s website (novo.com) and click "Apply Now"
- Enter your business email address and create a password for your account
- Provide some basic information about your company (business name, type of business, EIN or SSN, estimated monthly deposits, etc.)
- Enter your personal details (name, address, date of birth, SSN)
- Enter the referral code in the "Referral Code" field
- Agree to Novo‘s disclosures and submit your application
- Novo will review your application and notify you within 1-2 business days if you‘re approved
- Once approved, follow Novo‘s instructions to make your initial deposit and order your debit card
- Download the Novo mobile app and start using all the features to manage your account
The application process is entirely online and should only take 10-15 minutes. Make sure you use a valid referral code when you sign up in order to get your bonus.
After your account is open, be sure to make a deposit of at least $100 within 30 days to qualify for the referral bonus. The bonus is usually deposited into your account within a week after you meet the requirements.
You can then start taking advantage of all of Novo‘s user-friendly online and mobile banking features to stay on top of your business finances. Set up direct deposit, send and receive payments, pay bills, track your spending, and manage everything else without dealing with a traditional bank.
How Does Novo Compare to Other Business Banking Options?
Novo has a lot of competition in the online business banking space. Azlo, Radius Bank, NorthOne, BlueVine, Mercury, and several other digital banking platforms offer similar features and benefits.
However, Novo stands out for its comprehensive suite of tools, lack of fees, unlimited ATM rebates, and seamless integrations. It‘s an especially good fit for entrepreneurs, freelancers, startups, and small e-commerce businesses.
Compared to brick-and-mortar banks, Novo gives you many of the same core features and FDIC insurance without the fees or hassle of visiting a branch. You can even deposit cash at over 90,000 retail locations using Green Dot.
Of course, Novo won‘t be the best choice for every business. If you frequently need to deposit cash or use other in-person banking services, a traditional bank or credit union with physical branches may be a better fit. Some businesses that deal with a lot of cash, like restaurants and retail stores, may find Novo‘s cash deposit process too inconvenient.
Novo also lacks some of the more advanced money management features that competitors like NorthOne offer, such as envelope budgeting and savings goals. And unlike BlueVine and Kabbage, Novo doesn‘t have any lending or credit options.
Ultimately, the right business banking solution depends on your company‘s unique needs and financial situation. But if you want a simple, affordable way to manage your basic business banking online, Novo is definitely worth considering. Be sure to take advantage of a referral code to earn your $40 bonus.
Novo Referral Code FAQs
To wrap up, here are answers to some of the most common questions about Novo referral codes and bonuses:
How much can I earn from Novo referral codes?
Currently, Novo offers a $40 referral bonus for each person you refer who opens an account and deposits at least $100. Novo may occasionally offer higher bonuses.
How do I find my Novo referral code?
Log into your Novo account and go to the Referrals widget in the app. There you‘ll see your unique referral link that you can copy and share.
How long does it take to get the Novo referral bonus?
Referral bonuses are usually deposited into your Novo account within 7 days after the person you referred makes their qualifying deposit.
Can I refer myself for the Novo bonus?
No, you can‘t refer yourself. The referral program is only for referring new Novo customers.
Is the Novo referral program still active in 2024?
Yes, Novo‘s referral program is still active as of April 2023 and there hasn‘t been any announcement of it ending. However, referral programs can change or end at any time, so it‘s a good idea to take advantage of it sooner rather than later.
How do I contact Novo if I have a problem with my referral bonus?
You can contact Novo‘s customer support team by emailing support@novo.com, calling 1-844-656-7600, or using the in-app chat feature. They should be able to help you resolve any issues with referrals or bonuses.
The Bottom Line on Novo Referral Codes
Novo is an innovative online business banking solution that offers an impressive range of features with minimal fees. It‘s an excellent choice for small business owners, freelancers, and entrepreneurs who want to manage their finances efficiently without the headaches of traditional banking. And by using referral codes and taking advantage of signup bonuses, you can get even more value from your Novo account.
Whether you‘re just starting your business or looking to switch to a better banking experience, we highly recommend giving Novo a try. With a generous referral program, top-notch mobile app, free ATM withdrawals, and seamless integration with popular business tools, Novo has everything most small businesses need to thrive.
To get started, simply click on one of the referral links in this article or enter one of the codes when you sign up. You‘ll be on your way to smarter, simpler business banking—and a nice bonus in your account—in no time.
