Bank of America Business Advantage vs Novo: which one fits your business?
Side-by-side comparison of Bank of America Business Advantage and Novo — fees, features, ease, support, and which one fits your business. Scored on the same rubric.
Short answer: Novo wins on our scorecard (7.9/10 vs 7/10).
| Scored on | Bank of America Business Advantage | Novo |
|---|---|---|
| Right fit for small biz | 8 | 7 |
| Ease of use | 7 | 9 |
| Fees & pricing | 6 | 9 |
| Customer support | 6 | 5 |
| Features | 8 | 8 |
| Monthly maintenance (Fundamentals) | $16 (waivable) | — |
| Monthly maintenance (Relationship) | $29.95 (waivable) | — |
| Cash deposit limit (Fundamentals) | $5,000 per month | — |
| Domestic incoming wires | $0 for Relationship tier | — |
| Monthly Maintenance Fee | — | $0 |
| Minimum Opening Deposit | — | $0 |
| ATM Fee Reimbursements | — | Unlimited |
| Incoming Wires (Domestic/Intl) | — | $0 |
| Insufficient Funds Fee | — | $27 |
Bank of America Business Advantage in one paragraph
A powerhouse for established businesses that can park $20k+ across accounts to unlock top-tier rewards, but a fee-heavy trap for struggling startups.
Skip it if: You are a solopreneur who frequently dips below a $5,000 balance and prefers digital-first support over branch visits.
Novo in one paragraph
Novo is the premier 'administrative' bank for solo digital entrepreneurs who want to automate invoicing and kill monthly fees, provided they don't need to deposit physical cash.
Skip it if: You run a cash-heavy retail business or need to earn high-yield interest on your primary operating capital.
Frequently asked questions
Which is better, Bank of America Business Advantage or Novo?
On our five-axis scorecard, Novo scores higher (7.9/10 vs 7/10). Novo is the premier 'administrative' bank for solo digital entrepreneurs who want to automate invoicing and kill monthly fees, provided they don't need to deposit physical cash.
Who should skip Bank of America Business Advantage?
You are a solopreneur who frequently dips below a $5,000 balance and prefers digital-first support over branch visits.
Who should skip Novo?
You run a cash-heavy retail business or need to earn high-yield interest on your primary operating capital.