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 (7.4/10 vs 7.3/10).
| Scored on | Bank of America Business Advantage | Novo |
|---|---|---|
| Right fit for small biz | 8 | 7 |
| Ease of use | 7 | 8 |
| Fees & pricing | 7 | 9 |
| Customer support | 6 | 5 |
| Features | 8 | 7 |
| Monthly fee (Fundamentals) | $16 (waivable) | — |
| Monthly fee (Relationship) | $29.95 (waivable) | — |
| ACH Transfers | $0 | — |
| Cash Deposit Limit | Up to $20,000 free | — |
| Domestic Wire (Incoming) | $0 - $15 | — |
| Monthly Fee | — | $0 |
| Minimum Deposit | — | $0 |
| ATM Fee Refunds | — | Unlimited |
| Domestic Wires | — | Free (Incoming) |
Bank of America Business Advantage in one paragraph
A powerhouse for businesses with $20k+ in cash who can leverage the credit card rewards stack, but a fee-heavy burden for micro-entities.
Skip it if: You cannot consistently maintain at least a $5,000 average daily balance.
Novo in one paragraph
Novo is a top-tier choice for digital entrepreneurs who want to eliminate fees, provided they don't need to deposit physical cash.
Skip it if: Skip it if your business handles more than $500 in physical cash per month.
Frequently asked questions
Which is better, Bank of America Business Advantage or Novo?
On our five-axis scorecard, Novo scores higher (7.4/10 vs 7.3/10). Novo is a top-tier choice for digital entrepreneurs who want to eliminate fees, provided they don't need to deposit physical cash.
Who should skip Bank of America Business Advantage?
You cannot consistently maintain at least a $5,000 average daily balance.
Who should skip Novo?
Skip it if your business handles more than $500 in physical cash per month.