Novo vs U.S. Bank vs TD Bank for best business checking bank account

As a fellow entrepreneur, believe me when I say starting your own business brings the highest of highs and lowest of lows. The freedom of being your own boss is irreplaceable, but managing the financial side can feel like a constant thorn in your side — especially for numbers-averse folks like myself.

When I first went solo, I had no concept of how much capital gets burned through in that critical first year. Try $20–50k, easy. So having a trusted business bank in your corner becomes crucial. You already work long hours, and you need support that actually relieves headaches rather than piles on more stress.

After enduring my share of fees and lame service from major banks, I realized those old institutions just aren’t built to serve scrappy small business owners. Their rigid one-size-fits-all model certainly didn’t fit me. Luckily, these days there are online banks catering specifically to the needs of entrepreneurs.

In this post, I’ll give you my real experiences and reviews of Novo, U.S. Bank, and TD Bank. I’ll cut through the promotional fluff and tell you outright which one came out on top for my business. Because having the right checking account can make a world of difference as you build your company.

See, you need a bank that truly “gets” small business owners like us. One that provides services tailored to you rather than forcing you into their narrow mold. The good news is there are more options than ever for businesses looking for the perfect financial partner.

I’ve learned a ton on my journey to finding the right account, and I want to share insights that can short-circuit your own research. So read on for what to look for, the pros and cons of different choices, and which bank checked all my boxes!

Novo’s Small Business Checking Account

Novo offers free business checking accounts with no monthly fees, minimum balance requirements, or overdraft charges. This lets you avoid common bank fees from the start. Accounts include Visa debit cards, online banking, and integrations with accounting software. The convenience is invaluable.

A huge draw is Novo’s business loans ranging from $5,000 — $500,000 for term loans and $10,000 — $100,000 for lines of credit. They promote fast loan decisions in just minutes or hours based on factors like your revenue and account balances. Rapid access to capital is a game changer.

A major perk is transparency — there are no hidden origination fees, prepayment penalties, or surprise costs beyond the competitive interest rates. I love that there’s no fine print or gotchas. You get straightforward pricing upfront.

The robust digital banking features make financial management a breeze. You can deposit checks via mobile, pay bills online, and integrate accounting systems for streamlined tracking. It’s easy to stay on top of your finances anywhere.

Security and compliance are also priorities at Novo. Your accounts are FDIC insured up to $250,000 for protection. They use bank partnerships to adhere to regulations in providing accounts and lending. You can rest assured your money is safe.

As a busy owner, I appreciate Novo’s 24/7 customer support via phone, email or chat. But they also provide guides and resources specific to mastering small business finances. That level of service stands out.

Pros:

• No monthly fees or minimum balance requirements — this provides cost savings from the start.
• Free debit card, online banking, and mobile deposit — convenient digital tools at no extra charge.
• Fast access to business loans if additional financing is needed.
• Reimbursement of ATM fees means you can use any ATM worry-free.
• Seamless accounting software integrations save time on financial management.
• Top-notch 24/7 customer service guidance whenever questions come up.
• Extensive educational resources help you master financial topics.

Cons:

• Limited to just one physical branch location, lacking widespread in-person support.
• Doesn’t offer cash deposit capability through mobile check deposit.

U.S. Bank’s Small Business Banking Account

U.S. Bank offers several business checking account options to meet different needs — from basic entry-level accounts to more robust plans. Their Easy Checking account has no monthly fee with 500 debits and credits included.

A key advantage of U.S. Bank is convenience for in-person banking with over 3,000 branch locations and almost 5,000 ATMs nationwide. Easy access to branches enables making deposits, withdrawals, or handling needs face-to-face.

Digital banking features are also robust with U.S. Bank, including mobile check deposits, account alerts, peer-to-peer transfers, and more. Business owners can conveniently manage accounts and payments 24/7.

For additional financial services, U.S. Bank provides business credit cards, loans, lines of credit, and merchant services that can seamlessly integrate as your company grows. Expanding needs are met.

U.S. Bank offers $500 sign-up bonuses for opening a new Platinum Business Checking account and meeting balance requirements. Bonuses can offset initial costs.

Pros:

• Multiple account tiers to fit different business needs and growth stages.
• Over 3,000 branch locations provide convenient in-person banking access.
• Robust digital banking features for account management on the go.
• Numerous additional financial services like business credit cards and loans.
• Lucrative $500 sign-up bonuses were available on some accounts.

Cons:

• Monthly fees and minimum balances on lower-tier accounts.
• Transaction limits on basic entry-level business checking.
• Mixed reputation based on some poor customer service reviews.

My bad experience with US Bank

After years of personal banking with U.S. Bank, I decided to open a business checking account with them when I launched my startup. Given my loyal history as a customer, I expected a smooth transition.

The in-branch opening process took over an hour with a banker asking endless questions and collecting a mound of documents. When selecting the account, I opted for the basic “Business Beginnings” plan that advertised no monthly fees.

Two months later I was shocked to see a $15 monthly service charge on my account. When I called, they informed me the fee was for not maintaining a high enough minimum balance which was never disclosed to me.

I visited my local branch to discuss this with the manager. They refused to refund the fee, essentially accusing me of not reading the fine print closely enough. There was no good-faith effort to make things right for a long-time customer.

On top of the monthly fees, U.S. Bank’s small business online portal and app capabilities were extremely lacking compared to more modern offerings.

Needless to say, I felt let down by U.S. Bank. As a loyal customer for many years, the poor service and lack of transparency around fees were extremely disappointing. I ended up closing my new business account within 4 months due to the bad experience.

TD Bank’s Basic Business Checking Account

TD Bank offers a variety of account tiers and packages to meet different business needs. Their Simply Business Checking provides basic services with no monthly fee. Higher-level accounts add more features.

Convenience for in-person banking is a TD Bank specialty with over 1,200 locations on the East Coast. The concentration in the Northeast provides localized access to branches and ATMs.

TD Bank aims to provide high-touch customer service to business clients. They assign local business bankers to accounts to provide personalized support and lending services as needed.

Useful digital tools for account management include TD Bank’s mobile app which allows remote check deposit, account monitoring, peer-to-peer transfers, and more. Key tasks can be handled on the go.

Pros:

• Multiple account options to fit different business needs and stages.
• Over 1,200 East Coast branch locations provide regional banking access.
• Designated business bankers give personalized service and support.
• Digital banking app enables remote deposit, transfers, and account alerts.

Cons:

• Monthly fees and balance requirements on lower-tier accounts.
• Primarily located on the East Coast, with less nationwide presence.
• Limited to no sign-up bonuses offered.
• Poor marks in some customer satisfaction surveys.

Why I left TD Bank

I opted to open a business checking account with TD Bank due to their strong regional branch presence near me on the East Coast. However, getting up and running with them turned out to be a headache.

The account opening process was lengthy, requiring me to visit a branch in person and provide mounds of paperwork. It took over 3 weeks just to get fully approved and start using the account for deposits.

Once opened, I was surprised by a $12 monthly maintenance fee on their ‘Simply Business Checking’ plan that advertised no monthly fees. When I inquired, they said it was due to not maintaining a high enough minimum daily balance. This requirement was never disclosed.

Attempting to get support from my designated business banker was also frustrating. They were difficult to get ahold of and slow to respond to questions. Any issues I ran into fell through the cracks.

The limitations of TD Bank’s mobile app and online platform also became clear. The digital tools did not provide the convenience and accessibility I expected from a modern business account.

Overall, opening an account with TD Bank ended up being a tedious process riddled with unexpected fees and subpar support. As a small business owner, I require more timely customer service and transparency around costs. I ended up taking my business elsewhere.

TD Bank vs Novo vs US Bank. Why I stayed with Novo long-term

After the terrible experiences I had with TD Bank and U.S. Bank, I was extremely hesitant to try another business checking account. But I kept hearing rave reviews about the online bank Novo from fellow entrepreneurs. I decided to give it a shot.

What a breath of fresh air! Novo’s account opening process was quick, modern, and transparent. In less than 10 minutes I had a new account ready to go with no hidden requirements or surprises.

Right away I appreciated Novo’s clean website and app interface. Managing my account digitally has been smooth and simple. Adding integrations like accounting software was a breeze.

When I had a debit card issue, Novo’s support team resolved it promptly with excellent customer service. They were knowledgeable and courteous — the total opposite of my past bank experiences.

Months later, I haven’t paid a single fee and there have been zero problems. Novo’s lending features have also come in very handy for securing financing quickly as opportunities arose.

How Easy Was It To Switch Everything To Novo?

Switching my small business checking account to Novo and away from the headaches I had with US Bank and TD Bank ended up being a smooth and seamless process. Here’s a bit about how it went:

Since Novo is entirely online, signing up for a new account with them took less than 10 minutes start to finish. Their application was super straightforward — I simply provided some basic business info and ID verification.

Within a day or two, my Novo account was open, active, and ready for deposits. Novo emailed me with details on how to wire funds over from my old bank accounts.

I scheduled a transfer to shift my operating capital from US Bank to my shiny new Novo account. The ACH transfer took 2 business days to fully process and clear.

Once my funds were settled with Novo, I went ahead and closed my troubling accounts with US Bank and TD. I let any lingering payees know to update their payment details to my new Novo account and routing details.

To my delight, this seamless transition meant there was minimal downtime or business disruption. Within a week, I was fully operating out of my Novo account. And I haven’t looked back since!

Novo vs. US Bank

Target Audience:

• Novo: Tailored specifically for modern entrepreneurs and small businesses, ensuring features directly align with their unique needs.
• US Bank: A traditional bank serving a broad audience, from individuals to large corporations, which may not have as specialized a focus on small business needs.

Digital Experience:

• Novo: Offers a cutting-edge, mobile-first platform optimized for the modern business owner, ensuring a seamless digital banking experience.
• US Bank: While they provide online and mobile banking, their platform may not be as intuitive or business-centric as Novo’s.

Fee Structure:

• Novo: Emphasizes transparency with no hidden fees, aiming to keep costs minimal for businesses.
• US Bank: Can have various fees associated with their business accounts, and while some can be waived, they might not be as straightforward as Novo’s structure.

Business Integrations:

• Novo: Offers robust integration with a variety of business tools and software, streamlining financial management for businesses.
• US Bank: Being a larger, traditional bank, they might not provide the same depth of integration or flexibility tailored for today’s businesses.

Customer Support:

• Novo: Known for responsive and dedicated support tailored for businesses, understanding the unique challenges of entrepreneurs.
• US Bank: Provides extensive customer service, but it might not be as specialized or agile as Novo’s.

Novo vs. TD Bank

Specialization:

• Novo: Specifically designed for modern entrepreneurs and startups, ensuring a tailored banking experience.
• TD Bank: A traditional bank catering to a wide range of customers, from individuals to big corporations, potentially diluting their focus on small business needs.

Digital Experience:

• Novo: Boasts a sleek, mobile-first platform that’s optimized for today’s digital-savvy business owner.
• TD Bank: While they offer online banking, their platform might not be as streamlined or innovative as Novo’s.

Fee Structure:

• Novo: Prides itself on transparency with minimal fees, ensuring businesses keep more of their money.
• TD Bank: Has a variety of fees associated with their accounts, which might not be as clear-cut or affordable as Novo’s.

Business Integrations:

• Novo: Provides seamless integration with popular business tools, making financial management a breeze.
• TD Bank: As a more traditional bank, they might lack the depth of modern integrations that Novo offers.

Customer Support:

• Novo: Offers dedicated and responsive support, understanding the unique needs of small businesses.
• TD Bank: While they have a broad customer service system, it might not be as personalized or quick to respond as Novo’s.

Account Flexibility:

• Novo: Designed to be adaptable, allowing businesses to easily adjust settings and features as they grow.
• TD Bank: Being a larger institution, they might have more rigid structures and less flexibility in account customization.

U.S. Bank vs. TD Bank

Geographical Presence:

• U.S. Bank: Predominantly has a strong presence in the Western and Midwestern U.S., with branches spread across these regions.
• TD Bank: Often referred to as “America’s Most Convenient Bank,” it has a significant presence on the East Coast, especially in the Northeastern U.S.

Customer Experience:

• U.S. Bank: Offers a wide range of services and has a solid online platform, but some customers might find their fee structure and service offerings to be more traditional.
• TD Bank: Known for extended branch hours, including weekends, catering to customers seeking in-person services outside typical banking hours.

Product Range:

• U.S. Bank: Provides a comprehensive suite of financial products, from personal banking to investment and wealth management.
• TD Bank: While they also offer a broad range of services, they are particularly known for their personal banking products and mortgage services.

Digital Banking:

• U.S. Bank: Has invested significantly in its digital platform, offering a robust online and mobile banking experience.
• TD Bank: Also provides online and mobile banking, but some users might find U.S. Bank’s digital offerings to be more advanced.

So what’s the final word?

Let me tell you, after researching the nitty gritty details and making head-to-head comparisons, Novo clearly comes out as the winner in my book. Now you can see why I’m such a fan.

Since they partner with Middlesex Federal Savings, your money is in reliable hands with Novo. On top of that, their “no sneaky fees” approach combined with lots of useful perks for businesses makes them really appealing. They also open their doors wide to all different types of companies, not just certain cherry-picked “eligible” businesses.

Compared to giants like US Bank or TD Bank, Novo’s platform is simpler to use yet packed with more features and benefits in my experience. And when it comes to customer service, Novo is top-notch — anytime I’ve needed support, they respond crazy fast and actually solve my problem. Can’t give them enough praise.

Plain and simple, I’ve had nothing but excellent experiences with Novo from start to finish. Beyond just stacking them against US Bank or TD Bank, Novo is a truly top-notch choice, period. Their huge resource library often means finding answers without even contacting support.

If you want a bank that will truly have your back growing your business, I’d absolutely recommend giving Novo a look. I seriously doubt you’ll be let down. I’m glad I made the switch.