Ramp vs Novo

Why businesses choose Ramp over Novo

Novo's standard business checking pays no interest. Ramp's no-fee Checking Account* earns 2.01% APY¹, sends same-day ACH and wires through Bill Pay for free⁴, and runs your cards, bills, and expenses on one platform used by 85,000+ businesses.

* Ramp Business Corporation is a financial technology company and is not a bank. Checking Account deposit services provided by First Internet Bank of Indiana, Member FDIC.
Ramp vs Novo
85,000+ finance teams have saved millions of hours with Ramp.
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notion
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Top 3 reasons leaders pick Ramp over Novo

Your checking balance earns 2.01% APY

The Ramp Checking Account earns 2.01% APY¹ on eligible funds, 28x the national average³, with no monthly fee and no minimum balance. Novo's standard business checking account does not pay interest, and neither do the Reserves inside it.

Free same-day ACH and wires

Same-day ACH, domestic wires, and international wires sent through Ramp Bill Pay from your Checking Account are free⁴. Novo charges a fee for Express ACH.

Room to grow past one account

When you add employees, vendors, and a bookkeeper, Ramp already has corporate cards with spend controls, expense management, bill pay, procurement, and accounting sync on the same platform as your cash. Novo doesn't offer per-user spend limits, procurement, or travel.

Compare Ramp vs. Novo

ramp
Novo
Monthly Fee
$0
$0
Minimum balance
None
None
Interest on checking
2.01% APY¹ on eligible funds
None on standard business checking
Free same-day ACH
✓
Express ACH carries a fee
Free domestic and international wires
✓
Fees apply: up to $30 per outgoing domestic wire
Budgeting buckets or sub-accounts
Multiple Checking Accounts and target-balance rules
Up to 20 Reserves inside one checking account
FDIC pass-through coverage above $250,000
Coverage of hundreds of millions of dollars through IntraFi's ICS network²
Standard coverage up to $250,000 through Middlesex Federal Savings
Separate investment account for reserve cash
Yes – Investment Account† yield up to 4.61%⁶
No – Reserves are earmarks inside one checking account
Corporate cards with per-employee spend controls
✓
✗
Expense management
✓
Basic tracking and categorization
Procurement and travel
✓
✗
Accounting software integrations
✓
✓

“Ramp is the only vendor that can service all of our employees across the globe in one unified system. They handle multiple currencies seamlessly, integrate with all of our accounting systems, and thanks to their customizable card and policy controls, we're compliant worldwide. ”

Brandon Zell

Chief Accounting Officer, Notion

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Why Ramp stands out

Spend, payments, and cash shouldn’t live in separate tools. Ramp brings corporate cards, expense management, bill pay, procurement, travel, and banking together, synced to your accounting software, so the books are ready when you are.

85,000+

businesses run on Ramp

$12B+

saved by Ramp customers

7.5%+

average customer savings

FAQ

Novo says its standard business checking account does not pay interest, and Reserves are part of that account. Ramp pays 2.01% APY¹ on eligible Checking Account funds with no monthly fee.

Ramp supports multiple Checking Accounts per business and target-balance rules that keep the amount you choose ready for bills and card payments. Novo's Reserves are buckets inside a single checking account without their own account numbers.

No. Both are financial technology companies that work with partner banks. Ramp Checking Account deposits are held at First Internet Bank of Indiana, Member FDIC. Novo's banking services are provided by Middlesex Federal Savings, F.A., Member FDIC.

Yes. Many businesses start by running cards and bill pay on Ramp while keeping their existing account, then open a Ramp Checking Account for the cash that funds those payments.

Sign up for Ramp, open a Checking Account online, and transfer funds from Novo. Ramp syncs with QuickBooks, Xero, NetSuite, and Sage Intacct, so your bookkeeping carries over.

Time is money. Save both.