Novo struggles with customer support issues, including slow response times and ineffective chatbots. On the other hand, Relay has faced criticism for unlawfully withholding funds, causing operational harm to businesses.
Rho could offer a more efficient solution by integrating advanced software with banking products, streamlining financial processes for businesses.
Many businesses look to Novo and Relay for their banking needs. However, choosing the right solution can be a complex task.
In this article, we'll review what each solution offers and how they compare to help you make an informed decision. Additionally, we'll also explore Rho as a third option worth considering.
Novo Overview
Novo provides online business banking solutions tailored for small businesses, freelancers, consultants, and the self-employed. Their main value proposition lies in offering a flexible platform with essential banking tools to help these professionals manage and grow their businesses efficiently.
Novo Features
Some of the key features of Novo include:
Free Checking Account: A checking account with no hidden fees, monthly fees, or required minimum balance.
Easy Invoicing: Create and send unlimited, customizable invoices for free.
Intuitive Budgeting: Automate budgeting and effortlessly set aside funds for taxes, profit, expenses, and more.
Real-Time Insights: Manage your books and stay tax-ready with AI-powered transaction categorization and comprehensive financial reporting.
Novo Pricing
Novo offers a straightforward pricing structure without subscription tiers or packages.
Free Checking Account: No hidden fees, monthly fees, or required minimum balance.
Invoicing: Unlimited, customizable invoices for free.
Budgeting Tools: Automated budgeting and fund allocation.
The prices for each tier are not publicly listed.
Drawbacks To Novo
General user reviews of Novo are mixed, with a rating of 3.5 out of 5 stars. Users appreciate the platform's features but often criticize customer support and payment delays.
"The thing that I enjoyed most about Novo was how many features it has in comparison to a traditional brick and mortar bank." - Ken A.
"Poor customer support and delays in payments have been a constant issue for us." - Amanda S.
For more details, visit the Novo Reviews on G2.
Relay Overview
Relay is an online business banking platform designed for small business owners, accountants, bookkeepers, CEOs, real estate investors, e-commerce businesses, and agencies. Its main value proposition is providing complete control over earnings, spending, and savings, which helps make cash flow management clearer and more efficient.
Relay Features
Some of the key features of Relay include:
Business Checking: Know precisely what you're earning, spending, and saving.
Expense Management: Capture receipts, categorize expenses, and close your month-end faster.
Accounts Payable: Review, approve, and pay bills within business banking.
Integrations: Seamlessly sync with Quick Books Online, Xero, Gusto, Plaid, and Yodlee.
Relay Pricing
Relay offers both free and paid subscription tiers, with detailed pricing available on their website.
Starter: $0/month. No account fees, up to 20 checking accounts, ATM access, and bill creation and intake. Savings APY 1.11%.
Grow: $30/month. Adds batch vendor payments. Savings APY 1.75%.
Scale: $90/month. Adds bill payment automation and raises the limit to 50 checking accounts. Savings APY 3.00%.
Accountants and bookkeepers: Relay runs a separate program for firms managing client accounts.
Drawbacks To Relay
The overall consensus from the reviews is generally positive, with many customers praising Relay Financial for its user-friendly interface and excellent customer service. However, some users have raised concerns about ACH timelines and currency conversion.
How Novo and Relay structure your accounts, and why it matters
One of the most consequential differences between these two is also one of the least discussed: how each platform organizes your money.
The two approaches look similar in a feature list. They behave very differently once your business starts separating funds for real.
Relay's multi-account structure
Relay lets you open multiple individual checking accounts under one login, each with its own balance and its own account number. The Starter and Grow plans allow up to 20, and Scale raises that to 50.
That means you can dedicate one account to operating expenses, another to taxes, and another to payroll funding, and each one is separately addressable for deposits. You can also assign team members and debit cards to specific accounts, which makes access control straightforward.
One detail gets misreported constantly, so be careful with it.
All Relay accounts share a single routing number. Only the account numbers are unique. If you are setting up a direct debit or giving details to a payer, the routing number is the same one every time.
Novo's Reserves: buckets inside one account
Novo's answer is Reserves, which Novo describes as budgeting categories inside a single checking account. You can create up to 20 of them.
Novo is explicit that it is "all in one account." The Reserves share a single account number, so they cannot receive deposits independently or carry their own cards.
For a small business tracking a handful of categories, that is often enough. Reserves also handle automated allocation, so you can route a percentage of incoming revenue to taxes without thinking about it.
The line to watch is separately addressable money. If you need a specific customer or payer to deposit into a specific account, or you want different team members restricted to different balances, Relay's structure does that and Reserves does not.
What to Know Before Picking Novo or Relay
Looking at the reviews as a whole, businesses using Novo often face delays in payment processing and issues with customer support. These problems can lead to operational inefficiencies, especially when timely transactions are crucial.
Similarly, Relay users report challenges with ACH timelines and currency conversion. Delays in international wire transfers and occasional unresponsiveness from customer service can disrupt cash flow management, making it difficult for businesses to operate smoothly.
Novo vs Relay: head-to-head feature comparison
Side-by-side is the fastest way to settle this one. The table below covers the dimensions business owners actually ask about.
Feature snapshot
Novo | Relay | |
Monthly fee | $0 | Starter $0, Grow $30, Scale $90 |
Checking accounts | One account with up to 20 Reserves categories | Up to 20 accounts on Starter and Grow, up to 50 on Scale |
Account numbers | One, shared across all Reserves | Unique per account, but one shared routing number |
Savings | Reserves function as budgeting buckets, not a separate savings account | Savings accounts with plan-tiered APY: 1.11% Starter, 1.75% Grow, 3.00% Scale |
Debit cards | Physical and virtual | Physical and virtual, assignable per account |
Credit card | Yes, Novo Business Credit Card, up to 2% cash back, no annual fee, offered to select customers | Yes, Relay Visa Credit Card, cash back tiered 1% / 1.25% / 1.5% by plan |
ATM access | $0 from Novo. Third-party ATM fees reimbursed up to $7 per month | Fee-free at 55,000+ Allpoint ATMs |
Cash deposits | No published cash deposit rail | Free at Allpoint+ ATMs, or at 90,000+ Green Dot retailers for up to $4.95 |
Bill pay | Yes, with OCR invoice intake | Yes, tiered: bill intake on Starter, batch payments on Grow, automation on Scale |
Accounting integrations | QuickBooks, Xero, plus Stripe, Square, PayPal, Amazon, eBay, Fiverr, Gusto, Squarespace | QuickBooks and Xero |
Branches | None | None |
Correct two things you will read almost everywhere else.
First, both platforms issue credit cards. The claim that Novo and Relay are debit-only is out of date, and it is stated as fact in most comparison articles. Both cards are eligibility-gated rather than open to every customer, which is the real nuance.
Second, cash deposits. Neither has a branch network, but that is not the same as being unable to deposit cash. Relay supports it through Allpoint+ ATMs and the Green Dot retail network.
What the table does not show: the platform ceiling
A feature table tells you what a platform does today. It does not tell you whether it holds up as headcount and spend volume grow.
Be precise about the real gaps, because the usual framing overstates them. Both platforms now do bill pay, both issue cards, and Novo categorizes transactions automatically.
What neither one offers is the part that matters at scale.
Neither publishes treasury or yield on operating cash, so idle balances sit still. And neither runs a corporate card program with per-employee limits and real-time spend controls, which is a different product from a single business credit card.
Founders who start on either platform tend to bolt on point solutions as they grow, and that is what produces the fragmented finance stack that slows month-end close. If you can already see that complexity coming, it is worth evaluating an all-in-one banking platform before you build a stack you will have to dismantle.
Why Rho Is a Better Alternative
At Rho, we understand the frustrations businesses face with payment delays and customer support issues. Our platform is designed to provide seamless transactions and responsive support, ensuring smooth cash flow management. By addressing these common pain points, we offer a more reliable and efficient banking solution for your business needs.
Rho Features
Rho Card: Our Rho card offers up to 2% cashback for Rho Platinum members1 on all purchases, helping businesses save money on everyday transactions, a feature not commonly found with Novo and Relay.
Expense Management: We eliminate the hassle of manual expense reports by capturing every receipt automatically, ensuring compliance and reducing administrative workload.
AP Automation: Our platform allows you to pay hundreds of vendors in minutes with zero platform fees, streamlining your accounts payable process and saving you time and money.
Rho Treasury: We safeguard your idle cash and offer dynamic yield rates, maximizing returns on your funds, unlike the static interest rates typically offered by Novo and Relay.
Seamless Integrations: Our direct integration with accounting, HR, and T&E software enhances operational efficiency, making it easier to manage your finances in one place.
Private Banking Support: We provide 24/7 private banking support, ensuring that any issues are promptly addressed, which is crucial for maintaining smooth business operations.
Rho Pricing
We offer a straightforward and transparent pricing structure that sets us apart from Novo and Relay. Our goal is to make it easy for businesses to understand their costs without any hidden fees or complicated tiers.
Here are the key pricing line items:
$0 Same-Day ACH fees: No charges for processing same-day ACH transactions.
$0 Wire fees: No charges for wire transfers, with some exceptions for international wires.
$0 Monthly plans: No monthly subscription fees for accessing our services.
$0 Support fees: Free live support from day one without any additional charges.
$0 Subscription fees: No subscription fees for using our platform.
$0 Checking account minimum fees: No minimum balance fees for checking accounts.
$0 Connected, in-platform capabilities: Free access to AP, Expense, and Accounting Automation features.
$0 Per-user fees: No charges per user for accessing the platform.
1% Foreign currency transfer: A flat 1% fee on foreign currency transfers.
You can find all the details about our pricing here.
Why Users Love Rho
We're proud of what we do, but we think our customers say it best. Take a look at why they prefer Rho over other options.
"Rho is everything a corporate card program should be - And it's free to the users and employers!" - Tyler M., Chief Financial Officer, Small-Business
"From day one, using Rho has been simple and straightforward." - Kevin K., Director of Marketing and Analytics, Mid-Market
"Modern, flexible, tech-centric user experience on traditional credit card services" - Pete S., Mid-Market
Want a firsthand look at Rho? You can request a free demo here.
Which Platform Is Right for Your Business?
Novo, Relay, and Rho each have their strengths, catering to different business needs. Novo offers essential banking tools for small businesses, while Relay excels in cash flow management and integrations. However, both have limitations in customer support and transaction delays.
This is where Rho comes in. We provide seamless transactions, 24/7 private banking support, and up to 2% cashback for Rho Platinum members1 on purchases. Our AP automation and dynamic yield rates further enhance operational efficiency, making Rho a superior choice for businesses seeking reliability and growth.
Make the Smarter Choice with Rho Today
Curious to see what Rho can do for you? Discover how our platform can transform your business operations. Get started with Rho today.
FAQs
Novo's business checking account has no monthly maintenance fee and no minimum balance requirement, with $0 standard ACH transfers.
Relay is tiered. Starter is $0 per month, Grow is $30 per month, and Scale is $90 per month. There is no plan called Pro; the old Pro tier was renamed Grow.
The free plans on both platforms cover core checking. What you pay for on Relay is the higher savings APY, batch and automated bill payments, and the jump from 20 checking accounts to 50.
Yes, both do. This is worth stating plainly, because most comparison articles still describe Novo and Relay as debit-only, and that is out of date.
Novo offers the Novo Business Credit Card to select customers, with up to 2% cash back and no annual fee. Relay offers the Relay Visa Credit Card, with cash back tiered by plan at 1%, 1.25%, and 1.5%.
Both are eligibility-gated rather than available to every account holder, which is the real limitation.
What neither offers is a corporate card program: multiple employee cards with per-person limits, category restrictions, and real-time spend controls. That is a different product from a single business credit card. Rho's corporate cards are managed alongside banking, bill pay, and expenses in one platform, with up to 2% cashback for Rho Platinum members (terms apply).
Novo connects to a wider set of tools. Its integrations page lists QuickBooks and Xero for accounting, plus Stripe, Square, PayPal, Amazon, eBay, Fiverr, Gusto, and Squarespace.
Relay focuses on QuickBooks and Xero.
For a lean finance operation either is usually enough. The ceiling is the same on both sides: neither connects natively to NetSuite or Sage Intacct, and those become relevant as companies move toward Series A and beyond.
Rho supports direct integrations with QuickBooks Online, NetSuite, Sage Intacct, and Xero, with mapping rules and recurring sync patterns built to cut manual entry at month-end close.