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what is going on everyone i hope you were all having a fantastic day so a while back we looked at some of the best bank account options for your small business or side hustle and since that video was made i have done a lot more research myself trying out even more platforms and i do believe that i have finally found the best bank account for your side hustle or small business and that would be novo bank so let's take a look at everything that novo bank has to offer and see how this powerful platform can ensure that you are maximizing your profits and running your business or side hustle as efficiently as possible all right let's jump right into it so first of all i want to make it crystal clear that while this is a business bank account that does not mean that you need to have some registered llc or an established corporation by any means even if you just have a side hustle or you're a freelance worker who gets what's called a 1099 tax form then you are a business and you absolutely should be treating it that way remember you can just operate yourself as what's called a sole proprietorship and run your side hustle as a legitimate business without ever having to file any fancy documents or anything like that so even if you are on the fence about this and feel like you might not really need a business bank account it is definitely something that you will want to seriously consider especially when you hear the many many advantages that we're going to talk about in this video alright so for starters what the heck is novo bank and what makes it any different from a regular everyday bank account well novo is a fully online banking platform that is specifically built and designed for your small business or side hustle and that means that they're going to offer you some incredible tools that will help you run and grow your business or side hustle as quickly and efficiently as possible so as far as your basic banking features are concerned again they're going to be a fully online banking platform with an awesome mobile app you're fully fdic insured and there are no fees and no minimum balance requirements including no fees on an unlimited number of ach transfers going in or out of your account you can also get your own novo business debit card deposit checks remotely right from the app and send checks through the app or order a paper checkbook if you prefer that plus perhaps my favorite part they're going to reimburse all atm fees worldwide meaning you can literally go and get cash from pretty much any atm around the world and not only are they not going to charge you a fee on their end but they're also going to reimburse you any fee that the atm owner may charge you and that is really cool and they also offer you unlimited transactions which may not sound like a huge deal but you may be surprised to learn that a lot of banks will actually limit the number of transactions that you can have each month plus they allow you to send unlimited invoices through their invoicing platform and invoicing tool so that you can get paid on time every time without any miscommunication they also have their own business budgeting tool called novo reserves where you can set aside money for emergencies your taxes or any other expense category that you may have and personally i really love this feature in particular because as a 1099 worker myself through youtube it sucks to get to the end of the year and find out that you owe several thousand dollars in taxes because generally 1099 workers do not have taxes withheld throughout the year so with this reserves tool you can actually get a rough calculation of how much you might need to set aside for your taxes and put that in a reserves account to make sure that that money is being put away throughout the year or each quarter so that when you go to pay your bill you don't have to worry about anything i do also want to throw in here that my experience with the novo customer support over email was pretty good and they did respond within a few hours which personally i was totally fine with i actually had a blue vine business account before opening my novo account and just closing that bluevine account was a several day process of constantly calling and being put on hold and it was just not a good experience so comparatively novo's customer service is really great so not only do they have those business tools that they have designed themselves but one area that novo is truly unique in that i have not found with a lot of other business banking platforms is their integration with a number of third-party business tools novo seamlessly integrates with a ton of external tools like quickbooks xero transferwise shopify slack and a ton of others and this allows you to use those powerful third-party tools as an extension of this bank account without having to deal with clumsy transfers or confusion between the two different platforms and as if all of that wasn't cool enough that invoicing tool that we talked about earlier can also be integrated with platforms like paypal square and stripe to seamlessly accept payments that go right into that payment processor and then immediately are integrated with your business banking account on top of that they also offer a crazy amount of really useful discounts on various business softwares and services that in my opinion are tools that a lot of business owners probably use anyways the list is pretty extensive but at the moment you can get 40 off your first six months of quickbooks 150 worth of google ads and snapchat ads 3 000 in google cloud credits and if you integrate that invoicing tool with the stripe platform then you can also get your first twenty thousand dollars of transactions processed for free which equals a cash savings of five hundred dollars and these are just a few of the perks that they currently offer as far as the app is concerned it's pretty intuitive if you ask me and easy to learn plus the home screen is fully customizable depending on the financial tools that you are using to manage your business i will also mention that you're able to add multiple users to your account and each user is able to get their own novo business debit card so if you and a friend are running a business together or maybe you're just sharing the tasks of a side hustle then each of you is able to get your own individual access to this account and get your own novo business debit card so that everyone is staying on the same page alright so as you can tell there's a reason that i picked novo as my personal business account for this youtube channel but what's the catch well honestly i've got nothing the only con i can think of is at the moment there isn't any way to deposit cash into your account but honestly this is pretty normal with these online and fully mobile banks however since they offer unlimited mobile check deposits if you really needed to deposit cash for whatever reason then you could always just take that cash and buy what's called a money order at the grocery store post office or other major retailer and then deposit that money order into your account just like you would with a check so while that may be a little bit inconvenient it is a fantastic workaround and it's not that much more of a hassle than driving to the bank to deposit your cash since you probably go to the grocery store anyways and you can get a money order from the grocery store so again even if you are just a freelance worker or you have any kind of side hustle i highly encourage you to consider getting a business bank account and having tried out many of them myself i do believe that novo is currently the best option on the market and i am not being paid by anyone to say that even if you're just operating a sole proprietorship or a side hustle or you're just a 1099 worker keeping careful track of your income and expenses throughout the year from a business point of view is going to have so many advantages specifically when it comes to paying your taxes at the end of the year now by no means is this any kind of legal or tax advice but if you are doing any kind of side hustle that is not your standard nine-to-five job then you absolutely need to be treating this like a business from day one even if you just run that as a sole proprietorship you are still able to fill out what's called a schedule c meaning all of those legitimate expenses that you had throughout the year can be subtracted from your 1099 income as a 1099 worker and that is going to help to limit the amount of taxes that you have to pay which i think we can all agree is a good thing so if you fall into that category in any way then definitely check out the novo banking platform and signing up is super easy you just fill out some information about yourself tell them what kind of side hustle or business you are currently running and in my case i was approved for my application within a matter of days and i got my novo debit card just a few days after that so it is definitely a quick and easy setup process now i know we didn't dive into the app itself that much today so if you would like a separate video on that then definitely let me know about that down in the comment section below since i do know that a lot of you like when i dive into the app itself and show you how to operate the different menus be sure to let me know what you think of the novo business banking platform down in the comment section below or if there is another business banking option that you prefer and why you feel that is the better option for you as always if you did enjoy this video and you want to help support me it would mean a lot to me if you would hit the like button subscribe to the channel and share this video with someone who you think would get value out of this content as well and as always thank you so much for taking time out of your day to watch my video i seriously do appreciate that take it easy and i'll see you in the next one you