Novo vs Axos: Which Is The Top Pick in 2025?

One key drawback of Novo is its poor customer support, with users frequently mentioning the lack of live support and slow response times. For Axos, a significant issue is its association with high-risk investments, which can be a major concern for businesses.

Rho offers a more efficient solution by combining AP automation and banking products with world-class software, providing greater workflow efficiency and control.

Many businesses look to Novo and Axos for their banking needs, each offering unique features tailored to different types of enterprises. However, choosing the right solution can be a complex task.

In this article, we’ll review what each solution offers and how they compare, helping you make an informed decision. Additionally, we'll also explore Rho as a third option worth considering.

Novo Overview

Novo operates in the online business banking category, offering a flexible and forward-thinking platform. It primarily serves small businesses, self-employed individuals, freelancers, and consultants, aiming to help them thrive with essential banking tools. The focus is on providing a streamlined banking experience tailored to these customer types.

Novo Features

Some of the key features of Novo include:

Free Checking Account: A business checking account with no monthly fees or minimum balance requirements.
Easy Invoicing: Create and send invoices directly from the platform, simplifying the billing process.
Tool Integration: Seamlessly integrates with popular business tools like Stripe, QuickBooks, and Shopify.
Real-Time Insights: Provides up-to-date financial data to help monitor business performance.

Novo Pricing

Novo offers a straightforward pricing structure without subscription tiers or packages.

Free Checking Account: No monthly fees or minimum balance requirements.
Invoicing: Included with the free account, allowing users to create and send invoices.
Tool Integration: Free integration with popular business tools like Stripe, QuickBooks, and Shopify.

The prices for each tier are not publicly listed.

Drawbacks To Novo

General user reviews of Novo are mixed, with an overall rating of 3.5 out of 5 stars. Positive feedback often highlights ease of use and integrations, while common complaints include customer support issues and payment delays.

"The interface is user-friendly, but customer support is lacking and slow to respond." - Kelly B.
"Great for small businesses, but frequent delays in payment processing are frustrating." - Amanda S.

For more details, visit the Novo Reviews on G2.

Axos Overview

Axos operates in the online banking sector, providing a range of financial services such as checking, savings, loans, and business banking. Their main value proposition includes high APY rates and no monthly maintenance fees, catering primarily to personal banking customers, small business owners, and commercial clients.

Axos Features

Some of the key features of Axos include:

Axos ONE®: Offers a high APY of 4.66% on checking and savings accounts with no monthly maintenance fees.
Early Paydays: Allows faster access to funds compared to traditional banking.
Rate Watch: Provides email alerts for mortgage rate drops.
Axos App: A comprehensive app for managing banking, borrowing, investing, and planning.

Axos Pricing

Axos does not offer subscription tiers or packages for their services.

Drawbacks To Axos

The overall consensus on Axos is negative, with users citing issues like hidden fees and poor communication.

"Stay away as much as possible, many hidden fees, after I pay 35 months everything on time online, last payment you have to make it over the phone to be charged 1% extra just to finish the payment." — ioan m
"I took out a mortgage from Axos Bank in July 2024. Initially, the loan officer was responsive, but after the appraisal came in lower than the offered price, they changed the down payment amount without approval." — Vancho

For more details, visit the Trustpilot Axos Reviews.

What to Know Before Picking Novo or Axos

Looking at the reviews as a whole, businesses using Novo often face delays in payment processing and issues with customer support. These problems can significantly impact cash flow and lead to unresolved issues, making it challenging to manage day-to-day operations.

On the other hand, Axos users frequently report hidden fees and non-responsive customer service. Unauthorized changes to financial agreements and mishandling of mortgage details are also common complaints, which can create financial strain and disrupt business planning.

Why Rho Is a Better Alternative

At Rho, we understand the frustrations businesses face with Novo and Axos, such as payment delays and hidden fees. Our platform is designed to eliminate these pain points by offering transparent pricing, responsive customer support, and efficient payment processing, ensuring a smoother banking experience for your business.

Rho Features

Expense Management: Our platform eliminates the need for manual expense reports by automatically capturing every receipt, saving businesses time and reducing errors.
AP Automation: Pay hundreds of vendors in minutes with zero platform fees, addressing scalability issues and streamlining the accounts payable process.
Rho Treasury: Safeguard idle cash and earn a dynamic percentage yield, providing a higher return on your funds compared to traditional banking options.
Corporate Credit Cards: Real-time monitoring and custom card controls offer advanced oversight and flexibility, ensuring better financial management.
Rho Platinum: Earn up to 2% cashback¹ on your spending, providing a tangible financial benefit that enhances your bottom line.
Seamless Integrations: Direct integration with accounting, HR, and T&E software simplifies financial workflows and improves efficiency.
Comprehensive Support: Our dedicated customer support team is available 24/7 to assist with any issues, ensuring a smooth and responsive banking experience.

Rho Pricing

We offer a straightforward and transparent pricing structure that sets us apart from Novo and Axos. Our goal is to provide essential financial services without the burden of hidden fees or complicated subscription plans. Here's a breakdown of our pricing:

$0 monthly fees: Enjoy all our core services without any recurring charges.
$0 Same-Day ACH fees: Process same-day ACH transactions at no cost.
$0 wire fees: Domestic wire transfers are free, making it easier to manage your finances.
$0 checking account minimum fees: No minimum balance requirements, giving you more flexibility.
$0 per-user fees: Add as many users as you need without incurring additional costs.
$0 for connected, in-platform capabilities: Access AP, Expense, and Accounting Automation features for free.
1% foreign currency transfer: A flat fee for all foreign currency transfers, ensuring cost predictability.

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 offers our users a one-touch experience for reporting company expenses on a corporate card." - Sean F. (Chief Financial Officer, Mid-Market)
"From day one, using Rho has been simple and straightforward." - Tyler M. (Chief Financial Officer, Small-Business)
"Rho is easy to use and has great customer support." - Kevin K. (Director of Marketing and Analytics, Mid-Market)

Want a firsthand look at Rho? You can request a free demo here.

Which Platform Is Right for Your Business?

Each platform—Novo, Axos, and Rho—has its strengths. Novo offers a user-friendly interface and seamless tool integrations, while Axos provides high APY rates and early paydays. However, both have notable drawbacks like hidden fees and customer support issues.

This is where Rho comes in. We offer transparent pricing, eliminating hidden fees, and provide 24/7 customer support. Our advanced features like AP automation and corporate credit cards ensure efficient financial management, making Rho a superior choice for your business.

Make the Smarter Choice with Rho Today

Curious to see what Rho can do for you? Discover how our platform can transform your business. Get started with Rho today.

Rho is a fintech company, not a bank or an FDIC-insured depository institution. Checking account and card services provided by Webster Bank N.A., member FDIC. Savings account services provided by American Deposit Management Co. and its partner banks. International and foreign currency payments services are provided by Wise US Inc. FDIC deposit insurance coverage is available only to protect you against the failure of an FDIC-insured bank that holds your deposits and subject to FDIC limitations and requirements. It does not protect you against the failure of Rho or other third party. Products and services offered through the Rho platform are subject to approval.

The Rho Corporate Cards are issued by Webster Bank N.A., member FDIC pursuant to a license from Mastercard, subject to approval.

Investment management and advisory services provided by RBB Treasury LLC dba Rho Treasury, an SEC-registered investment adviser and subsidiary of Rho. Rho Treasury investments are not deposits or other obligations of Webster Bank N.A., or American Deposit Management Co.’s partner banks, are not FDIC insured, are not guaranteed and may lose value. Investment products involve risk, including the possible loss of the principal invested, and past performance does not future results. Treasury and custodial services provided through Apex Clearing Corp. and Interactive Brokers LLC, registered broker dealers and members FINRA/SIPC.

¹Up to 2% cashback; terms and conditions apply. See eligibility and complete Rho Cashback Rewards Program terms and conditions here.

This content is for informational purposes only. It doesn’t necessarily reflect the views of Rho and should not be construed as legal, tax, benefits, financial, accounting, or other advice. If you need specific advice for your business, please consult with an expert, as rules and regulations change regularly.