Founded in 2016, Novo is a fintech company offering free checking accounts to small businesses in the United States. As well as allowing you to make and take payments via Automated Clearing House (ACH) transfers, the company includes full-service invoicing software on all its accounts. Although Novo isn’t a bank, it works with partner bank Middlesex Federal Savings. As such, deposits in your account will be protected up to $250,000 under the government’s FDIC scheme.
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Fees? |
No monthly fees |
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Security |
FDIC insured with 2-factor authentication and biometric log-ins |
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Online experience |
Easy-to-navigate user experience, including all banking functions |
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Mobile app |
App available on iOS and Android. Offers invoice creation and tracking, mobile check deposits, and ability to integrate with other platforms. |
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Customer support |
Online and email support available during business hours, (Monday-Friday), and a dedicated fraud team. |
As it doesn’t charge monthly account fees, Novo could be particularly appealing if you’re looking for an affordable alternative to a traditional business checking account. Likewise, Novo doesn’t require a minimum deposit, which could make it suitable for new or small businesses with more modest profits.
The company could also be an excellent choice if you’d like to earn rewards on your business banking. Its “Partner Perks” feature could allow you to save up to $3,000 in discounts on marketing and payroll tools. At the time of writing, Novo’s partners include Gusto, Stripe, and Keeper.
Be aware, however, that Novo doesn’t offer accounts to businesses within certain industries, including cryptocurrency, money services, gambling, cannabis, or crowdfunding.
Novo’s business checking services are cheaper than many of its big-name competitors. Unlike many traditional banks, Novo doesn’t charge a monthly fee or impose expensive charges if you go overdrawn. In addition, it doesn’t charge hefty fees for using ATMs. You can learn more about ATM usage fees below.
As you’d probably expect from a fintech company, Novo has built much of its offering around innovative software and digital-first banking. This includes:
Free invoicing tools
Novo’s built-in software allows you to create and send an unlimited number of invoices to your customers. Available on all devices, this tool allows you to set various payment options, including Apple Pay, Google Pay, and PayPal.
As well as allowing you to send individual invoices, the software enables you to create recurring invoices and send reminders to your clients. You can also add a company logo to your invoices and include details about shipping or taxes.
Integrations with popular apps
Novo’s app integrates with a wide selection of platforms often used by small businesses. This includes:
Virtual debit cards
Novo’s virtual cards allow you to begin spending as soon as you open your account. As well as connecting them to Apple and Google Pay, you can use your virtual cards to make purchases online.
Snapshots of your financial position
The app automatically breaks your business spending down by categories, as well as providing an overview of your income, spending, and net cash flow. The “Reserves” feature also allows you to save towards certain goals or expenses such as tax bills.
Like most traditional banks, Novo offers ACH transfers, which allow you to make and receive payments through your checking account. As well as standard next-day services, the company can provide same-day transfers through its Express service.
Novo also allows you to request physical debit cards, both for yourself and any other users you add to your account. You can use your debit card at any ATM.
Unlike many of its competitors, Novo is almost entirely free from fees.
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Fee type |
Amount |
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Monthly maintenance fee |
$0 |
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Minimum balance |
$0 |
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Overdraft fee |
$0 |
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ATM fees |
$0* |
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Next-day ACH transfers |
$0 |
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Express ACH transfers |
1.5% of transaction amount ($0.50 minimum, $20 maximum) |
*Novo currently offers unlimited reimbursements on 3rd-party ATM fees worldwide. As of 1 January 2024, a $7 monthly limit will apply
You can contact Novo through email or via in-app chat. Support hours are Monday-Friday, 9am-6pm (ET).
If your query is more general, you may be able to find the answer in the company’s extensive selection of online FAQs, which provide a great deal of information about its products and services.
At the time of writing, Novo has a rating of 4.5 out of 5 on Trustpilot, which is classified as excellent. Many of the reviewers who rated the online portal highly praised its clean design and wide choice of integrations. In contrast, several negative reviews focused on issues with customer service and slow replies to queries.
Novo’s app also has mainly favorable reviews, with several customers speaking about the ease of account setup and the speed with which they were able to start using their accounts.
You can download Novo’s app through Google Play or the App Store.
You can use the app to:
As Novo works with partner bank Middlesex Federal Savings, your funds will be insured up to the value of $250,000 under the FDIC. As a government-backed initiative, this will reimburse you for any losses you were to suffer if a financial institution became insolvent.
When it comes to cybersecurity, Novo uses 2-factor authentication via your phone number or email address if you log in from a new device. As an additional precaution, you can add biometric logins to your app.
If you have a debit card, you can set up controls that allow you to lock/unlock your card, as well as receive notifications about any activity on the account.
The company also has a dedicated fraud department to support customers who believe they have been hacked.
Novo’s application process is fully online. You’ll need to supply:
Although the documentation you’ll need to provide will vary by state, this may include:
As part of the process, you’ll need to upload your required documents along with your application form.
Overall, the application process takes less than 10 minutes. Once you’ve completed your application, you’ll need to sign it electronically. Novo’s onboarding team will then check the details you have provided, which can take between 2 and 3 business days.
If you’re looking for a free business banking solution with a strong focus on tech, Novo could be an excellent choice. As well as allowing you to send unlimited invoices through its built-in software, the company also provides traditional banking services such as ACH transfers and physical debit cards. In addition to having excellent ratings on Trustpilot, the company also offers deposit insurance of up to $250,000 through its partner bank.
You can contact Novo at its 2 mailing addresses below:
222 Broadway, 20th floor, New York, NY 10038
78 SW 7th Street, 7th Floor, Miami, FL 33130
Novo is a fintech company; not a bank. Deposit account services provided by Middlesex Federal Savings, F.A., Member FDIC. Physical debit cards issued by Middlesex Federal Savings or Patriot Bank, N.A., Member FDIC; virtual cards issued by Patriot Bank, pursuant to licenses from Mastercard® International Incorporated. Mastercard can be used everywhere Mastercard is accepted. Mastercard is a registered trademark of Mastercard International Incorporated. The Merchant Cash Advance is provided by Novo Funding LLC. Novo is the marketing name for Novo Platform Inc. and its subsidiaries and affiliates. Novo Funding LLC is a wholly owned subsidiary of Novo Platform Inc. Merchant Cash Advance products and services are offered by Novo Funding LLC and not by Middlesex Federal Savings, F.A. The information and materials contained on this website—and the terms and conditions of the access to and use of such information and materials—are subject to change without notice. Not all products and services are available in all geographic areas. Your eligibility for particular products and services is subject to final Novo determination and acceptance. Novo’s third-party ATM fee reimbursements will be limited to $7 per month effective January 1, 2024.