- Free business checking with no monthly fee and no minimum balance
- Other banks’ ATM fees refunded up to $7 a month
- No interest: the fee schedule lists 0% APY
- A business account only. Novo is a fintech, not a bank
- Banking services by Middlesex Federal Savings, F.A., Member FDIC
| Type | Business checking app. Novo is a fintech, not a bank. Banking services by Middlesex Federal Savings, F.A., Member FDIC |
|---|---|
| Interest | 0% APY per Novo’s fee schedule |
| Monthly fee | $0. No minimum balance |
| Minimum to open | No minimum opening deposit. A $1,000 initial deposit is only recommended |
| Overdraft | $0 insufficient funds charge |
| ATMs | No Novo ATM fees. Other banks’ ATM fees refunded up to $7 a month |
| Wires | Incoming domestic and foreign $0. Outgoing domestic up to $45 |
| Sign-up bonus | None shown on Novo’s pages |
| iPhone app rating | 4.8 out of 5 from 20,054 ratings on the App Store, read October 13, 2026 |
| Android app rating | 4.5 out of 5 from 6,670 ratings on Google Play, read October 13, 2026 |
Our take: Novo is a good pick for a freelancer or small business that wants free checking with invoicing built in. It pays no interest, and an outgoing domestic wire can cost up to $45.
What Novo offers
One main product: a free business checking account with virtual and physical debit cards. Around it you get invoicing, payment requests, expense tracking and a feature called Reserves. Novo also connects to more than 40 business tools, including Stripe, QuickBooks, Shopify, Square and Xero.
Deposits are insured up to $250,000 through Middlesex Federal Savings, F.A. Novo also offers a business credit card issued by Continental Bank and a merchant cash advance through Novo Funding LLC. Those are separate products, and this review sticks to checking.
Reserves
Reserves lets you create up to 20 buckets inside your checking account. Set a rule once, like a percentage of every deposit going to taxes, and it runs on its own.
It’s handy for tax money and payroll. But the buckets aren’t a savings account. The fee schedule shows 0% APY, and the Reserves pages don’t mention interest.
What it costs
The account costs $0 a month, with a $0 minimum balance. Novo’s fee schedule (last revised February 26, 2026) shows $0 for:
- Incoming and outgoing ACH transfers
- Incoming domestic and foreign wires
- Stop payments, card replacement, paper statements and bank checks
- Insufficient funds charges
The charges to watch are these. Outgoing express ACH is 1.5% of the transaction, with a $0.50 minimum and a $20 cap. Express check deposit is up to 2% of the check, with a $0.50 minimum. An outgoing domestic wire is up to $45.
On ATMs, Novo doesn’t charge its own fees and refunds what other ATMs charge you, up to $7 a month, at domestic and international machines. That’s a refund cap, so a heavy ATM user will still pay something.
Pros and cons
Pros
- $0 monthly service charge, $0 minimum balance and no minimum opening deposit.
- Incoming and outgoing ACH, incoming wires, stop payments and card replacement all cost $0.
- Third-party ATM fees are refunded up to $7 a month, at domestic and international machines.
- Reserves lets you split money into up to 20 buckets inside the account.
- Connects to more than 40 business tools, including QuickBooks and Stripe.
Cons
- The account pays 0% APY.
- An outgoing domestic wire costs up to $45, and express check deposits cost up to 2%.
- Support is through the app and email, with no phone line or hours listed.
- The pages read do not explain how to deposit cash.
- It is not a bank, and it is built for business accounts only.
Who should open it
Open it if your business is small, you invoice clients, and you want one free account that talks to your bookkeeping tools. Sole proprietors can apply too. Novo’s checklist says a sole proprietor with no employees can use an SSN instead of an EIN.
Skip it, or at least keep a second account, if you want interest. $20,000 earning 0% is $0. The same $20,000 at Lili’s 2.25% savings rate is about $450 a year.
It’s also not the best fit if you wire money out often. A few of those at $45 each adds up quickly.
How to open
You’ll need government photo ID for each owner of 25% or more and anyone who signs, an SSN, and an EIN. Sole proprietors with no employees can skip the EIN, and formation documents depend on your entity type. A residential address is fine for most online-first providers, per Novo’s own checklist.
When you’re set, open a Novo business checking account. Support runs through the app, where you create a ticket to chat with an agent. If you can’t log in, email [email protected]. No phone line or support hours are listed.
Novo vs. alternatives
- Lili: a free Core plan with savings at 2.25% APY on balances up to $500,000, and an outgoing domestic wire at $15.
- Axos Bank: Basic Business Checking has no monthly maintenance fees and free incoming domestic and international wires.
Novo could make sense if you run a small business, want free checking that connects to your bookkeeping tools, and keep your savings somewhere else.
FAQ
No. Novo calls itself a fintech, not a bank. Banking services are provided by Middlesex Federal Savings, F.A., Member FDIC, and deposits are insured up to $250,000 through that bank.
No. Monthly service charge is $0 and the minimum balance is $0.
No. Its fee schedule lists the APY as 0%.
No. The fee schedule recommends a $1,000 initial deposit, but Novo’s requirements page says there is no minimum opening deposit.
Incoming domestic and foreign wires are $0. Outgoing domestic wires are up to $45.
The Novo pages read for this review don’t explain how to deposit cash. If your business takes cash, ask before you open.
Sources (10)
We use primary sources: each company’s own product pages and legal terms.
- Novo. Home page. novo.co. Accessed October 13, 2026.
- Novo. Free Business Checking. novo.co. Accessed October 13, 2026.
- Novo. Reserves. novo.co. Accessed October 13, 2026.
- Novo. Fee Schedule (last revised February 26, 2026). novo.co. Accessed October 13, 2026.
- Novo. Business Checking Account Requirements. novo.co. Accessed October 13, 2026.
- Novo. Contact. novo.co. Accessed October 13, 2026.
- Apple App Store. Novo: Small Business Checking. apps.apple.com. Accessed October 13, 2026.
- Google Play. Novo: Small Business Checking. play.google.com. Accessed October 13, 2026.
- Lili. Sunrise Banks Account Agreement and Schedule of Fees. lili.co. Accessed October 13, 2026.
- Axos Bank. Small Business Banking. axosbank.com. Accessed October 13, 2026.
Take the next step.
Find out if Novo’s free business checking fits.
Terms, plans and availability change. Check the current terms on Novo’s site before you open an account. Novo is a fintech, not a bank.