Novo




Novo is a fintech company; not a bank. Deposit account services provided by Middlesex Federal Savings, FA, Member FDIC. Physical debit cards issued by Middlesex Federal Savings or Patriot Bank, NA, Member FDIC; virtual cards issued by Patriot Bank, pursuant to licenses from Mastercard® International Incorporated.

is a financial technology company that offers business control services for small business owners, freelancers and entrepreneurs. With account features such as seamless integration with various business tools and a fee-free structure, Novo is on a mission to simplify the banking process for modern businesses.

Novo Business Checking is gaining traction in the small business world as a trusted option for freelancers and small business owners looking for an easy-to-use and low-cost banking solution. Unlike traditional banking structures, Novo’s simple, online-first approach removes much of the complexity and high costs associated with standard commercial banking procedures. With a streamlined mobile app that integrates accounting, payment and expense management tools, Novo is designed for business owners who value automation and efficiency for their business.

Let’s continue to explore Novo’s outstanding features, pricing structure and how it compares to other business banking services.

Novo Reviews: What users think about Novo

4.75/5

Novo’s customers often praise the clean, intuitive interface and the ability to integrate with a variety of business tools. Freelancers and small business owners especially appreciate Novo’s fee-free structure, which eliminates the worry of unexpected bank charges. The ability to manage invoices, track expenses, and link accounts to apps like Shopify, Stripe, and QuickBooks makes Novo a top choice for entrepreneurs looking to streamline their finances.

Some user reviews mention that the lack of cash deposits and limited customer support options can be drawbacks, but for businesses that operate primarily online and don’t rely on in-person banking, Novo performs exceptionally well.

TrustPilot: 4.7 out of 5 stars
Forbes: 4.6 out of 5 stars
NerdWallet: 4.5 out of 5 stars

Many users praise the quick account setup process, noting that it only takes a few minutes to open a Novo account online. One business owner shared that Novo’s invoicing system saved them hours of manual work each week, while another highlighted the fee-free ACH transfers as a huge benefit to managing their cash flow.

However, some customers pointed out that Novo does not offer interest-bearing accounts, which can be a disadvantage for businesses looking to grow their savings over time. While Novo excels at providing the basics, it may not be ideal for businesses seeking more advanced financial services, such as lines of credit or loans.

Novo’s pricing structure

4.9/5

One of Novo’s biggest advantages is its cost – or lack thereof. Novo offers a completely free business checking account with no monthly fees, no minimum balance requirements, and no hidden fees. This makes it an attractive option for small business owners who want to avoid the often prohibitive costs of traditional banking.

Free plan:

• No monthly maintenance fees.
• No minimum balance required.
• Free ACH transfers.
• Unlimited invoicing and invoice payment.
• Free incoming wires and mailed checks.
• Free integration with third-party tools like Xero, Shopify, Stripe and Slack.

There are no upgrade levels with Novo; all users receive the same free services regardless of the size of their business. While Novo does not charge fees for many basic banking services, it should be noted that businesses cannot deposit cash through Novo’s platform. This can be a limiting factor for those handling large amounts of physical currency.

Novo’s key features

4.8/5

Novo’s distinguishing feature is its comprehensive suite of integrations that allow users to connect their accounts to popular business tools, making it a highly efficient platform for managing finances. Here’s a closer look at the key features that set Novo apart:

Seamless integrations
Novo integrates with over a dozen third-party business apps, including Stripe, Shopify, QuickBooks, and Zapier, allowing users to sync their financial data across platforms. This integration-friendly approach makes Novo a powerful tool for entrepreneurs looking to automate their finances and streamline operations.

Invoicing and payments
Novo offers unlimited billing at no extra cost. Users can generate professional invoices directly from the app and accept payments through various channels, including ACH transfers and credit card processors like Stripe. This feature is especially useful for freelancers and service-based businesses that want to track payments in one place.

No monthly fees or minimum balance requirements
One of Novo’s biggest draws is its truly fee-free structure. There are no monthly maintenance fees, no minimum balance requirements, and no fees for basic services like ACH transfers, bill payments, or incoming wires. For small businesses on a budget, this is a huge win.

Free ATM access
Novo refunds all ATM fees, meaning users can withdraw cash from any ATM without worrying about extra fees.

Mobile-First Platform
Novo’s mobile app is highly rated for its user-friendly interface and ability to manage finances on the go. From categorizing expenses to sending invoices, everything can be done through the app, making it a convenient option for business owners who are always on the go.

Would our expert use Novo?

5.00/5

We highly recommend Novo for small businesses, freelancers, and entrepreneurs who want a low-cost, technology-friendly banking solution. Novo’s intuitive interface, fee-free structure, and wide range of integrations make it a perfect fit for business owners who value efficiency and automation.

Our favorite feature is the seamless integration with business tools like Shopify and QuickBooks, allowing users to manage everything from accounting to inventory in one place. The unlimited invoicing and fee-free ACH transfers are also outstanding benefits, especially for service-based businesses and freelancers.

That said, Novo may not be ideal for larger businesses that require more robust banking services, such as lines of credit, cash deposits or interest-bearing accounts. If you run a business with more complex financial needs, a provider like Bluevine or Mercury may be a better fit.

Novo Professionals

• No fees: Truly fee-free banking with no hidden fees or minimum balance requirements.
• Integrations: Connect your account with a variety of popular business tools such as Stripe, QuickBooks and Shopify.
• Unlimited billing: Generate and track invoices directly from the app, making it easy to manage cash flow.
• Mobile-first experience: Manage all aspects of your business finances from Novo’s user-friendly mobile app.

Novo Cons

• No cash: Novo does not support cash deposits, which can be a disadvantage for businesses dealing with physical currency.
• Limited customer support: While Novo offers in-app email and chat support, some users have reported slow response times.
• No interest bearing accounts: Unlike competitors like Bluevine, Novo doesn’t offer accounts that earn interest on your balance.

Alternative to Novo Business Checking

If Novo Business Checking isn’t the perfect fit for your business, here are some options to consider:

Bluevine Business Checking

• Starting price: Free.
• Key Features: Earn 2% interest on balances up to $100,000, access to business loans.
• Best for: Companies that want to earn interest and access loan services.

Found Business Banking

• Starting price: Free.
• Key Features: Built-in tax automation, expense tracking.
• Best for: Freelancers who need simplified tax and expense management.

Lili Business Checking

• Starting price: Free.
• Key Features: Fee-free overdrafts up to $200, real-time tracking of expenses.
• Best for: Entrepreneurs who want overdraft protection and easy-to-use spending tools.

Alternative to Novo

If Novo Business Checking doesn’t fit all your needs, here are some options to consider:

Methodology

To create this review, we analyzed Novo’s banking features and compared it to similar platforms while evaluating user reviews from various sources. We took into account the unique needs of freelancers and small business owners to determine how well Novo meets these requirements compared to its competitors.

Conclusion

Novo Business Checking is a great choice for small business owners, freelancers and entrepreneurs looking for a no-fee, mobile-first banking solution. While it may lack some advanced features like cash deposits and interest-bearing accounts, Novo excels in providing a streamlined, cost-effective banking experience for businesses that operate online.

Frequently asked questions

Is Novo a good business checking account?

Yes, Novo is a great option for small businesses and freelancers, offering no-fee banking, no minimum balance requirements and strong integrations with business tools. However, Novo lacks some personal features such as cash deposits and check writing.

Is Novo a trusted bank?

Yes, Novo is trusted, partners with FDIC-insured Middlesex Federal Savings to protect deposits, and has a solid online reputation among the business world for its user-friendly app and transparent fee structure.

What is the best bank for a small business?

Novo is a top choice for small businesses looking for a digital-first, no-fee option, but other banks like Bluevine (which offers interest on deposits) and Mercury (very suitable for start-ups) may be better for specific needs.

Does Novo have your credit?

No, Novo does not run a credit check when you open a business checking account, making it easy to apply without affecting your credit score.

This article has been reviewed by our banking expert Tricia Jones.