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This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.

Novo - Business Online Banking

Bob Phillips Bob Phillips Last update:

Overview

Novo is an award-winning financial technology company that provides business checking accounts to over 175,000 small business owners, entrepreneurs, and freelancers. Banking services arfe provided by Middlesex Federal Savings, F.A.; Member FDIC. Novo was founded in 2018 and does not have any physical branches.

Business checking accounts are Novo’s primary offering.  The company’s main selling point is it “is bringing small business banking into the modern age with easy-to-use tools for businesses on the go.”

Novo’s online banking service is designed for small businesses wishing to pay bills, make deposits, and accept and make payments, all online.

Bank Account Types Business Checking
Minimum Deposit $0
Minimum Balance $0
APY Checking (Annual Percentage Yield) None
ATM Network Unlimited
Features, Benefits & Rewards No fees

ATM fees refunded

No minimum account balance required

Can accept payments using Stripe

Overdraft fees $27
Maintenance fees None
Other fees None

 

Best For

Novo is best for small business owners on the go, who want a free business checking account with mobile banking capability and don’t need a physical branch office.

Pros & Cons

Pros

  • No hidden fees, minimum balance requirements and unlimited ATM refunds
  • Integrations with top tools like Quickbooks, Stripe, Square, Shopify and more
  • Automated budgeting with Novo reserves

Cons

  • No physical branches, if needed
  • Cumbersome to make a cash deposit
  • No interest paid on checking account balance

Account Types

Business Checking

The only type of account Novo offers; it is fee-free and comes with a mobile app. Physical and virtual debit cards are also available. Unlimited deposits can be made without fees. For cash deposits, cash must first be turned into a cashier’s check or money order, and then deposited.

Account Type Key Features Bonuses
Business Checking
  • Can send invoices through checking account
  • Connects with Stripe, Square, and PayPal
  • Can easily transfer money in or out of Novo from outside linked bank accounts
None

APYs

Account APY
Business Checking $0

 

Opening an Account With Novo

The Novo Business Checking account can only be opened on the Novo website. Novo claims the account opening process will take under 10 minutes, which we found to be true.

The process can be completed within 6 steps, as follows:

  • Screen 1: Submit email address and create a password.
  • Screen 2: Personal information.
  • Screen 3: Additional personal information.
  • Screen 4: Business-type question.
  • Screen 5: Business address.
  • Screen 6: Business information.

State Availability

Novo is available in all 50 states and the District of Columbia.

Customer Support

The Novo customer support team can be contacted by email, phone, or the Novo app. We were unable to interact with Novo’s telephone support team because the phone number is not listed on their website; you can only find it on a Novo debit card (if you have one). Otherwise, email or the Novo app are the only ways to reach someone in customer support.

Phone Support Monday: 9 am – 6 pm EST

Tuesday: 9 am – 6 pm EST

Wednesday: 9 am – 6 pm EST

Thursday: 9 am – 6 pm EST

Friday: 9 am – 6 pm EST

Saturday: Closed

Sunday: Closed

Email Support Yes: support@novo.co
Live Chat No
Social Media Facebook: https://www.facebook.com/Novo.coHQ/

Twitter: https://twitter.com/novo_hq

LinkedIn: https://www.linkedin.com/company/novo-hq/

Instagram: https://www.instagram.com/getnovo/

YouTube: https://www.youtube.com/channel/UCpL8lmHge03cI3_DCKo7Jvw

Headquarters 43 W. 23rd St., Floor 6

New York, NY 10010

 

In Conclusion

Novo’s business checking account provides powerfully simple business banking, built for the modern entrepreneur, for free. Novo is a great fit for anyone who needs a free business checking account.

Disclosure
This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.
Bob Phillips Bob Phillips
Having spent over fifteen years helping people plan their lives financially, Bob has a vast amount of knowledge concerning personal finance. During his career, Bob mastered many different financial products to help people achieve their financial goals, including life insurance, disability insurance, mutual funds, and stocks and bonds. He earned the Chartered Life Underwriter (CLU) designation and held numerous securities licenses. Bob is an internationally published poet and is now a freelance writer living in North Texas with his wife and Doberman puppy.
This review is based on the writer's personal opinion.