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NOVO Review
8.2
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Advertiser 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.
Advertiser 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.

NOVO Reviews

8.2
David Bufton

WRITTEN BY

David Bufton
Excels in business checking accounts
Excels in business checking accounts
About NOVO

Novo is a financial technology company that provides a business checking account platform for small businesses. Actual banking services are provided by Middlesex Federal Savings. Novo was founded in 2018 in New York City but does not have any physical branch offices.

Novo’s emphasis and expertise is in the area of business checking accounts, which is its sole financial product.  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.”

8.2

LS SCORE

9.1

CREDIBILITY

6.4

SUPPORT

6.8

ACCESSIBILITY

NOVO Online Banking Review

NOVO’s business banking platform offers a suite of financial products and services to help small businesses manage their finances more efficiently. Their platform includes features such as online banking, mobile check deposit, ACH payments, and business debit cards.

NOVO has a user-friendly interface that allows business owners to easily manage their finances and make informed financial decisions. The platform is designed to be simple and intuitive, making it easy for businesses of all sizes to access the financial tools they need to succeed.

NOVO Online Banking Highlights

ATM NETWORK

'unlimited'

OVERDRAFT FEES

27

OTHER FEES

Yes

Account Type
  • Business

NOVO Checking business Highlights

DEPOSIT AMOUNT

No minimum

Pros & Cons
  • No published or hidden fees for checking accounts
  • Unlimited ATM network (fees refunded)
  • No minimum opening deposit or daily balance required
  • No physical branches
  • Cumbersome to make a cash deposit
  • No interest paid on checking account balance

Features Benefits & Rewards

  • No fees
  • ATM fees refunded
  • No minimum account balance required
  • Can accept payments using Stripe

Account Types

Business Checking

The only type of account Novo offers; it is fee-free and comes with a mobile app. A debit card is also available. Unlimited deposits can be made without fees. For cash deposits, cash must first be turned into a cashier’s check, then that check is 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

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.

 

Novo-business-step-1
Step 1

Get started

State Availability

Available in all states

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.

In Conclusion

For a small business that wants a free business checking account and keeps a balance of under $250,000, Nova is a suitable choice. However, a customer support number is not listed on the website, and support reviews from Novo customers are mixed.

FAQ

What business documents do I need to open an account?
Novo requires that all applicants have a copy of their signed personal identification, a mobile phone using one of the major US carriers, a Social Security number, and a U.S. address to complete the application. All applicants must be at least 18 years old. Depending on your business type, we may require additional information for you to apply.
Is my money FDIC insured with Novo?
Yes, your money is FDIC insured with Novo through Middlesex Federal Savings up to $250,000 per depositor.
Do you check my credit history when I apply for a Novo account?
Novo will not check your credit history when you apply for a Novo account. Also, having an account with Novo will not affect your credit score.
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.

WRITTEN BY

David Bufton

After graduating from the University of Warwick with a degree in accounting, David went on to become a fully certified accountant. Since then, he has amassed years of experience working in and writing for various sectors, including finance, gaming, and telecommunications. Now, he uses his extensive experience and knowledge in business and finance to deliver top-quality content.

8.2

LS SCORE

9.1

CREDIBILITY

6.4

SUPPORT

6.8

ACCESSIBILITY
Opening Hours
Mon-Fri
9am-6pm EST
Sat-Sun
Closed
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