Novo Business

Novo is a fintech business checking account built for freelancers, solopreneurs, and small businesses that want a simple, genuinely free account with no hidden fees. It launched in 2016 and has built a loyal following among independent contractors, consultants, and small service businesses who find traditional bank accounts unnecessarily complex and expensive.

This review covers Novo’s account structure, deposit protection, pricing, and the types of businesses it serves best.

Is Novo available for US businesses?

Novo is available to US-registered businesses and sole proprietors operating in the United States. Applicants need a US Employer Identification Number (EIN) or, for sole proprietors, a Social Security Number (SSN). Novo is designed for the US domestic market and is not set up for international founders forming US entities. If you are based outside the US and want a US business account, Mercury or Brex are better options. Confirm current eligibility requirements on Novo’s official site.

Regulatory status and deposit protection – read this first

Novo is not a bank. Novo is a fintech platform. Customer deposits are held at Middlesex Federal Savings, F.A., an FDIC-member partner bank. Under standard FDIC rules, deposits are insured up to $250,000 per depositor per partner bank.

Novo does not offer a sweep network or extended FDIC coverage beyond the standard $250,000 limit. Businesses that hold balances significantly above $250,000 should consider whether a single-bank $250,000 cap is sufficient for their risk tolerance, or explore supplementary arrangements. For the typical freelancer or small business that Novo targets, the standard $250,000 FDIC limit is more than adequate. Always verify the current partner bank on Novo’s official site.

Pricing and plans

Novo operates a single free tier. Confirm current fee schedule on Novo’s official site before committing.

Novo has no monthly fee and no minimum balance. Domestic ACH transfers are free. Novo refunds ATM fees up to a monthly limit (confirm current limit). Outgoing wire transfers carry a fee; confirm current wire pricing on Novo’s site. There are no overdraft fees – if a transaction exceeds your balance it is simply declined.

Key features for small businesses

• No monthly fee, no minimum balance
• Unlimited free transactions (ACH, in-network)
• ATM fee refunds (up to monthly limit)
• Invoicing tool built into the Novo app
• Integrations with Stripe, Shopify, QuickBooks, Xero, Slack, and others
• Mobile check deposit
• Novo Boost – early access to Stripe payouts (confirm current availability)
• Shared access for team members

Pros

• Genuinely free with no hidden fees
• Simple, clean mobile app suited to non-finance users
• Strong integrations for freelancers using Stripe or Shopify
• No overdraft fees – declines instead of charging
• ATM fee refunds add convenience for businesses that occasionally need cash

Cons

• Not a chartered bank – deposits rely on a single partner bank
• No sweep network – FDIC coverage capped at $250,000
• No interest paid on checking balances
• No cash deposits
• No physical branches
• Wire transfer fees apply
• Not suitable for international founders (US presence required)

Who should use Novo?

Novo is an excellent fit for freelancers, independent contractors, solopreneurs, and micro-businesses that want a no-fee checking account with a clean interface and useful integrations. It is particularly well-suited to Stripe or Shopify users who can benefit from the Novo Boost early payout feature and seamless integration. Novo is not the right choice for businesses holding more than $250,000 in cash, those that need branch access or cash deposits, or businesses with complex banking needs like payroll accounts, sub-accounts, or treasury management.

Verdict

Novo earns 4.1 out of 5 as a clean, free fintech checking account for freelancers and small businesses. It does exactly what it promises: no monthly fees, unlimited transactions, and useful integrations at zero cost. The limitations—no yield, single-bank FDIC coverage, no cash deposits—are acceptable trade-offs for its target user. For solo operators and small teams that want simple and free, Novo is a very strong option in 2026.

Fees, features, and partner bank arrangements change over time. Always confirm current details on Novo’s official website before making financial decisions.