Novo Review
Free business checking account for solopreneurs and small businesses
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Looking for a Novo alternative? See our ranked comparison.→What is Novo?
Novo is a fintech, not a bank. The account itself sits at Middlesex Federal Savings, F.A., and Novo builds the app, debit card, and invoicing layer on top. You get one free business checking account with no monthly fee and no minimum balance, plus Reserves (sub-buckets inside the same account for taxes, payroll, or profit) and built-in invoicing.
Novo also sells add-on products: a business credit card, working capital through Novo Funding, and an AI bookkeeping tool that auto-categorizes expenses. These are separate products layered onto the same account, not extra pricing tiers on the checking account.
Novo screenshots
Who it's for
- ✓ Solo founders and freelancers who want a $0 checking account with invoicing built in
- ✓ Small businesses that mainly use ACH and don't need cash deposits or a branch network
- ✓ Teams that want simple budgeting buckets (Reserves) without a separate savings account
Who should look elsewhere
- ✗ Businesses that regularly deposit cash, since Novo has no cash deposit network
- ✗ Teams that need phone support or fast escalation if something goes wrong with the account
- ✗ Companies that need multiple linked sub-accounts or advanced multi-user permission controls
Pros
- + No monthly fee, no minimum balance, and no charge for insufficient funds
- + Full fee schedule is published, so there's no quote-only pricing to chase down
- + Reserves let you set aside money for taxes or payroll inside the same account without opening a second one
- + Free invoicing and bill pay are built into the account instead of sold as a separate tool
Cons
- – Support is email and in-app only, no phone line, which is slow if something urgent comes up
- – Multiple Better Business Bureau complaints describe accounts frozen for weeks with no documents requested and only generic 'under review' replies
- – No cash deposit option, so cash-heavy businesses need a second account
- – ATM fee reimbursement caps at $7/month, which won't cover heavy ATM use
Novo pricing
What you pay for
Novo does not charge for the checking account itself. You only pay if you use optional speed-ups like express ACH delivery, express check deposit, or outgoing wires, each billed per transaction rather than as a subscription. Pricing is fully disclosed on Novo's public fee schedule, so there's no quote-only guessing.
It has a free plan, so you can start at no cost in Startup Banking.
| Plan | Price | Highlights |
|---|---|---|
| Novo Checking | Free | No monthly service charge · No minimum balance · Unlimited invoicing and bill pay · Free incoming and outgoing ACH · Up to $7/month in ATM fee reimbursement |
Novo has one checking account, not tiered plans. The account itself is free: $0 monthly service charge, $0 minimum balance, $0 insufficient funds charge. The fee schedule lists per-transaction charges outside normal use: outgoing domestic wire up to $45, outgoing Express ACH at 1.5% of the transfer (min $0.50, max $20), and Express Check Deposit up to 2% of the check amount (min $0.50). Incoming wires, ACH, and standard use carry no fee. Fee schedule last revised February 26, 2026.
Pricing verified July 7, 2026 · source
How Novo's pricing compares
Novo next to its closest alternatives on entry price, billing, and whether pricing is public.
Is Novo still actively developed?
Last significant update: October 2024. Launched a suite of solopreneur products at Money 20/20: Novo Bookkeeping (AI expense categorization), Novo Invoice Flex (instant invoice advances), and a Novo Business Credit Card.
Top Novo alternatives
Novo FAQ
Does Novo charge a monthly fee?+
No. The checking account has a $0 monthly service charge and no minimum balance requirement.
Are there hidden fees on wires or ACH?+
Incoming wires and standard ACH are free. Outgoing domestic wires cost up to $45, and express (same-day) ACH or check deposits carry a small percentage fee with a capped maximum, all listed on Novo's public fee schedule.
Is Novo a bank?+
No. Novo is a financial technology platform. Deposit accounts are held at Middlesex Federal Savings, F.A., a Member FDIC institution.
Why do some customers say their Novo account got frozen?+
Multiple Better Business Bureau complaints describe accounts restricted or frozen for weeks with vague 'under review' responses and no list of required documents, tied to the banking partner's compliance review process rather than a fee dispute.