Novo

Overview

Novo is a fintech that offers business checking with no minimums and no monthly fees, free standard ACH transfers and free invoicing^[14]. Banking services and the debit card are provided by Middlesex Federal Savings, F.A., Member FDIC, while Novo’s credit card and loans are issued by Continental Bank^[14]. Eligible deposits are insured up to $5 million per depositor through Middlesex and other banks in its sweep network^[14].

Instead of paying interest, Novo advertises cash back on eligible purchases: 2% when the checking balance is $5,000 or more and 1% below that^[14]. The homepage does not describe ATM fee refunds, cash deposit methods or a paid plan, so businesses that handle cash need to check the account agreement^[14]. In 2026 Novo published a switching guide for customers of North One, stating that North One was closing and advising customers to keep that account active during the transition^[15]. Novo’s appeal is a free account with high insured limits for small online businesses and sole traders; its documentation on fees beyond the core account is thinner than that of the banks in this list.

Novo features

• No monthly fee or minimum
• Free standard ACH
• Free invoicing
• Cash back tied to balance
• $5M sweep coverage

Novo pricing

Novo checking: $0 monthly fee, no minimums. Cash back 2% with $5,000+ balance, 1% below. Other fees in the account agreement.

Novo strengths and limitations

Appears in

• Best Business Bank Accounts in 2026 #10

Novo alternatives and competitors

Alternatives to Novo: companies ranked in the same lists.

• Mercury
• RRelay
• Bluevine
• Axos Bank
• U.S. Bank National Association
• Chase Business Complete Banking
• Bank of America
• Capital One, National Association
• Found
• Lili
• Wells Fargo Bank, N.A.
• TD Bank Group