Novo Business Checking
No monthly fee + invoicing/integrations; online-only; no cash deposits; 0% APY
Found Business Banking
$0 monthly fee + built-in taxes/bookkeeping for self-employed; APY only on paid plans or card-spend bonus
Costs & Fees
| Metric | Novo Business Checking | Found Business Banking |
|---|---|---|
| Monthly maintenance | $0 unconditional | Found Free $0. Optional Plus $35/mo or $315/yr; Pro $80/mo or $720/yr. No balance waiver required. |
| Fee waiver | N/A — already $0 | N/A — Free tier has $0 maintenance; Plus/Pro are optional subscriptions |
| Transaction fees | No excess-item fees on schedule. Operational limits on ACH, RDC, mailed checks, ATM, POS (raisable in-app). | No excess-item or per-count fees on ACH, deposited checks, or electronic items. Unlimited standard ACH in/out. |
| Overdraft/NSF | $0 Insufficient Funds; $0 Uncollected Funds Returned. No overdraft protection product. | No overdraft fees. Account not designed to overdraft; negative balance from merchant adjustments or ACH timing risks closure. |
| ATM fees | Novo ATM fee $0. Third-party operator surcharge rebate max $7/customer/month. No branded free network disclosed. | Found does not add ATM fee. Operator surcharge possible. No surcharge rebate. No branded free network. |
| Wire/ACH | Incoming domestic: $0. Outgoing domestic: up to $45 (online only, eligibility-gated). Incoming intl: $0 Novo-side. Outgoing intl: via Wise (Wise fees apply). Standard ACH in/out: $0. | Incoming domestic: $0. Outgoing domestic: $15 (Free/Plus), $10 (Pro). Incoming intl USD: $0 (SWIFT LEADUS49). Outgoing intl: not disclosed/not offered. Standard ACH in/out: $0 unlimited. |
Interest & Yields
| Metric | Novo Business Checking | Found Business Banking |
|---|---|---|
| Checking APY | 0% — non-interest-bearing (fee schedule Annual Percentage Yield 0%) | Free: 0% ongoing. Yield is monthly Balance bonus labeled APY — variable, paid 1st of following month. |
| Savings APY | N/A — Reserves earn 0%; same deposit account | N/A — Pockets are sub-accounts in same checking; same yield rules apply |
| FDIC coverage | FDIC pass-through at Middlesex Federal Savings, F.A. — $250,000 per depositor per ownership category | FDIC pass-through via Lead Bank — $250,000 per depositor per ownership category |
Features & Access
| Metric | Novo Business Checking | Found Business Banking |
|---|---|---|
| Branch/ATM network | No branches. Any ATM for withdrawal only — $7/month rebate cap. No ATM cash deposit. | No branches. Any Mastercard ATM for withdrawal — Found $0, no rebate. ATM cash-out $550/day new, $1,550/day established. No ATM cash deposit. |
| Mobile app | iOS ~4.8; Android ~4.5–4.6 (secondary 2026 aggregators) | iOS Found: Business Banking ~4.8 (~26k–34k ratings); Google Play ~4.7 (~16k–18.5k reviews) |
| Virtual cards | Virtual debit included. Fine-grained merchant locks not documented. | Virtual + team cards with spend limits; lock/delete virtual cards |
| Opening deposit | $0 ($1,000 recommended) | $0 |
| Eligibility | U.S. sole prop (incl. DBA), LLC, corp, partnership, 501(c)(3). Trusts not offered. One checking login per EIN. | Sole prop, single/multi-member LLC, C-Corp, S-Corp, partnership. Nonprofits can use banking/invoicing (tax tools poor fit). Up to 4 additional beneficial owners plus primary. |
Pros & Cons
Novo Business Checking
Pros
- $0 monthly, $0 minimum, $0 NSF/stop-pay/statement/card replace (Feb 2026 schedule)
- Free standard ACH both ways; $0 inbound domestic and foreign wires
- Invoices + up to 20 Reserves in one account
- Stripe/Shopify/Square/QuickBooks/Xero connectors (40+ integrations)
- Virtual + physical debit; $7/month ATM rebate; fast U.S. online open including nonprofits
Cons
- No cash deposits at all
- 0% APY; Reserves earn nothing
- Advertised FDIC $250,000 only — no marketed multi-million sweep
- Outbound wires up to $45 and eligibility-gated; FX via Wise only
- Weekday support; added users get full owner access; freeze/hold complaints recur
Found Business Banking
Pros
- $0 maintenance, $0 min balance, $0 overdraft fee, unlimited standard ACH (Jul 13, 2026 schedule)
- Native tax Pocket, estimates, write-offs, invoicing, and 1099 contractor tools on Free
- Pockets with dedicated account numbers; up to 5 businesses per login
- Incoming domestic + USD international wires at $0 from Found; SWIFT LEADUS49
- Optional 2.50% APY no cap on Pro; 1% card cash-back on Pro; strong app-store ratings
Cons
- Found is not a bank; pass-through FDIC $250,000 at Lead Bank only
- Cash ($2/deposit after 1 free/month) and mobile-check caps low for cash businesses
- Free APY is $0 or spend-gated bonus; Plus yield capped at $20k and can be eaten by subscription
- No surcharge-free ATM network; no ATM cash deposit
- Patterned freeze/hold complaints; outgoing FX wires, checkbooks, ICS, and W-2 payroll absent
Verdict
Novo Business Checking
Novo Business Checking is a single-tier online account from fintech Novo Platform Inc. with deposits at Middlesex Federal Savings, F.A. (FDIC Cert. 28368). Feb 26, 2026 fee schedule: $0 monthly, $0 NSF, $0 standard ACH, $0 inbound wires, 0% APY. Costs appear on Express ACH (1.5%), Express Check Deposit (up to 2%), outbound wires (up to $45 when enabled), and ATM surcharges above $7/month rebate. Up to 20 Reserves inside same 0% account. Strong ecommerce integrations. No cash, no branches, $250k FDIC advertised. Fits indie digital businesses; weak for cash, treasury, international founders, and teams needing permission controls.
Found Business Banking
Found is an online business checking platform from Indie Technologies with deposits at Lead Bank (FDIC Cert. 8283). Three tiers share same rails: Free ($0), Plus ($35/mo), Pro ($80/mo). Jul 13, 2026 schedule: $0 maintenance, $0 overdraft, unlimited free ACH. Costs on wires ($10–$15), mailed checks ($1, free Pro), Instant/Express payouts, cash ($2 after 1 free/month), dormancy ($10/12 mo). Yield: Free 0% or 2% card-spend bonus; Plus 1.50% on first $20k; Pro 2.50% no cap + 1% card cash-back. Differentiator is built-in tax Pocket, Schedule C books, invoicing, and contractor 1099s. Cash capped $2k/week and $4k/month at retail. $250k FDIC only. Strong app UX; freeze/support complaints are operational risk.