Novo Business Checking
No monthly fee + invoicing/integrations; online-only; no cash deposits; 0% APY
North One Business Banking
$0 Standard checking + APY if you spend $500 on the debit card; envelopes + integrations; weak cash / no international wires
Costs & Fees
| Metric | Novo Business Checking | North One Business Banking |
|---|---|---|
| Monthly maintenance | $0 unconditional | Standard: $0. Plus: $30/month or $300/year. Not balance-waivable. Unpaid Plus cycle → downgrade to Standard. |
| Fee waiver | N/A — already $0 | N/A on Plus — hard subscription. Standard already $0. |
| Transaction fees | No excess-item fees on schedule. Operational limits on ACH, RDC, mailed checks, ATM, POS (raisable in-app). | No excess-item fees on standard ACH, card, deposits. Flat subscription + listed item fees only. |
| Overdraft/NSF | $0 Insufficient Funds; $0 Uncollected Funds Returned. No overdraft protection product. | $0 NSF/overdraft. Insufficient funds → declined/returned. No overdraft protection offered. |
| ATM fees | Novo ATM fee $0. Third-party operator surcharge rebate max $7/customer/month. No branded free network disclosed. | Allpoint: $0 North One fee. OON: $2.50 + operator surcharge. Rebates discretionary (request within 60 days). Standard: marketing 2 OON reimbursements/mo; Plus: up to 6. |
| 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 wire $0, unlimited count. Outgoing domestic $20 (Standard) / $15 (Plus). International wires rejected. Standard ACH in/out $0. |
Interest & Yields
| Metric | Novo Business Checking | North One Business Banking |
|---|---|---|
| Checking APY | 0% — non-interest-bearing (fee schedule Annual Percentage Yield 0%) | Standard: 2.50% (rate 2.47%) on first $250,000 ADB. Plus: 3.00% (rate 2.96%) on first $250,000 ADB. Above $250k: 0.00%. |
| Savings APY | N/A — Reserves earn 0%; same deposit account | N/A — Envelopes are designations on same deposit balance, not separate savings APY |
| FDIC coverage | FDIC pass-through at Middlesex Federal Savings, F.A. — $250,000 per depositor per ownership category | Standard FDIC $250,000 per depositor per ownership category at The Bancorp Bank, N.A. |
Features & Access
| Metric | Novo Business Checking | North One Business Banking |
|---|---|---|
| Branch/ATM network | No branches. Any ATM for withdrawal only — $7/month rebate cap. No ATM cash deposit. | No branches. Allpoint ~55,000+ (withdrawal $0). Cash deposit via Green Dot retailers (Walgreens, CVS, Walmart, 7-Eleven). No teller/night drop. |
| Mobile app | iOS ~4.8; Android ~4.5–4.6 (secondary 2026 aggregators) | North One - Business Banking iOS ~4.7 (~2.8k ratings); Android 3.9 (~1.85k reviews). Android login-failure complaints noted. |
| Virtual cards | Virtual debit included. Fine-grained merchant locks not documented. | Included — team cards, freeze, permissions |
| Opening deposit | $0 ($1,000 recommended) | $0 marketing / $50 in reviews — confirm in app |
| Eligibility | U.S. sole prop (incl. DBA), LLC, corp, partnership, 501(c)(3). Trusts not offered. One checking login per EIN. | Sole prop, partnership, LP, LLP, LLC, corporation. Nonprofits explicitly excluded. Not for personal/household purposes. |
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
North One Business Banking
Pros
- Standard $0 with no min-balance fee and $0 NSF/overdraft (declines instead)
- Checking APY 2.50% / 3.00% on first $250k if $500/mo debit spend — rare among $0 business checking
- Incoming domestic wires $0, unlimited count
- Unlimited Envelopes + QBO and processor connections on both plans
- Same-day ACH and mailed checks $0 on Plus; inbound RTP up to $1M per payment
Cons
- No international wires (rejected)
- Green Dot cash cap $5,000/month; retailer fees after 1–3 reimbursements
- APY 0% above $250k; no extended FDIC sweep
- APY requires $500 monthly card spend — not park-and-earn
- Plus hard $30/$300 subscription; BBB F and freeze/closure complaints; weaker Android ratings
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.
North One Business Banking
North One is a Bancorp-partnered fintech with Standard $0 and Plus $30/$300. Conditional APY 2.50%/3.00% on first $250k requires $500 monthly debit spend. Incoming wires free; outgoing $20/$15; intl wires rejected. Green Dot cash capped $5k/mo. Envelopes and processor rails are differentiators but envelopes are labels not sub-accounts. Hard fails: cash-heavy, intl, nonprofits, non-resident founders, treasury above $250k.