Head-to-Head
Novo Business Checking
No monthly fee + invoicing/integrations; online-only; no cash deposits; 0% APY
VS
Old National Bank Business Checking
Branch + cash deposits; low/no monthly fee with 500-item cap; Midwest/Southeast relationship bank (not high-APY checking)
Monthly Fee
$0 unconditional
Access: $0 on current product page ($3/mo paper statements; eStatements free). Pro: $25/mo OR $0 with $20,000 avg ledger OR $50,000 combined checking+savings+MMA avg ledger.
Checking APY
0% — non-interest-bearing (fee schedule Annual Percentage Yield 0%)
0.00% — noninterest-bearing on Access and Pro
Rating
8.0/10
7.6/10
Costs & Fees
| Metric | Novo Business Checking | Old National Bank Business Checking |
|---|---|---|
| Monthly maintenance | $0 unconditional | Access: $0 on current product page ($3/mo paper statements; eStatements free). Pro: $25/mo OR $0 with $20,000 avg ledger OR $50,000 combined checking+savings+MMA avg ledger. |
| Fee waiver | N/A — already $0 | Access: unconditional $0 maintenance (use eStatements to avoid $3 paper fee). Pro: $20k ledger or $50k combined deposit averages. |
| Transaction fees | No excess-item fees on schedule. Operational limits on ACH, RDC, mailed checks, ATM, POS (raisable in-app). | 500 items/month free then $0.50 each. Items = checks paid, withdrawals, deposits, deposited items, ACH/POS debits and credits. |
| Overdraft/NSF | $0 Insufficient Funds; $0 Uncollected Funds Returned. No overdraft protection product. | Paid NSF/Overdraft Item $36 if overdrawn >$25; max 2 paid items/day. Daily Overdraft $7 from day 7 if overdrawn >$25 for 7+ consecutive business days, up to 5 days. Overdraft Courtesy discretionary. |
| ATM fees | Novo ATM fee $0. Third-party operator surcharge rebate max $7/customer/month. No branded free network disclosed. | ONB + Allpoint (~55,000+) $0 ONB fee. Non-ONB/non-Allpoint: $3 Foreign ATM Fee + operator surcharge. No rebate disclosed. |
| 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 $16; outgoing domestic $30; incoming intl $16; outgoing intl $50. Pro/Payments Plus: 1 free domestic outgoing wire/month; discounted fees thereafter not disclosed. |
Interest & Yields
| Metric | Novo Business Checking | Old National Bank Business Checking |
|---|---|---|
| Checking APY | 0% — non-interest-bearing (fee schedule Annual Percentage Yield 0%) | 0.00% — noninterest-bearing on Access and Pro |
| Savings APY | N/A — Reserves earn 0%; same deposit account | Business Savings and Business Market Monitor: tiered interest; APY not disclosed on public pages |
| 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 Old National Bank |
Features & Access
| Metric | Novo Business Checking | Old National Bank Business Checking |
|---|---|---|
| Branch/ATM network | No branches. Any ATM for withdrawal only — $7/month rebate cap. No ATM cash deposit. | ~346–361 banking centers in IL, IN, IA, KY, MI, MN, NC, ND, TN, WI. ONB ATMs + Allpoint ~55,000+ surcharge-free. Cash deposit at deposit-taking ONB ATMs. |
| Mobile app | iOS ~4.8; Android ~4.5–4.6 (secondary 2026 aggregators) | Old National Mobile app — Google Play ~4.5 (13.8K reviews). iOS U.S. volume uncertain from public scrapes. |
| Virtual cards | Virtual debit included. Fine-grained merchant locks not documented. | Not disclosed |
| Opening deposit | $0 ($1,000 recommended) | $100 |
| Eligibility | U.S. sole prop (incl. DBA), LLC, corp, partnership, 501(c)(3). Trusts not offered. One checking login per EIN. | Sole prop, association, org, partnership, LLC, corporation, business fiduciary/escrow per agreement. EIN emphasized in checklist. |
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
Old National Bank Business Checking
Pros
- Access $0 maintenance with 500-item bucket and no minimum balance (ONB product page)
- $25,000 monthly cash/currency free then $0.15 per $100 — explicit branch-bank pricing
- Allpoint 55k+ surcharge-free ATMs plus ~346+ owned branches in 10 states
- Pro bundles Autobooks Basic, 1 free domestic wire/month, ACH allowance, and fraud tools
- Path to ONPointe Treasury, Analysis Checking, Elavon merchant, and local lending; $400/$800 bonus through Oct 30, 2026
Cons
- 0.00% APY on checking
- In-person opening only — not nationwide online account
- 500-item definition is broad (ACH, POS, deposits count) at $0.50 over — easy to exceed
- Full current business fee schedule PDF not publicly posted
- Out-of-network ATM $3 + 3% foreign debit fee; standard FDIC $250k only
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.
Old National Bank Business Checking
Old National Access Business Banking is branch-opened FDIC checking: Access $0 maintenance, 500 items then $0.50, $25k cash free then $0.15/$100. Pro adds $25 fee (waivable at $20k/$50k), bundled Autobooks/Payments Plus, 1 free wire/month, 25 ACH/month. 0% APY. Wires $16 in / $30 out / $50 intl. Full business fee PDF not posted. Fits in-footprint cash SMBs; poor for remote founders and high-volume treasury.