Novo Business Checking
No monthly fee + invoicing/integrations; online-only; no cash deposits; 0% APY
Primis Business Checking
$0 monthly + $1 open; pick 1% debit cash-back or 1.75% checking APY, plus 4.00% business savings — online nationwide, cash only in VA/MD footprint
Costs & Fees
| Metric | Novo Business Checking | Primis Business Checking |
|---|---|---|
| Monthly maintenance | $0 unconditional | $0 unconditional on all three digital products |
| Fee waiver | N/A — already $0 | N/A — already $0; no balance or activity waiver needed |
| Transaction fees | No excess-item fees on schedule. Operational limits on ACH, RDC, mailed checks, ATM, POS (raisable in-app). | No per-item fees on digital line. Marketing 'unlimited transactions'; operational channel caps on ACH/wires/ATM apply (see limits). |
| Overdraft/NSF | $0 Insufficient Funds; $0 Uncollected Funds Returned. No overdraft protection product. | $0 NSF; $0 overdraft item; $0 return deposited item. Not an invitation to overdraw; bank may return items. OD protection not disclosed as priced product. |
| ATM fees | Novo ATM fee $0. Third-party operator surcharge rebate max $7/customer/month. No branded free network disclosed. | Primis ATM $0. Any U.S. ATM — no Primis fee; foreign operator surcharge rebated (~15th of month; account must remain open). Daily ATM cash-out cap $550. |
| 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 (+ originating-bank fee refund + $10 if requested within 30 days with docs). Outgoing domestic $5. Incoming intl $0. Outgoing intl $35 (FX markup not disclosed). App ACH in/out $0 but volume capped. |
Interest & Yields
| Metric | Novo Business Checking | Primis Business Checking |
|---|---|---|
| Checking APY | 0% — non-interest-bearing (fee schedule Annual Percentage Yield 0%) | Unlimited: 0% APY (1% debit cash-back reward). Pro: 1.75% APY on all balances, no tiers, no earnings limit. |
| Savings APY | N/A — Reserves earn 0%; same deposit account | Business Savings: 4.00% APY on all balances; no account maximum on marketing. Separate account from checking. |
| 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 Primis Bank. Primis + 316 Financial + Panacea aggregate. |
Features & Access
| Metric | Novo Business Checking | Primis Business Checking |
|---|---|---|
| Branch/ATM network | No branches. Any ATM for withdrawal only — $7/month rebate cap. No ATM cash deposit. | 24 full-service VA/MD branches (YE2025). Any U.S. ATM for withdrawal — surcharge rebate on checking. Cash deposit at ATM implied Primis machines in VA/MD only. |
| Mobile app | iOS ~4.8; Android ~4.5–4.6 (secondary 2026 aggregators) | Primis Digital Banking iOS ~4.6 (289 ratings); Android ~4.9 (~232 reviews). Legacy Classic Business Android ~3.0 (~29) — treat as deprecated. |
| Virtual cards | Virtual debit included. Fine-grained merchant locks not documented. | Not disclosed |
| Opening deposit | $0 ($1,000 recommended) | $1.00 |
| Eligibility | U.S. sole prop (incl. DBA), LLC, corp, partnership, 501(c)(3). Trusts not offered. One checking login per EIN. | Sole props and small business marketed. Entity list not fully published. Beneficial ownership information required. |
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
Primis Business Checking
Pros
- Unconditional $0 monthly, $0 NSF/OD, $0 item fees on digital line (12/1/2025 schedule)
- $1 opening; Pro 1.75% APY and Business Savings 4.00% APY with no balance tiers (stamp 7/1/2025; observed 9/1/2026)
- Incoming wires $0 plus originating-fee refund + $10 program
- Nationwide ATM surcharge rebate; automatic extra FDIC up to $2M on Business Savings
- V1BE free cash courier in Mid-Atlantic; real Virginia-chartered FDIC bank (Cert. 57968)
Cons
- Marketing 'no fees' conflicts with $5 domestic / $35 international outgoing wires and ancillary fees
- App ACH capped at $18,000/day and $100,000/month undercuts 'unlimited' claim
- Cash deposit regional only — VA/MD branches and V1BE, no national retail rail
- Integrations and multi-user controls thin vs specialist business banks; export-only QBO
- Digital products unavailable in PR/territories; reviews cite denials, freezes, hold friction
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.
Primis Business Checking
Primis Bank (FDIC Cert. 57968) offers a digital trio: Unlimited (1% debit cash-back), Pro (1.75% APY), Business Savings (4.00% APY), each $1 to open and $0 monthly. Fee schedule (12/1/2025) prices outgoing wires at $5/$35 despite 'no fees' marketing. Channel limits bind before item fees: app ACH $18k/day and $100k/month. Savings auto-sweeps for up to $2M FDIC. Bill pay, positive pay, and cash-flow analytics included; not a full treasury stack. Strong yield-focused pick for modest-volume digital SMBs.