Novo Business Checking
No monthly fee + invoicing/integrations; online-only; no cash deposits; 0% APY
Costs & Fees
Monthly maintenance: $0 unconditional
Fee waiver: N/A — already $0
Transaction fees: No excess-item fees on schedule. Operational limits on ACH, RDC, mailed checks, ATM, POS (raisable in-app).
Overdraft/NSF: $0 Insufficient Funds; $0 Uncollected Funds Returned. No overdraft protection product.
ATM fees: Novo ATM fee $0. Third-party operator surcharge rebate max $7/customer/month. No branded free network 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.
Cash deposit: Not offered — no branch, ATM, or retail cash deposits
Interest & Yields
Checking APY: 0% — non-interest-bearing (fee schedule Annual Percentage Yield 0%)
Savings APY: N/A — Reserves earn 0%; same deposit account
FDIC coverage: FDIC pass-through at Middlesex Federal Savings, F.A. — $250,000 per depositor per ownership category
Access, Features & Tools
Access
Branch/ATM: No branches. Any ATM for withdrawal only — $7/month rebate cap. No ATM cash deposit.
Mobile app: iOS ~4.8; Android ~4.5–4.6 (secondary 2026 aggregators)
Cash deposits: None. Workaround: money order then mobile deposit (MoneyGram not accepted)
Features
Invoicing/bill pay: Novo Invoices included. ACH + mailed checks $0. Card collection = processor rates.
Virtual cards: Virtual debit included. Fine-grained merchant locks not documented.
International: USD only. Send FX via Wise. No multi-currency balances.
Integrations
- ✓ QuickBooks (included)
- ✓ Xero (included)
- ✓ Stripe, Shopify, Square, PayPal
- ✓ Amazon, eBay, Etsy, WooCommerce
- ✓ Slack, Zapier, Gusto, Wise
Limits & Requirements
Opening deposit: $0 ($1,000 recommended)
Minimum balance: $0 to keep open. Inactivity fee authorized after 18 months — amount not on Feb 2026 schedule.
Eligibility: U.S. sole prop (incl. DBA), LLC, corp, partnership, 501(c)(3). Trusts not offered. One checking login per EIN.
Best for: No monthly fee (unconditional) Free inbound wires Invoicing included Stripe / Shopify integrations Novo Reserves (20 buckets) Sole prop friendly Nonprofit eligible Startup-friendly
Pros & Cons
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
Solid Pick (indie / ecommerce / freelance digital businesses)
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.