Rho Business Banking
Startup / growth-stage digital treasury + $0 wires/ACH + sweep FDIC on savings; no cash, no branches
Novo Business Checking
No monthly fee + invoicing/integrations; online-only; no cash deposits; 0% APY
Costs & Fees
| Metric | Rho Business Banking | Novo Business Checking |
|---|---|---|
| Monthly maintenance | $0 unconditional on checking and savings — no paid banking subscription tiers | $0 unconditional |
| Fee waiver | N/A — core banking is $0 | N/A — already $0 |
| Transaction fees | Unlimited electronic ACH, wires, checks at $0 on published pricing. Savings limited to 6 outbound transfers/month. | No excess-item fees on schedule. Operational limits on ACH, RDC, mailed checks, ATM, POS (raisable in-app). |
| Overdraft/NSF | $0 overdraft fees advertised; overdraft facility not published. NSF/return matrix not fully disclosed. | $0 Insufficient Funds; $0 Uncollected Funds Returned. No overdraft protection product. |
| ATM fees | Not offered — cards cannot withdraw cash at ATMs; no cash advance | Novo ATM fee $0. Third-party operator surcharge rebate max $7/customer/month. No branded free network disclosed. |
| Wire/ACH | Incoming/outgoing domestic wire: $0. Same-day ACH: $0 before 2pm ET. Incoming intl: $0 Rho-side. Outgoing intl: $0 Rho fee + optional $15 SWIFT + 1% FX via Wise. Returned domestic wire ~$20–$45; recall $30 (conflict with help center 'recalls free'). | 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. |
Interest & Yields
| Metric | Rho Business Banking | Novo Business Checking |
|---|---|---|
| Checking APY | 0% — non-interest-bearing DDA. Do not treat card cashback or Treasury yield as checking APY. | 0% — non-interest-bearing (fee schedule Annual Percentage Yield 0%) |
| Savings APY | Variable competitive yield — no public rate sheet number; check live rate at rho.co/business-savings. Requires $25,000 average monthly balance or no interest. | N/A — Reserves earn 0%; same deposit account |
| FDIC coverage | Checking: $250,000 at Webster/Santander. Savings: up to $75M advertised via ADM sweep ($250k per program bank). | FDIC pass-through at Middlesex Federal Savings, F.A. — $250,000 per depositor per ownership category |
Features & Access
| Metric | Rho Business Banking | Novo Business Checking |
|---|---|---|
| Branch/ATM network | None. No branches, no ATM cash access. | No branches. Any ATM for withdrawal only — $7/month rebate cap. No ATM cash deposit. |
| Mobile app | G2 4.8 (~121 reviews); iOS ~4.6–4.8 (small n); Android ~3.8 (5 reviews); Trustpilot low-to-mid 3s | iOS ~4.8; Android ~4.5–4.6 (secondary 2026 aggregators) |
| Virtual cards | Included — physical + virtual Mastercard with spend controls, merchant locks | Virtual debit included. Fine-grained merchant locks not documented. |
| Opening deposit | $0 | $0 ($1,000 recommended) |
| Eligibility | U.S.-based incorporated businesses — LLC, C-corp, S-corp, nonprofits with EIN. Sole proprietorships NOT eligible per FAQ. EIN required to move money. | U.S. sole prop (incl. DBA), LLC, corp, partnership, 501(c)(3). Trusts not offered. One checking login per EIN. |
Pros & Cons
Rho Business Banking
Pros
- $0 monthly, $0 same-day ACH, $0 domestic wires, $0 mailed checks on published pricing
- Checking at Webster/Santander (Santander U.S. org ~$327B post 8/20/2026 close)
- Savings ADM sweep advertises $75M FDIC per entity via 400+ bank network
- Treasury RIA securities book (T-bills + funds) with dated net-yield grid and $50k minimum
- AP, expenses, invoicing, and QBO/NetSuite/Sage/Xero bundled at $0 per seat with role/approval controls
Cons
- No cash, no ATMs, no branches — requires second bank for cash businesses
- Checking earns 0%; operating cash in checking is a yield leak
- $75M FDIC headline is savings-only; checking capped at $250k Webster
- Treasury 4.60% is VFSTX/$20M+/15bp case — SIPC not FDIC, market risk, 2–3 day liquidity
- Sole props ineligible; strict industry/geo KYC; savings APY not published; 6 savings transfers/month
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
Verdict
Rho Business Banking
Rho is a fintech (Under Technologies, Inc.) with checking and cards at Webster Bank, a division of Santander Bank, N.A. ($250k FDIC). Rho Savings is a separate ADM sweep to $75M (400+ banks) with $25k average balance gate for interest. Rho Treasury is SIPC securities (T-bills + funds) at $50k min with 15–60 bp wrap. Published banking price is $0 for monthly fee, ACH, same-day ACH, domestic wires, and mailed checks. Differentiator is bundled AP, expenses, invoicing, and ERP integrations at $0 per seat. No cash or ATMs. Checking 0% APY. Fits incorporated cashless startups; not sole props or cash businesses. Re-verify savings APY and Treasury yields quarterly.
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.