Score 7.5
Regulation FDIC
review page banner
Score 7.5
Regulation FDIC

What is Novo?

Novo, Online banking platform is designed to assist clientele with all financial transactions. Novo attracts SMEs, start-ups, freelancers, and consultants. As an independent FinTech company, Novo is a self-starter, with all banking services under the auspices of Middlesex Federal Savings. Established with innovation and entrepreneurial flair in mind, Novo combines cutting-edge technology and future-oriented thinking.

Established by Michael Rangel and Tyler McIntyre in 2016, Novo provides small business owners with an abundance of low-cost financial resources. Novo is a disruptive force in the banking sector with seamless transfers and zero hidden fees. There is no minimum balance requirement, making it easy for fledgling companies with scant resources to access cutting-edge mobile banking services. The company provides debit cards for purchases, and clients can easily withdraw from ATMs.

What makes Novo different from other FinTech start-ups and mobile banks is the fully customized product, courtesy of the partnership with Middlesex Federal Savings. An intricately developed banking infrastructure allows for fully customized solutions for individual SMEs. Any American business can apply for a business checking account with Novo. This authentic banking solution relies on out-of-the-box thinking, with fully digitized solutions to meet a wide range of business requirements.

Key Details

United States
FDIC (via Middlesex Federal Savings)
Novo Key Details
Founded 2016
Headquarters United States
Users 200,000+
Regulation FDIC (via Middlesex Federal Savings)

Novo Pros & Cons

  • green-check-mark No Monthly Fees & No Minimum Balance
  • green-check-mark No Minimum Deposits
  • green-check-mark Mobile Payments Worldwide
  • green-check-mark Instant Check Deposits
  • green-check-mark Refunds on ATM Fees Charged up to $7 per month
  • green-check-mark Invoice Management
  • green-check-mark Fully Integrated with other Services Such as Stripe, Xero, QuickBooks & Shopify
  • Money Services, Crypto, Gambling products and Marijuana related Businesses are not Permitted
  • Lacks Cash Deposit Option
  • Savings Accounts aren’t available
  • No Interest on Earnings
  • No physical branches

Novo Features

As an award-winning banking solution for SMEs, Novo stands out from the competition with its fully functional, low-cost mobile banking services. Optimized for iPhone, iPad, and Android devices, Novo is packed full of features in a user-friendly app. It’s easier than ever before to make payments, receive payments, send invoices, and perform a wide range of online transactions.

There are plenty of features available through Novo business banking solutions, notably:

Rapid Account Registration

Accordeon button

Novo offers business clients FDIC-insured banking services through the Middlesex Federal Savings bank. It is easy to apply for an account from your handheld device, no fuss, and no delays necessary. Getting started is a breeze; simply enter a business email, password, and referral code if you have one. Customer care consultants work hard to expedite new account registrations.

Full Flexibility

Accordeon button

The Novo banking solution offers maximum flexibility via Apple Pay and Google Pay. This added convenience means that you don’t need to have your card with you to process payments.

The Novo Virtual Card

Accordeon button

The Novo Virtual Card facilitates instant access to account resources. This card can be activated directly from the mobile app on your smartphone. Clients can spend funds through various channels, including online, through Apple Pay, or Google Pay.

Global Acceptance

Accordeon button

Novo is internationally accepted wherever you travel. Thanks to the Novo debit card, and its high-tech security features (EMV), clients can receive instant notifications for all transactions processed on the account, enjoy fee-free ATM withdrawals (through refunds up to $7 per month), and much more.

Full Invoice Management

Accordeon button

With Novo, business clients can create, edit, and send invoices to clients within seconds. There are unlimited invoices available in the Novo checking account, and it’s easy to integrate with their array of services such as PayPal, Square, and Stripe. This banking service accepts check payments and transfers, with no transactions fees to worry about.

Fees Icon

Novo Reserves for a Rainy Day

Accordeon button

This business banking solution allows clients to put money aside for eventualities, including payroll expenses, quarterly taxes, profit, or other business expenses. Is possible to create up to 20 Novo reserves. Fans can easily be moved in and out of these reserves, with automatic allocations readily available.

Easy Funds Transfers

Accordeon button

There is no minimum deposit amount for Novo transfers. It’s easy to transfer funds into your Novo account, or out of your Novo account.

Multiple Banking Integrations

Accordeon button

Novo allows business clients to connect to Stripe, the verified partner. This integration allows for instant updates of Stripe balances, with up to $20K in fee-free processing.

Instant Check Deposit

Accordeon button

Thanks to the powerful business banking app, Novo facilitates unlimited check deposits. This service is 100% free. Simply take a photograph of the check to process the transaction.

Payments Processing Capabilities

Accordeon button

Novo makes it easy to process domestic and international payments. Business clients can send paper checks and ACHs fee-free. Worldwide transfers are processed through Wise.

Excellent Customer Support

Accordeon button

Novo support representatives are professionally trained to assist clients with all manner of questions, comments, or complaints. Their human-powered support teams can be reached directly through the app, wherever you are.

Plans & Pricing

Novo online banking platform is available to clients for a low cost. In fact, account holders can enjoy complimentary business checking services. Plus, there are no hidden fees as detailed in the Novo checking fee schedule. A simple pricing structure is available to all clients:

Minimum amount to open $0
Minimum balance $0
Annual percentage yield0%
Monthly service charge $0
Early account closing fee $0

Novo does not currently provide any personal checking services to clients. The company focuses on creating an enhanced banking experience for SMEs. Currently, clients can open accounts for corporations, LLCs, and sole proprietorships. This financial technology company does not function as a bank, but offers banking services courtesy of Middlesex Federal Savings Bank which is a member of the FDIC.

Novo only offers a business checking account to qualified clients.

Novo Fees

Incoming ACH$0
Outgoing ACH $0
Incoming domestic wire$0
Incoming foreign wire $0
Stop payments$0
Insufficient funds charge $0
Uncollected funds returned fee $27
Debit card replacement$0
Physical check bill payment $0
Bank check $0
Paper statement fee $0


Who qualifies to open a Novo business bank account?

Accordeon button Accordeon button

Novo business accounts are only available for business owners in the US. These business owners must provide a SSN.

What types of documentation are required to open an account?

Accordeon button Accordeon button

Novo is a FinTech corporation that has partnered with an FDIC-insured bank. As such, all activities are aboveboard and compliant with regulatory requirements. This means that sole proprietorships, LLCs, partnerships, and corporations will be required to provide extensive information and proof of business ownership, location, and other pertinent data.

Clients will be required to enter a mobile phone number, Social Security number, business ID number (EIN), meet the minimum age requirement of 18+ et al. The registration process requires proof of ID/citizenship. Your driver’s license, ID card, or passport will be required to process your application.

What is the process for opening a Novo business bank account?

Accordeon button Accordeon button

It’s a relatively straightforward process. If you are a foreign corporation operating in the US, or a US-based business, you can apply to open a Novo business bank account. The following companies qualify – sole proprietorships, partnerships, LLCs, and corporations. You must enter your Social Security number (SSN) and your business EIN for LLC corporations.

How can I access my account at Novo?

Accordeon button Accordeon button

You can access your account through your mobile device. The Novo mobile app is compatible with Android and iOS devices. So, log into your account at your leisure.

Are my funds protected?

Accordeon button Accordeon button

Absolutely! As a FinTech company, Novo is intently focused on the safety and security of client information. This disruptive company has partnered with Middlesex Federal Savings (FDIC insured up to $250,000) to guarantee the security of deposits held by MFS. Additionally, Novo utilizes industry-standard, bank-level encryption protocols (SSL) to safeguard the integrity of your account. The security of your account is enhanced by way of multiple safeguards (ID telephone number, business address, EIN, SSN, and other forms of verification). Only a legal, registered business owner can open an account at Novo. The privacy policy details how Novo protects your information.

User Reviews


We are a small consulting business and most of our Contractor Convergence clients pay us for our services monthly. The seamless integration with Novo and Stripe the other great online banking features make this an easy option for us.

By Kyler Wolf November 26, 2023

When my previous business bank Azlo notified us they were shutting down, I searched for a similar bank. Through research I found Novo, and for the past few years they have been nothing but excellent! Great service, personal touch, and they continue to evolve and offer business banking that serves small business needs.

By SpacedOut Studios Ent. November 26, 2023

My experience with Novo has been nothing shirt of AWESOMENESS! Iam so very pleased with the personalization being a business account owner, and being able to access professional customer service reps to help make my experience a great experience. I know this seems too good to be true. YOU need to see for yourself. I have an individual assigned to my account, and he is spot on. I’m not used to someone contacting me directly for all of my needs. I’m so very pleased. I feel like part of the family, not just another account number. Novo is a keeper!

By LaToya Stephens November 22, 2023

Our Verdict

Novo’s services are a cut above the rest. We evaluated this US-based FinTech solution and its banking services against many other operators. Novo comes out ahead with its low-cost or no-cost fee structure for a wide range of financial services. Currently, only a business checking account is available. There are no savings accounts, and there is no option for earning interest on money held in your account.

However, it is a mobile-powered service for Android and iOS devices. It means you can manage all your financial affairs from the comfort of your smartphone or tablet. Among the many features available with Novo business banking solutions are the Novo debit card, invoice management, instant check deposits, mobile payments worldwide, full integration with many different services such as XERO, QuickBooks, Stripe, and Shopify.

Plus, if you spend any money using a foreign ATM, Novo will refund those fees to you. So, overall, two thumbs up for a fantastic business banking solution, courtesy of Novo and MFS. For a full-service solution with minimal costs, Novo is the sensible alternative.