Business Insider's personal finance team compared the Novo Business Checking Account to the best business checking accounts and found it to be a standard offering.
The Novo Business Checking Account is a solid low-fee business checking account. It has a $0 minimum opening deposit and no monthly service fee. But it's an online-only platform, so if you're not interested in an online bank, you'll want to search elsewhere.
Novo Business Checking Account Options
The Novo Business Checking Account is a low-fee business checking account with unlimited free monthly transactions. The account comes with a cash-back debit card.
Even though doesn't have an ATM network, it refunds up to $7 in ATM fees per month. If you think you'll need to regularly make ATM withdrawals, this still might be a dealbreaker for you. The best banks for avoiding ATM fees have an extensive ATM network and reimburse fees.
You can make free ACH transfers, which take two to three business days. also offers express ACH transfers if you need to send a transfer quickly, but there's a fee involved.
Overview for the Novo Business Checking Account
is an online banking platform, not a bank. But it's partnered with Middlesex Federal Savings Bank, which is in charge of the platform's banking. Middlesex Federal Savings is FDIC-insured, so individual accounts are protected for up to $250,000.
If you have any questions, has an extensive FAQ section on its website for common questions. You can also email or use live chat. does not offer 24/7 customer support; its customer service hours are Monday through Friday from 9 a.m. ET to 6 p.m. ET.
These customer service options are limited when compared to other banks and credit unions, even online ones. It doesn't have a phone line at all, and its online nature means you can't visit an in-person branch to talk to customer service.
The mobile banking app has a 4.8 out of 5 rating from the Apple store and a 4.7 out of 5 rating from the Google Play store.
Novo Business Checking Pros and Cons
Novo Business Checking Pros
- Refunds up to $7 per month in ATM fees
- $0 minimum deposit
- No monthly bank maintenance fees
- Management tools like integration with QuickBooks
Novo Business Checking Cons
- Only offers a checking account, no other types of business accounts
- No physical branches
- No ATM network
- Depositing cash requires extra steps (getting a money order, then making a mobile check deposit)
Novo Business Checking Key Features and Benefits
Lenient Minimum Balance Requirements
You can open the Novo Business Checking Account with $0. It also doesn't have any minimum balance requirements.
It's a good option if you don't have much money to open a business checking account. Other banks may have higher minimum opening or balance requirements.
Integration with Business Tools
You can connect to several notable payment and workflow apps to manage your business more effectively. Some examples include Stripe, Square, Slack, Wise, Quickbooks, eBay, and Etsy. doesn't charge any setup fees for connecting accounts.
ATM Refunds
won't charge you bank ATM fees if you use an ATM from an outside provider. It also reimburses up to $7 monthly if an ATM provider charges you fees. Still, doesn't have its own ATM network, so it's not the best option if you frequently use ATMs each month. Consider other online banks if you want unlimited ATM fee reimbursements or banking options with robust ATM networks.
Novo Business Checking Fees and Charges
Overdraft Fees
The Novo Business Checking Account has no monthly service fee, no overdraft fees, and no incoming wire transfer fees.
Keep in mind that doesn't charge overdraft fees because it doesn't have overdraft protection at all. The best banks for overdrafts offer free ways to overdraft your account. If you want the ability to overdraft your account, you'll want to go with another bank.
Transfer Fees
If you want to send an ACH transfer that gets sent more quickly than standard transfers, charges a 1.5% fee based on the total amount of the transaction. The minimum express ACH transfer fee is $0.50, and the maximum is $20.
Cash Deposit Fees
There also may be fees if you want to deposit cash into your business checking account. doesn't have physical locations or ATMs, so you'll have to take extra steps to deposit cash into your account. You must buy a money order and then make a mobile check deposit. Depending on where you buy a money order, the cost can be up to $5 for each one.
Novo Business Checking Account Alternatives
Novo Business Checking vs. Bluevine Business Checking
and are both fintech platforms that offer business checking accounts. The Bluevine Business Checking Account is a great option for earning interest.
also lets you make free withdrawals at MoneyPass ATMs, but it charges a $2.50 out-of-network ATM fee. doesn't have an ATM network, but it offers a more lenient approach to outside ATM fees in comparison to . It doesn't charge ATM fees when you use outside providers and reimburses up to $7 in ATM fees a month.
Bluevine Business Checking Review
Novo Business Checking vs. Axos Business Banking
Axos Bank is the better option if you want to open more than just a business checking account — it also has a business savings account, business CDs, and business money market accounts. It offers unlimited ATM fee reimbursements, while only reimburses up to $7 per month in ATM fees. You also might be eligible for a cash bonus of up to $400.
If you want a cashback debit card for your business checking account, you might prefer . offers cashback debit cards, but not for its business accounts.
Opening a Novo Business Checking Account
You can open the Novo Business Checking Account online anywhere in the United States.
To open the business bank account, you must have a US driver's license, US state ID, or passport. Additional business documentation is also required to apply. The exact documents you'll need will depend on the type of business you have and the state you live in. Some examples of business documentation include Certified Articles of Incorporation, Certified Articles of Organization, and a trade certificate.
You won't be able to open an account if you have a Series LLC or complex business structure. Novo may also deny your application if you have a cryptocurrency business, privately-owned ATM business, marijuana business, gambling business, crowdfunding business, or money service business.
Novo Benefits for Business Owners
In January 2024, launched a payroll provider called Novo Payroll. This service has a $35 monthly fee. There are also monthly fees of $5 per employer and $3 per contractor. You can have up to 40 employees listed in Payroll and an unlimited number of contractors.
also has invoicing services. You can customize invoices and send an unlimited number. There aren't fees for creating and sending invoices.
Why You Should Trust Us: How We Reviewed Novo Business Checking
To review the Novo Business Checking Account, we used our business checking account methodology. We look at ethics, security, the mobile app, customer service, ATM networks/fees, transaction limits, minimum deposits, miscellaneous features, and monthly service fees. Then we assign an account a rating between 0 and 5. We use a weighted average to get our star rating.
Novo Business Checking Account FAQs
Is Novo a bank?
No, is not a bank. It's a fintech company that offers a business checking account. However, it is backed by Middlesex Federal Savings Bank, which allows it to provide certain financial products.
What sets Novo Business Checking apart from traditional business bank accounts?
The Novo Business Checking Account doesn't have common bank fees. Most traditional business bank accounts have monthly service fees, minimum balance requirements, and overdraft fees to be mindful of.
Can I use Novo for international transactions?
lets you receive domestic and international incoming wire transfers, but you can't send any outgoing wire transfers. You can make ACH transfers, though. also lets you connect with Wise, which you can use to send money internationally.
How does Novo integrate with business accounting and sales platforms?
lets you connect to business accounting and sales platforms like Gusto and Quickbooks.
Are there any hidden fees with Novo Business Checking?
The Novo Business Checking Account doesn't have monthly service fees, overdraft fees, or incoming wire transfer fees. There is a fee for same-day ACH transfers. If you want to deposit cash into your account, you may have to pay fees to buy a money order.
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