Novo is a business banking platform in the United States offering a free business checking account with no monthly fees and no minimum balance. Accounts are for United States based businesses.
- Who it suits
- United States based sole proprietors, LLCs, partnerships and corporations, especially small businesses and freelancers that want a free online checking account.
- Broadly available in
- United States only.
- Headline monthly fee
- No monthly fee and no minimum balance, 50 US dollars to open
- Account type
- Online business checking account
General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.
Overview
Novo is a financial technology company that offers online business checking in the United States. The account has no monthly fees, no minimum balance and no transaction fees, and refunds ATM operator fees up to 7 US dollars per month, as of 12 June 2026. Banking services are provided through a partner bank, and accounts are for United States based businesses. Novo is built around a simple online and mobile experience with invoicing and integrations.
Strengths
No monthly fees, no minimum balance and unlimited fee free transactions, ATM fee refunds, and fast online onboarding. It suits small United States businesses and freelancers.
Limitations
Available to United States based businesses only. It does not serve some industries, including cryptocurrency, money services, privately owned ATMs, gambling and cannabis. It does not support direct cash deposits and is not a multi currency account.
Fees and features
| Monthly fee | No monthly fee (as of 12 June 2026). |
|---|---|
| Transaction fees | No transaction fees and no incoming wire fees. A 27 US dollar insufficient funds fee and a 27 US dollar uncollected funds returned fee apply (as of 12 June 2026). |
| FX fees | Primarily a US dollar account. International features are limited. Verify current terms with the provider. |
| Minimum deposit | 50 US dollars to open, then no minimum balance (as of 12 June 2026). |
| Multi currency | No. It is a US dollar checking account, not a multi currency account. |
| Integrations | Invoicing tools and integrations with common business and payment apps. |
| Eligibility | United States based sole proprietorships, partnerships, LLCs and corporations. Some industries are not accepted. Confirm details with the provider. |
Open a Novo business account
Novo serves United States based businesses only and does not accept some industries. Confirm current eligibility, fees and accepted business types with the provider before applying. Shown as of 12 June 2026.
Visit Novo →Novo by country
Questions about Novo
Is Novo a bank?
How much does a Novo account cost?
Who can open a Novo account?
Does Novo refund ATM fees?
Fees, features, and eligibility change and vary by region. This page was last reviewed on 12 June 2026. Confirm current terms with Novo before applying.