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. Novo lists a recommended initial deposit of 1,000 US dollars. As of 11 October 2026.
- 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 fees on standard ACH transfers, and refunds ATM operator fees up to 7 US dollars per month, as of 11 October 2026. Banking services are provided by Middlesex Federal Savings, F.A., a member of the FDIC, 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 no transaction limits, ATM fee refunds, and fast online onboarding. It suits small United States businesses and freelancers.
Limitations
Available to United States based businesses only. Some industries are not accepted. Outgoing domestic wires carry a fee, and it is not a multi currency account. Check with Novo how cash can be paid in.
Fees and features
| Monthly fee | No monthly fee (as of 11 October 2026). |
|---|---|
| Transaction fees | No fee on standard ACH transfers or incoming wires. Outgoing domestic wires cost up to 45 US dollars. Express ACH costs 1.5% of the amount, from 0.50 to 20 US dollars. The insufficient funds and uncollected funds returned fees are 0 US dollars (as of 11 October 2026). |
| FX fees | Primarily a US dollar account. International features are limited. Verify current terms with the provider. |
| Minimum deposit | Novo lists a recommended initial deposit of 1,000 US dollars and a minimum balance of 0 US dollars (as of 11 October 2026). |
| Multi currency | No. It is a US dollar checking account, not a multi currency account. |
| Integrations | Invoicing tools and native integrations with over 40 business tools, including Stripe, QuickBooks, Shopify, Square and Xero. |
| 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 11 October 2026.
Visit Novo → Commission link: we may earn a fee if you open an account through it. It does not change what we publish or how we rank providers.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 11 October 2026. Confirm current terms with Novo before applying.