Novo
digital-banking · USNovo is a no-fee business banking platform designed for solopreneurs, freelancers, and very small businesses. It offers a single account tier that is completely free — no monthly fees, no minimum balance requirements, and no hidden charges. Novo's strengths are its straightforward onboarding, free ATM fee refunds (up to $7/month), and deep integrations with e-commerce and payment platforms like Stripe, Shopify, and PayPal. Novo does not offer corporate cards; instead it provides a standard business debit card with ATM fee reimbursement. Same-day ACH transfers carry a 1.5% surcharge, and optional add-ons include a payroll service (~$35/month). Novo is best suited for solo operators who want simple, no-cost banking without the overhead of multi-account structures or complex spend management. Novo is a financial technology platform, not a bank. Banking services are provided by Middlesex Federal Savings, F.A., Member FDIC.
Quick Answer
Novo is designed for personal and smb businesses. A free tier is available. Best suited for US-based businesses. Simplest onboarding process for solo operators — apply online and get approved quickly with no minimum deposit
Pricing
// verify pricing before launch — prices shown may not reflect current vendor rates
Key Features
- •Completely free business checking with no monthly fees or minimum balance
- •Free ATM fee refunds up to $7 per month at any in-network ATM
- •Direct integrations with Stripe, Shopify, PayPal, and QuickBooks
- •Same-day ACH transfers (1.5% surcharge)
- •Payroll add-on available (~$35/month)
- •Business debit card with mobile wallet support (Apple Pay, Google Pay)
- •Receipt capture and expense categorization
- •Sub-accounts for organizing funds by purpose
Pros
- +Simplest onboarding process for solo operators — apply online and get approved quickly with no minimum deposit
- +Free ATM fee refunds up to $7/month effectively eliminate ATM costs for most freelancers and sole proprietors
- +Strong e-commerce integrations with Stripe, Shopify, and PayPal make it a natural choice for online sellers and freelancers
- +User-friendly interface with a clean mobile app that makes banking painless for non-finance-focused founders
- +Truly free — no monthly fees, no minimum balance, no account closure fees, no hidden charges
Cons
- −No corporate card offering — only a debit card, which limits spend management and expense tracking capabilities
- −Minimal expense management features compared to dedicated tools like Brex or Ramp, with no AI categorization or policy controls
- −Not designed for multi-employee businesses — no team-based roles, no multi-user card controls, and no approval workflows
- −Some customer support and fraud-assistance complaints reported — response times can be slow during incidents
- −Single account tier with limited scalability — growing businesses will eventually outgrow Novo's feature set
Platforms
Integrations
Compare Novo with other tools
See how Novo stacks up against Mercury and Relay side by side.
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Reviewed by Finatune · Last updated 2026-07-03