- Full refunds on ATM fees charged
- No minimum deposits
Novo Review
Novo Review
Advertiser disclosure
Introduction
Novo is the FinTech platform of choice for small-to-medium businesses, start-ups, and freelancers. By combining innovative technology with big bank trustworthiness provided by Middlesex Federal Savings Bank, Novo allows clients to securely make all their financial transactions.
This innovative financial platform was launched by Michael Rangel and Tyler McIntyre in 2016 with the mission of creating a simpler approach for start-ups to interact with their finances. With no hidden fees or minimum balance requirements, businesses can take advantage of mobile banking options without being weighed down by high costs. In addition, convenient debit cards make purchases straightforward while quick ATM withdrawals allow swift cash transactions.
In partnership with Middlesex Federal Savings (FDIC-insured up to $250K), Novo ensures the security of MFS deposits.
- EN
- Free Account
Banking Features
Account Registration
With Novo’s convenient FDIC-insured banking services, business clients can easily gain access to financial transactions through Middlesex Federal Savings Bank. Provide a valid business email, password, and referral code (if you have one), then customer care consultants will take it from there.
Novo Virtual Card
With the Novo Virtual Card, clients can effortlessly access their accounts and easily make payments anytime, anywhere. Get instant transactions through multiple channels – simply activate your card directly from the app to start making secure purchases online or with Apple Pay & Google Pay.
Global Acceptance
With Novo, you can enjoy global acceptance and all the benefits of modern banking. Their EMV-secured debit card brings convenience to your fingertips with real-time transaction alerts and fee-free ATM withdrawals – keeping your finances protected wherever you go.
Full Invoice Management
Business owners can simplify the invoicing process and maximize their financial efficiency. It provides unlimited invoice creation capabilities coupled with easy integration to popular services like PayPal, Square, and Stripe! Furthermore, with check payments and transfers – there are no transaction fees.
Novo Reserves for a Rainy Day
You can plan ahead and be prepared for unexpected expenses. Whether it’s payroll costs or quarterly taxes, each reserve has the flexibility to hold funds securely – up to 5 reserves in total with easy transfers between them & automated allocations ready when you need them.
Multiple Banking Integrations
Business clients can access financial stability and increased convenience with the Novo-Stripe integration. Instantly track balances up to $20K without any processing fees – verifying a secure, trusted connection for your business.
Instant Check Deposit
Thanks to the powerful business banking app, Novo facilitates unlimited check deposits. Easily take a picture of any check and have it processed – all free of charge.
Payment Processing Capabilities
Payments can be processed domestically and internationally with Novo. ACHs and paper checks can be sent fee-free by business clients. Wise processes worldwide transfers.
Customer Support
Novo support representatives are trained to assist with any question, comment, or complaint you may have. Anytime, anywhere, you can reach their human-powered support teams directly through the app.
Security
Through its partnership with Middlesex Federal Savings (FDIC-insured up to $250K), Novo ensures the security of deposits held by MFS and utilizes industry-standard encryption protocols like SSL for an added layer of protection in your account. To further ensure the security of your financial data, multiple forms of verification are required before registering as a business owner at Novo – including ID telephone number, business address, and more.
Plans & Pricing
Minimum amount to open | $50 |
Minimum balance | $0 |
Annual percentage yield | 0% |
Monthly service charge | $0 |
Early account closing fee | $0 |
Incoming ACH | $0 |
Outgoing ACH | $0 |
Incoming domestic wire | $0 |
Incoming foreign wire | $0 |
Stop payments | $0 |
Insufficient funds charge | $27 |
Uncollected funds returned fee | $27 |
Debit card replacement | $0 |
Physical check bill payment | $0 |
Bank check | $0 |
Paper statement fee | $0 |
Open a Novo Business Account
- Sole proprietorships, LLCs, partnerships, and corporations will be required to provide extensive information
- Proof of business ownership, location, and other pertinent data
- A mobile phone number
- Social Security number
- Business ID number (EIN)
- Driver’s license, ID card, or passport will be required to process your application
- No monthly fees & no minimum balance
- No minimum deposits
- Instant check deposits
- Full refunds on ATM fees charged
- Invoice management
- Fully integrated with other services such as Stripe, Xero, QuickBooks & Shopify
- Lacks cash deposit option
- No credit facilities available
- Savings accounts aren’t available
Conclusion
Novo is a US-based FinTech solution that stands apart from the rest due to its low cost and zero fee services for various financial operations. Novo provides business checking accounts with no additional costs or interest rates applied to your account’s funds. There are no savings accounts, and there is no option for earning interest on money held in your account.
However, through Novo’s business banking solutions, you can simplify managing your finances using nothing more than a smartphone or tablet. Features include a debit card, invoice management capabilities, instant check deposits, and international mobile payments – all fully integrated with XERO, QuickBooks, Stripe, and Shopify for maximum convenience.
Furthermore, if you spend any money using a foreign ATM, Novo will refund those fees to you. If you are looking for a full-service solution with minimal costs, Novo is a good choice.