Key Features
  • Full refunds on ATM fees charged
  • No minimum deposits

Novo Review

Novo Review

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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.

Debit Card
Novo Card
  • 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.


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 yield0%
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
Minimum amount to open
Minimum balance
Annual percentage yield
Monthly service charge
Early account closing fee
Incoming ACH
Outgoing ACH
Incoming domestic wire
Incoming foreign wire
Stop payments
Insufficient funds charge
Uncollected funds returned fee
Debit card replacement
Physical check bill payment
Bank check
Paper statement fee

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
By Holly Baer

I love using Novo for my small business! It connects to my payment processors easily, it allows you to have multiple “envelopes” to move money and put it aside for expenses or for sales tax reporting or whatever you want! There are so many more excellent features! And it’s FREE! The only downside is that there’s no physical location, so when I do my market booths, I have to deposit the money at our personal bank and then transfer the funds. That’s the only downside I’ve experienced thus far!

By Susan Harris

I discovered Novo through a Google search. I have another bank that is similar but Novo is easy for deposits even echecks. They are fast efficient and I get my money quickly. Business moves fast Novo moves faster. Thanks Novo.

By Jason Dyba

Really good banking services. Has a lot of features that I’ve never had at other banks, like the ability to create virtual reserves. I have had multiple issues depositing mobile checks, hence the 4-star rating over 5. That said, I recommend NOVO to all of my freelancer colleagues.

By Katie Rouse

Novo is simple, easy to use, and it’s fun to be in on the ground-level of a beta program, because they are always implementing new things and listening to customer feedback. Highly recommend!

By Tam Strongborn

Transparency and ease! That is what I love about NOVO, I’m never left wondering what does that mean or trying to find info that I have to email and wait for a response for, everything is upfront and available.


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.