Novo
The provider also offers physical and virtual debit cards and business tools—including invoicing, mobile check deposit, and integration with financial business software. While it is not equipped to accept cash deposits, transfers can be made via ACH, incoming wires, and mobile deposits. You can also exchange your cash for a money order, which can be deposited electronically
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While reviewing Novo, I searched online forums to read what active users had to say and compared Novo’s product offerings to similar online-based fintech companies. I found plenty of information, allowing me to write an unbiased Novo business checking review.
| Special Offer | N/A |
|---|---|
| Opening Deposit Requirement | $0 |
| Monthly Maintenance Fee | $0 |
| APY | N/A |
| ATM Network | Subject to ATM out-of-network fee |
| ATM Fee Reimbursement | Up to $7 monthly |
| Other Standout Features |
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- Business owners wanting to simplify banking: Novo is a great fit for those searching for a simple method of bookkeeping and money management. Its software integrations make it easy to combine financial tools in one platform.
- Companies needing faster payouts: Receiving funds with Novo is fast and easy. It has an integration with Stripe, which facilitates processing two days faster than other processors. You can also elect to use Express ACH, which posts deposits 75% faster than regular ACH.
- Businesses seeking minimum banking fees: Novo’s business checking does not charge any monthly fees. There is also no minimum balance requirement, which frees up funds on hand for daily use. With Novo’s partner perks, you can save on other software subscriptions if you initiate your relationship through their platform.
- Novo Alternatives & Comparison
- Novo Business Checking Reviews from Users
- Novo Business Checking Terms & Features
- Novo Business Checking Requirements
- How to Open a Novo Account
- Novo Business Checking Features
- Other Novo Business Products
- How We Evaluated Novo Business Checking
- Frequently Asked Questions (FAQs)
- Bottom Line
Novo Alternatives & Comparison
| Account Name | Monthly Service Fee | APY | Opening Deposit | |
|---|---|---|---|---|
 | Business Checking | $0 | N/A | $0 |
| Visit Novo | ||||
 | Business Essentials Checking | $0 | N/A | $100 |
| Visit U.S. Bank | ||||
 | Innovator Business Checking | $0 | Up to 1.80% | $100 |
| Visit Grasshopper | ||||
 | Relay Business Checking | $0 | N/A | $0 |
| Visit Relay | ||||
| Best For | Learn More | |
|---|---|---|
| Businesses that have low transaction volumes and need in-person banking | Read our U.S. Bank business checking review |
| Small businesses looking for a checking account with no monthly fee, interest-bearing APY on deposits, and unlimited cash back on qualified debit card purchases | Read our Grasshopper Bank business checking review |
| Businesses looking for $0 monthly maintenance fees and those needing multiple checking and savings accounts and up to 50 employee debit cards | Read our Relay business checking review |
Check out our roundup of the best small business checking accounts for additional recommendations. You may also be interested in our comparisons:
Novo Business Checking Reviews from Users
| Users Like | Users Dislike |
|---|---|
| No minimum balance required | No phone support |
| No monthly maintenance fee | Customer support by email has a slow response time |
| Reserves feature allows fund allocation under one account by creating different categories | Maximum daily deposit limit set low causing cash flow issues |
| Software integrations make cash flow smoother | |
| Early access to Stripe payouts with Novo Boost | |
| Express ACH speeds up deposit time | |
Here’s how Novo scored on third-party review sites:
Novo Business Checking Terms & Features
| Required Opening Deposit | $0 |
|---|---|
| Monthly Fees | $0 |
| APY | N/A |
| Transaction Limit Before Fees | N/A |
| Standard ACH Fees | $0 |
| Same-day ACH Fees | 1.5% of transaction amount ($0.50 to $20.00) |
| Domestic Wire Transfer Fees | Incoming: Free Outgoing: N/A |
| International Wire Transfer Fees | Available through Wise |
| ATM Fees | Refund up to $7 out-of-network per month |
| Cash Deposits | Not accepted |
| Debit Card | Physical and virtual |
|---|---|
| Physical Checks | Can be ordered through the mobile app |
| Accounting Software Integrations | Xero and Quickbooks |
| Business Payment Integrations | Stripe, Square, eBay, Etsy |
| Other Software Integrations | Gusto (payroll) and Wise (money transfer) |
| Customer Service |
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| Other Products |
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Novo Business Checking Requirements
Only business owners aged 18 and older and residing in the US are allowed to open accounts with Novo. Your business must also be registered in the US. You are also required to have the following:
- Signed personal ID
- Mobile phone using one of the major US carriers
- US Social Security number
- US address
Additional Novo business checking requirements differ depending on your business entity type. Novo will review your business documents upon application and will communicate with the secretary of state where you’re located to determine if any additional documents are needed. However, if Novo is unable to find the necessary documents, you will be required to provide them yourself.
Select your entity type to see the list of documents Novo may requireSelect your entity type to see the list of documents Novo may requireLLCPartnershipCorporationSole Proprietorship
- Operating agreement
- Articles of organization
- Partnership agreement
- Certificate of partnership
- Company bylaws
- Articles of incorporation
- Proof of address
- Doing-business-as (DBA) certificate, if applicable
For a checklist of documents banks typically require upon account opening, refer to our guide on
how to open a business banking account
.
How to Open a Novo Account
- Step 1: Visit Novo.
- Step 2: Complete the account application along with any required legal documents.
- Step 3: Watch for a message to see if your application has been approved.
- Step 4: If approved, follow the steps to set up online banking and fund the account with an initial deposit.
Novo Business Checking Features
- Online Banking
- No Monthly Maintenance Fees
- No Minimum Balance Requirement
- Physical Debit Card
- Virtual Debit Cards
- Mobile Deposit
- ACH
- Free Incoming Wires
- No Overdraft Fees
- Funds Allocation Tool Novo Reserves
- Payroll Service
- Software Discount Perks
- Free Budgeting Tools
- Unlimited Free Transactions
- Software Integrations
Other Novo Business Products
Small Business Financing
In addition to business checking, Novo offers a merchant cash advance. With this type of loan, a lump sum of money is deposited to a business checking account. Then, a monthly payment is made for a set amount of time based on the principal and interest agreed upon.
To be eligible for funding, you must have at least six months of banking history with Novo. The maximum amount available to borrow is $75,000. The application process takes 10 minutes, and you can expect to receive a response within 24 hours. Once a loan is approved, the funds are available instantly.
Partner Perks & Integrations
Partner Perks allows business owners to take advantage of more than $3,000 in savings on tools for payments, payroll, marketing, and more.
Novo also has automatic integrations with the following software providers:
- Gusto
- Stripe
- Square
- Slack
- Wise
- Xero
- QuickBooks
- Zapier
- Ebay
- Etsy
How We Evaluated Novo Business Checking
The review of Novo was done by comparing similar financial providers that offer business checking accounts. An online-only banking model and a traditional bank were compared with Novo for a complete overview. These comparisons were based on pricing, ease of use, features, and software integrations.
In general, Novo is in line with other online-only banking models and also proved to have lower fees than traditional banks; however, an APY is not paid on deposit balances.
We also read through the Novo business checking reviews online. Most customers agree the fee structure is wonderful and are drawn to the Novo Reserves feature. Based on the full comparison, it seems Novo business checking is best suited for businesses that do not need access to an in-person bank and are interested in saving money on banking fees. It is also a great fit for those who accept a majority of their payments electronically and need access to other robust electronic banking services.
Frequently Asked Questions (FAQs)
Opening a business checking account requires a signed personal ID, a mobile phone number using one of the major US carriers, a US Social Security number, and a US address. You will also need legal information about your business, such as the Employer Identification Number (EIN), along with your business creation documents.
Yes, Novo offers one business checking account. It doesn’t charge a monthly fee and has no minimum balance requirements.
The time for account approval may vary based on Novo’s ability to confirm your business details. The process is fairly straightforward, and the wait time is generally minimal.
No, Novo does not have a minimum balance requirement, which frees up funds on deposit for daily use.
Each Employee Identification Number (EIN) is eligible to open one business checking account, as Novo does not support having multiple accounts for one business. Multiple accounts with separate EINs will also require a separate online banking login and the accounts will not be linked.
Customer support is available via email (support@novo.co) and through the app. Support is available Monday to Friday, 9 am to 6 pm EST.
Bottom Line
Novo is a good fit for business owners who seek an affordable business checking account and don’t need access to in-person banking services. Reserve accounts, invoicing tools, and business discounts help streamline the banking experience at no additional cost. The platform is particularly suitable for businesses that use Stripe and need express ACH delivery since same-day ACH is offered with quick turn times.
User review references:
[1]Google Play
[2]App Store
[3]Trustpilot
