Novo
Fee-free business banking built for small businesses and freelancers.
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Novo is a digital-first business checking account designed specifically for small businesses, freelancers, and entrepreneurs. It offers a fee-free account with no minimum balance, built-in invoicing, and integrations with Stripe, Shopify, and major accounting tools. Novo's Reserves feature lets you set aside money for taxes automatically.
Our Scores
4.5
Ease of Use
4.3
Features
5.0
Value
4.1
Support
Pros & Cons
Pros
- ✓Completely free — no monthly fees, no minimums, no hidden charges
- ✓Built-in invoicing (send, track, and collect payments)
- ✓Reserves feature automatically sets aside money for taxes
- ✓Integrates with Stripe, Shopify, QuickBooks, Xero, and Zapier
- ✓Refunds all ATM fees charged by other banks
Cons
- ✗US-only — not available internationally
- ✗No cash deposit option
- ✗No business credit cards or lending products
- ✗Customer support response times can vary
Best For
- →Freelancers and solopreneurs who want a dedicated business account
- →E-commerce sellers using Shopify or Stripe
- →Anyone who wants to save for taxes with automatic reserves
- →Small businesses tired of bank fees
Not Ideal For
- ✗Businesses needing multi-currency accounts
- ✗Those who need cash deposits or branch banking
- ✗International freelancers outside the US
Pricing
Novo Business Checking
Free
- ✓Fee-free checking
- ✓Built-in invoicing
- ✓Reserves for tax savings
- ✓ATM fee refunds
- ✓Stripe, Shopify, QBO integrations
Frequently Asked Questions
Is Novo a real bank?
Novo is a fintech company, not a bank. Banking services are provided by Middlesex Federal Savings, F.A., Member FDIC. Your deposits are FDIC-insured up to $250,000.
Can I deposit cash with Novo?
No. Novo does not accept cash deposits. You can receive money via ACH, wire transfer, check (mobile deposit), or payment processors like Stripe and PayPal.
How does Novo compare to Relay?
Both are free business accounts. Novo includes built-in invoicing and integrates with e-commerce tools (Shopify). Relay offers up to 20 sub-accounts and 50 virtual cards, ideal for Profit First practitioners. Choose Novo for invoicing; choose Relay for cash flow management.
Other Banking Options
Tax Information Notice
This content is for informational and educational purposes only. It does not constitute tax, legal, or financial advice. Tax laws change frequently. Always consult a qualified CPA or Enrolled Agent for your specific situation.