Banking · Small-Business Checking
Novo Review
Free, integration-friendly small-business checking
Quick verdict
Novo is best for Small, card-and-digital trades businesses that want free, integration-friendly checking with built-in invoicing and don't handle much cash. No cash deposits (a real problem for cash-handling trades); weak customer support; no meaningful APY; limited credit/lending; fintech (banking via partner bank).
Fees & APY
Free business checking — no monthly fee, no minimum balance, no transaction or incoming-wire fees, with out-of-network ATM-fee refunds (up to ~$7/mo). Only notable fee is a $27 NSF charge. Built-in invoicing, Reserves, and software integrations. A fintech (banking via partner bank).
- Monthly fee
- $0
- APY / yield
- No standard APY; offers Reserves for setting funds aside
Affiliate disclosure: No confirmed affiliate program — we currently earn nothing from Novo.
About Novo
Novo is a free, digital-first business checking account aimed at small businesses and entrepreneurs, serving 175,000+ small-business owners. Founded around 2015 by Michael Rangel and Tyler McIntyre and headquartered in Miami, it's a fintech (banking via a partner bank) that strips out the fees traditional banks charge: no monthly fee, no minimum balance, no transaction fees, no incoming-wire fees, and it even refunds out-of-network ATM fees. The only notable charge is a low $27 insufficient-funds fee.
For a small or mobile trades operator, Novo's appeal is simple: free checking with a clean app, built-in invoicing, 'Reserves' for setting money aside (taxes, materials), and solid integrations with business software. It's a no-frills, low-cost place to keep operating cash and get paid.
The trade-offs are depth and two specific gaps. Novo's customer support draws criticism (limited and slow), and — importantly for trades — it doesn't accept cash deposits, which is a real problem if your business takes cash. It also has no meaningful APY and limited credit/lending. For a small, card-and-digital trades business that wants free, integration-friendly checking and doesn't handle much cash, Novo is a strong value; cash-heavy shops or those wanting high APY, lending, or hands-on support should look elsewhere (Bluevine for APY/credit, a traditional bank for cash).
How it works
You open a free Novo business checking account online (a fintech account via a partner bank). There's no monthly fee, minimum balance, or transaction fee, and out-of-network ATM fees are refunded up to about $7/month. You get a debit card, built-in invoicing to bill and get paid, 'Reserves' to bucket money aside (e.g., for taxes or materials), and integrations with common business software (accounting, payments). You manage everything from the app. The main constraints: no cash deposits, and the only notable fee is a $27 NSF charge.
Pros & cons
What works
-
Genuinely free, low-fee checking
No monthly fee, no minimum balance, no transaction or incoming-wire fees, plus ATM-fee refunds. For a cost-conscious small trades operator, Novo removes nearly all the fees a traditional bank charges.
-
Built-in invoicing
Invoicing is built into the account, so a small operator can bill customers and get paid without a separate tool — convenient for a one-or-two-person shop.
-
Software integrations
Novo integrates with common business software (accounting, payments), so it fits into a small business's existing stack more easily than a basic bank account.
-
Reserves for setting money aside
The Reserves feature lets you bucket funds (taxes, materials, profit) within the account — a lightweight cash-management aid for operators who don't need Relay's full multi-account system.
-
Low NSF fee
The only notable fee is a $27 insufficient-funds charge — low compared with traditional banks — so the cost of an occasional slip is modest.
What doesn't
-
No cash deposits
Novo doesn't accept cash deposits — a serious limitation for trades that still take cash payments. If cash is part of your business, Novo can't be your only account.
-
Customer support is weak
A recurring complaint is limited, slow customer support. For your operating bank account, support quality matters when something goes wrong — set expectations accordingly.
-
No meaningful APY
Novo focuses on free checking, not interest. If earning yield on idle balances matters, Bluevine (up to 3% APY) or Relay's tiered savings are better.
-
Limited credit/lending
Novo is checking-first with limited credit/lending. Contractors who want a working-capital line alongside banking should consider Bluevine instead.
-
Fintech, not a chartered bank
Like its peers, Novo is a fintech with banking via a partner bank. Deposits are FDIC-insured through that bank, but understand the structure before centralizing all your cash.
Features & integrations
Key features
Integrations
Frequently asked
How much does Novo cost?
Novo business checking is free — no monthly fee, no minimum balance, no transaction fees, no incoming-wire fees, and it refunds out-of-network ATM fees (up to about $7/month). The only notable fee is a $27 insufficient-funds charge. It makes money on other services rather than monthly fees.
Can I deposit cash with Novo?
No — Novo doesn't accept cash deposits, which is a real limitation for trades that take cash. If cash payments are a meaningful part of your business, Novo can't serve as your only account; you'd need a traditional bank (or a workaround) for cash handling.
Is Novo good for contractors?
It's good for small, card-and-digital trades businesses that want free checking, built-in invoicing, and software integrations, and that don't handle much cash. Cash-heavy shops, those wanting APY or a credit line, or those who need strong customer support should consider Bluevine, Relay, or a traditional bank instead.
Does Novo pay interest?
Novo doesn't offer a meaningful APY — it's a free-checking play, not a high-yield account. It does have a Reserves feature for setting money aside. If earning interest on your balances matters, Bluevine (up to 3% APY) or Relay's tiered savings are better fits.
Is Novo a real bank?
Novo is a financial technology company, not a chartered bank — banking services are provided through a partner bank, and deposits are FDIC-insured via that bank. That's standard for the fintech-banking category (Found, Relay, Bluevine work similarly), but understand the structure before centralizing all your operating cash.