Novo Review 2025: Online-Only, Cashless Small-Business Checking
Novo offers a free business checking account designed for digital banking and integration with other business tools.
Overview
The bottom line:
With few fees and built-in invoicing, Novo business checking is a good option for small-business owners on the go. But Novo’s customer support is lacking and you can't deposit cash.
Bank account details
Monthly fee
$0
APY
N/A
Bonus
$300
Earn a $300 welcome bonus after making two debit card transactions and holding a minimum deposit of $5,000 for 90 days.
Requirements to qualify
Pros & Cons
Pros
No monthly fees or minimum opening deposit.
Unlimited fee-free transactions and free incoming wires.
$7 per month in ATM fee refunds.
Direct integrations with Etsy, eBay, Amazon and WooCommerce.
Built-in invoicing.
Cons
Can’t deposit cash.
Not all customers can send domestic wire transfers.
No customer support by phone unless you're reporting fraud.
No bill pay feature.
Does not offer jointly owned accounts.
No spend controls on employee debit cards.
Bank account comparison
Compare to other bank accounts
4.2
NerdWallet rating
at Novo, Deposits are FDIC Insured
5.0
NerdWallet rating
4.9
NerdWallet rating
Monthly fee
$0
Monthly fee
$0
Monthly fee
$0
APY
N/A
APY
1.30%
With $0 min. balance for APY APY
N/A
Need more options? Check our picks for best business bank accounts of 2025
Novo is a financial technology company, not a bank, that partners with Middlesex Federal Savings to offer business deposit accounts that are insured by the Federal Deposit Insurance Corp. up to $250,000.
Novo delivers much of what you’d expect from an online business checking account
Unfortunately, Novo’s online-only business model extends to its customer service, which is only available by email and via the Novo app. The lack of real-time customer service may prove frustrating if you have an issue with your account (other than fraud, which can be reported 24/7). And multiple Novo customer complaints to NerdWallet and the Better Business Bureau highlight that fact.
Other things to consider before opening a Novo account: You can’t make cash deposits, and the ability to send domestic wires is currently in beta and not available to all users.
Novo business checking is best for business owners who:
- Want a
free business checking account - Don’t need to make cash deposits.
- Are freelancers and independent contractors in need of a built-in invoicing solution.
- Don't need live customer support.
Novo only offers email or in-app support unless you're reporting fraud. For an option with phone support and cash deposits that also offers freelancer-friendly invoicing tools, take a look at Found
Novo business checking at a glance
| Monthly fee: | $0 |
| Minimum opening deposit requirement: | $0 |
| APY: | None |
| Transactions: | Unlimited |
| Bonus: | None |
How to open a Novo business checking account
You can apply for Novo business checking by creating an account and submitting an application through the Novo website. You need to be at least 18 years old, a U.S. citizen or permanent resident and have a U.S.-based business. Sole proprietors must be U.S. citizens.
- Required information: You will need to provide information about yourself, your business and any additional business owners, as well as documents like your EIN and articles of incorporation. You’ll also need to provide a valid U.S. mailing address, Social Security number and mobile phone number.
- Ineligible industries: Cryptocurrency, cannabis and unlawful online gambling businesses are among the industries Novo does not support.
Once submitted, Novo will review your application and deliver a decision within two to three business days. (Note: Novo may ask for additional information or documentation.) If approved, you can open your business account business software
If you opted to receive a Novo business debit card when completing your application, your card will be delivered to your designated mailing address. As you add other users to your business bank account
Where Novo business checking stands out
No fees: Novo's business checking account has no monthly fees, no minimum balance requirements, no transaction fees and no incoming wire fees. In addition, there are no fees for incoming or outgoing ACH transfers, stop payments, insufficient funds, debit card replacements or paper statements.
Novo business checking also includes free mobile check deposit, free bill pay with physical checks (which are mailed out from the mobile app, but not provided in physical checkbooks) and free bank checks.
Free ATM access: Novo doesn’t partner with an ATM network like MoneyPass or Allpoint. Instead, Novo allows customers to use any ATM, anywhere in the world, without charging a fee. And those pesky third-party fees charged by other banks and ATM owners? Novo will automatically refund up to $7 per month, which should cover one or two withdrawals.
Invoicing: A particularly useful tool for freelancers and contractors, Novo’s integrated invoicing feature allows you to create, send and manage an unlimited number of invoices directly within your checking account. You can accept payments by ACH transfer, Venmo and PayPal, or set up Stripe or Square to take credit and debit card payments.
Integrations with business tools: While some online business checking account competitors offer proprietary financial tools or add-ons, Novo lets you connect with tools many small-business owners already use.
Novo offers direct account integration with Xero, Stripe, Wise and Zapier. You can also connect your Novo business checking account to Square, QuickBooks, PayPal and Wave, though Novo doesn’t currently offer direct integration with these tools. Additionally, you have the option to connect Novo to Venmo, Apple Pay and Google Pay.
Discounts on software and services: Through the Novo perks program, you can access discounts on certain business software and services with your checking account. Novo partners with providers including Stripe, Gusto, Google, Zendesk and others to offer savings opportunities for account holders. For example, Novo account holders receive $5,000 in waived credit card processing
Where Novo business checking falls short
Can’t deposit cash: Novo business checking cannot accommodate traditional cash deposits. If you have cash that you’d like to deposit, you’ll have to purchase a money order and then use Novo’s mobile check deposit feature to deposit the check into your account.
Purchasing a money order at a post office or drug store may not be a deal-breaker if you make infrequent deposits, but businesses that deal primarily in cash should look for a business bank account that can accommodate frequent deposits. Many online business bank accounts — like Relay business checking
No recurring payments with bill pay: Novo's business checking account does not offer recurring payments, a common feature included with online bill pay. You can save your payee’s information within your Novo account for future payments, but you can’t set payments to automatically send — meaning you’ll need to actively monitor your bills and initiate payments before their due dates.
Disappointing customer support: Novo’s lack of accessible, responsive customer support is referenced in multiple customer complaints lodged with the Better Business Bureau and sent directly to NerdWallet.
Novo’s support options are also lacking compared to competitors. There's no customer service phone number or option to talk to someone in real time — instead, you'll have to reach out via email or through the Novo app.
Business owners who highly value phone support should consider American Express's business checking account
📢 What do small-business owners say about Novo?
NerdWallet's evaluations focus on data like fees, perks and accessibility. Customer satisfaction is harder to quantify. To understand sentiment broadly, we look at public forums (like Reddit, myFICO and Quora) and review sites (like Trustpilot and the Better Business Bureau). People post anonymously in these spaces, so we cannot confirm their individual experiences or circumstances. However, NerdWallet does contact providers regarding negative feedback that we consistently observe.
Novo’s lack of fees and minimum balance requirement are seen as distinct positives. The account’s ability to smoothly integrate with third-party software, like QuickBooks, Stripe and Wave, is also noted as a plus.
Novo's customer support, however, is the source of many complaints. Commenters cite slow response times from Novo's support team, which can only be reached via email (there's no phone option, uncommon even among online-only financial institutions). A Novo spokesperson said the company’s median response time for support tickets is currently 1.3 hours.
Delays in large transfers and check deposits are also called out. A Novo spokesperson said the average hold for most checks is roughly four days, with 99% released within five days. That time may be extended in cases of suspected check fraud, however.
In NerdWallet's experience, these types of online complaints are not atypical for business accounts. They may be more pronounced for neobanks like Novo, which lack physical branches (eliminating a way to get in-person assistance) and work with partner institutions for banking services. We recommend business owners understand what a neobank is
» Read more about Novo: Trustpilot BBB Reddit