Novo
$0/mo
- Deposits held by
- Fintech; Middlesex Federal Savings
- Free cash deposits /mo
- Not applicable
- Entities accepted
- Sole prop, LLC, corp, partnership, non-profit
- Branches
- No
- To open
- None
- Monthly fee
- $0/moFree outright
Novo
Financial technology company, not a bank, offering a single free business checking account with no tiers and no balance conditions.
Best for
Freelancers and small registered businesses that never handle cash and want one free account with the extras included.
- Rate on your money
- None
- Cash deposits
- Not accepted
- FDIC coverage
- $250,000, one bank, no sweep
- EIN required
- Yes, on every entity type
Pricing breakdown
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Every fee we track, grouped by where it applies.
How Novo compares
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Side-by-side with the closest alternatives by monthly fee.
Each account's published monthly fee, and the plan that fee belongs to. Where a fee can be waived, the condition is stated rather than applied. Interest is shown as the rate each account publishes, with its conditions, and never as a forecast of what you would earn.
Mercury
$0/mo
- Deposits held by
- Fintech; Choice Financial and Column N.A.
- Free cash deposits /mo
- Not applicable
- Entities accepted
- Not published at source
- Branches
- No
- To open
- None
- Monthly fee
- $0/moFree outright
Relay
$0/mo
- Deposits held by
- Fintech; Thread Bank
- Free cash deposits /mo
- $2,000/day (ATM), $5,000/mo (retail)
- Entities accepted
- LLC, corp, partnership, sole prop, non-profit
- Branches
- No, Allpoint in network
- To open
- Not published at source
- Monthly fee
- $0/moFree outright
Bluevine
$0/mo
- Deposits held by
- Fintech; Coastal Community Bank
- Free cash deposits /mo
- None
- Entities accepted
- Not published at source
- Branches
- No, MoneyPass in network
- To open
- $0
- Monthly fee
- $0/moFree outright
Strengths and trade-offs
Pros
- A single free account with no tiers, no minimum balance and nothing to waive
- Invoicing, bookkeeping and reserve buckets included at no extra charge
- Reimburses third-party ATM fees each month, up to a published cap
- Publishes a full entity list including sole proprietors, partnerships and 501(c)(3) non-profits
- Publishes an approval turnaround rather than only an application time
Cons
- A financial technology company, not a bank, with one partner bank and no sweep network
- Does not accept cash; the published workaround is to buy a money order
- No savings account, no certificate of deposit and no interest rate published anywhere
- Requires an EIN on every entity type, including an unregistered sole proprietor
- Same-day ACH is charged as a percentage of the transfer rather than a flat fee
About Novo
Novo is a financial technology company rather than a bank. Banking services are provided by Middlesex Federal Savings, F.A., and, unlike the other technology companies in this table, there is no sweep network behind it: cover sits at the single-bank statutory limit through one partner.
There is one account and one price. No paid plan exists at any level, there is no minimum balance and nothing to waive, and invoicing, bookkeeping and reserve buckets are bundled at no extra charge. Reserves are envelopes inside a single balance rather than separate accounts, which is a different thing from the sub-accounts some competitors provide.
Novo does not accept cash. Its published route is to buy a money order and deposit it by photograph, and it operates no ATM network of its own, though it does reimburse third-party ATM fees up to a published monthly cap. It offers no savings account and no certificate of deposit, so there is no interest-bearing product anywhere in the range.
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