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Business bank account review

Novo Business Checking

Online business checking from a fintech, with banking by Middlesex Federal Savings, a $0 monthly fee and no minimum balance. It does not take cash deposits.

By NovoParent company: Novo Platform Inc.

RTC SCORE

3.2

#13 of 13 with enough data

What we like

  • $0 monthly fee and $0 minimum balance, with $0 standard ACH transfers in and out and no per-transaction fee in the Fee Schedule.
  • Novo charges no ATM fee and refunds up to $7 a month in fees charged by ATM operators.
  • Connects to QuickBooks Online and Xero from the app.

What to watch

  • It does not take cash deposits; the only workaround Novo describes is buying a money order and depositing it as a check.
  • Every owner with 25% or more needs an SSN; Novo says the application can't be completed without one.
  • Novo is not a bank: the money is held at Middlesex Federal Savings, and outgoing domestic wires cost up to $45 in the Fee Schedule.

How the score breaks down

RTC Score3.2out of 10

Methodology v1.0.0

Data completeness100%

We could verify 100% of the scoring data

Strongest points
Fee to close the account, How easy the monthly fee is to avoid, Accounting software it connects to
Weakest point
12-month cost (reference restaurant)

Score by criterion

  • 12-month cost (reference restaurant)Weight 32%Weakest0.0 out of 10
  • Where you can deposit cashWeight 10%0.0 out of 10
  • Cash deposit limitWeight 10%0.0 out of 10
  • Owner with an ITIN and no SSNWeight 10%0.0 out of 10
  • Fee to close the accountWeight 10%Strongest10.0 out of 10
  • How easy the monthly fee is to avoidWeight 8%Strongest10.0 out of 10
  • Accounting software it connects toWeight 6%Strongest8.5 out of 10
  • Open onlineWeight 5%10.0 out of 10
  • Outgoing domestic wire feeWeight 5%0.0 out of 10
  • Mobile check depositWeight 4%10.0 out of 10

All the data, with sources

Each value links to its source. "Not published" means the vendor doesn't disclose it; "Unconfirmed" means we looked and couldn't confirm it. Data points we have for fewer than four vendors are left out until we can compare them.

Fees
Data pointValue
Monthly fee$0/moSource: Novo (opens in a new tab)
How to avoid the monthly feeNo monthly feeSource: Novo (opens in a new tab)
Transactions included a monthN/ASource: Novo (opens in a new tab)The Fee Schedule lists no per-transaction fee; standard ACH transfers in and out are $0.
Each transaction over the included onesN/ASource: Novo (opens in a new tab)Novo does not charge per transaction.
Outgoing domestic wire$45 one-timeSource: Novo (opens in a new tab)A maximum ("up to"); Novo says you see the fee in your dashboard before sending. Its help center says "up to $30"; we show the Fee Schedule figure.
Minimum opening deposit$0Source: Novo (opens in a new tab)Novo recommends a $1,000 first deposit but publishes no required minimum. Its help center warns that an account left at $0 at the end of the day for 130 days in a row may be closed.
Other feesOptional fees: Express ACH 1.5% of the transfer (minimum $0.50, maximum $20) and Express Check Deposit up to 2% of the check (minimum $0.50). Incoming wires (domestic and foreign), stop payments, insufficient funds, returned uncollected funds, debit card replacement, mailed check bill payments, bank checks and paper statements are $0. The account agreement allows an inactivity fee after 18 months without activity, but the Fee Schedule lists none.Source: Novo (opens in a new tab)
Cash deposits
Data pointValue
Accepts cash depositsNoSource: Novo Help Center (opens in a new tab)Novo's only workaround is to buy a money order (for example at USPS or a grocery store) and deposit it with mobile check deposit; MoneyGram money orders are not supported.
Where you deposit cashSource: Novo Help Center (opens in a new tab)
Cash deposited free each monthN/ASource: Novo Help Center (opens in a new tab)Novo does not take cash.
Cash deposit limitDoesn't take cashSource: Novo Help Center (opens in a new tab)
Most cash a monthN/ASource: Novo Help Center (opens in a new tab)Novo does not take cash.
Bank and deposit insurance
Data pointValue
Who holds the moneyA fintech, through a partner bankSource: Novo (opens in a new tab)
Bank that holds the depositsMiddlesex Federal Savings, F.A., Member FDICSource: Novo (opens in a new tab)
Most FDIC coverage offered$250,000Source: Novo (opens in a new tab)Novo's legal page also has a StoneCastle deposit network agreement under which the bank may place part of the funds at other FDIC-insured banks; Novo publishes no maximum for it.
Requirements to open
Data pointValue
What the owners must giveNovo asks for your SSN to verify your identity, a U.S. residential address, an active U.S. cell phone number and a valid, unexpired government photo ID (U.S. driver's license, U.S. state ID or passport). Every owner with 25% or more must add their details, including an SSN; if one can't provide an SSN, the application can't be completed. An EIN is required for most businesses, including sole proprietorships, except single-member LLCs with no employees taxed as disregarded entities. Only owners who live in the U.S. can apply.Source: Novo Help Center (opens in a new tab)Sources: Novo help articles on the SSN and EIN (updated 5-oct-2026), on owners without an SSN and on the ID (both updated 13-sep-2026).
Owner with an ITIN and no SSNThe bank publishes that an SSN is requiredSource: Novo Help Center (opens in a new tab)
Open onlineOnlineSource: Novo (opens in a new tab)Online only; Novo has no branches.
Day to day
Data pointValue
Mobile check depositYesSource: Novo Help Center (opens in a new tab)Check deposit limits are set per account and shown in the app's settings. Faster availability (Express Check Deposit) costs up to 2% of the check.
ATM withdrawalsWithdraw at any ATM with the Novo debit card. Novo has no fee-free ATM network and charges no ATM fee; it refunds up to $7 a month in fees charged by ATM operators. The daily ATM withdrawal limit is $1,000.Source: Novo Help Center (opens in a new tab)The $1,000 daily limit is from the help article "Is there a limit on ATM withdrawals?".
Accounting software it connects toQuickBooks, Xero, WaveSource: Novo (opens in a new tab)QuickBooks Online and Xero connect from the Apps menu in Novo. Wave has no direct integration: Novo's help center says you connect the account from inside Wave.
Interest on the checking balanceNo interest: the Fee Schedule lists a 0% annual percentage yield.Source: Novo (opens in a new tab)
Account agreement and closing
Data pointValue
Fee to close the account$0 one-timeSource: Novo (opens in a new tab)
Minimum termUnconfirmedSource: Middlesex Federal Savings, F.A. (Novo) (opens in a new tab)The account agreement sets no minimum term, but it does not say in so many words that you may close at any time. The Fee Schedule lists a $0 early closing fee, and the help center explains how to request closure from Settings.
Closing clauseClosing early costs $0 in the Fee Schedule. You request closure from Settings on the web or in the app; first move out your balance, and leave enough to cover any pending items. Closure is permanent, and the bank can also close or freeze the account at any time.Source: Middlesex Federal Savings, F.A. (Novo) (opens in a new tab)
Right to change feesThe bank may change any term of the agreement, with reasonable notice in writing or by another method the law allows; if you keep the account after the effective date, you accept the change (agreement, Amendments and Termination).Source: Middlesex Federal Savings, F.A. (Novo) (opens in a new tab)
Language
Data pointValue
Business pages in SpanishYesSource: Novo (opens in a new tab)Novo has a Spanish version of its site (novo.co/es) and of its help center for business accounts (novo.co/es/ayuda).
Support in SpanishUnconfirmedSource: Novo (opens in a new tab)Novo's contact page and help center do not say whether support answers in Spanish.

More about Novo Business Checking

How we score