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Novo
Novo is a focused free business checking platform for freelancers, ecommerce sellers, consultants, and small service firms. It has no monthly service charge, minimum balance, overdraft fee, or standard ACH fee; connects with more than 40 business tools; provides invoices, bookkeeping, debit cards, mobile checks, and up to 20 Reserves; and insures eligible deposits up to $250,000 through Middlesex Federal Savings. The tradeoffs are material: the account pays 0% APY, does not accept cash, reimburses only up to $7 in ATM fees monthly, and can charge up to $45 for an outgoing domestic wire. Reserves are budgeting allocations inside one checking account—not separate insured or interest-bearing accounts.
What to know about Novo
Novo is a focused free business checking platform for freelancers, ecommerce sellers, consultants, and small service firms. It has no monthly service charge, minimum balance, overdraft fee, or standard ACH fee; connects with more than 40 business tools; provides invoices, bookkeeping, debit cards, mobile checks, and up to 20 Reserves; and insures eligible deposits up to $250,000 through Middlesex Federal Savings. The tradeoffs are material: the account pays 0% APY, does not accept cash, reimburses only up to $7 in ATM fees monthly, and can charge up to $45 for an outgoing domestic wire. Reserves are budgeting allocations inside one checking account—not separate insured or interest-bearing accounts.
Pros
- No monthly service charge, minimum balance, or standard ACH fee
- More than 40 integrations plus invoices, bookkeeping, and up to 20 Reserves
- Clear $250,000 FDIC coverage through Middlesex Federal Savings
Cons
- 0% APY and Reserves are not separate interest-bearing accounts
- No cash deposits or branch service
- Outgoing domestic wires can cost up to $45 and ATM reimbursement is capped at $7 monthly
Scoring breakdown
- Fees4.8/5
- Yield2.5/5
- Integrations4.8/5
- Onboarding4.6/5
- Customer Service3.9/5
Verified product facts
- Monthly Fee
- $0 monthly service charge and $0 minimum balance; optional express transfers and outgoing wires carry fees
- Yield
- 0% APY on the business checking account and Reserves
- Deposit Insurance
- Up to $250,000 through Middlesex Federal Savings, F.A., Member FDIC, subject to standard ownership-category rules
Where Novo ranks
Every DollarScout ranking that includes Novo.
Fact-checked July 18, 2026. Sources: Novo current business-checking overview and FDIC disclosure, Novo fee schedule dated June 18, 2026, Novo Reserves and allocation guide, Novo integrations catalog and workflow, Novo cash-deposit limitation, Novo deposit and transaction-limit guidance, Novo business-checking agreement.