Overview
Novo, at a glance.
Novo is a fintech company headquartered in the United States. The business account has no monthly fee. Opening an account takes 3–5 days.
Novo is not a bank. Deposits are held at Middlesex Federal Savings, a member of the FDIC, and insured up to $250,000.
Why businesses pick Novo
- No monthly fee, no setup fee and no minimum deposit
- Free standard ACH
- No ATM fee from Novo, and up to $7 a month of other banks' ATM fees refunded
- Open to sole proprietors, partnerships, LLCs and corporations
- The application takes under ten minutes
Watch out for
- Every applicant needs a US address and a US Social Security number
- Only for US businesses, in US dollars
- No list of refused industries is published
- The exchange cost on international wires is shown only when you send
Business fit
Will Novo accept your business?
Four quick answers. Where your company is registered and what it does rule a provider in or out faster than anything else.
Based on Novo's published rules
Likely no
Novo does not list United Kingdom among the countries where it accepts companies.
Novo does not publish a minimum company age or turnover, so those two answers are not checked here.
This is one provider. Your profile checks all of them.
- Every provider that fits your business
- The reason behind each match
- Company age and turnover checked too
Who it works with
Accepted and not accepted.
What Novo publishes about the businesses it takes on.
Who Novo serves
- Freelancers
- Startups and SMEs
- E-commerce
- Professional services
All 7 industries on Novo's accepted list
- Small businesses
- Freelancers and consultants
- Online sellers
- Trades and field services
- Food and beverage
- Professional services
- Retail and personal care
Not supported
Industries and countries Novo does not accept, from its own published lists.
Industries
- Not published
Countries
- Not published
Coverage
Where can you use Novo?
Coverage is a starting point. It does not confirm that every business in these markets is eligible.
Supported currencies
USD only
- USD
Payment reach
Not published
Who can apply
Company incorporation countries1 countries · show list
- United States
Owner nationality
Not publishedOwner residency
Not publishedCompany types
Sole proprietorships, Partnerships, LLCs, LLPs, Corporations
Pricing
What does Novo cost?
Look beyond the monthly fee. Your total cost depends on how many transfers you make, where they go and how much you convert.
Account cost
Opening fee
Free
Monthly fee
Free
Business Checking
$0 per month
$0 setup · $0 in year one
Transaction fees
| Cost | Listed amount | How it is charged |
|---|---|---|
| Incoming | ||
| ACH / local USD | Free | No charge |
| Outgoing | ||
| ACH / local USD | Free | No charge · Standard ACH; express ACH costs extra |
Other fees
Cards
| Cost | Listed amount | How it is charged |
|---|---|---|
| Physical card issue | Free | No charge |
| ATM withdrawal | Free | No charge · Other banks' ATM fees refunded up to $7 a month |
Onboarding
From application to live account.
Opening an account typically takes three to five business days.
- 1
Apply
Start the application online or through the sales team.
- 2
Company and people
Give the company's registration details, directors and owners.
- 3
Checks
Upload the documents requested and complete identity verification.
- 4
Account live
Once approved, the account is opened and you receive its details.
Documents you need
Not published
FAQ
Your questions, answered.
Is Novo a bank?
No. Novo is a financial technology company. Deposits are held at Middlesex Federal Savings, a member of the FDIC, and insured up to $250,000.
How much does Novo cost?
Nothing a month, with no setup fee or minimum deposit. Standard ACH is free.
Can non-US residents open a Novo account?
No. Every applicant must have a US address and a US Social Security number.
Who can open a Novo account?
US sole proprietors, partnerships, LLCs, LLPs and corporations.
Alternatives
How Novo compares.
If Novo is not the right fit, these providers work with similar businesses. Compare their listed licences and services below.
| Provider | Licensed in | Known for |
|---|---|---|
 NovoThis pageFintech company | Not published | US business accountFree account |
 RelayFintech company |  | US business accountNon-residents accepted |
 MercuryFintech company | | US business accountNon-residents accepted |
 BluevineFintech company | | US business accountNon-residents accepted |
 BrexFintech company | | Corporate cardsSpend management |
Not sure which one fits? Your profile ranks them for your business, with the reason behind each.