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Novo Business Checking account review

A low-fee online checking account designed for small businesses and startups.’s rating: 4.0 / 5.0


Novo is an app-based checking account for small businesses looking for minimal fees and no monthly service charges. But like most digital accounts, you won’t be able to deposit cash.

$0 per month



Minimum deposit to open


Fee$0 per month
Minimum deposit to open$50
ATMsNovo doesn't charge ATM fees and will reimburse any non-network fees you incur
ATM transaction fee$0
ATM fee rebatesRefunds all ATM fees
Out-of-network ATM fee$0
Foreign transaction fee0%
Overdraft fee$0
Nonsufficient funds fee$27

Review by

Peter Carleton is a writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading.

Expert review

Novo is an app-based business checking account designed for small businesses. It has minimal fees and transaction limits, making it a solid low-cost business banking option.

However, it’s not ideal for cash businesses. It also doesn’t currently support payroll providers and recurring payments.

How do I open a Novo Business Checking account?

You can sign up for this account online or through the app:

  1. Select Apply now.
  2. From the Novo website, click Get started.
  3. Then click Apply now.
  4. Enter your business email, create a password and click Get started.
  5. Enter the verification code that was sent to your email, then click Next.
  6. Proceed through each step until you reach the Personal Info page, then enter your information and click Next.
  7. Enter your phone number and verify the code you received.
  8. Enter your business information, then click Next.
  9. Upload any requested business documents, then click Next.
  10. Read and agree to account disclosures, then Submit your application.


In order to open this account, you must meet a few eligibility requirements:

  • At least 18 years old
  • Social Security number and/or Tax ID
  • Government-issued ID
  • US citizen with valid US address
  • Eligible business
  • Deposit at least $50
  • Valid email and US phone number

Required information

When you apply for this account, you’ll need to provide the following information:

  • Name and date of birth
  • Mailing address
  • Social Security or Tax ID number
  • Driver’s license or other state-issued ID
  • Business information
    • Sole proprietors: Do Business As (DBA) documents (optional)
    • LLCs: Operating Agreement and Articles of Organization
    • Partnerships: Partnership Agreement or Certificate of Partnership
    • Corporations: Articles of Incorporation and Company Bylaws

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on Novo's secure site
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on NorthOne's secure site




$10 per month





Minimum deposit to open


Minimum deposit to open


What are the benefits of the Novo Business Checking account?

Novo Business Checking is FDIC insured and account holders get access to a suite of benefits:
  • Minimal fees. Unlike other banks, Novo doesn’t charge for monthly maintenance, incoming/outgoing transfers, stop payments, debit card replacements and more.
  • Integration. Novo integrates with Slack, Xero, Zapier for smoother transactions with your clients.
  • Resources. Take advantage of Novo‘s industry-specific tools and resources that can help your business succeed.

Novo ATM network and fees

Novo doesn’t have an ATM network, but it refunds all ATM fees you incur when you use your debit card to withdraw cash anywhere around the world.

What should I look out for?

Despite Novo Business Checking’s lack of fees and balance requirements, it has its drawbacks:

  • No recurring payments. You can’t set up recurring payments going out of this account, so you’ll need to do it manually each time.
  • No payroll providers. Novo currently can’t integrate directly with any payroll providers, but they are working on this issue.
  • No cash deposits. Since Novo doesn’t have any ATMs or branches, you won’t be able to deposit cash.
  • Limited products. Novo only offers this account, so you’ll have to go elsewhere if you want to open a business savings account or other business banking products.
  • Restrictions. Like most business checking accounts, Novo doesn’t offer accounts to privately-owned ATMs, marijuana, gambling, cryptocurrency, or money services businesses.

If your business makes a lot of cash deposits, you’ll want to keep looking. As always, compare your options when considering a business account.

How much do I need to open an account?

You’ll need $50 to open a Novo Business Checking account.

How do I deposit or withdraw money?

There are several ways to access money in your Novo Business checking account:


  • Mobile check deposit
  • Money order
  • Phone, online or wire transfer
  • Mail a check


  • Check
  • ATM
  • Phone, online or wire transfer
  • Cashback from participating merchant

How do I contact Novo customer service?

You can email Novo customer service is available from 9 a.m. to 6 p.m. (EST).

Frequently asked questions

Checking account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.

Read the full methodology of how we rate checking accounts.

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