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Novo Business Checking account review

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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.


Monthly fee




Minimum deposit to open


Monthly fee$0
Minimum deposit to open$50
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

Expert review

Peter Carleton

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.

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

You can use the debit card included with your account almost anywhere in the world, but Novo doesn’t have an ATM network. While Novo won’t charge you any fees when withdrawing from an ATM, the ATM owners might.

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. 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.

Compare with other business checking accounts

Name Product APY ATMs Fee
Chase Total Business Checking
16,000 Chase ATMs and nearly 4,900 branches
(can be waived)
If you’re new to Chase Total Business Checking®, get $200 when you open this account and complete qualifying activities. It boasts convenient features to help small and growing businesses reach their goals.
Axos Bank Basic Business Checking
ATM fees reimbursed at any ATM nationwide
No monthly maintenance fees, a low minimum deposit requirement and unlimited domestic ATM fee reimbursements.
Radius Bank Tailored Checking
0.75% on balances of $5,000+
More than 20,000 ATMs + unlimited ATM surcharge rebates
(can be waived)
with Tailored Checking get free ATMs worldwide and unlimited penalty-free transactions.
Huntington Unlimited Business Checking
Free at more than 1,800 ATMs across the Midwest
(can be waived)
Unlimited transactions, waivable monthly fee and the choice of a bonus service come with this business account.

Compare up to 4 providers

How much do I need to open an account?

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

How do I apply?

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

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

How do I deposit or withdraw money?


  • 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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