Overall (8.7/10)
Interest Rates & APY (8.9/10)
Fees & Minimums (9.1/10)
Customer Service (8.7/10)
Mobile App & Digital Banking (8.9/10)
Rewards & Perks (9.1/10)

Novo Review:

Intro

Novo is a top-rated U.S. small business checking platform (FDIC-insured through Middlesex Federal Savings, F.A.) built for freelancers, LLCs, and e-commerce sellers, featuring $0 monthly fees, 100% ATM fee refunds every month, Novo Boost (get Stripe payouts up to 2 days faster for free), and Novo Funding up to $75,000.

Full Review

Novo (Miami, FL, USA) is a prominent U.S. financial institution evaluated on MoneyCompared. Novo is a top-rated U.S. small business checking platform (FDIC-insured through Middlesex Federal Savings, F.A.) built for freelancers, LLCs, and e-commerce sellers, featuring $0 monthly fees, 100% ATM fee refunds every month, Novo Boost (get Stripe payouts up to 2 days faster for free), and Novo Funding up to $75,000.

In our comprehensive 2026 review, Novo earned strong marks across rate competitiveness (Fee-Free + Novo Reserves), fee transparency, digital mobile experience, and U.S. regulatory consumer protections. Customers can apply online directly at Novo.

Pros

  • $0 monthly fees, $0 minimum balance, and up to $7/month in ATM fee reimbursements
  • Novo Boost delivers Stripe payouts up to 95% faster with zero added fees
  • Built-in unlimited free invoicing, up to 20 Novo Reserves budgeting buckets, and Shopify/QuickBooks/Xero integrations
  • Novo Funding provides working capital advances up to $75,000

Cons

  • Does not pay interest APY on checking balances
  • No cash deposits directly at ATMs (requires money order)
Feature Value
Overall Rating 4.7
Savings APY / AER Fee-Free + Novo Reserves
Deposit Insurance FDIC / NCUA Insured ($250k+)

Novo: Products

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Novo Small Business Checking

Novo Small Business Checking

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Novo: Categories

Business Banking

Business Banking

Rated 9.2

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