United States
activeFeaturedBusiness banking
- HQ
- Jersey City
- Fee
- Free checking SKU; factoring and extras priced
Novo
Simple US business checking for freelancers and small LLCs.
Tap a star to jump to reviews
6.9Mixed
AlternativesFive questions
At a glance
Is it a bank?
No. Novo is not a bank. Your money sits with Middlesex Federal Savings / program partners.
If it fails?
FDIC via Middlesex Federal and partners
Salary?
Not listed. An IBAN or sort code is not automatically a salary account.
Open from abroad?
Residency and KYC are gated. An App Store listing is not proof you can onboard.
Monthly fee
Free checking
Account number
No IBAN-class local rail on this file.
NeoBankDB Verdict
Licence first · score second
6.9
/10 · Mixed
Novo is the on-ramp. Relay or Mercury is the upgrade.
What it is
Novo is a fintech wrapping partner-bank checking for small US businesses.
Best for: US sole-props who found Mercury too start-up and Chase too 1998.
Last checked 2026-08-01. Not advice.
What it does well
- +Free
- +Simple
- +Integrations
What to watch
- −Not a bank
- −Shallow vs Relay
- −US only
Who holds the money
The account
- Platforms
- Web · iOS · Android
- Account types
- Business checking
- Partner bank
- Middlesex Federal Savings
- Minimum balance
- $0
- Lowest monthly fee
- $0
- Who can open
- US small businesses
- Availability
- United States
How money actually moves
- Who holds the cash
- Current account at a partner bank
- How money moves
- ACH / USD
- Built for
- Business · Freelancer
- Settlement
- App-ledger instant; bank rails per corridor
- Freeze risk
- Fintech reviews can pause inbound while they check a transfer
- Card
- Novo lists a physical card and a virtual card on mastercard, plus Apple Pay and Google Pay. Confirm the live product in the app — a card is not a current account.
Licence first
Safety
FDIC via Middlesex Federal and partners
Who holds the money: Middlesex Federal Savings / program partners
- FDIC (partners)Fintech with partner banks · United States
Fees
- Monthly
- Free checking
- FX markup
- US domestic
- ATM
- ATM on partner network
Features
- –IBAN
- ✓Fee-free core
- –Multi-currency
- ✓Apple Pay
- ✓Google Pay
- ✓Virtual card
- ✓Physical card
- –Metal card
- –Crypto
- –Stocks
- ✓Business
- –Kids
- –Halal
- Free business checking
- Invoicing integrations
- Reserves
- Debit
Score
- Safety25%
- 7.2
- Fees20%
- 8.6
- Features15%
- 7.2
- App15%
- 8.0
- Global15%
- 3.0
- Support10%
- 6.8
Change log
Full logNo dated notes yet. When the licence, fees, or status moves, it lands here.
Available in
Straight answers
FAQ
01Is Novo a bank?
No. Novo is filed as Fintech with partner banks. The money sits with Middlesex Federal Savings / program partners.
02What happens to money in Novo if it fails?
Eligible deposits sit at Middlesex Federal and named partners under FDIC. Novo itself is not the insured bank.
03What does Novo charge each month?
The monthly fee on this file is Free checking. Fees change — open the operator's pricing page if it is linked.
Ratings and reviews
No published user reviews yet. The NeoBankDB score still comes from licence, fees, and the product — not from an empty star average.
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