zoom_in Click to enlarge

Novo

▲ ▼

language

description Novo Overview

Novo is a digital banking platform specifically designed for small businesses and freelancers. It offers a high-yield checking account with no monthly fees, making it an ideal choice for entrepreneurs who need to manage business expenses while earning interest on their balance. Novo provides tools like automated bookkeeping and easy expense tracking, providing a streamlined experience that caters to the unique needs of self-employed individuals and small company owners.

help Novo FAQ

Is Novo bank completely free for small businesses?

Yes, Novo offers its business checking accounts with zero monthly maintenance fees and no minimum balance requirements. They also do not charge fees for ACH transfers or standard ATM use, making it highly cost-effective for freelancers.

Does Novo offer a high yield on checking account balances?

Novo provides a high-yield checking option called Novo Reserve, which allows users to earn competitive interest on their funds. This feature functions alongside the primary checking account to help small businesses maximize their idle cash.

Can I integrate Novo with my accounting software?

Novo offers native integrations with popular small business tools like QuickBooks, Stripe, and Shopify. This allows freelancers to easily sync their payment processing and accounting directly within the Novo app dashboard.

Is Novo an actual bank?

Novo itself is a fintech company that provides the digital banking platform, but your deposits are held by its partner bank, Middlesex Federal Savings. This means your funds are still protected by standard FDIC insurance up to the legal limit.

swap_horiz

Looking for Novo alternatives? Compare top competitors ranked & scored

arrow_forward