Free, simple business checking for solo entrepreneurs and freelancers.
Get started at Novo (FDIC via Middlesex Federal Savings, as of recent disclosure) → Pre-qualify (where available) with a soft credit pull — no score impact.
ClearValue Rating: 3.9 / 5 — our editorial assessment (how we rate)
Editorial confidence (30%), cost (25%), value (25%), accessibility (20%) — scored consistently across every product, independent of compensation.
Solo entrepreneurs, freelancers, single-member LLCs, and side-business operators who want a free simple business account they can open from a phone.
Novo — Free, simple business checking for solo entrepreneurs and freelancers. Best for: Solo entrepreneurs, freelancers, single-member LLCs, and side-business operators who want a free simple business account they can open from a phone.. Compare it against alternatives before applying; the right fit depends on your situation, credit, and goals.
No. Novo is an online-only business bank designed for digital transaction flows. It does not support direct cash deposits. If your business regularly handles cash revenue — retail, food service, contractors collecting cash payments — Novo is not the right fit. A traditional bank with branch or ATM cash deposit capability is the better option for cash-heavy operations.
Novo integrates natively with QuickBooks, Xero, Wave, Shopify, Stripe, and Etsy, among others. For freelancers and solo-operator LLCs already using these tools, the integration removes manual bank reconciliation. Verify the current full integration list and any costs at novo.co — integrations can change as the platform evolves.
Novo accounts are FDIC insured via Middlesex Federal Savings, as disclosed in Novo's recent public materials. 'Via sponsor bank' means Novo is not itself a chartered bank — it holds deposits at Middlesex Federal, which is an FDIC member institution. Confirm the current banking partner and applicable coverage limits at novo.co before opening an account.
No. ClearValue Lending is a small business funding platform, not a bank, deposit institution, or affiliate of Novo. This review presents publicly available editorial information. Account features, fees, and FDIC coverage terms are determined by Novo and its banking partner — verify current terms at novo.co before opening an account.
How we rate
Every pick gets a 1–5 ClearValue Rating computed from four weighted factors: Editorial confidence (30%), Cost (25%), Value (25%), and Accessibility (20%).
Scored consistently across every product and independent of any compensation. Full methodology →
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