Novo (FDIC via Middlesex Federal Savings, as of recent disclosure)
Novo Review 2026
Free, simple business checking for solo entrepreneurs and freelancers.
Who Novo is 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.
At a glance
- Monthly fee
- $0
- Cash deposit
- Not supported
- Transactions
- Unlimited
- ATM rebates
- Up to cap
No minimum balance requirement
Online-only pick
Digital transactions
Out-of-network fee rebursement — verify current cap
Pros
- +No monthly fees, no minimum balance
- +Native invoicing built into the dashboard
- +QuickBooks, Xero, Wave integrations
- +Mobile-first design — straightforward to run from a phone
Cons
- −No direct cash deposit support
- −Basic feature set — not for complex multi-entity operations
- −FDIC via sponsor bank (Middlesex Federal Savings as of recent disclosure — confirm current arrangement at vendor)
Novo requirements
- U.S. business entity with EIN
- Online application — typically 1-3 business days
Novo alternatives
Top alternatives worth comparing from Best Business Bank Accounts for Small Business 2026.
Mercury (FDIC via sponsor banks)
Mercury
Funded startups, e-commerce operators, and fully-online professional services businesses that don't take in physical cash.
Relay (FDIC via sponsor banks)
Relay
SMBs running Profit First or any percentage-based cash allocation methodology that want up to 20 checking sub-accounts under one login.
Found (FDIC via sponsor bank)
Found
Self-employed individuals (sole proprietors and single-member LLCs) who want banking and bookkeeping in the same app, especially those who underestimate quarterly tax obligations.
Ready to apply?
Application takes minutes. Pre-qualification (where available) uses a soft credit pull with no impact to your credit score.
See if you qualify→Last verified at the issuer on 2026-06-05
Compare Novo head-to-head
The full lineup
See all picks in Best Business Bank Accounts for Small Business 2026
Editorial methodology + complete ranking criteria + side-by-side comparison of all picks.
Read the full guide →Bottom line
Novo scores 3.9 / 5 on the ClearValue Rating — a deterministic editorial composite from the product's own published fees, terms, and eligibility. 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.
◆ How we scored it
The ClearValue Rating, broken down.
- Cost
- 35%
- Fit & approval odds
- 30%
- Speed & terms
- 20%
- Transparency
- 15%
Cost (35%), Fit & approval odds (30%), Speed & terms (20%), Transparency (15%) — scored consistently across every product, independent of compensation. Full methodology →
Frequently asked
Questions about Novo
Does Novo business banking support cash deposits?+
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.
What integrations does Novo business banking offer?+
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.
Is Novo FDIC insured?+
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.
Is ClearValue Lending affiliated with Novo?+
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.
Related guides
Independent editorial review. ClearValue Lending is a business & personal financing platform — not a lender, broker, or financial advisor. Some links are affiliate links; the issuer may pay a referral commission at no cost to you, which never changes the score. Specific product terms vary; verify with the issuer before applying. See privacy policy.