Offer value details
Novo describes an online business checking account with virtual and physical debit cards, invoicing, integrations, bookkeeping, reserves, ATM-fee reimbursement, and business payment tools.
Qualification requirements
Novo's FAQ says it currently opens accounts only for business owners who reside within the U.S. and for businesses registered in the U.S. Applicants and other owners must have a Social Security number, U.S. cell phone number, U.S. address, and be at least 18 years old. Eligibility for Novo products and services is subject to final Novo determination.
Fees and costs
Novo's fee schedule lists a $0 monthly service charge, $0 minimum balance, 0% APY, $0 incoming and outgoing ACH, $0 incoming domestic wire, outgoing domestic wires up to $45, outgoing Express ACH at 1.5% of transaction value with minimum and maximum fees, express check deposit fees up to 2% of the check amount, and ATM fee reimbursement up to $7 per month per customer.
Availability
Novo's FAQ says the business must be registered in the U.S. and the business owner must reside within the U.S.; applicants and other owners need a Social Security number, U.S. cell phone number, and U.S. address. Novo is digital and says the sponsor bank does not provide in-person banking for Novo accounts.
What to verify
- Novo is a fintech, not a bank.
- Pass-through FDIC coverage depends on bank-program placement, ownership category, and recordkeeping conditions.
- The checking account lists 0% APY.
- Express ACH, outgoing domestic wires, express check deposits, and other account activity can carry fees.
- U.S. business registration, owner residency, SSN, U.S. phone, U.S. address, transaction limits, and final account approval can affect eligibility.
Confirm current provider terms
Rates, rewards, fees, qualification rules, eligibility, and deadlines can change. Review the provider terms before applying.