Novo
📍 Available in: US
★★★★★ 4.5 / 5.0
Novo is a business banking platform built for small business owners and freelancers. It offers a completely free checking account with no hidden fees, free invoicing software, and Novo Reserves—a feature that allows you to automatically set aside money for taxes or profit.
Key Facts at a Glance
| Cost / Fee Structure | $0 |
| APY / Rewards Yield | 0% |
| Minimum Deposit / Balance | $50 to open |
| FDIC / SIPC / Regulatory Protection | $250,000 |
Pros & Cons
✓ Pros
- ✓Truly free—no minimum balances or monthly fees
- ✓Great integrations with Shopify, Stripe, and QuickBooks
- ✓Novo Boost provides faster access to Stripe payouts
- ✓Excellent mobile app
✕ Cons
- ✕Does not support sending domestic wire transfers (only ACH)
- ✕No cash deposits (unless via money order)
- ✕No high-yield savings option
Key Features
Free Invoicing ToolNovo Reserves (Budgeting)Stripe Integration (Faster payouts)Refunded ATM FeesVirtual Cards