Novo 🧾 Service

What you get

Novo offers no-fee business checking with debit cards, invoicing, integrations and a perks catalogue (Novo Perks; no total value stated). Novo's homepage footnote mentions cashback on eligible purchases: 2% with a checking balance of $5,000 or more, 1% below that. Novo is a fintech, not a bank; banking services are provided by Middlesex Federal Savings, F.A., Member FDIC.

Who qualifies

Your business must be registered in the US, and you need a valid US address and US mobile number. Novo's help centre says you do not need to be a US citizen if you live in the US and have a US Social Security number. Most businesses need an EIN; a single-member LLC with no employees taxed as a disregarded entity can apply without one. Eligible types include sole proprietorships, LLCs, corporations, general partnerships and nonprofits.

Good to know

• Founders who live outside the US cannot use Novo; look at Mercury or Relay instead.
• Novo does not publish paid plan prices on its homepage; the core checking account is free.

• Novo's referral programme gives both sides an account credit when a referred business deposits $100 within 30 days and keeps a $100 average balance for 30 days.
• Eligible business types include sole proprietorships, LLCs, corporations, general partnerships and nonprofits, so freelancers who have not formed a company can still open an account.
• Because Novo is a fintech, your deposits sit with its partner bank; read which bank holds them and how much FDIC coverage applies.

Verdict

A simple, free account for US-resident solo founders and small teams. Not suitable for international founders or venture-scale treasury needs.

1. Register your business in the US and get an EIN (unless you are a single-member LLC with no employees).
2. Make sure you have a US residential address, US mobile number and SSN.
3. Apply online with your business documents.
4. Fund the account and order your debit card.