Last Updated: 11/14/2025
SuperMoney User Recommendation Score +83
Strongly recommended6 total votes
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Highlights
Community Rating
Strongly recommended
Monthly Maintenance Fee
$0(Verified 11/14/2025)
ATM Fee: Out-of-Network (within the U.S.)
Starting at $0
Minimum Average Balance to Avoid Monthly Service Fee
Starting at $0
APY (Annual Percentage Yield)
0%(Verified 11/14/2025)
Number of Reviews
Novo Business Banking Account Review
Novo Business Banking Account is offered by Novo, a bank founded in 2016 and based in New York, NY. Novo Business Banking Account is available in 50 states and Washington, DC.
Key Takeaways
- 0% APY. As with most checking accounts, Novo Business Banking Account does not pay interest.
- No monthly maintenance fees. This account does not charge any monthly account fees.
- No minimum initial deposit. There is no minimum balance required to open an account online.
- No ATM fees. Novo Business Banking Account does not charge fees on ATM transactions .
- ATM fee rebates. This account will reimburse you for ATM fees (see terms and conditions for details).
- Bill pay. Pay your bills to practically anyone in the United States when you enroll in Novo mobile or online banking.
- Soft credit pull. Novo will not perform a hard credit pull when you open an account.
Novo Business Banking Account Pros & Cons
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Novo Business Banking Account FAQ
Are business checking accounts from Novo federally insured?
Yes, your deposits are insured by the Federal Deposit Insurance Corporation (FDIC #28368). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.
What APY does Novo Business Banking Account offer?
Novo Business Banking Account is not an interest-bearing account.
What are the account minimums for Novo Business Banking Account?
Novo Business Banking Account does not require a minimum initial deposit.
| Description | Amount |
| Minimum Initial Deposit | $0 |
What fees does Novo Business Banking Account charge?
The good news is that this account does not have a monthly service charge.
| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Monthly Maintenance Fee | $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Paper Statement Fee | Starting at $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ATM Fee: In-Network | Starting at $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ATM Fee: Out-of-Network (within the U.S.) | Starting at $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NSF Fee | $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Early Account Closure | Starting at $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Returned Deposit Fee (Domestic) | Starting at $27 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Card Replacement Fee (Standard Delivery) | Starting at $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Check Cashing Fee | $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Online Bill Pay Fee | Starting at $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stop Payment Fee | Starting at $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Wire Transfer Fee - International (Incoming) | Starting at $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Wire Transfer Fee - US Domestic (Incoming) | Starting at $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What features and perks does Novo Business Banking Account offer?
This account includes the following features:
- ATM reimbursement - This account will reimburse you for the ATM fees charged by other networks.
- Fraud monitoring - Novo Business Banking Account monitors transactions for potentially fraudulent activity, such as when a debit card is unexpectedly used in a different location or you make a sudden string of costly purchases.
- Free Bill Pay - Bill Pay allows you to pay bills easily from your account.
- Mobile Banking Services - Novo Business Banking Account allows you to manage your money online. This includes depositing checks in your account with your smartphone.
- Nationwide ATM network - Conveniently transact at a nearby ATM.
- Soft credit pull - Novo Business Banking Account performs a soft credit pull so you can check whether you qualify without hurting your credit.
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Other Services by Novo
SuperMoney Net Recommendation Score
SuperMoney users strongly recommend this product, giving it a user recommendation score of +83, or 4.7 on a 5-point rating scale.
+83
-1000+100
No one recommends
Everyone recommends
Novo Business Banking Account Community Reviews
Would you recommend Novo Business Banking Account to your friends?
JO
Jomiloju O.
Jan 10, 2022
May or may not recommend
The Novo Business Checking Account, if not the best, then one of the best accounts I’ve ever used. The bank doesn’t charge any monthly fees. And unlike others, there are no charges on practically all the transactions I performed including wire transfer.
BS
Bamidele S.
Nov 24, 2021
May or may not recommend
If you are looking for a business checking account that will allow you to earn interest so your money can grow, then I will advise you to stay away from this account. But if you don't care about the interest banking with the Novo Business Checking Account make sense. For me,it is the fact I can perform almost all transactions on my smartphone without any hassles. And I always ...Show More
AF
Anthony F.
Apr 22, 2021
May or may not recommend
Novo is great for side hustles and small businesses. You are a business even if you don't have an LLC with this bank. I use this bank for my business and have had all my atm fees refunded to me by Novo. They don't charge an atm fee themselves and will pay back any atm fees that the atm charges you. I highly recommend this bank for anyone that needs ...Show More
KL
Kevin L.
Feb 27, 2021
May or may not recommend
We had been initially very excited about the Novo no fee business checking account. We were switching over from one of the big banks, that charged fees on everything and we're especially excited about the no atm fees and reimbursement of out of network fees. The initial deposit was only $50 which was not as important to us , but might be to those starting out. But... It took almost ...Show More
VD
Vic D.
Feb 26, 2021
May or may not recommend
Money magazine says that they are the best business checking account around. They give banking a fresh breath of air. In as little as 10 minutes your new bank account can be up and running. They are FDIC insured, no hidden fees, and they are very service first. I would recommend doing business NOVO.
LO
Lillith O.
Feb 24, 2021
May or may not recommend
This an amazing checking account company for businesses!! It only takes $50 to open an account, which is not bad at all. There are free ACH transfers, mailed checks, and incoming wires. There is no minimum balance needed to keep the account. There are no monthly service fees and perks for having them. If you need to close your account, there is no fee. If you have insufficient fees, there ...Show More
Showing 6 of 6 reviews