What it does
Novo is a fintech platform for independent U.S. businesses, with checking supplied by Middlesex Federal Savings. It includes invoicing, business-tool connections and Reserves that divide the checking balance into named budgeting buckets without a monthly account fee.
Novo’s Reserves help distinguish money available to spend from money set aside for a future bill. Create a bucket for a purpose such as payroll, then allocate a fixed amount or percentage of incoming deposits. All Reserves share the main checking account’s number; they are parts of one balance.
Before paying a bill, move the needed amount back to the main balance. Card purchases, outgoing ACH transfers and Bill Pay draw from that main balance, rather than directly from a Reserve. This makes Novo useful for budgeting inside one business, while separate legal entities still need their own account arrangements.
The checking account has no monthly maintenance charge or minimum balance. Standard ACH transfers, invoicing and Reserves are included. Express ACH and some other payment services charge a fee displayed before use. Novo reimburses eligible third-party ATM fees up to $7 per customer monthly.
Applicants need a Social Security number, a U.S. residential address and an active U.S. mobile number; virtual numbers are not accepted. Novo currently accepts owners who live in the U.S. Most businesses also need an EIN. Start with Open account and prepare the ownership and business details requested for your entity.
Strengths
- Reserves can allocate incoming deposits by percentage or fixed amount.
- No monthly maintenance fee, minimum balance or charge for standard ACH transfers.
Watch out for
- Reserves have no separate account numbers and cannot directly fund outgoing payments.
- Applicants need U.S. residence, an SSN and an active U.S. mobile number.
Best for
- U.S. independent businesses budgeting tax, payroll and operating costs within one account
- Owners who want invoices alongside their business checking activity
Sources
- Novo: Free Business Bank Account for Small Businesses | Novo (Oct 25, 2026)
- Is Novo a bank? | Novo (Oct 25, 2026)
- Free Business Checking Account | Novo (Oct 27, 2026)
- Business Sub-Accounts: How to Bucket Your Money for Taxes, Payroll, and Profit (Oct 27, 2026)
- Do I need an SSN or can I use an EIN to apply for an account? (Oct 27, 2026)