Novo review
Updated September 28, 2026 · SumCue Editorial Team · Facts checked September 26, 2026
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Our verdict
Novo is a US business checking account with a debit card attached, aimed at companies that keep everyday cash in a fee-free place. The monthly fee is $0 and the minimum deposit is $0, so the account costs nothing to run and asks for nothing to open it.
Key facts
- Best for
- A fee-free US business account for day to day company cash.
- Minimum deposit
- $0↗
- Deposit protection
- FDIC up to USD 250,000↗
- Access terms
- On-demand access, no minimum balance requirement↗
- Monthly fee
- $0↗
- Account kind
- Cash management↗
- Legal entity
- Novo Platform Inc.↗
- Headquarters
- United States↗
- Support channels
- Chat, Email, Help-centre↗
- Pricing model
- No monthly fee
- Official website
- novo.co
Debit cards
Facts checked September 26, 2026, 5 sources
Apps and profiles
- Get the app
- App StoreGoogle Play
- Elsewhere
- LinkedInXfacebook.com
Pros and cons
Pros
- Access is on demand, with no minimum balance requirement to keep the account open.
- Deposit protection of FDIC up to USD 250,000 covers balances held in the US.
- The debit card runs on mastercard and comes with a virtual card for online spending.
Cons
- Help runs on chat, email and help centre only, so there is no phone line listed.
- The account is built for a business audience, so it does not serve personal savers.
- Deposit protection stops at FDIC up to USD 250,000, so balances above that limit are not covered.
Who it suits
- Companies that pay out by debit card and want a virtual card for online purchases.
- Firms that hold operating cash and want deposit protection of FDIC up to USD 250,000.
- Businesses that would rather not pay a monthly charge for everyday banking.
Who should look elsewhere
- bunq, whose deposits sit under EU DGS up to EUR 100,000, suits readers who want that scheme in the EU.
- Wise is the pick if protection of EU DGS up to EUR 100,000 matters more than a business account.
- Finteres asks for a minimum deposit of €100, so it does not suit anyone starting with less.
How Novo compares
9.2 vs 8.0
9.2 vs 9.4
9.2 vs 9.4
9.2 vs 8.5
9.2 vs 9.4
9.2 vs 8.7
Novo vs Finom9.2 vs 8.9
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9.2 vs 9.0
9.2 vs 9.0
9.2 vs 9.0- 9.2 vs 8.0
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9.2 vs 9.0
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9.2 vs 8.9- 9.2 vs 8.9
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9.2 vs 8.4- 9.2 vs 8.0
9.2 vs 9.0
Where Novo is available
- Available
- United States
- Licence in United States
- FDIC, checked September 26, 2026
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
How much does a Novo business checking account cost?+
Novo charges a monthly fee of $0 and asks for a minimum deposit of $0. The account runs on a no monthly fee basis, so there is no monthly charge and no opening balance requirement for the account itself.
Is money held at Novo protected?+
Yes. Novo Platform Inc. holds deposits covered by FDIC up to USD 250,000. The scheme applies to balances in the US up to the stated limit, and anything held above that limit sits outside the protection.
What kind of account is a Novo account?+
Novo is a cash management account for business users, so the money is there for day to day company spending rather than for saving. Access is on demand and there is no minimum balance to hold.
What card comes with a Novo account?+
The account includes a debit card on the mastercard network, and a virtual card is listed among its features. That lets you pay and withdraw with a card in hand and add a separate card for online purchases.
How do I get help from Novo?+
Support runs on chat, email and help centre, which means chat, email and a help centre. There is no phone line listed for the business account, so urgent questions are quicker to settle in chat or by email.
Is Novo available outside the US?+
Novo is based in the US and is aimed at a business audience, so it is built for companies operating in that market. Readers elsewhere are better served by a provider covered by their own protection scheme.
What is the minimum deposit for a Novo account?+
The minimum deposit is $0, and Novo ranks 1 on minimum deposit among the 379 brands compared. Access is on demand, so a small balance can sit there without any requirement to top it up.
How does Novo compare with bunq and Wise?+
bunq and Wise both hold deposits under EU protection of EU DGS up to EUR 100,000 and EU DGS up to EUR 100,000, while Novo sits under FDIC up to USD 250,000. An EU reader who wants that scheme may prefer one of them, and a US business may stay with Novo.
Sources
- novo.co/business-checking/no-fee-checking checked September 26, 2026
Backs: Access terms, Account kind, Minimum deposit, Pricing model, Monthly fee
“Open a business checking account with no monthly maintenance fee, no minimum balance requirement, and $0 standard ACH transfers.”
- novo.co/contact checked September 26, 2026
Backs: Headquarters, Support channels
“New York 123 William St New York, NY 10038”
- novo.co/legal checked September 26, 2026
Backs: Deposit protection, Licences
- novo.co/legal/novo-referral-program checked September 26, 2026
Backs: Legal entity
“These Novo "Referral Program" terms and conditions ("Terms") offered by Novo Platform Inc. ("Novo")”
- novo.co/business-checking/debit-card checked September 26, 2026
Backs: Audience, Card type, Features, Card network
“Physical and Virtual Business Debit Cards”
Compiled from 5 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Headline rate, Rate type, Term.