Skip to content
Toolradar
Novo logo

Novo

Claim this toolEditor reviewed

Smarter online business banking solutions for small businesses and self-employed entrepreneurs.

FinanceInvoicingExpense Management
Visit Website
Reviews onG2
11 reviews tracked

The Bottom Line

Entry price

Free plan available, paid tiers above

Biggest pro

Business banking for small businesses

Biggest con

Limited to US businesses

TL;DR - Novo

  • Offers a free online business checking account with no hidden fees.
  • Provides tools for invoicing, budgeting, expense management, and integrates with popular business apps.
  • Designed for small businesses, freelancers, and self-employed individuals to simplify financial operations.
Pricing: Free plan available
Best for: Growing teams
3.5/5 across review platforms

What is Novo?

Editorial review
Novo offers a flexible and forward-thinking online business banking platform designed to help small businesses, freelancers, and self-employed individuals manage their finances efficiently. It provides a free checking account with features like easy invoicing, intuitive budgeting, real-time insights, and hassle-free funding options. The platform aims to simplify financial operations by allowing users to create custom, branded invoices with automatic reminders, set up automatic allocations for payroll and taxes, and categorize expenses with AI-powered spreadsheets. Novo also emphasizes seamless integration with popular business tools such as QuickBooks, Stripe, Gusto, and Square, consolidating financial management in one place. Novo is built to support business growth by providing access to flexible funding, educational resources, and a community of like-minded business owners. It prioritizes security with FDIC insurance for deposits up to $250,000, bank-level encryption, and real-time fraud alerts, ensuring that users' financial data is safe.

Available on: Web, iOS, Android

how we evaluateSourcenovo.co ↗

Pros & Cons

Pros

  • Business banking for small businesses
  • No hidden fees approach
  • Integrates with business tools
  • Easy account setup
  • Mobile-first banking

Cons

  • Limited to US businesses
  • No physical branch locations
  • Feature set still evolving
  • Deposit and transfer limits
  • May not suit all business needs

Ratings Across the Web

3.5(11 reviews)

Novo holds an aggregate rating of 3.5 out of 5 from 11 reviews across G2, last checked March 18, 2026.

G211 reviews
3.5/5

Ratings aggregated from independent review platforms. Learn more

Key Features

Business bankingFree checkingInvoicingReserve accountsIntegrationsNo minimum balance

Pricing Plans

Pricing checked Aug 22, 2026

Free

  • No monthly fees
  • No minimum balance
  • Free unlimited invoicing
  • Free bill pay
  • $7/mo ATM fee refunds
  • Free ACH transfers
Calculate your costView full pricing

Is Novo worth the price?

95/100

Novo's pricing is exceptionally generous, offering a completely free tier with no monthly fees or minimum balance requirements.

The inclusion of free unlimited invoicing, bill pay, and ACH transfers makes it highly competitive. This is an excellent option for small businesses and self-employed entrepreneurs looking to minimize banking costs.

Hidden Costs & Gotchas

ATM fees refunded up to $7/month, not all fees.

Potential fees for international wire transfers.

Specific integrations might incur their own costs.

How Novo Compares to Competitors

Compared to traditional banks like Chase or Bank of America, which often charge monthly maintenance fees ($10-$15) unless specific balance requirements are met, Novo's free tier is a significant advantage. Even challenger banks like Mercury often have more nuanced fee structures for certain services, making Novo's 'Free' offering stand out for basic banking needs.

Reviews

Improve Your Thinking Patterns Using ChatGPT cover
$99Free with your review

Review Novo, get a free AI guide

Share your experience and we will send you Improve Your Thinking Patterns Using ChatGPT, free.

Write a review
3.5/5

Across 11 verified user reviews on G2

Add your hands-on experience using the offer above to help the next buyer.

Best Novo Alternatives

Top alternatives based on features, pricing, and user needs.

Mercury logo
MercuryFree

Business banking for startups. Open an account online in minutes

4.6
Oxygen logo
OxygenPaid

Banking services for small businesses and entrepreneurs, currently undergoing new initiatives.

4.2
Found logo
FoundFreemium

Smarter banking, bookkeeping, and tax management for small businesses and freelancers.

4.5
Wise logo
WiseFreemium

International money transfers and accounts

4.1
Bluevine logo
BluevineFreemium

Banking beyond expectations with a powerful business banking platform for growth.

See all finance tools →

Still deciding?

Most buyers shortlist 2 or 3 tools before committing. Pull a side-by-side comparison or browse the full alternatives shortlist below.

Novo vs MercuryHead-to-head: features, pricing, who winsNovo vs OxygenHead-to-head: features, pricing, who winsNovo vs FoundHead-to-head: features, pricing, who wins

Explore More

Best Finance ToolsBest Invoicing ToolsBest Expense Management ToolsBest Free FinanceBest Free InvoicingBest Free Expense Management

Novo FAQ

How does Novo help small businesses manage their finances efficiently?

Novo provides a free checking account with features like easy invoicing, intuitive budgeting, and real-time insights. It also allows users to create custom, branded invoices with automatic reminders and set up automatic allocations for payroll and taxes.

Which teams or individuals benefit most from using Novo?

Novo is designed for small businesses, freelancers, and self-employed individuals. It helps these users manage their finances efficiently and simplifies financial operations.

How is Novo's pricing structured?

Novo is available on a free tier, with paid plans offered for users who require more usage and additional features. This allows businesses to choose a plan that fits their specific needs.

What kind of integrations does Novo offer for business operations?

Novo offers seamless integration with popular business tools such as QuickBooks, Stripe, Gusto, and Square. These integrations help consolidate financial management in one place for users.

What are the main limitations a business might encounter with Novo?

Novo is currently limited to US businesses and does not offer physical branch locations. Additionally, there are deposit and transfer limits, and its feature set is still evolving, which may not suit all business needs.

How does Novo compare to a competitor like Found?

Novo offers a free checking account with features like invoicing and budgeting, similar to Found, but emphasizes seamless integration with a range of popular business tools. Novo also provides access to flexible funding and educational resources for business growth.

Source: novo.co

Guides & Articles

Best Free Expense Management Tools in 2026

Features Novo

Best Expense Management Software in 2026

Expert guide

Best Spend Management Platforms in 2026

Expert guide