Pros
- $0 monthly fee with no minimum balance
- ATM fees refunded up to $7 a month
- Free invoicing and Reserves (sub-accounts)
- Integrates with Stripe, Square, PayPal, Shopify and QuickBooks
Cons
- No interest on balances
- No direct cash deposits (money orders only)
- US residents with an SSN only
Novo at a glance
| Monthly fee | $0 |
|---|---|
| Minimum balance | None |
| Interest | Not offered |
| FDIC coverage | $250,000 via Middlesex Federal Savings |
| ATMs & cash | Third-party ATM fees refunded up to $7/mo; cash only via money order |
| Wires | Receiving wires free; outgoing fees shown in app |
| Non-US owners | No — owners must live in the US and have an SSN |
Good fit if you are…
- US-resident freelancers and e-commerce sellers
- Owners who want simple invoicing built in
Look elsewhere if you are…
- Non-US owners
- Businesses that handle cash
Novo alternatives
| Provider | Price | Best for | Link |
|---|---|---|---|
| Mercury | $0/mo | Free wires · non-US founders · startups | Visit Mercury |
| Relay | $0/mo (Grow $30, Scale $120) | Profit First · up to 20 accounts · cash deposits | Visit Relay |
| Bluevine | $0/mo (Plus $30, Premier $95) | Interest on checking · credit line | Visit Bluevine |
| Found | $0/mo (Plus $35, Pro $80) | Freelancers · built-in tax tools | Visit Found |
| Lili | $0/mo (Pro $15, Smart $35, Premium $55) | Non-US owners incl. Latin America · savings APY | Visit Lili |
| Wise Business | $31 one-time | Multi-currency · getting paid from abroad | Visit Wise Business |
How to get started with Novo
- Get your LLC’s EIN from the IRS.
- Have your Articles of Organization, operating agreement and an ID for each owner ready.
- Apply online on Novo’s site and verify the owners.
- Fund the account and connect your payment and accounting tools.
Novo vs the alternatives
Novo is our pick for simple free account for us-based owners ($0/mo). If that isn’t your priority:
- Mercury — better for free wires · non-us founders · startups ($0/mo). $0 monthly fee, no minimum balance, no opening fees.
- Relay — better for profit first · up to 20 accounts · cash deposits ($0/mo (Grow $30, Scale $120)). $0 Starter plan with no minimum balance.
- Bluevine — better for interest on checking · credit line ($0/mo (Plus $30, Premier $95)). Interest on checking: 1.3% APY on Standard (with $500 card spend or $2,500 in customer payments a month).
Frequently asked questions
How much does Novo cost?
$0/mo. Monthly fee: $0. Minimum balance: None. Verified October 18, 2026 on Novo’s website.
Is Novo good for an LLC?
A straightforward $0 account with ATM refunds and solid integrations for US-based owners. No interest and no cash deposits. Good fit: us-resident freelancers and e-commerce sellers; owners who want simple invoicing built in.
What are the downsides of Novo?
No interest on balances. No direct cash deposits (money orders only). US residents with an SSN only.
Can non-US residents open Novo?
No — owners must live in the US and have an SSN.
What are the alternatives to Novo?
Mercury ($0/mo), Relay ($0/mo (Grow $30, Scale $120)), Bluevine ($0/mo (Plus $30, Premier $95)), Found ($0/mo (Plus $35, Pro $80)), Lili ($0/mo (Pro $15, Smart $35, Premium $55)), Wise Business ($31 one-time).
Is Novo safe?
Novo isn’t a bank itself; deposits are held at partner banks that are FDIC members. FDIC coverage: $250,000 via Middlesex Federal Savings.
How do I sign up for Novo?
1. Get your LLC’s EIN from the IRS. 2. Have your Articles of Organization, operating agreement and an ID for each owner ready. 3. Apply online on Novo’s site and verify the owners. 4. Fund the account and connect your payment and accounting tools.
Rates, fees and eligibility change often. Figures come from each provider’s own site on the date shown; confirm before opening an account. Fintechs are not banks — deposits are held at partner banks, Member FDIC. Verified October 18, 2026. We may earn a commission if you sign up through our links, at no cost to you. How we’re funded.
Your LLC setup checklist
- Get a free EINFrom the IRS, in minutes online.
- Open a business bank accountKeep LLC money apart from yours to protect the liability shield.
- Sign an operating agreementSettle who owns and decides what before it matters.
- Get business insuranceCover what the LLC itself doesn’t protect.
- Plan your taxesKnow your tax status and federal due dates.
- Track state deadlinesFree reminders before each filing.
Everything in one list: printable LLC compliance checklist · live deadline calendar.