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You are here: Home / Banks / Novo Review–Banking Technology For Small Business Owners

Novo Review–Banking Technology For Small Business Owners

January 21, 2022 by Rob Berger

Hello
Is Novo Bank legit?

Yes. It was founded in 2016 to bring business banking two small business owners in a way that makes managing cash flow much easier. 

How is Novo different from traditional banks?

Novo offers a free business checking account with no minimum balance or monthly fee, something many traditional Banks don't offer. In addition, golfers tools and integrations  to help business owners manage everything from invoicing to paying contractors to accepting payment. 

Is there a required monthly balance?

No. There is an initial $50 deposit required to unlock all of the features of the novo account. But there is no minimum balance required beyond that. 

Does Novo Bank pay interest?

Currently, it does not pay interest on his checking account at, and it does not offer a savings account. Novo is exploring this option.

Is Novo FDIC insured?

Yes. Deposits are FDIC-insured through Novo's partner bank, Middlesex Federal Savings, F.A. (FDIC certificate No. 28368) 

Does Novo check your credit score?

No. Novo Bank does not check applicants credit score nor will applying for an account affect and applicants credit score.

About Rob Berger

Rob Berger is the founder of allCards.com. He's written about personal finance and investing since 2007 and is the author of the highly acclaimed book, Retire Before Mom and Dad. He is a former litigation attorney in the securities field and the Founding Editor of Forbes Advisor.

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Rob Berger founded allcards.com in 2008 to help consumers make data-driven decisions about credit cards and banking. A retired trial attorney, he’s written about credit cards, banking and personal finance since 2007, and is the author of Retire Before Mom and Dad.

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