Novo review

Novo is the simplest free account on this list for a one-person business. There is no monthly maintenance fee and no waiver requirement to track, no minimum balance and no transaction limits, and standard ACH transfers and incoming wires are free. Banking services come from Middlesex Federal Savings, F.A., and Novo says more than 250,000 small businesses use it. The tools are aimed at freelancers: invoices go out from the account with tracking and automatic reminders, and Novo Reserves lets you create up to 20 buckets inside checking for taxes, payroll or slow seasons, with rules that route money automatically. Over 10 native integrations, including Stripe, QuickBooks, Shopify, Square and Xero, keep transactions in sync. The limits are fee-related: Express ACH and services that rely on a third party, such as wires, can carry a fee shown before you send, and third party ATM fees are reimbursed only up to $7 a month. There is no paid tier with higher interest.

Who it is for

Freelancers and sole proprietors who want a free account with invoicing and tax savings buckets.

Price

Free: $0 monthly maintenance fee with no minimum balance.

Monthly maintenance fee $0 No monthly maintenance fee or waiver requirement
Quoted from the vendor pricing page on November 12, 2026.

Key features

• No monthly maintenance fee, no minimum balance and no transaction limits
• Novo Reserves: up to 20 savings buckets inside checking for taxes or payroll
• Built-in invoicing with tracking and automatic payment reminders
• Over 10 native integrations including Stripe, QuickBooks, Shopify, Square and Xero
• Third party ATM fees reimbursed up to $7 per month

Strengths and weaknesses

• Strength: No fee waiver requirements to track
• Strength: Free standard ACH and free incoming wires
• Strength: Invoicing, bookkeeping and reserves at no extra charge
• Weakness: No interest-earning tiers listed on the checking page
• Weakness: Express ACH and outgoing wires can carry third party fees
• Weakness: ATM fee reimbursement is capped at $7 a month

Key facts

• Monthly fee: $0
• Customers: 250,000+ small businesses (Novo)
• Partner bank: Middlesex Federal Savings, F.A.

Where it ranks

Novo is No. 4 in our Best Business Bank Accounts verdict.