![]() Novo offers a 10-minute business account application.These types of partnerships ensure you receive stronger technological tools for banking while remaining secure with FDIC insurance and protection from an actual bank. It is partnered with Middlesex Federal Savings, F.A., which is in Somerville, Massachusetts. Novo states that it operates a completely digital workforce, with its business locations in Miami, New York City, and India. You should remember, however, that Novo is not actually a bank, but a Fintech company, essentially providing all the technological resources you get with your account. There may be plans in the future to expand to other markets, but that hasn’t happened yet. This means you can either be a US citizen or international founder to start an account. Novo supports small business owners, ecommerce merchants, freelancers, and entrepreneurs all around the US. It’s intuitive, offers the necessary insights at the top of the app, and there’s no need to go digging around to locate essentials like buttons to move money or check recent activity. However, Novo makes up for the lack of branches by providing a sleek online interface, with a mobile app that would make Chase and Bank of America envious. The company strives to eliminate the usual fees that come with business banking accounts, while also making it easy to set up an account and complete tasks like mailing checks and accepting wire transfers.Īs an “all-online” business banking account, you’re left without the option to visit a banking branch (which are extremely helpful to have). Novo offers an online business banking account with a focus on the United States. ![]() In this Novo review, we figure out how Novo works as a business banking account, as well as how it differs from all the other business banking accounts on the market. So, what can you do to ensure you find a simple, no fee account to manage your business expenses, revenues, and overall cashflow? One solution is to look at the Novo business banking account, which is known for its beautiful mobile interface and fee-less structure. ![]() Business banking accounts have a tendency to charge monthly or signup fees, require tedious application processes, and upsell you on outdated business tools. ![]()
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