Novo
A free US business checking account with invoices, Reserves, and light bookkeeping that can feed Xero, QuickBooks, or Wave.
Best for
US freelancers and small LLCs that want a $0 checking account, invoices, and tax buckets, and will close in QuickBooks, Xero, Wave, or a Novo Bookkeeping P&L.
Not ideal if
Anyone who needs cash deposits, a branch, guaranteed outgoing wires, or a CPA-ready replacement ledger. Novo is a fintech on a partner bank, and public threads cite freezes with email-first support.
Standout
$0 checking plus unlimited invoices and up to 20 Reserves in the same login, with Novo Bookkeeping categories on the feed.
About Novo
Novo is the operating checking account, not the ledger. You apply as a US-resident owner (SSN, US address, US cell), open checking through Middlesex Federal Savings, F.A., issue a physical and virtual debit card, send invoices, and pay vendors by ACH or mailed check. Card and bank lines can be categorized in Novo Bookkeeping (suggested categories, rules you keep, and a P&L in Financial Insights). You can also connect Xero, QuickBooks, or Wave and still close and lock the period in those books.
It does not replace QuickBooks Online or Xero. That is the opposite of Kick (a replacement ledger that can take a bank feed). Mercury is the fuller startup bank: free USD wires, a bill-pay inbox, and IO cards. Found folds quarterly tax estimates into the bank app. Ramp is card-first spend if you already bank somewhere else. Novo's job is $0 checking, invoices, and Reserves, then either a feed into the file you already have or a light P&L inside the bank app.
People who stick are usually US freelancers and small LLCs that want one login for cash, invoices, and tax buckets, without a monthly bank fee. They care most about free standard ACH, incoming wires at $0, and not walking into a branch.
What people who used it say
What they tend to like
No monthly fee and no minimum
Forum summaries treat $0 checking and no balance requirement as the reason people open the account.
Invoices and the bank in one login
NerdWallet flags built-in invoicing as the freelancer-friendly extra versus a branch checking account.
Connectors that get payouts and books in the same place
Public-forum summaries cite QuickBooks, Stripe, and Wave connections as a plus, even when the QuickBooks hook is weaker than Xero.
What they hesitate about
Support is chat and email, not a phone desk
Owners who hit a freeze or a name change say they cannot reach a person by phone, only in-app chat or email.
Accounts frozen or closed with little explanation
More than one owner reported a sudden freeze or closure, then slow follow-up and funds held while the account sat under review.
Checks that sit or get declined
Owners report mobile check deposits that take a week or more, or incoming checks declined without a usable reason. NerdWallet says Novo's own average hold is about four days.
How it hits your books
- Replaces your ledger
- No
- QuickBooks Online
- Partial
- Xero
- Yes
- Multi-entity
- Partial
- Inventory
- No
- Payroll
- No
Review Novo Bookkeeping categories or the Xero, QuickBooks, or Wave feed, then close and lock the period in that ledger if you keep one. Novo Bookkeeping P&L is a cash view, not a locked period.
Invite the accountant to QuickBooks, Xero, or Wave, or send CSV and Financial Insights. Novo does not e-file the return or 1099s, and it does not produce a Kick-style year-end tax package.
Images
Features
Free checking through a partner bank
Open checking with no monthly fee and no minimum. Banking services are provided by Middlesex Federal Savings, F.A., Member FDIC. Standard ACH in and out is $0. Incoming domestic and foreign wires are $0. No cash deposits. Mobile check deposit is app-only and typically posts in 1–4 business days.
Debit cards and ATM reimbursement
A physical Mastercard debit card and a virtual card activate after approval. Novo does not charge its own ATM fee and reimburses third-party ATM fees up to $7 per month. An invite-only Novo Business Credit Card (up to 2% cash back, no annual fee) is available to some checking customers.
Unlimited invoices from the same login
Create and send invoices in the web or phone app at $0. Customers can pay by ACH, check, or a connected processor (Stripe, Square, or PayPal). Novo does not add a processing fee; the processor might. Stripe, Square, or PayPal payments can mark the invoice Paid automatically. Novo Boost can speed Stripe payouts.
Reserves for tax and payroll cash
Create up to 20 named buckets inside the same checking account for taxes, payroll, or owner pay. You can auto-allocate a share of incoming funds. Reserves are not separate account numbers and do not raise the $250,000 FDIC cap.
Novo Bookkeeping (not a ledger)
Suggested tax-friendly categories land on each transaction. You keep rules for recurring vendors. You can link other business checking or credit-card accounts so those lines enter the same reports. Financial Insights shows a P&L and top expenses. This is cash categorization in the bank app, not double-entry books.
Accounting connections
Connect from Apps in the dashboard. Xero's product page says Novo sends transactions every hour. Help also names QuickBooks and Wave. The dedicated QuickBooks page is mainly viewing QuickBooks P&L and expense categories in Novo so you can create matching Reserves. Close stays in the ledger if you have one.
Pricing
A 5-person shop that qualifies (US-resident owner, SSN, US cell) can run checking, debit cards, unlimited invoices, Reserves, and Novo Bookkeeping at $0 software. Novo earns on deposits, interchange, Express ACH (1.5%, $0.50 min, $20 max), express check deposit (up to 2%, $0.50 min), and outgoing domestic wires (up to $45). Incoming wires and standard ACH are $0. ATM refunds cap at $7/month. Checking APY is 0%. The fee schedule lists a $1,000 recommended initial deposit; there is no minimum balance. The credit card is invite-only. International sends go through Wise at the rate shown before you confirm. No cash deposits.
Novo Business Checking
US-resident owners who will bank here and keep the books in QuickBooks, Xero, Wave, or Novo Bookkeeping.
- Checking, no monthly fee or minimum
- Free standard ACH; incoming domestic and foreign wires $0
- Physical and virtual debit cards; ATM reimbursement up to $7/mo
- Unlimited invoices; mailed checks $0
- Reserves (up to 20) and Novo Bookkeeping
- Xero, QuickBooks, and Wave connections
Integrations
Platforms
Audience
Pick something else instead of Novo
Mercury
Pick Mercury instead if you want free outgoing USD wires, a bill-pay inbox, IO charge cards, and a clearer QuickBooks Online or Xero enrichment pass.
Found
Pick Found instead if you want the bank app to estimate quarterly taxes and set money aside when you get paid, not just categorize spend.
Kick
Pick Kick instead if you want Novo (or another bank) as a feed into a replacement ledger, not a light P&L inside the bank app.
Ramp
Pick Ramp instead if you already have an operating account and the job is locked cards, receipt chase, and a QuickBooks Online or Xero spend sync.