The Business Bank Account That Gets Out of Your Way
Credit card strategy is about how you spend. But the money you earn — from clients, from your business, from side projects — has to land somewhere before it gets spent. If that somewhere is a traditional bank charging you $15/month in maintenance fees, you're leaking money from the other end of the pipe.
This is a review of Novo, the business checking account we use for Scout Theory's operations. We're covering what it does well, what it doesn't, and who should use it — because no banking product is right for everyone.
We bank with Novo and this page contains a referral link. If you open an account through our link, both parties may receive a bonus. This doesn't affect the review — we cover the limitations honestly below, including the ones that actually matter.
What Novo actually is
Novo is a business-only checking account. It's designed for freelancers, sole proprietors, LLCs, and small businesses. You cannot open a personal account. If you need a personal checking account, this isn't the product — but if you run any kind of business (including a side hustle structured as a sole proprietorship), it qualifies.
Novo is a fintech, not a bank. Banking services are provided by Middlesex Federal Savings, F.A., which means your deposits are FDIC-insured up to $250,000. The distinction matters because Novo is the technology layer — the app, the integrations, the invoicing — while the actual money sits at a regulated, insured bank.
What you pay: $0
| Fee | Novo | Typical business account |
|---|---|---|
| Monthly maintenance | $0 | $10–$30/mo |
| Minimum balance | None | $1,500–$5,000 |
| ACH transfers (in/out) | $0 | $0–$3 each |
| Incoming wires | $0 | $10–$15 |
| ATM withdrawals | $0 (refunded up to $7/mo) | $2–$5 per out-of-network |
| Debit card foreign transaction fee | None | 1–3% |
| Overdraft fee | $0 (transactions declined) | $25–$35 |
| Insufficient funds (returned item) | $27 | $25–$40 |
The only fee you can incur is $27 for a returned item (a check or payment that bounces because the funds aren't there). Everything else is zero — no monthly fee, no minimums, no per-transaction charges, no incoming wire fees, and no foreign transaction fees on the debit card. For a freelancer or small business doing $3,000-$20,000/month in revenue, the fee savings over a traditional business account add up to $180-$360/year.
The ATM situation
Novo doesn't have its own ATM network. Instead, they take the approach of letting you use any ATM in the world and refunding the fees — up to $7 per month. That typically covers one or two withdrawals, depending on the ATM operator's fee.
This works well if you rarely need cash (most business expenses go through cards or ACH). It works less well if you're pulling cash weekly. The $7 monthly cap means your third or fourth ATM withdrawal in a month may cost you the operator's fee — typically $2.50-$3.50.
Daily ATM withdrawal limit: $1,000. Standard for the industry, but worth knowing if you occasionally need larger amounts.
What makes Novo useful for businesses
Novo Reserves
Sub-accounts you create within your main checking account to earmark money for specific purposes — taxes, quarterly payments, equipment, payroll. You can create up to 5 reserve accounts and transfer between them instantly. This is surprisingly useful for solo operators who need to set aside 25-30% for taxes without moving money to a separate bank.
Built-in invoicing
Create, send, and track unlimited invoices directly from the Novo dashboard. Clients can pay by ACH, and you can connect Stripe or Square to accept card payments. For freelancers and contractors, this eliminates the need for a separate invoicing tool like Wave or FreshBooks — one fewer subscription to manage.
Integrations
Direct connections to QuickBooks, Xero, Stripe, Shopify, Wise (for international transfers), Zapier, Gusto (payroll), Square, Etsy, eBay, Amazon, and WooCommerce. If your business runs on any of these tools, Novo feeds transaction data into them automatically. The Stripe integration is particularly strong — Novo Boost lets you accelerate Stripe payouts so you get your money faster.
The debit card
A standard Mastercard debit card with no foreign transaction fees, Apple Pay and Google Pay support, and instant virtual card issuance (you can start using the card number immediately after account approval, before the physical card arrives). No rewards or cash back on the debit card — but that's what your credit card is for.
What Novo can't do
These are real limitations, and any review that doesn't mention them is selling you something:
No cash deposits. You cannot deposit cash at an ATM, a bank branch, or anywhere else. If your business handles physical cash (retail, food service, event sales), Novo is not the right account. The workaround — buying a money order and depositing it via mobile check deposit — works but is inconvenient and defeats the purpose of digital-first banking.
No interest on balances. Money sitting in your Novo account earns 0%. Competitors like Bluevine and Mercury offer business checking with APY on balances. If you keep $20,000+ in your operating account, the interest you're forgoing at Novo is real money — potentially $600-$800/year at current rates elsewhere.
No phone support for general inquiries. Support is chat and email only (available Monday-Friday, 9 AM-6 PM ET). You can call a fraud hotline for card issues, but routine questions go through text-based channels. Response times are generally within 24 hours, but if you want to pick up the phone and talk to someone immediately, this will frustrate you.
No outgoing domestic wire transfers for most accounts. Incoming wires are free and supported, but sending wires is limited. International transfers go through the Wise integration, which works well but adds a step.
No jointly owned accounts. One owner per account. If your business has multiple principals who need account access, this is a constraint.
Who Novo is actually for
Freelancers, contractors, and solo operators who receive payments digitally (ACH, Stripe, PayPal), spend primarily with credit cards (earning rewards on business expenses), and need a clean, fee-free account to receive income and pay bills.
E-commerce sellers on Shopify, Etsy, Amazon, or eBay who want their platform payouts to land in an account that integrates directly with their store and accounting software.
Side hustlers with an LLC or sole proprietorship who need to separate business and personal finances (which you should do for tax purposes and liability protection) without paying $15-$30/month for a traditional business account they barely use.
Digital nomads and remote workers running US-based businesses from abroad. The zero foreign transaction fees on the debit card, ATM fee refunds (including international ATMs), and Wise integration for international transfers make it workable outside the US — with the caveat that you need a US phone number and registered US business to open the account.
The strategy that works: use Novo as your operating account (receiving payments, paying bills, setting aside taxes in Reserves), and use a cash back or travel rewards credit card for every business expense you can. You earn 1.5-5% back on spending through the card, and Novo handles the income side with zero fees. The two tools complement each other — neither is complete alone.
How to open an account
The signup takes about 10 minutes online. You'll need your EIN (or SSN if you're a sole proprietor), business formation documents (if applicable), and a US phone number. There's no minimum deposit required to open the account, though you'll want to fund it to start using the debit card. Approval is typically same-day, and you'll receive a virtual card number immediately.
Referral link — both parties may receive a bonus when you sign up and fund your account.