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Novo Review–Banking Technology For Small Business Owners
Established in 1890, Novo has its main office at 1 College Ave, Somerville, MA 02144. The OCC provides primary supervision over the institution.
Snapshot
| Bank Details | |
|---|---|
| Website | www.middlesexfederal.com |
| Founded | 01/01/1890 |
| Branches | 4 |
| FDIC Cert # | 28368 |
| Total Assets | $642.44 million |
| Total Deposits | $593.62 million |
Yes. It was founded in 2016 to bring business banking two small business owners in a way that makes managing cash flow much easier.
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.
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.
Currently, it does not pay interest on his checking account at, and it does not offer a savings account. Novo is exploring this option.
Yes. Deposits are FDIC-insured through Novo’s partner bank, Middlesex Federal Savings, F.A. (FDIC certificate No. 28368)
No. Novo Bank does not check applicants credit score nor will applying for an account affect and applicants credit score.