Established in 1890, Novo has its main office at 1 College Ave, Somerville, MA 02144. The OCC provides primary supervision over the institution.
FDIC Cert #
Is Novo Bank legit?
Yes. It was founded in 2016 to bring business banking two small business owners in a way that makes managing cash flow much easier.
How is Novo different from traditional banks?
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.
Is there a required monthly balance?
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.
Does Novo Bank pay interest?
Currently, it does not pay interest on his checking account at, and it does not offer a savings account. Novo is exploring this option.
Is Novo FDIC insured?
Yes. Deposits are FDIC-insured through Novo’s partner bank, Middlesex Federal Savings, F.A. (FDIC certificate No. 28368)
Does Novo check your credit score?
No. Novo Bank does not check applicants credit score nor will applying for an account affect and applicants credit score.
Rob Berger is the founder of Dough Roller and the Dough Roller Money Podcast. A former securities law attorney and Forbes deputy editor, Rob is the author of the book Retire Before Mom and Dad. He educates independent investors on his YouTube channel and at RobBerger.com.