Novo is banking built for independent businesses. Get paid, move money, and manage cash flow with a free business checking account and a platform actually designed for small business owners — no branches, no monthly fees, no minimum balances.What does Novo offer? Novo brings together the tools independent businesses need to manage their money from one platform. Open a free business checking account with no monthly fees or minimum balance requirements. Send unlimited invoices and accept payments online. Organize funds for taxes, payroll, and savings with Novo Reserves, and track and manage business expenses with real-time transaction insights. Connect the tools you already use — QuickBooks, Stripe, Shopify, Square, and more — and access your money fast with faster payouts from payment processors. How is Novo different from traditional banks? Novo was built specifically for independent businesses rather than adapted from consumer or corporate banking. Everything runs from one dashboard, so owners spend less time on banking and more time on their business.Is Novo secure? Business security is built in: deposits are FDIC-insured through Novo's partner bank, and accounts include fraud monitoring, secure card controls, and instant card freezing. Who is Novo for? Novo serves over 250,000 small businesses — professional services, e-commerce sellers, contractors, trades, retail, hospitality, and wellness companies — all looking for a modern alternative to traditional business banking. To learn more, visit novo.co.Novo Platform Inc. (“Novo”) is a fintech, not a bank. Banking services provided by Middlesex Federal Savings, F.A., Member FDIC. Deposits are insured for up to $250,000 through our partner bank, Middlesex Federal Savings, Member FDIC.
Written by the business, not verified by us.
Is Novo legit?
Novo (novo.co) has a 3.9 out of 5 rating on OK.one, based on 155 user reviews collected here. It is listed under Electronics & Technology and its reputation is mixed. 73% of reviews are 4 stars or higher and 18% are 1 star; The business has replied to 87% of negative reviews; Reviews mostly discuss User experience, Customer service. Last updated 2026-09-04.
What reviewers say
AI generated
Reviewers had a great experience with this company. Customers frequently mention that the online platform is exceptionally easy to navigate, featuring a straightforward setup that significantly simplifies daily administrative tasks like invoicing and tracking business finances. Many consumers truly appreciate the intuitive interface and valuable features designed specifically to support small business operations seamlessly.
However, some customers also noted frustration with payment processing limitations, particularly concerning unexpected delays in transferring funds, writing checks, and managing mobile deposits. A few reviewers additionally experienced severe challenges reaching human support representatives directly when attempting to resolve account access issues or integration problems.
Auto-generated from all reviews of this business. For reference only.
What people say
C
Charles · 4 reviews · Experienced 2026-08-02 ·
★★★★★
Novo has held my money hostage for over 5 months
Novo abruptly froze and closed my business bank account while continuing to hold approximately $150,000 belonging to my company.
The funds were a legitimate payment from a Fortune 500 client toward a valid business invoice. Shortly after the deposit, Novo restricted my account and blocked access to the money. The account was later closed without notice, explanation, or opportunity to resolve the issue.
Novo has now withheld these funds for approximately five months. During that time, I have received no clear explanation, no reliable timeline for repayment, and no meaningful assistance from an actual human representative.
This account was used for payroll, vendor payments, operating expenses, receivables, and daily cash-flow management. Novo’s actions caused severe and unnecessary disruption to my business and placed my company at significant financial and operational risk.
I repeatedly contacted Novo for help but received only automated replies and customer-service surveys. Novo even sent a message suggesting that the issue had been resolved, despite my repeated inquiries concerning the missing $150,000. The matter remains unresolved, and my funds have not been returned.
Online reviews describe similar complaints involving frozen accounts, unexplained closures, withheld funds, and unresponsive customer support. Had I known of these reported practices, I would never have deposited substantial business funds with Novo.
Novo’s conduct is far more serious than a customer-service failure. A financial company should not be permitted to block access to six figures in legitimate business funds for months while refusing to provide a meaningful explanation or resolution.
Because Novo has failed to resolve this matter, I am preparing complaints for submission to state and federal financial regulators and reserve all legal rights and remedies.
I request that Novo provides an immediate substantive response and return my company’s funds without further delay.
Edited to add: Another BS bot reply from Novo!! I have already called and emailed Novo probably 40 or 50 times since early this year, with nothing but their automatic replies, and NO access to my own money since they have closed my account!!
Reply from Novo2026-08-04
Hi Charles,
Thank you for sharing this. We take reports of this nature very seriously and we want you to know that this is not the experience we want for any of our customers.
We understand how critical access to business funds is, especially when payroll, vendor payments, and daily operations depend on them. We hear the urgency in your message and we do not take it lightly.
Because account closures and fund holds involve sensitive account details we are not able to address the specifics of your situation publicly. We strongly encourage you to reach out to us directly at [email protected] so we can locate your account and make sure the right team is reviewing your case with the attention it deserves.
We want to make sure this is addressed properly and we look forward to connecting with you directly.
User experience. Novo has proved time and time again it is NOT the best bank for business operations. Things such as transferring or wiring money is usually the issue. Taking money in is never an issue. Always getting access to my funds. Without a brick and mortar building any parameters needed should be put in Place first, so when funds need to be moved they can. If not, how can a business conduct business?
J
J. · 1 review · Verified · Experienced 2026-07-25 ·
Novo is amazing! This is my first business account and I am so impressed by all the things I can do in my Novo app. The app is so user friendly, I love everything about it!
NOVO Is the clear solution for small business banking.
Yeah, Novo's online banking platform is a breath of fresh air, has all the features, functionality, and service you need with nothing you don't. So glad that we found Novo.
J
Jeremy · 2 reviews · Verified · Experienced 2026-07-28 ·
★★★★★
I wanted to simply change my DBA
I wanted to simply change my DBA, which the system gives me this option. However, I was told by a rep that they could not add this DBA because an existing DBA is already on file.
From my perspective, I naturally assumed that updating a DBA would automatically remove the current DBA if only one DBA is allowed. I immediately responded to remove the older, but I did not get a response. This is just before the weekend, so I understand there was a bit of a delay.
The DBA was changed, but I would still say it wasn't 100% smooth, which is why it is not a full five stars.
My only other complaint is that Novo does not have a dark mode on the mobile app, which is odd considering that most mobile apps have this option.
Overall, my experience with Novo has been positive so far. I am just now starting to actively use my Novo account. This was my first interaction, so we'll see how things continue to go as my business grows. I am hopeful.
Novo is, by far, the absolute best online banking experience I've ever had. I joined Novo when they first started and have been pleased with every interaction I've had thus far. The website is easy to navigate, the user perks are fantastic, the integrations are easy to use, and the customer service is top notch. Response time is super fast when I have a question or need help, and I have never had issues with getting the answers I need. They don't treat me like another account number; they treat me like a valued customer.
Hi there,
Thank you for taking the time to share your feedback. We hear you and we completely understand how frustrating it can be when an interaction does not go the way you expected. You deserve a smooth and supportive experience every time you reach out to us and we fell short of that.
If you still need assistance please do not hesitate to reach out to us directly at [email protected] and a member of our team will be happy to help you get everything sorted out.
We appreciate your feedback and hope to have the opportunity to provide you with a better experience.
P
P F · 1 review · Verified · Experienced 2026-07-24 ·
★★★★★
Easy to use UI
M
Monika · 3 reviews · Experienced 2026-07-25 ·
★★★★★
Do not use this bank
Do not use this bank. They do not release your funds quickly like they advertise. Their customer service is robotic. I have to wait days for deposits they receive literally same day. As a business owner, I’ve beat my head against the wall more with having this bank than I’ve ever done in my 40 years of life. *As you can see in their response. No sense of urgency. Nothing. This bank is a hot dumpster fire.
Reply from Novo2026-07-27
Hi Monika,
Thank you for taking the time to share your feedback. We completely understand how frustrating it is to experience delays when you are running a business and counting on timely access to your funds.
Mobile check deposits can sometimes require additional review before funds are made available, and we recognize that when that happens without a clear explanation it can feel like a roadblock. We never want our customers to feel that way.
We also hear your concerns about the customer service experience and we take that seriously. You deserve clear communication and real support, not a robotic response.
We have located your open support ticket and one of our team members will be reaching out to you directly to provide more information and work through this with you personally. Please look out for that outreach and we look forward to making this right for you.
We appreciate your patience and your feedback.
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