Bank → Novo
Bank → Sonora Bank
Novo is an online-only bank ideal for small business owners, entrepreneurs, and freelancers. The bank charges nearly no fees and makes it very easy to handle typical online banking transactions. You can’t get a regular checkbook, send wire transfers, or deposit cash.
What Is Bank Novo?
Bank Novo is a digital-only bank based in New York. You can manage your account through online banking on your laptop or desktop computer or through the Android or iPhone mobile apps.
This bank is built for business owners who are comfortable managing their money online on the Novo website or mobile apps. While it doesn’t have every feature of a traditional checking account, Novo offers plenty of offerings for most modern entrepreneurs and cashless businesses.
Behind the scenes, Novo Bank uses Middlesex Federal Savings to manage accounts and debit cards. Everything will look and feel like Novo Bank, but accounts are held in FDIC-insured accounts at Middlesex Federal Savings.
Bank Novo has no branch locations. The bank is relatively new, founded in 2016. But it offers far better terms than most old-school, traditional banks.