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From FreeFree planG2 3.5 · 11 reviews

Very early, low-complexity companies and founder-led service businesses that want a free account with invoicing and rarely send wires.

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Quick overview

Pricing
Free business checking ($0 monthly fee, $0 minimum balance)
Plans
Fee schedule (last revised February 26, 2026): monthly service charge $0, minimum balance $0, recommended initial deposit $1,000, APY 0%. Incoming and outgoing ACH $0; Express ACH 1.5% (min $0.50, max $20); incoming domestic and foreign wires $0; outgoing domestic wire up to $45; express check deposit up to 2% (min $0.50); stop payments, insufficient funds and paper statements $0; third-party ATM fees reimbursed up to $7 per month. Novo does not accept cash deposits. Novo Business Credit Card (issued by Continental Bank): no annual fee, 2% cash back with a Novo checking balance of $5,000 or more, 1% below that, for select customers. Banking by Middlesex Federal Savings, F.A., Member FDIC; deposits insured up to $250,000.
G2 rating
3.5 / 5.0
Comparisons
Featured in 2 comparisons

Key features

  • No monthly fee, no minimum balance, free standard ACH
  • Reserves: up to 20 buckets inside checking with auto-allocation rules
  • Invoicing and payment requests built in
  • Integrations with 40+ tools including QuickBooks, Xero, Stripe, Shopify and Square
  • ATM fee reimbursement up to $7 per month

Pros

  • Free account with no balance requirement
  • Reserves make tax and payroll set-asides easy
  • Many e-commerce and payments integrations
  • No overdraft or insufficient funds fees

Cons

  • FDIC coverage limited to the standard $250,000
  • Outgoing domestic wires up to $45 and no interest on balances
  • No cash deposits

Novo in our comparisons

Accounting & Finance

Best Business Bank Accounts for Startups

Mercury is the best default business bank account for most US startups: no monthly fee, $0 domestic and USD international wires, and up to $5M in FDIC coverage through partner banks' sweep networks. Choose Brex if you are funded and want cards and spend management in the same product, or Chase if you handle cash.

+1
Emily RodriguezUpdated October 2026
Accounting & Finance

Mercury vs Brex

Choose Mercury if you want the best all-round business bank account with free wires and a simple 1.5% cashback card. Choose Brex if you need a corporate card with detailed spend controls, global coverage or treasury yield below $250,000.

+1
Emily RodriguezUpdated October 2026