What Do You Need to Open a Novo Account?

Read on to see our eligibility requirements to open a Novo business bank account.
Banking, Novo News
June 03 | 4 MIN

Thousands of freelancers, start-up founders, and small business owners alike have been opening Novo business checking accounts in minutes, securely and easily with no minimum balance requirements. Read on to see our eligibility requirements to open a Novo business bank account.

Can I get a Novo account if I’m NOT a business owner?

No, we only cater to entrepreneurs, so if you want an account, you’ll need to own at least part of a business or start a new one. Are you ready for entrepreneurship? Well, if you’re already running a business, we’ll help you save money — we won’t charge you any sneaky fees, make you pay to use ATMs, or require you to maintain a minimum balance. We’re here for you 24/7 in our convenient Novo app that goes everywhere you do.

Are there any industries that Novo DOESN’T support?

Yes, Novo doesn’t support businesses that deal in providing or exchanging cryptocurrency, privately owned ATMs, money services, unlawful internet gambling, or cannabis sales. Read more about this and other Novo FAQs.

What are Novo’s eligibility requirements for opening an account?

To apply for a Novo small business banking account you need to have a business registered in the US. You must be able to prove that your business is registered as a:

Can I open a personal banking account with Novo?

No, Novo only provides a business bank account and NOT personal banking solutions. However, there are a ton of personal mobile banking options like Chime which is pretty cool.

Can I apply for a Novo account if I am not a US citizen?

Yes, you can. Novo caters to all LLC, partnership, and corporation owners living in the United States. If you are not a U.S. citizen, we’ll need to verify that you live here which you can prove by providing a W8.  You must be a U.S. citizen to open a sole proprietorship account with Novo.

In the Novo application process, you’ll need to provide some personal and business details (when applicable), like your Articles of Incorporation, Employer Identification Number (EIN) if you have one (which is like a social security number for your business), and/or a signed Operating Agreement.

The Takeaway

If you are running a start-up and need a new way to manage your business finances, apply for a Novo account today. We love to help entrepreneurs turn their big ideas into reality since we are hustlers just like you!