Banking Guide
Open a Novo Bank Account With Your EIN (2026)
Novo is a free business checking account for small businesses and freelancers, with built-in invoicing and integrations for Stripe, Shopify, and QuickBooks. Your EIN is the first requirement.
Novo is a financial technology company; banking services and FDIC insurance are provided through its partner bank, Middlesex Federal Savings. Novo is popular with US-based freelancers, agencies, and small e-commerce sellers because it bundles free checking, invoicing, and reserves for taxes into one app. This guide explains the EIN requirement, who is eligible, the documents you need, and the best alternatives for non-residents.
Eligibility
Can a Non-Resident Open a Novo Account With an EIN?
Novo's non-resident eligibility is limited. As of 2026, Novo generally requires the business owner to be a US citizen or US resident with a Social Security Number, even though the business itself uses an EIN. An EIN alone is not enough for Novo if you do not also have an SSN.
This makes Novo a strong choice for US-based freelancers and founders, but a weaker choice for non-residents who live abroad and have no SSN. If you are a non-resident, Mercury and Relay are the better options because they accept LLC owners with only an EIN and a passport.
Requirements
What Do You Need to Open a Novo Account?
You need 5 items to open a Novo account. Novo verifies each item online during the application.
| # | Requirement | Where it comes from |
|---|---|---|
| 1 | EIN and EIN confirmation letter | IRS — via ein.so for $49 |
| 2 | Articles of Organization (LLC) or incorporation | Your state's Secretary of State |
| 3 | Operating Agreement | Your LLC formation documents |
| 4 | Government-issued ID | Passport or driver's license |
| 5 | US Social Security Number (owner) | Required by Novo for the owner |
Your EIN is the document that ties the account to your business. Novo matches your 9-digit EIN and legal business name against IRS records. If the name on your EIN confirmation letter does not match your formation documents, Novo holds the application. Request a Letter 147C if you have lost your original CP 575.
Step by Step
How Do You Open a Novo Account With Your EIN?
Opening a Novo account takes 5 steps and 1 to 2 business days after your documents are ready.
Get Your EIN First
Prepare Your Documents
Apply on the Novo Site or App
Get Approved and Set Up Reserves
Cost
How Much Does a Novo Account Cost?
A Novo account costs $0 to open and $0 per month. Novo has no maintenance fees and refunds some ATM fees, earning revenue mainly from interchange.
| Item | Cost |
|---|---|
| Account opening | $0 |
| Monthly maintenance fee | $0 |
| Minimum balance | $0 |
| Incoming and domestic ACH | $0 |
| Invoicing tools | $0 |
| Stripe, Shopify, QuickBooks integrations | $0 |
| Wire transfers | Fee applies |
The only EIN-related cost is the EIN itself. The IRS charges $0, and ein.so charges $49 (Standard) or $97 (Express) to prepare and file Form SS-4. See the full EIN cost breakdown.
Comparison
Novo vs Other Banks for Non-Residents
Novo is best for US-based freelancers. Non-residents should compare it against accounts that accept owners without an SSN.
| Bank | Non-Resident Friendly | SSN Required | Monthly Fee | Best For |
|---|---|---|---|---|
| Novo | Limited | Usually yes | $0 | US-based freelancers |
| Mercury | Yes | No | $0 | Startups, SaaS, tech |
| Relay | Yes | No | $0 | E-commerce |
| Wise | Yes | No | Low | International payments |
| Chase | No | In person | $15 | Branch access |
If you have a US SSN, Novo's invoicing and integrations make it a great free account. If you are abroad with no SSN, choose Mercury or Relay. Full ranking: best bank for non-resident LLC.
Benefits
Why Does Your US Business Need a Novo Account?
A US business bank account separates your company's money from your personal funds, which protects your LLC's limited liability. Novo adds free invoicing and tax reserves built for small US businesses and freelancers.
Novo provides 6 concrete benefits for eligible owners:
- Free invoicing — Create and send invoices, accept payments, and track who has paid inside the Novo app.
- Novo Reserves — Set aside money for taxes and expenses in named buckets without opening separate accounts.
- Integrations — Connect Stripe, Shopify, QuickBooks, and Wise directly to your account.
- No fees — $0 monthly fee, $0 minimum balance, and refunds on some ATM fees.
- Liability protection — A dedicated business account keeps your personal and company finances legally separate.
- Clean bookkeeping — Sync transactions to QuickBooks for Form 5472 and tax filing.
Without a US business account, your LLC cannot accept card payments, pay US vendors, or build a financial record. Opening one is the first operational step after formation.
EIN First
Why Do You Need an EIN Before Opening Novo?
You need an EIN before opening Novo because the account belongs to your business, and the IRS identifies your business by its EIN. Novo cannot open or verify a business account without one.
Your EIN is your business's 9-digit federal tax ID, issued by the IRS in the format XX-XXXXXXX. Novo uses it for 3 reasons: to confirm your LLC is a registered taxpayer, to file tax forms tied to your account, and to run anti-money-laundering checks. See what an EIN is and why every LLC needs one.
US residents get an EIN online in minutes. Non-residents are blocked from the IRS online tool and must file Form SS-4 by fax, which takes longer and is easy to fill out incorrectly. A rejected SS-4 delays your bank account by weeks. ein.so prepares and files the form correctly for $49. Note that an EIN alone is not enough for Novo if you do not also have an SSN — non-residents abroad should use Mercury or Relay. Learn how to get an EIN without an SSN.
After Approval
What Can You Do After Your Novo Account Is Open?
Once your Novo account is open, your EIN and US bank account unlock the full US business stack. The account is the hub that every payment platform connects to.
| Platform | What your Novo account enables |
|---|---|
| Stripe | Receive card payment payouts in USD |
| Shopify | Connect Shopify Payments payouts |
| PayPal | Link a US business account for withdrawals |
| QuickBooks | Sync transactions for bookkeeping |
| Novo Invoices | Bill clients and accept payments in-app |
You can also pay US contractors, set aside taxes in Reserves, and subscribe to US software. For the complete list, see what you can do with an EIN.
Compliance
Tax and Compliance Notes for Foreign-Owned LLCs
A foreign-owned US LLC has 3 federal compliance obligations once it is operating. Opening a bank account does not create new taxes, but it does create records the IRS expects you to report.
Form 5472 + Pro-Forma 1120
BOI Report to FinCEN
Form 1099-K From Processors
This is general information, not tax advice. Confirm your specific filing requirements with a US tax professional.
Mistakes to Avoid
5 Mistakes to Avoid When Opening a Novo Account
Most delays come from preventable mistakes made before or during the application. Avoid these 5 to get approved on the first try.
- Applying as a non-resident without an SSN. Novo expects a US owner with an SSN. If you live abroad, use Mercury or Relay instead.
- Applying before your EIN is in IRS records. A brand-new EIN can take up to 2 weeks to propagate.
- Using a name that does not match your EIN letter. Enter your legal business name exactly as printed on your EIN confirmation letter.
- Choosing the wrong entity. Novo serves registered businesses, not informal sole proprietors without an EIN.
- Writing a vague business description. Explain your product, customers, and revenue model in detail.
Fix these before you apply and your account typically opens within 1 to 2 business days.
Timeline
How Long Does the Whole Process Take?
The full timeline from EIN application to a funded Novo account is 2 to 4 weeks for most applicants. The EIN is the longest single step, which is why you start it first.
| Stage | Time |
|---|---|
| Form your US LLC | 1 to 10 business days (varies by state) |
| Get your EIN via ein.so | 7 business days (Express) or 14 (Standard) |
| Open the Novo account | Same day to 2 business days |
| First deposit clears | 1 to 3 business days |
| Total | About 2 to 4 weeks |
You can shorten the timeline by ordering Express EIN service ($97) and preparing your formation documents while the EIN is processing. See the full EIN processing time guide for non-resident timelines by filing method.
Funding
How Do You Fund Your Novo Account?
You fund a Novo account by ACH transfer, mobile check deposit, or payment processor payout, and there is no minimum deposit. Most freelancers fund the account from their first client invoice or Stripe payout.
Route Your First Payment
Transfer by ACH
Deposit Checks in the App
Once funded, use Novo Reserves to set aside money for taxes and connect QuickBooks so your records are ready for Form 5472 and federal filing.
Next Steps
Get Your EIN, Then Choose the Right Account
Every option starts with an EIN. The IRS issues EINs for free, but non-residents must file Form SS-4 by fax — a process ein.so completes for you and delivers by email for $49.
Related guides: EIN for bank account | Best bank for non-residents | EIN for non-residents | Open a Mercury account | Open a Relay account
Frequently Asked Questions
Do I need an EIN for Novo?
Yes. Novo requires an EIN to open a US business checking account. You enter your 9-digit EIN and provide your EIN confirmation letter (CP 575 or Letter 147C) during onboarding. Apply for your EIN at ein.so ($49) before you start the Novo application.
Can non-residents open a Novo account?
Novo's eligibility is limited for non-residents. As of 2026, Novo generally requires the business owner to be a US citizen or US resident with a Social Security Number. Non-residents without an SSN should use Mercury, Relay, or Wise, which accept non-resident LLC owners with only an EIN and passport.
What documents do I need to open a Novo account?
You need your EIN confirmation letter (CP 575 or Letter 147C), your Articles of Organization, your Operating Agreement, a government-issued ID, and a US Social Security Number for the owner. Novo verifies all information online during the application.
How long does Novo account opening take?
Novo approves most eligible applications within 1 to 2 business days, and many applicants are approved the same day. Applications flagged for review take up to 1 week. Getting your EIN first is the slowest step, so apply for the EIN before starting the bank application.
Is there a minimum deposit for Novo?
No. Novo has no minimum opening deposit, no minimum balance requirement, and no monthly maintenance fee. You can open the account with $0 and fund it later by ACH or transfer.
What if I am a non-resident without an SSN?
Open a Mercury or Relay account instead. Both accept non-resident owners of US LLCs with only an EIN, formation documents, and a passport — no SSN required. Get your EIN at ein.so ($49), then apply to Mercury or Relay online.
Need an EIN for Novo? We Handle Everything.
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