Novo vs Relay
Novo vs Relay comparison: both offer free business checking. Novo for solo operators with simple single-account banking; Relay for multi-account profit-first cash management.
Quick Answer
Novo is the better choice if you are a solo founder, freelancer, or sole proprietor who wants completely free, dead-simple business checking with ATM fee refunds and strong e-commerce integrations (Stripe, Shopify, PayPal). Relay is the better choice if you want visual fund separation across up to 20 checking accounts, team debit cards with per-account access controls, and the ability to scale to ~100 employees. Both are free at the base tier. Relay Pro ($30/mo) adds faster ACH and wire transfers. Novo has no paid tiers — it is simply free. The core difference is complexity: Novo is single-account simplicity; Relay is multi-account structure.
Novo
Fee-free business banking for solo founders and freelancers, with strong e-commerce integrations and ATM fee refunds.
Pricing
Free
Key Features
- ✓Completely free business checking with no monthly fees or minimum balance
- ✓Free ATM fee refunds up to $7 per month at any in-network ATM
- ✓Direct integrations with Stripe, Shopify, PayPal, and QuickBooks
- ✓Same-day ACH transfers (1.5% surcharge)
- ✓Payroll add-on available (~$35/month)
- ✓Business debit card with mobile wallet support (Apple Pay, Google Pay)
Pros
- +Simplest onboarding process for solo operators — apply online and get approved quickly with no minimum deposit
- +Free ATM fee refunds up to $7/month effectively eliminate ATM costs for most freelancers and sole proprietors
- +Strong e-commerce integrations with Stripe, Shopify, and PayPal make it a natural choice for online sellers and freelancers
- +User-friendly interface with a clean mobile app that makes banking painless for non-finance-focused founders
- +Truly free — no monthly fees, no minimum balance, no account closure fees, no hidden charges
Cons
- −No corporate card offering — only a debit card, which limits spend management and expense tracking capabilities
- −Minimal expense management features compared to dedicated tools like Brex or Ramp, with no AI categorization or policy controls
- −Not designed for multi-employee businesses — no team-based roles, no multi-user card controls, and no approval workflows
- −Some customer support and fraud-assistance complaints reported — response times can be slow during incidents
- −Single account tier with limited scalability — growing businesses will eventually outgrow Novo's feature set
Platforms
Web, iOS, Android
Learn more →Relay
Multi-account business banking platform designed for cash-flow-conscious businesses that want visual fund separation.
Pricing
$30/mo
Key Features
- ✓Up to 20 individual checking accounts for fund separation by purpose
- ✓Up to 2 savings accounts with competitive APY
- ✓Team debit cards with per-account access controls
- ✓Relay Pro tier for faster ACH and outgoing wires from $30/month
- ✓Multi-user access with role-based permissions for up to 100 employees
- ✓QuickBooks and Xero integration for automatic transaction syncing
Pros
- +Multi-account structure (up to 20 checking accounts) is ideal for profit-first budgeting — separate accounts for taxes, payroll, operating expenses, and profit make cash management visual and intentional
- +Free tier is genuinely capable — 20 checking accounts, 2 savings accounts, and team debit cards at no monthly cost
- +Designed for cash-flow-conscious businesses with up to ~100 employees — scales beyond solo-founder tools like Novo
- +QuickBooks and Xero integration keeps accounting in sync without manual transaction tagging
- +Per-account access controls let you grant team members access only to specific accounts, improving financial controls
Cons
- −Multi-account system can be more complexity than solo operators or freelancers need — Novo's simpler single-account approach is better for sole proprietors
- −Fewer advanced spend management features compared to Brex or Ramp — no AI categorization, no corporate card programs, no travel booking
- −Pro tier is needed for wire transfers and faster ACH, which are free on Mercury's base tier
- −Limited to US-based businesses — no multi-currency support or international banking capabilities
- −Smaller brand and community compared to Mercury or Brex, which means fewer third-party tutorials and integrations
Platforms
Web, iOS, Android
Learn more →Real-World Scenarios
You're a solo operator who wants banking to be invisible
You work alone or with a small team. You want a single business checking account that costs nothing, integrates with your payment tools, and refunds ATM fees. You don't need multiple accounts or complex fund separation.
You want to manage cash flow with visual fund separation
You follow profit-first or envelope budgeting and need separate accounts for taxes, payroll, operating expenses, and profit. You also want team members to have debit cards with access limited to specific accounts.
You're growing and need to add team members
You started solo but are now hiring. You need to give employees debit card access to specific accounts without giving them full access to all business funds.