--- title: "Business Savings Account for Small Businesses | Novo" description: "Open a business savings account alongside your Novo checking and earn interest on your business cash. No paid plan or subscription. Interest is paid monthly." canonical: "https://www.novo.co/business-savings-account" --- # PUT YOUR CASH TO WORK 2% APY on balances of $50,000 or more.¹ [Open account](https://onboarding.novo.co/signup) Start earning on your first $50k. **1 Earn on every dollar** **2 Interest, paid monthly¹** ### Earn on every dollar On any day your ending balance is $50,000 or more, the entire balance earns 2% APY, not just the amount above the line. [Open account](https://onboarding.novo.co/signup) ### Interest, paid monthly¹ Your interest lands in your account every month. [Open account](https://onboarding.novo.co/signup) One rate, no plan to pay for. **How we compare** APY 2% APY¹ on your entire balance 1.19% to 3.21% APY, depending on plan² 1.3% to 3.3% APY, depending on plan³ Plan needed for the top rate None. No plans, no subscriptions Scale plan, $120/mo ($90/mo limited-time discount)² Premier plan, $95/mo (fee can be waived)³ Rate with no monthly plan fee 2% APY¹ 1.19% APY on Starter² 1.3% APY on Standard, if you spend $500/mo on the card or receive $2,500/mo in customer payments³ Balance to earn $50,000 end-of-day balance No minimum balance² Standard and Plus earn on balances up to $250,000³ Where it earns A separate savings account A separate savings account² Interest on checking³ Still have questions? Our team can help. [Open account](https://onboarding.novo.co/signup) ### What is the APY on Novo Savings? 2% APY on your entire balance, on any day your ending balance is $50,000 or more. The rate is variable and may change. ### What happens if my balance drops below $50,000? On any day your ending balance is below $50,000, it earns no interest. It starts earning 2% APY again on any day it is back at $50,000 or more. ### How much do I need to open a savings account? $50,000. You open it with a transfer from your Novo checking account. After that, you can add any amount. To keep earning 2% APY, keep at least $50,000 in it. ### How often is interest paid? Every month. ### Will my savings cover my checking account if it runs low? No. Novo Savings does not move money to checking automatically, including to cover a low balance. You manage both balances, and you can move money between them anytime. ### Do I need a Novo checking account? Yes. You open and fund savings from Novo checking. [Start a Novo application](https://onboarding.novo.co/signup) ### Is my money FDIC insured? Yes. Eligible deposits in Novo Savings are insured up to $5,000,000 per depositor through Middlesex Federal Savings, F.A., Member FDIC, and other banks in its sweep network. See how [FDIC insurance](https://www.novo.co/business-banking-security/fdic-insurance) works with Novo. --- Copyright © 2026 Novo Platform Inc. Novo Platform Inc. (“Novo”) is a fintech, not a bank. Banking services provided by Middlesex Federal Savings, F.A., Member FDIC. Eligibility subject to final Novo determination. ¹Annual Percentage Yield (APY) accurate as of November 13, 2026. Variable rate, which may change after account opening. $50,000 minimum to open. $50,000 end-of-day balance required to earn interest. No interest is earned on days the balance is below $50,000. No monthly fees. Requires an open Novo Business Checking Account. ²Relay rates from relayfi.com/pricing, accurate as of 9/17/2026. ³Bluevine rates from bluevine.com/business-checking, viewed 11/10/2026. Competitor rates are variable and may change. Novo Platform Inc. (“Novo”) is a fintech, not a bank. Banking services provided by Middlesex Federal Savings, F.A., Member FDIC. Eligible deposits are insured up to $5,000,000 per depositor through Middlesex Federal Savings, F.A., Member FDIC, and other banks in its sweep network. The Novo Debit Card is issued by Middlesex Federal Savings, F.A., and the Novo Business Credit Card™ is issued by Continental Bank, pursuant to licenses from Mastercard® International Incorporated. Mastercard is a registered trademark of Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Eligibility subject to final Novo determination. The Novo Merchant Cash Advance is offered by Novo Funding LLC. Your eligibility for Novo products and services is subject to final Novo determination. \*Earn 2% cashback on eligible purchases with a Novo checking account balance of $5,000 or more, and 1% cashback with a balance of under $5,000. The Novo Business Loan™ is issued by Continental Bank. All loan approvals are subject to credit criteria and underwriting; terms and conditions apply. APR, loan amount, and repayment terms are based on your creditworthiness and will be disclosed at the time of your loan offer. You may prepay your loan in full or make additional payments at any time without penalty. Paid customer testimonials reflect individual experiences. Some links on this site may redirect you to third-party websites with different privacy and security practices. Novo is not responsible for the content or policies of external sites. Paid customer testimonials reflect individual experiences. [Privacy Policy](https://www.novo.co/legal/privacy) [Accessibility Statement](https://www.novo.co/legal/accessibility-statement)