Novo vs Rho (2026): which should you pick?

Pick Novo if

• Fits if you're a freelancer or small business that wants checking with no monthly fee
• Works for sellers who connect Stripe, Square, PayPal or Shopify to their account

Look elsewhere if

• Skip it if you need real expense controls, as the pages say little about them
• Not for you if you send wires often: the pages give no fee schedule for them
• Watch out: Novo is a fintech, not a bank, with banking from Middlesex Federal Savings, F.A.
• Watch out: Novo Payroll is listed from 17 November 2026 at $24 a month plus $5 per employee

Pick Rho if

• Fits if you already bank with Rho and want to approve and file on your iPhone
• Works for founders who handle receipts from their phone

Look elsewhere if

• Not for you if you use Android, as only an iPhone listing is on record
• Pricey if you can't see a price, as none could be read
• Watch out: Rho says it is not a bank, and banking and cards come from Webster Bank, N.A., Member FDIC
• Too light for full expense policies, as the listing shows card, receipt and approval screens only

Novo

• Novo is a fintech, not a bank; banking is provided by Middlesex Federal Savings, F.A., Member FDIC.
• Novo Payroll is listed as available November 17, 2026, starting at $24 a month plus $5 per employee.
• Expense management and bill pay are listed in its menu, but the pages we read describe them in less detail than its checking and invoicing.
• The pages we read give no fee schedule for wires, so check it before sending wires.

Rho

• No prices could be read: rho.co answered automated requests with a security check, so pricing is unverified.
• The App Store listing is for iPhone only; other platforms were not confirmed from a page we could read.
• Rho says it is not a bank; banking services and cards come from Webster Bank, N.A., Member FDIC.

Novo

Business checking

No monthly fees, minimums or transaction limits, with FDIC coverage of up to $5M through partner banks as the vendor describes it.

Debit cards

Virtual and physical debit cards. Novo charges no ATM fees and reimburses third-party ATM fees at month end, up to $7.

Invoicing

Send invoices with automatic reminders, track when they are viewed and paid, and accept card, ACH, Apple Pay and Google Pay.

Payments and bill pay

Pay vendors by ACH, wire or check and move money between Novo accounts instantly.

Reserves

Up to 20 buckets inside the checking account for taxes, payroll or slow seasons, filled by rules that route a share of incoming funds.

Integrations

Syncs transactions with QuickBooks, Xero, Stripe, Square, PayPal and other tools.

Rho

Card management

The app lets users monitor, lock and create Rho cards, and add cards to a mobile wallet.

Receipts and expense details

Employees file receipts and expense details from the app, and a recent update lets them split one transaction into parts and categorize each.

Reimbursement requests

Staff can request reimbursement for mileage and out-of-pocket spend from the app.

Payment approvals

Approvers can approve or reject payments from the app.

Balances and check deposit

The app shows banking balances and supports depositing checks.

Novo

• Novo Checking$0

  No monthly fees or minimum balance. Includes debit cards, invoicing, free standard ACH, incoming wires and Reserves buckets.

Rho

Pricing could not be confirmed. See rho.co.