Novo vs US Bank 2026: Both Require a US Tax ID — But Not the Same One

The short answer: Both Novo and US Bank are effectively closed to the majority of non-resident founders — but for different reasons. Novo requires an SSN and a US residential address, which rules out most non-residents entirely. US Bank requires an ITIN (or SSN) and typically an in-person branch visit, which is a higher bar but a reachable one for founders who have completed the ITIN process and are willing to make a US trip. If neither applies to you, both are the wrong accounts — Mercury, Wise, or Airwallex are the right starting point.

Who can actually open each account

	Novo	US Bank
EIN-only (no SSN, no ITIN)	No — rejected	No — rejected
ITIN holder	No — SSN required [VERIFY CURRENT]	Yes
SSN holder	Yes	Yes
Non-US residential address	No — US address required	Requires US business address
Remote opening	Yes — fully online	Typically requires in-person branch visit
US trip required	No (but SSN + US address required)	Often yes

The key distinction: Novo requires an SSN specifically — not just any US tax ID. An ITIN, which is the tax ID most non-resident LLC owners obtain through legitimate filing, is not accepted by Novo. US Bank accepts both SSN and ITIN, making it accessible to a broader set of non-resident founders — specifically those who have completed the ITIN process.

In practice, this means US Bank is more accessible to non-resident founders than Novo, despite being a traditional bank with a higher onboarding burden. A founder with an ITIN can open a US Bank account. A founder with only an ITIN cannot open a Novo account.

Fees side by side

Fee	Novo	US Bank
Monthly fee	$0	$0 (Business Essentials)
Minimum balance	None	None
Outgoing domestic wire	$0	$30 [VERIFY CURRENT]
Outgoing international wire	Not supported natively (Wise integration)	$50 [VERIFY CURRENT]
Incoming wire	$0	$0
ACH	$0	$0
ATM fees	Refunded at month end	Standard [VERIFY CURRENT]
Interest on balance	No	No

Novo's fee structure is more competitive on domestic wires. US Bank charges for outgoing domestic and international wires. Neither account pays interest on balances.

What each account is actually for

Novo is a primary operating account for US-resident small business owners. It is not designed for non-resident founders. The SSN and US residential address requirements are not edge cases — they are the product's stated eligibility criteria. The fee structure, integrations (Stripe, Shopify, QuickBooks), and feature set are well-suited to domestic e-commerce and freelance operations.

US Bank is a durable second rail for non-resident founders who hold an ITIN. The product is less suited to remote-first operations than Mercury or Wise. What it offers is stability: branch access, a regulatory framework for dispute resolution, and a lower probability of the algorithm-triggered freeze that affects fintech accounts. For a non-resident founder who has made one US trip and holds an ITIN, a US Bank Business Essentials account is the most stable account available.

The freeze and shutdown comparison

Novo uses automated compliance monitoring consistent with other fintech platforms. Account freezes triggered by unusual transaction patterns are possible, with digital-only resolution. The absence of branch access means there is no in-person escalation path.

US Bank uses traditional bank compliance processes — slower to act, more predictable in its reasons, and with a branch network that provides an in-person escalation path. For a founder whose entire US banking stack is fintech, a US Bank account materially reduces the risk of a single compliance event disrupting all US banking access simultaneously.

Which to choose

Choose Novo if:

• You are a US citizen or permanent resident with an SSN and US residential address
• You need a fee-free primary operating account with strong e-commerce integrations
• You are not a non-resident founder — Novo is not designed for this audience

Choose US Bank if:

• You hold an ITIN and are willing to visit a US branch
• You want a durable second rail alongside a fintech primary account (Mercury, Wise, or Airwallex)
• You need branch access, cash handling, or lending products

If neither applies:

• You are EIN-only with no ITIN and no SSN → start with Mercury or Airwallex
• You have an ITIN → US Bank is accessible; Novo is not
• You have an SSN (US citizen/resident) → both are accessible; Novo is the better primary account for domestic operations

The honest verdict

For non-resident founders, this comparison resolves quickly: Novo is not accessible to you unless you have an SSN and a US residential address. US Bank is accessible if you hold an ITIN and can visit a branch.

The more useful question for most non-resident founders is not Novo vs US Bank but rather: which fintech (Mercury, Airwallex, Wise) should be your primary account, and should you add US Bank as a reserve once you have an ITIN? That is the more common decision path.

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This comparison is independent editorial. Keystone Bridge Global has no affiliate relationship with either provider. Facts sourced from our full Novo review and US Bank review. This guide is for general information only and is not tax, legal, or financial advice. We do not provide tax advice.

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