Novo: who holds your money
Novo Platform Inc.
Novo is not a bank. Novo says customer money is held at Middlesex Federal Savings, F.A., with insurance reaching customers as pass-through FDIC insurance at the partner bank, subject to the app's recordkeeping. We read this information in the app's own public disclosure on September 5, 2026, and this page quotes that disclosure below. You can check each partner bank's own page on this site.
Novo is not itself a chartered bank; customer money sits at its one partner bank, Middlesex Federal Savings, F.A., rated C. Federal deposit insurance passes through the partner bank to each customer, subject to Novo’s recordkeeping. The stated limit is $250,000 per depositor, per insured bank, for each account ownership category, provided Novo’s records identify each customer. This arrangement reflects Novo’s disclosure read on September 5, 2026.
Partner banks
- Middlesex Federal Savings, F.A.FDIC #28368 · program bank14.0%above the insured limitC30.2
The figure is the share of total bank deposits above the $250,000 federal insurance limit, reported quarterly to the FDIC. High shares are normal for banks holding large app program balances. They do not mean your balance is uninsured: pass-through insurance usually covers customers individually at the partner bank. Across US banks in 2022 to 2026, those above roughly 36% saw large quarterly total deposit declines more often than those below. Most banks above that level saw no such fall. This measures deposit movement and does not predict trouble for any bank.
Disclosure
Novo Platform Inc. (“Novo”) is a fintech, not a bank. Banking services provided by Middlesex Federal Savings, F.A., Member FDIC. Deposits are insured for up to $250,000 through our partner bank, Middlesex Federal Savings, Member FDIC.
www.novo.co · as of September 5, 2026