Azlo, a small business bank with fee-free checking account options, is closing its doors in early 2021. The company announced on Jan. 7 that current Azlo customers will need to transition to a new bank, and it recently outlined a phased account closure schedule on its website.
Current customers' accounts will close by March 31, 2021, but certain features (such as invoicing) will drop off before then. Account holders should transfer their accounts sooner rather than later so they don't risk missing payments in the process.
Moving your money from one bank to another is arguably easier than ever thanks to the availability of digital banking solutions and mobile apps.
While both options are good for freelancers and small biz owners, BlueVine is a slightly more robust option. Customers can earn up 1.0% on their checking account balance up to $100,000, get their first two checkbooks free and access fee-free ATM transactions at up to 38,000+ MoneyPass® locations nationally. BlueVine is also accepting Paycheck Protection Program loans (PPP loans) through March 31, 2021.
Novo, on the other hand, refunds all ATM fees and is great for digital entrepreneurs because of its notable tech perks. New account holders can get up to $3,000 in Google Cloud credits, $150 toward Google Ads and 40% off the first six months of QuickBooks Online to help streamline bookkeeping and invoicing. Novo also allots the first $20,000 in credit card transactions as fee-free when you link your account with Stripe.
Neither BlueVine nor Novo charge monthly maintenance fees or set minimum balance requirements.
1.0% interest on your balance up to $100,000
No fees at over 38,000 ATM locations nationwide
Two free checkbooks
See our methodology, terms apply. BlueVine is FDIC-insured through The Bancorp Bank.
Perks upon sign up can include $3,000 in Google Cloud credits, $150 toward Google Ads, 40% off the first six months of QuickBooks Online and up to $20,000 in fee-free credit card transactions when you link your account with Stripe
No out-of-network ATM fees and reimburses fees charged by other ATM operators
Sync your account with Slack, Stripe, Shopify, Quickbooks, TransferWise, Xero, Zapier and other popular merchant tools.
See our methodology, terms apply. Novo is FDIC-insured through Middlesex Federal Savings.
To determine which business checking accounts offer the most convenience, CNBC Select analyzed dozens of U.S. business checking accounts offered nationwide by online banks as well as those with physical branches. We narrowed down our rankings by considering no-fee checking accounts or accounts with easy ways to waive the monthly maintenance fees.
We compared each checking account on a range of features, including:
All of the accounts included on this list are either members of the Federal Deposit Insurance Corporation (FDIC) or FDIC-insured through partner institutions. This insurance protects and reimburses you up to your balance and the legal limit in the event your bank or credit union fails.
The rates and fee structures for checking accounts are subject to change without notice and they often fluctuate in accordance with the prime rate.
Your earnings depend on any associated fees and the balance you have in your checking account. To open an account, some banks and institutions may require a deposit of new money, meaning you can't transfer money you already had in an account at that bank.