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.
And there are a few fee-free alternatives — like Bluevine small business checking and Novo — both which have features that former Azlo customers may like.
While both options are good for freelancers and small biz owners, Bluevine is a slightly more robust option. Customers can earn a higher-than-average APY on their checking account balance up to $250,000, get their first two checkbooks free and access fee-free ATM transactions at up to 38,000+ MoneyPass® locations nationally.
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.
Bluevine Business Checking
Special offer
N/A
Monthly maintenance fee
$0
Minimum deposit to open
$0
Minimum balance
$0
Annual Percentage Yield (APY)
2.0% APY on balances up to and including $250,000 if you meet a monthly activity goal*
Free ATM network
No fees at over 38,000 ATM locations nationwide
ATM fee reimbursement
No
Small business perks
Two free checkbooks
Overdraft fee
$0
Mobile check deposit
Yes
See our methodology, terms apply. Bluevine accounts are FDIC insured up to $3 million per depositor through Coastal Community Bank, Member FDIC
Pros
- Earn higher-than-average APY in balances up to $250,000
- No monthly fees, monthly or daily balance minimums, ACH payment fees, incoming wire fees or overdraft fees
- Ability to instantly lock and unlock your Bluevine Business Debit Mastercard® for added security
- Connect to business tools like PayPal, Stripe and Expensify
- Unlimited transactions
Cons
- Online only (not great if you prefer in-person banking)
- No ATM refunds for out-of-network transactions
*The requirements to earn interest are either:
- Debit Card Spend: Spend $500 per month with Bluevine Business Debit Mastercard® issued by Coastal Community Bank pursuant to a license from Mastercard inc, which can be used everywhere Mastercard® is accepted.
- Incoming Payments: Receive $2,500 per month in customer payments into Bluevine Business Checking account via ACH, wire transfer, mobile check deposit, or directly from merchant payment processing provider
Novo Business Checking
Special offers
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
Monthly maintenance fee
$0
Minimum deposit to open
$0
Minimum balance
$0
Annual Percentage Yield (APY)
None
Free ATM network
No out-of-network ATM fees and reimburses fees charged by other ATM operators
ATM fee reimbursement
Yes, worldwide
Small business perks
Sync your account with Slack, Stripe, Shopify, Quickbooks, TransferWise, Xero, Zapier and other popular merchant tools.
Overdraft fee
No overdraft fee but has a nonsufficient funds fee of $27
Mobile check deposit
Yes
See our methodology, terms apply. Novo is FDIC-insured through Middlesex Federal Savings.
Pros
- Seamless tech integrations make it easy for the solo entrepreneur who does it all
- Money-saving partnerships with popular invoicing, marketing and communications tools
- Syncs easily to Google Pay and Apple Pay
- Unlimited fee-free monthly transactions
- No monthly fees or minimum balance requirements
- Unlimited ATM reimbursements
Cons
- Online only (not great if you prefer in-person banking)
- No easy way to deposit cash
Our methodology
To determine which business checking accounts offer the most convenience, 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:
- Fees
- Minimum balance requirement
- Mobile banking ease
- Small business tools and support
- Large ATM network
- Account accessibility
- Customer reviews, when available
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.
