With Azlo closing down in early 2021, I was on a quest. I looked for online banks that fit small businesses1. By the deadline, March 31, 2021, I had found Bluevine and Novo. They are great because they don’t charge monthly fees1.
Bluevine is attractive with its 2.0% APY on amounts up to $250,000. This feature makes it a top pick among alternatives to Azlo1. Novo meets the tech needs of digital entrepreneurs. They refund all ATM fees and offer tech rewards1. This made me see that online banks are definitely the future of banking1.
Understanding the Landscape Post-Azlo’s Closure
With Azlo closing down, finding a new banking guide for small businesses is essential. Online banks have become popular, offering digital services geared towards small and medium-sized businesses2. A lot of small businesses, about one-third, lack good online and mobile payment options. This makes digital banks more attractive, especially because they can save businesses money on fees2.
It’s surprising to see that more than half of these companies don’t have a user-friendly mobile app2. Moreover, 65% miss out on phone and in-app messaging support from their banks. Less than one-third of banks give out financial insights, and only 24% provide business finance management advice2. This shows the need for better app designs and customer support in digital banking.
Security is crucial for businesses when choosing a bank. They need to trust their bank to protect their private information. A good online bank should have strong security measures like firewalls, encrypted networks, tough passwords, regular updates, and clear data protection rules3.
68% of US digital banking users are unhappy, and 32% might switch banks for better digital services2. This dissatisfaction has led to new online banks like Aspiration and AWSM Bank. They focus on providing services that match users’ lifestyles and values4.
Here’s a detailed comparison of internet-only banks that have stepped up since Azlo’s departure:
| Bank | Specialized Services | Target Audience |
|---|---|---|
| BlueVine | Interest-bearing checking, business loans | SMBs in need of banking and financing |
| BankMobile | Student-focused banking services | Collegiate demographic |
| Be Money | Banking services for the LGBT+ community | Queer community and allies |
| booyah! | Mobile and online banking services | Customers seeking FDIC-backed digital banks |
These banks offer unique services to their audiences, showing the growth of financial options24. With innovations from banks like BlueVine and Bask Bank, entrepreneurs have more resources than ever. This includes the 59% of young people interested in starting their own business.
There are over 28 million small businesses in the US aiming to grow2. A modern banking solution is crucial for these companies to succeed in the digital era. These online banks must evolve to address the needs of their clients, focusing on trust, security, and financial guidance.
Guide to Banks like Azlo
As a business owner, my search for the best online banks revealed that after Azlo’s closure, many entrepreneurs like myself were seeking financial havens without exorbitant fees, and with competitive perks to support our commercial operations. Bluevine captivates with its no monthly maintenance fees and a worthy 2.0% standard APY on checking account balances up to $250,000, which is an enticing offer for those prioritizing growth and savings15. Furthermore, Bluevine’s commitment to convenience extends to its expansive network, exempting account holders from fees at over 38,000 ATMs nationwide and offering the practicality of two free checkbooks, seamlessly aligning with the virtual bank comparison that draws digitally savvy small business owners1.
On the other hand, switching my focus to Novo provided a different set of benefits that catered to my tech-forward business practices. Novo’s integration capabilities with diverse merchant tools such as Slack and QuickBooks, alongside the allure of tech perks like Google Cloud and Ads credits, gave it a unique edge in the financial services review1. Moreover, the assurance of refunded ATM fees up to $7 per month, and fee-free credit card transactions up to $20,000, solidified Novo’s standing in the digital banking solutions sphere, adaptable to various online banking options for modern entrepreneurs1.
As I delved deeper, I discovered other options in the online banking landscape, each with distinctive offerings. For instance, Lili surfaced as a viable alternative with a strong APY of 4.15% on savings5, not to mention additional perks like cash back on debit purchases and free mobile deposit for checks, marking it as another competitor in my quest for a bank akin to Azlo. Despite slight variations in features and fees between these banks, one element remained constant: each institution is moving towards a model where the ease of account setup, quality customer support, and the ability to integrate with other platforms are paramount, as reflected by predominately positive customer feedback6.
This comparative exploration has revealed that whether it’s Bluevine’s lack of fees and high yield on savings or Novo’s rebate on ATM fees and tech-enhanced services, my virtual bank comparison underscores the importance of selecting a bank that not only addresses my financial needs but also enhances the operational efficiency of my business15. To fellow entrepreneurs navigating this transition, I assure you that while no single bank can offer a perfect solution, the best online banks today are designed to provide a tailored experience that can breathe new life into our banking strategies post-Azlo.
Source Links
- https://www.cnbc.com/select/banking-options-for-freelancers-small-business-owners/
- https://www.slideshare.net/vsolodkiy/12-neobanks-for-smes-and-gigs
- https://www.globaltrademag.com/tag/cyber-threats/
- https://www.fintechfutures.com/2018/08/us-challenger-banks-whos-who-and-whats-their-tech
- https://www.moneyunder30.com/novo-vs-azlo-vs-bluevine-vs-radius-bank/
- https://www.trustpilot.com/review/www.azlo.com?page=2
