With Azlo closing, many businesses are looking for new options. They want online banking that’s free and meets their needs. Azlo was known for its no-fee accounts and easy digital services.
Finding the right banking partner is key for your business. You need a bank that helps with transactions and supports growth. Look for free business checking accounts with strong financial tools.
Exploring different digital banking solutions is important. This helps you find a platform that grows with your business. It should offer easy financial management.
Choosing the right bank means looking at its features, fees, and benefits. Make sure the bank fits your business’s financial needs. Look for things like better mobile banking, good interest rates, and flexible financing.
Why Choose an Azlo Alternative?
Business owners are looking for new banking options after Azlo closed in early 2021. They want reliable banking with no fees and better services. This demand is growing fast.
The benefits of digital banks include lower costs and easier-to-use digital tools. Banks like Novo, Revolut Business, and Lili work well with business accounting software. This makes managing money easier for entrepreneurs and small business owners.
Choosing an Azlo competitor means no hidden fees. This is great for no-fee banking. It helps startups and freelancers save money, as they need to watch their finances closely.
These digital banks also offer better customer support than traditional banks. Quick help with financial issues is key for business owners. It can make a big difference in their work.
Many Azlo alternatives offer banking solutions tailored to specific needs. For example, Wise Business and Payoneer are great for international payments. This is very helpful for businesses that operate globally.
Online lenders like Fundbox, Headway Capital, BlueVine, and OnDeck offer business lines of credit for bad credit. They have different terms and amounts, with BlueVine going up to $250,000. Their flexible options are good for businesses looking for financing.
| Lender | Maximum Loan Amount | Term Length | Minimum Credit Score |
|---|---|---|---|
| Fundbox | $150,000 | 12-24 weeks | 600 |
| Headway Capital | $100,000 | 6 months | 625 |
| BlueVine | $250,000 | 12-24 months | 600 |
| OnDeck | $100,000 | 6-24 months | 625 |
Businesses with credit scores from 600 to 650 can get loans from alternative lenders. Even with lower scores, options like invoice factoring and equipment financing are available. This ensures all businesses can get the funds they need to grow.
In summary, digital banking offers many benefits for businesses. By choosing an Azlo alternative, businesses can use better digital tools, get great customer service, and find flexible financing. This helps drive their success.
Guide to banks like Azlo
Azlo’s closure has left many small businesses and startups looking for new online business banking options. Finding fintech business accounts that fit your needs is key.
1. Amex Business Checking: Amex Business Checking is a top choice like Azlo. It has a 1.3% APY on balances up to $500K. You also get 1 point for every $2 spent with the debit card.
The account has no monthly fees and free ATM access. It supports high balances up to $5 million. But, it doesn’t integrate with QuickBooks or accept cash deposits, and Android users face limitations.
- 1.3% APY on balances up to $500K
- No monthly maintenance fees
- Free MoneyPass™ ATM access
- Rewards debit card: 1 point per $2 spent
- High deposit limits: Up to $5 million
- No QuickBooks integration or cash deposits
2. Novo Business Checking: Novo is great for businesses looking for fintech accounts. It only needs a $50 deposit to start. Novo offers no monthly or annual fees and no transaction fees.
It also has free bill pay and ATM withdrawals worldwide with fee refunds. Novo works with Xero, Stripe, and QuickBooks, and offers discounts to account holders.
- Low minimum opening deposit: $50
- No monthly, annual, or transaction fees
- Free bill pay and ATM withdrawals
- Integrates with Xero, Stripe, and QuickBooks
- Exclusive discounts for account holders
- Customer support five days a week
Both Amex and Novo are great alternatives to Azlo. They offer unique benefits. Choosing the right bank depends on your specific needs, like high deposit limits or tool integration.
Top Banks That Offer Free Business Checking Accounts
For small businesses, finding free business checking accounts is key to saving money. Traditional and online banks offer different benefits. Banks like Bluevine, Novo, Found, and Lili stand out for their no-fee accounts.
Bluevine Business Checking is praised for its interest-bearing accounts with no monthly fees. Novo is known for its simple online application and referral bonuses up to $120. To get these bonuses, you need to deposit $100 and keep it for 30 days.
Found is great for freelancers with features like automatic expense tracking and tax savings. Lili offers a mobile banking solution with tools for separating personal and business expenses. Axos Basic Business Checking has no monthly fees and covers all domestic ATM fees, with access to physical branches.
When picking the best free business checking accounts, look at no-fee policies, easy setup, and useful financial tools. These features can make your business’s banking more efficient and cost-effective.
