6 Best Azlo Bank Alternatives for 2021

Azlo Bank was a popular option but the online-only business bank is closing in 2021. Its partner bank, BBVA USA, merged with PNC Bank and it appears that Azlo Bank was one of the casualties in the process.

When it was available, Azlo Bank offered a lot of perks over traditional brick and mortar banks including:

  • No minimum balance requirements
  • Free unlimited transactions
  • No overdraft fees
  • Free direct payments
  • Integrated invoicing tools
  • Budgeting tools (envelope budgeting)

They brought a lot of personal banking ideas into the business realm while also offering “better” versions of business banking, such as unlimited transactions and invoicing directly within the account.

It’s sad they are going away but fortunately there there are several Azlo Bank alternatives to choose from with similar business banking features. Many charge no service fees.

Table of Contents
  1. BlueVine – Earn 1% APY
  2. Novo
  3. Radius Bank
  4. nbkc
  5. Axos Bank
  6. Summary

This list focuses on online-only business banking solutions. While there are many similarities between the Azlo alternatives, each bank has its own advantages. Each bank is FDIC-insured.

BlueVine – Earn 1% APY

A BlueVine Business Checking account doesn’t have a monthly service fee and earns 1.0% interest on the first $100,000 in the account. You can also get two paper checkbooks.

The Bancorp Bank (FDIC #35444) provides up to $250,000 FDIC insurance.

Fees and Minimums

  • Monthly service fee: $0
  • Minimum initial balance: $0
  • Minimum ongoing balance: $0
  • In-network ATM fee: $0 (MoneyPass network)
  • Non-network ATM fee: Varies
  • Outbound domestic wire fee: $15

There are few fees with BlueVine. For instance, there isn’t an insufficient funds fee. ATM withdrawals are also free when using the 38,000+ MoneyPass network.

BlueVine supports outgoing wire transfers with a reasonable $15 fee. And unlike most online banks, you can make cash deposits at Green Dot locations but there is a $4.95 fee.

Key Features

  • Unlimited transactions
  • Earn 1% APY (on the first $100,000)
  • No ATM fees at the 38,000+ MoneyPass ATMs
  • Two free checkbooks

Earn 1% Interest

The first $100,000 earns up to 1% annual interest. Any balance above $100,000 doesn’t earn interest.

The best part is that you don’t have to jump through any hoops to earn this interest rate – completely hassle-free. You don’t have to complete a minimum number of debit card transactions or process a certain dollar amount in merchant fees to earn this interest.

Free Business Checkbook

BlueVine provides 200 free paper checks when you need to write a check. Online bill pay is free too.

Get started with BlueVine

Novo

Novo offers a free business checking account and requires a minimum $50 initial deposit. Some key features include unlimited ATM refunds, free incoming wires, and business software discounts.

Middlesex Federal Savings, F.A. (FDIC #28368) provides up to $250,000 in FDIC Insurance.

Fees and Minimums

  • Monthly service fee: $0
  • Minimum initial balance: $50
  • Minimum ongoing balance: $0
  • In-network ATM fee: $0
  • Non-network ATM fee: $0
  • Inbound wire fee: $0
  • Outbound domestic wire fee: N/A

Novo doesn’t have hidden fees. One fee you might pay is a $27 insufficient funds fee.

Each domestic and foreign incoming wire is free.

All domestic and international ATM fees are reimbursed which means you don’t have to search for an in-network ATM.

Key Features

  • Unlimited ATM fee reimbursement
  • Free online check deposit
  • QuickBooks, Xero, and Shopify integration
  • Send electronic transfers or mail paper checks for free

One downside of Novo is they don’t offer outbound wire transfers.

While you won’t get a book of paper checks when you open your account, Novo offers online bill pay which will mail paper checks when you pay bills. It’s also free to invoice clients and customers using Novo.

Business Software Discounts

Another reason to consider Novo is for its business software perks. This online bank integrates with many popular platforms. You can also get discounts to many services including Stripe, Google Cloud, Gusto, QuickBooks and Zendesk.

Integrations

Novo integrates with these business platforms:

  • QuickBooks
  • Shopify
  • Slack
  • Stripe
  • TransferWise
  • Xero
  • Zapier

Get started with Novo

Radius Bank

Radius Bank Tailored Checking awards interest on qualifying account balance. Debit card purchases can earn 1% cash back and worldwide ATM fee reimbursements are available too.

Each account has up to $250,000 in FDIC insurance (FDIC #32551).

Fees and Minimums

  • Monthly service fee: $10 ($0 with a $5,000 average monthly balance)
  • Minimum initial balance: $100
  • Minimum ongoing balance: $0
  • ATM fee: Unlimited worldwide ATM fee reimbursements
  • Outbound domestic wire fee: $18.00
  • Outbound international wire fee: $40.00

Keeping a $5,000 average monthly balance waives the $10 monthly service fee.

There are no monthly items limits for payments and deposits.

While many banks don’t charge a fee for incoming wires, Radius Bank charges $10 for domestic and foreign inbound wires.

Stop payments and insufficient fund charges cost $25 each.

Key Features

  • Debit card purchases earn 1% cash back
  • Unlimited worldwide ATM fee reimbursements
  • Balances above $5,000 earn interest
  • Free Autobooks membership
  • Syncs with Mint, QuickBooks, and Quicken

There are several exciting features that a Tailored Checking account offers that other online banks don’t.

One of the most exciting is earning 1% cash back on debit card purchases. Unlimited ATM reimbursements for any network is good too.

Having free Autobooks membership is a small savings—other banks may charge $10 a month. You can integrate with other accounting software, including QuickBooks, which makes Radius Bank a top pick.

Account balances above $5,000 earn 0.10% APY which can be better than most banks offer.

Read our Radius Bank review to learn more about their personal banking options.

Get started with Radius Bank

nbkc

nbkc bank logo

Another free business banking option is nbkc bank. There is no minimum balance requirements and customers have access to local nbkc branches in the greater Kansas City area (FDIC #35014).

Fees and Minimums

  • Monthly service fee: $0
  • Minimum initial balance: $5
  • Minimum ongoing balance: $0
  • In-network ATM fee: $0 (MoneyPass ATMs)
  • Non-network ATM fee: Up to $12 in monthly fee reimbursements
  • Outbound domestic wire fee: $5 ($45 international)

You will need to make at least a $5 initial deposit to open an nbkc bank business bank account. This initial deposit lets you open a business checking account and a business money market account.

During the first 30 days of a new account, nbkc states they will hold funds deposited for five business days.

If you send domestic wires, nbkc can be one of your cheapest options at $5 per outgoing wire. Receiving inbound wires is free.

Basic online bill pay is free with unlimited transactions. You also pay $0 to stop payments online or in-branch.

Two optional add-ons that cost extra are a Desktop Deposit feature and Autobooks integration.

Key Features

  • Unlimited online transactions
  • Local branch access (Kansas City area)
  • Up to $12 in monthly refunds for non-network ATMs
  • Desktop Deposit add-on
  • ACH credits and debits add-on
  • Autobooks integration

An nbkc business account has low fees for less common services like outgoing domestic wires and non-network ATM withdrawals. You can also make unlimited digital payments.

Autobooks

One downside of nbkc bank is that it doesn’t easily integrate with many third-party business software, including QuickBooks.

Nbkc partners with Autobooks so you can send invoices and receive direct payment into your checking account. The service is free for the first 60 days and then $10 per month.

Desktop Deposit

Another add-on of value is Desktop Deposit that allows unlimited deposits using check scanning software. This service costs $15 monthly and can be easier than remote depositing numerous checks with a smartphone.

It’s also possible to get a merchant card reader to process credit and debit payments. This service costs extra. The payment processing fee is 2.9% per transaction.

ACH Credits and Debits

A third add-on is ACH credits and debits which lets business owners schedule direct deposit, payroll and vendor payments. This service costs $15 per month.

Other Account Options

When opening a business checking account, nbkc also lets businesses open a business money market account. This money market account earns some interest (0.25% APY January 15, 2021). There are no additional service fees making this a good place to park extra cash and earn interest.

Other nbkc business products include:

  • Certificates of deposit
  • Lines of credit
  • Inventory and equipment loans
  • Commercial real estate and construction loans
  • Small Business Administration (SBA) loans

Related: Read out nbkc bank review to learn more.

Get started with nbkc

Axos Bank

Axos Bank offers the Basic Business Checking which is similar to Azlo. It doesn’t charge a monthly service fee, connects with Quickbooks, and has a nationwide ATM network.

Both accounts are FDIC-insured up to $250,000 (FDIC #35546)

Fees and Minimums

  • Monthly service fee: $0
  • Minimum initial balance: $1,000
  • Minimum ongoing balance: $0
  • In-network ATM fee: $0 (Allpoint network)
  • Non-network ATM fee: Varies
  • Outbound domestic wire fee: $7 (online requests) or $15.00
  • Outbound international wire fee: $50.00

Some of the other incidental fees can include $10 for online stop payment requests or $35 with assistance. There is also a $25 non-sufficient funds fee ($75 daily max).

This basic account includes up to 200 free items (debits, credits and deposited items) per month. Excess items cost $0.30 each. There is a limit of 60 Remote Deposit Anywhere items.

Key Features

  • First set of 50 checks are free
  • Surcharge-free Allpoint network ATMS
  • Up to 60 Remote Deposit Anywhere items per month
  • 200 free items per month ($0.30 per extra item)
  • QuickBooks compatible

This account offers up to 60 free remote deposit items per month. Another bank is a better option if you remote deposit over 60 checks each month.

The 200 free items includes debits, credits, and deposited items.

This account doesn’t earn interest but you get the first 50 paper checks for free.

Other Account Options

Business Interest Checking

Axos Bank also offers the Business Interest Checking account. While this account earns interest, it does charge a $10 monthly fee if your average balance is under $5,000.

By keeping this higher balance, you get unlimited domestic ATM fee reimbursement at non-Allpoint locations.

The initial minimum deposit for the Business Interest Checking account is only $100.

In addition to the 60 Remote Deposit Anywhere free items each month, the first 50 items are free. Extra items cost $0.50 each.

Business Savings Account

Axos Bank offers several interest-bearing savings and money market accounts. The Business Savings account option can be the best bet.

It requires a $1,000 opening deposit and a $2,500 ongoing balance. This ongoing average balance is lower than the other two account options.

Need a local business bank account? Check out these best business bank account promotions.

Get started with Axos Bank

Summary

There are several Azlo bank alternatives to choose from that are free and offer many exciting features.

You may also decide to open a premium account to access extra perks like debit card rewards and earn interest.

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Josh Patoka

About Josh Patoka

After graduating in $50k with student loans in May 2008 from Virginia Military Institute with a B.A. International Studies and Political Science with a minor in Spanish (I studied abroad in Sevilla, Spain for 3 months), Josh decided to sell his soul for seven years by working in the transportation industry to get out of debt ASAP and focus on doing something else with a better work-life balance.

He is a father of three and has been writing about (almost) everything personal finance since 2015. You can also find him at his own blog Money Buffalo where he shares his personal experience of becoming debt-free (twice) and taking a 50%+ pay cut when he changed careers.

Today, Josh relishes the flexibility of being self-employed and debt-free and encourages others to pursue their dreams. Josh enjoys spending his free time reading books and spending time with his wife and three children.

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