Azlo alternatives: Online banking replacements

Lili is a bank aimed at freelancers. It’s very easy to set up and you can apply in just three minutes online.There are no monthly fees or minimum balance requirements.

It has great features for freelancers and sole proprietors to manage their business income. You can easily keep track of expenses and create reports to help you when you report your taxes. It’s also possible to set up automatic savings buckets for things like taxes.

With Lili you get a Visa debit card and have access to over 38,000 MoneyPass ATMs. And you can make mobile check deposits and transfer money.

If you’re looking for a fintech company with no hidden fees, then Novo could be a good choice.

Novo offers free business checking. Users can get free transfers, free incoming wires, free mailed checks, refunds for all ATM fees, small business tools integrations such as Quickbooks and perks. Novo does not require any minimum balance and provides a chip-protected debit card. You will need $50 to open an account.

However, you won’t receive a regular checkbook, be able to send wire transfers or deposit cash. If you don’t need those three features, though, then Novo might be an excellent option.

NorthOne is an online bank geared towards small businesses, freelancers, and startups. It takes just three minutes to open an account with a deposit of $50. You’ll have unlimited banking without hidden fees or minimum balances for just $10 per month. NorthOne’s accounts also integrate with Quickbooks, Gusto, ADP and other platforms.

NorthOne doesn’t charge for ATM withdrawals, ACH payments, or bill payments. It does charge $15 for domestic wire transfers. Freelancers and small businesses can create an unlimited number of sub-accounts, called envelopes to manage their finances. Although there are no branches, you can get live support from real humans, not bots, through live chat, phone, or email.

Online banking for small businesses through LendingClub comes with a variety of perks. While it has several accounts, LendingClub’ tailored checking account is specifically geared towards small businesses.

With a LendingClub Tailored Checking account, you get unlimited 1% cashback when you use your LendingClub debit card and get 0.10% APY on balances of $5,000 as of Feb. 1, 2021. Account-holders get free ATM withdrawals, and rebates on outside ATM fees and unlimited transactions. You can also sync with Quicken, QuickBooks, and Mint. You’ll need a minimum $100 deposit to open an account but there are no monthly maintenance fees.

If you’re a small business and want a bank that offers a competitive interest rate and flexible payments, then check out Bluevine. Bluevine Business Checking account offers unlimited transactions, no monthly fees, fee-less ATM transactions at 38,000 MoneyPass locations in the U.S., and no overdraft fees. Bluevine also offers2.00%interest on checking balances up to $250,000 — over 20x the national average. You can also get two free checkbooks and deposit cash at one of 90,000 Green Dot locations

Like Azlo, Mercury offers checking and savings accounts with no minimum deposits and no monthly fees. It does not have an invoicing feature but does integrate with Quickbooks and Routable. To be more appealing to Azlo users, Mercury is developing an Android option, international wires, and virtual cards.

If you’re an Azlo customer, Mercury has a special $500 bonus if you deposit $250k. Cardholders will receive $50 for every $1,000 spent with 500 days, up to $500.

Axos offers both personal and business banking. Its basic small business checking account has no monthly maintenance fees, fee-free ATMs, and up to 200 free items per month (such as deposits, credits, or debits). It’s also compatible with QuickBooks. However, there is a minimum opening deposit of $1,000 and you will be charged $0.30 per item after the free 200 limit.

If you want more features, Axos offers a business interest checking account that offers a 1.01% APY but it requires an average daily balance of $5,000 or more.

Since Azlo’s customers are being moved to PNC, understanding PNC’s small business banking will help you decide whether you’d prefer to move to a different bank. With the acquisition of BBVA, PNC becomes one of the top five banks in the U.S.

PNC’s mobile banking service for small businesses includes four different checking options. The basic account provides up to 150 transactions for free each month, free online banking, no ATM fees at PNC Banks, free online bill pay, cash rewards, and a free business debit card.

Online banking features include cash flow insight with payables, receivables, and tools to manage your finances.

However, the account charges a $10 monthly maintenance fee unless you maintain a $500 balance or spend a minimum of $500 on eligible purchases. PNC’s offerings are also very standard. Azlo’s strength was how it truly worked to help small business owners succeed; PNC’s other business banking accounts offer more features but have higher fees and maintenance requirements.