Azlo Bank Review - Is This Online Business Bank Right For You?

(User Rating)

Ranking

9/10

Azlo has announced that it is closing its doors. If you’re a small business owner looking for small business banking options, read on to learn more.


Fees

9/10

Ease of use

10/10

ATM availability

9/10

Sign-up process

10/10

Transparency

10/10



Best for:

 

  • Freelancers and small business owners
  • Infrequent cash users
  • Businesses with international clients

Editor's Note - You can trust the integrity of our balanced, independent financial advice. We may, however, receive compensation from the issuers of some products mentioned in this article. Opinions are the author's alone. This content has not been provided by, reviewed, approved or endorsed by any advertiser, unless otherwise noted below.

Azlo has announced that it is closing. Read on for our top recommendations for other business banking options.

Our favorite banks for small businesses

BlueVine

Azlo Bank Review - Is This Online Business Bank Right For You?- BlueVine

BlueVine’s Business Checking account is perfect for small and large businesses alike. With no monthly fees (seriously, none), unlimited transactions, and a suite of business-friendly features, you’ll gain a lot from opening an account with BlueVine.

You’ll earn 1.00% APY on your balance up to $100,000, plus you’ll be able to pay vendors and bills by either ACH, wire, or check. But that’s still not all. You’ll have access to over 38,000+ fee-free ATMS, and you can easily schedule one-time and recurring payments. This makes BlueVine an all-in-one business tool that any business owner could benefit from.

Novo

Azlo Review: My Experience Researching Azlo’s Banking Features - NovoNovo specializes in serving the banking needs of small businesses. You will need a $50 opening deposit but after that, you’ll have no minimum balance requirement and no monthly fees. Unlike Azlo, you’ll have to pay for overdrafts – there’s a $27 insufficient funds fee and a $27 uncollected funds returned fee.

Like Radius, Novo refunds all third-party ATM fees at the end of the month. But unlike Radius, there are no in-network ATMs included, so you’ll have no choice but to wait until the end of the month to see those ATM fees back in your account.


What is Azlo

Azlo was founded in 2017 with one goal: take the hassle out of managing business finances. Its suite of tools makes it easy for entrepreneurs to accept and make payments, send and manage invoices, and gain insights into their financial health.

But the best thing about Azlo is that everything is online. You’ll receive a debit card that lets you make purchases locally, but almost everything you need can be done through the mobile app and website. Azlo integrates with Kabbage, Stripe, Square, and PayPal to ensure you can pay bills and get paid as quickly and effortlessly as possible.

How does Azlo work?

To sign up for an Azlo bank account, go to their website and click Start for Free.

Azlo Review: My Experience Researching Azlo’s Banking Features - Start for free

You’ll first need to provide an email address and set up a password for the account.

Azlo Review: My Experience Researching Azlo’s Banking Features - Apply for your Azlo account

A verification code will be sent to the email address you provided. Simply input the verification code and you’ll begin the account setup process. You’ll start by providing your name and citizenship status.

Azlo Review: My Experience Researching Azlo’s Banking Features - About you

You’ll next need to provide your Social Security number, mailing address, and mobile phone number. You’ll also have to verify your mobile number before you can continue.

Azlo Review: My Experience Researching Azlo’s Banking Features - Social security number

On the next screen, you’ll provide information about your business. I chose Sole Proprietor, so I didn’t have to answer the question about my ownership percentage.

Azlo Review: My Experience Researching Azlo’s Banking Features - Your business

Instead, I was directed to the below screen, where I was prompted to enter details about my sole proprietorship.

Azlo Review: My Experience Researching Azlo’s Banking Features - Sole Proprietor

Next, it’s time to input details about where you work. If you work out of your home, you can simply check the box and your home address will be filled in for you.

Azlo Review: My Experience Researching Azlo’s Banking Features - Public business address

Azlo will then gather your business financials, including your estimated annual revenue and what percentage comes from online sales. You’ll also be asked to certify that your business isn’t in a category like gaming or cannabis sales.

Azlo Review: My Experience Researching Azlo’s Banking Features - Industry and revenue

In the final step, Azlo will confirm your identity by having you upload a picture of your government-issued ID.

Azlo Review: My Experience Researching Azlo’s Banking Features - Lets get it in writing

Once your account is approved, you’ll be able to start using it. No minimum deposit is required to get started, but this is when you can transfer funds. You’ll need to do that to have a starting balance that allows you to use your Azlo account to make payments.

Pricing for Azlo

You’ll see very few fees with your Azlo account. You can even use ATMs outside of the BBVA USA’s ATM network without paying a fee to Azlo. However, out-of-network ATMs may charge you a fee for using their machines.

Azlo features

Businesses have no shortage of options when it comes to online banking. Here are a few features that make Azlo stand out:

No maintenance fees or overdraft fees

You’ll get all the basics with an Azlo account without paying a dime in fees. There are no monthly maintenance fees or charges for overdrafts. If you use an out-of-network ATM, you may have to pay the other bank’s fee, but Azlo won’t charge a fee on its end.

Get started immediately

No opening balance is required, so you can open your account today and start depositing funds later. You can apply online in a matter of minutes and, once your account is approved, start sending invoices.

Easy bill pay

Keep your bills paid in full with Azlo’s payment feature. You can pay electronically or, if you have the client’s banking information, directly deposit funds. You can even have Azlo mail a paper check.

Send customizable invoices

Get paid faster by using Azlo’s built-in customizable invoices. You can set due dates and payment terms and track invoice statuses after they’ve been sent. Your clients can pay by credit card or check, or they can deposit funds directly into your Azlo account.

Azlo Pro

Bringing business banking to the next level, Azlo has recently released  Azlo Pro. With Azlo Pro, you can automate many of your basic business needs, so you no longer have to spend hours doing menial tasks like scheduling invoices and setting up recurring transactions.

You can also categorize your funds with Azlo Envelopes, which is a useful budgeting tool that can help you meet your business savings goals. Also, small businesses and freelancers will be overjoyed to find that Azlo lets you save for taxes and all other business expenses in your Envelopes, finally making tax day a breeze. You’ll get an unlimited number of these Envelopes, so the sky is the limit when it comes to your goals as a business owner.

All in all, Azlo Pro is there to help you take your mind off the little things because they’ve got you covered.

My experience researching Azlo

As I researched Azlo, I found that their online banking services are streamlined and very easy to use. One thing I really like about Azlo is its customizable invoices. You can add a logo and insert terms. It also lets you provide multiple ways the customer can pay you and makes it easy for them to pay as soon as they receive the invoice. I’ve found the easier I make it for clients to pay, the less likely it is for that invoice to fall through the cracks.

Azlo Review: My Experience Researching Azlo’s Banking Features - Personalize your invoice

Another feature that really makes Azlo stand out is its help center. You can simply enter a question into the box on the Support page and get helpful articles on everything from choosing a business structure to filing taxes.

Azlo Review: My Experience Researching Azlo’s Banking Features - Business types and structures

But perhaps the thing that grabs my attention the most is Azlo’s integration feature. If I opted to use Azlo, I could transfer money into and out of my account, but if a client pays by a third-party service like PayPal, I have to manually transfer the funds. Azlo integrates with Kabbage, Stripe, Square, and PayPal to make it easy to transfer in and out.

Since Azlo is 100% online, you’ll need a way to get cash and deposit checks. As easy as it is to pay electronically, I still find some clients prefer to pay by paper check. For those instances, you’ll need mobile deposit, which Azlo has. Initially, you’ll have a slight wait while your check is verified, but over time, this process may speed up.

Azlo Review: My Experience Researching Azlo’s Banking Features - deposit checks anytime

All in all, Azlo has all the features a business owner needs to get started with online banking. Their business banking tools make banking effortless and that’s worth a lot in my book on every front.

Who is Azlo best for?

Small business owners

Although Azlo’s fee-free model will appeal to any business’s budget, larger companies may find they need a more robust banking solution. But for freelancers and small business owners, Azlo offers all the features necessary to start getting paid and managing finances.

Online bank customers

If you’d rather pay someone with a tap on the screen rather than by pulling out your wallet, you’ll love Azlo. The integrations with some of the most popular electronic payment solutions make it easy to transfer funds, whether you’re paying a client or splitting a restaurant bill with a colleague.

Businesses with international clients

Businesses that accept payments via wire transfer will benefit from Azlo’s fee-free international wire transfers. This is especially relevant if you do business outside U.S. borders, where clients often find that it’s cheaper and easier to pay via wire transfer.

Who shouldn’t use Azlo?

Cash payers

As with other 100% online lenders, Azlo doesn’t work well for those who regularly need cash on hand. When you do need cash, you’ll have to use an ATM in the BBVA USA network. You can go out of the network without Azlo charging a fee, but you won’t be reimbursed for fees charged by the bank whose ATM you use.

Check writers

Azlo provides customers with a debit card but no paper checks. If you need to cut a check to a client, you’ll have to request that Azlo do so on your behalf. The good news is, this service is fee-free.

Pros & cons

Pros

  • No maintenance fees or overdraft fees — Azlo does not have balance requirements, and they don't charge maintenance fees or overdraft fees - putting them ahead of many competitors.
  • All online — You can manage your account and conduct all transactions via the mobile app or the Azlo website.
  • Customizable invoices — In addition to having a place to park your money, Azlo also gives you customizable invoices that can help you get paid faster.

Cons

  • ATM limitations — Azlo won’t charge fees for using ATMs, even if they’re out of network, but other banks will often charge fees.
  • Online only — There is no local branch you can visit if you have questions about your account.

Azlo vs. competitors 

 FeesMinimum opening deposit
ATM fees
Azlo$0
$0
$0 for in-network or out-of-network ATMs; third-party out-of-network ATM fees not reimbursed
Novo$27 insufficient funds fee$50All ATM fees reimbursed
BlueVine$0$0No ATM fees as long as you visit one of 38,000 MoneyPass locations nationwide; ATM outside of the network are not reimbursed

BlueVine

Azlo Bank Review - Is This Online Business Bank Right For You?- BlueVine

BlueVine’s Business Checking account is perfect for small and large businesses alike. With no monthly fees (seriously, none), unlimited transactions, and a suite of business-friendly features, you’ll gain a lot from opening an account with BlueVine.

You’ll earn 1.00% APY on your balance up to $100,000, plus you’ll be able to pay vendors and bills by either ACH, wire, or check. But that’s still not all. You’ll have access to over 38,000+ fee-free ATMS, and you can easily schedule one-time and recurring payments. This makes BlueVine an all-in-one business tool that any business owner could benefit from.

Novo

Azlo Review: My Experience Researching Azlo’s Banking Features - NovoNovo specializes in serving the banking needs of small businesses. You will need a $50 opening deposit but after that, you’ll have no minimum balance requirement and no monthly fees. Unlike Azlo, you’ll have to pay for overdrafts – there’s a $27 insufficient funds fee and a $27 uncollected funds returned fee.

Like Radius, Novo refunds all third-party ATM fees at the end of the month. But unlike Radius, there are no in-network ATMs included, so you’ll have no choice but to wait until the end of the month to see those ATM fees back in your account.

Summary

Azlo offers a fee-free online banking option for freelancers and small business owners. Integrations with many electronic payment services make it easy to transfer money, and customizable invoices will help you get paid. If you regularly need cash, it’s important to make sure you have an in-network ATM in your area to avoid third-party fees.

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About the author

Total Articles: 58
Stephanie Faris has written about finance for entrepreneurs and marketing firms since 2013. She spent nearly a year as a writer for a credit card processing service and has written about finance for numerous marketing firms and entrepreneurs. Her work has appeared on The Motley Fool, MoneyGeek, Ecommerce Insiders, GoBankingRates, and ThriveBy30. Learn more about Stephanie on her website.
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