Azlo business checking accounts are closing—what now?

Azlo, a small business bank with fee-free checking account options, is closing its doors in early 2021. The company announced on Jan. 7 that current Azlo customers will need to transition to a new bank, and it recently outlined a phased account closure schedule on its website.

Current customers' accounts will close by March 31, 2021, but certain features (such as invoicing) will drop off before then. Account holders should transfer their accounts sooner rather than later so they don't risk missing payments in the process.

Moving your money from one bank to another is arguably easier than ever thanks to the availability of digital banking solutions and mobile apps.

And there are a few fee-free alternatives — like Bluevine small business checking and Novo Business Checking— both which have features that former Azlo customers may like.

While both options are good for freelancers and small biz owners, Bluevine is a slightly more robust option. Customers can earn a higher-than-average APY on their checking account balance up to $250,000, get their first two checkbooks free and access fee-free ATM transactions at up to 37,000+ MoneyPass® locations nationally.

Novo, on the other hand, refunds all ATM fees (up to $7 per month) and is great for digital entrepreneurs because of its notable tech perks. New account holders can get up to $3,000 in Google Cloud credits, $150 toward Google Ads and 40% off the first six months of QuickBooks Online to help streamline bookkeeping and invoicing. Novo also allots the first $20,000 in credit card transactions as fee-free when you link your account with Stripe.

Neither Bluevine nor Novo charge monthly maintenance fees or set minimum balance requirements.

To determine which business checking accounts offer the most convenience, Select analyzed dozens of U.S. business checking accounts offered nationwide by online banks as well as those with physical branches. We narrowed down our rankings by considering no-fee checking accounts or accounts with easy ways to waive the monthly maintenance fees.

We compared each checking account on a range of features, including:

• Fees
• Minimum balance requirement
• Mobile banking ease
• Small business tools and support
• Large ATM network
• Account accessibility
• Customer reviews, when available

All of the accounts included on this list are either members of the Federal Deposit Insurance Corporation (FDIC) or FDIC-insured through partner institutions. This insurance protects and reimburses you up to your balance and the legal limit in the event your bank or credit union fails.

The rates and fee structures for checking accounts are subject to change without notice and they often fluctuate in accordance with the prime rate.

Your earnings depend on any associated fees and the balance you have in your checking account. To open an account, some banks and institutions may require a deposit of new money, meaning you can't transfer money you already had in an account at that bank.

Novo is a fintech company; not a bank. Deposit account services provided by Middlesex Federal Savings, F.A., Member FDIC.  Physical debit cards issued by Middlesex Federal Savings or Patriot Bank, N.A., Member FDIC;  virtual cards issued by Patriot Bank, pursuant to licenses from Mastercard® International Incorporated.  Mastercard can be used everywhere Mastercard is accepted.  Mastercard is a registered trademark of Mastercard International Incorporated.