Article 4 min read

Azlo Bank Review 2021: Our business checking account experience

online bank

Our team is really excited about the prospect of online only business banks. They offer a great way to get up and running quickly. Azlo first came on our radar at Financial Toolbelt when our team was searching around for the fastest ways to get a business account up and running. They have been around since 2017 and offer an interesting product for business owners to quickly and easily setup a checking account for their business. Unlike other business banks, they are entirely online and are trying to attract small to medium sized business owners with their low fees and minimum deposits.

When you sign up you will get access to a checking account and a suite of tools that allow you to invoice, budget, and move money for your business. They also have some premium features that you can choose to subscribe to if they fit your business. We outline the entire process of getting started and the available features below.

Setting up your Azlo bank account

The main benefit when setting up your account with Azlo is how easy it is to get started. Many banks will require you to come into a branch, go through multiple verifications, or even have minimum deposits. Azlo tries to streamline this all for you. A typical process goes:

  • Start your application online
  • Submit your verification documents
  • Wait 2-3 business days while they review
  • If approved, get access to your account

The documents that are required to get set up for each business type are outlined at this link. Once you set up your account you will receive a business debit card in the mail and you can begin using your account. It should be noted that sometimes they may require additional verification documents or different documents in case the ones that were provided have issues or errors.

Azlo Bank Requirements

As with most banks there are requirements for getting set up. At the time of this writing, Azlo required:

  • All owners of the business to be over 18
  • Have a social security number
  • Business based in the US
  • Can be an LLC, Sole Proprietorship, Corporation, or Nonprofit
  • Cannot be a business that operates in gambling, certain money services, cryptocurrency, or marijuana

The requirements likely cover the majority of businesses based in the United States. Make sure you fit into the criteria above before applying as you won't want to waste time if their service doesn't fit for you.

Azlo Bank Free Features

Azlo has a free tier that never has minimum balance requirements or fees associated with it. This is the tier that you apply to first and can upgrade to pro at any time. The main features of this bank are:

  • Free payments & normal transfers
  • Invoice customers directly from Azlo
  • Unlimited transactions
  • No required minimum balance
  • No charge for incoming wires
  • Integrations with Stripe, Square, and other business tools

When we were researching and signing up, we found that the free features would cover most business transactions. For a lot of us working on a side hustle, we need a simple way to get paid and pay our suppliers, which is exactly what Azlo does.

It should also be noted that Azlo Bank at this time does not support cash deposits. If you are operating a business in a cash heavy space, this may end up being problematic for you.

Azlo Pro Features

Azlo also offers a premium tier of service that users can subscribe to for $10 a month. It gives you the following premium features:

  • Unlimited Envelopes
  • Automatic Budgeting
  • Advanced Invoicing
  • Instant transfer fees reduced by 50%
  • Give your accountant access to your account
  • "Azlo University"
  • Expanded Support

The instant transfer fees are one of the pro features that really stick out in my opinion. Many businesses live and die on cash flow and having instant access to your money for cheaper can be a game changer. The accountant access feature is also handy for those business owners who hire an accountant to help them with their books.

If you are just getting started, we suggest trying out the free tier for a bit and seeing if the pro features are a fit for your workflow. Upgrading is super easy and you can do it anytime within the application.

Who should use Azlo Bank?

This bank is very much geared towards small businesses that have more basic banking requirements. This would include freelancers, new business owners, and single owner businesses who mainly need a checking account and a way to keep their personal and business finances separate.

If you expect that you have to handle a lot of cash or require more financial options like a line of credit, you might want to consider a different bank. Traditional banks potentially will be able to offer you different types of accounts or financing that Azlo doesn't offer at this time. Not having branches isn't a big deal for most businesses, but for a business that eventually will need credit for inventory or deposits cash often you will definitely want a bank with branches.

If you fall within Azlo's target market, consider setting up an account with them Azlo. It's free to sign up and no maintenance fees so the risk is small to get your account up and running. We have found it to be smooth and very useful for those of us just wanting a way to transact with the businesses and people we do business with.