Note: On January 7, 2021, it was announced that Azlo was shutting down due to its parent company's merger with PNC Bank. We're disappointed as it was a great product. However, Novo has emerged as the premier replacement checking account. Check out Novo here.
See our full list of other great business accounts here.
Alzo is an online bank that focuses on simple business banking for entrepreneurs. With a huge focus on online entrepreneurs like freelancers and business, they are looking to change the way these businesses bank.
But what does that mean for you if you're looking for a great business checking account?
Let's dive in with our Azlo review below!
- Completely free business checking
- Integrated invoicing and payment acceptance services
- Does not offer checkbook services and cannot accept cash
Azlo Starter Business Checking
What Is Azlo?
Azlo is an online-only bank available in the U.S. and Mexico. The CEO & Co-founder is Cameron Peake. Azlo was founded in 2017 and is part of BBVA USA, Member FDIC.
“Within the banking industry, small business customers usually either aren’t served at all, or they’re served as an afterthought. At Azlo, from day one, we’ve built our product just for them. For example, we don’t have minimum balances or monthly fees. This is important because if you’re a new business owner ― particularly someone who hasn’t started earning revenue yet ― your money should be put towards your business rather than fees,” Peake said in an interview with Fit Small Business.
What Do They Offer?
Azlo offers free business checking suited for simple businesses such as small businesses, contractors, and freelancers who do all of their business online - this is all bundled into what Azlo calls Alzo Starter.
It also has a no-fee model. Companies that need to write paper checks will want to use a different bank since Azlo doesn’t offer checkbook services. Businesses that need in-branch services and deal with cash will also not be a good fit for Azlo since none of those services are offered.
For most small businesses, Azlo can do virtually everything needed without any fees. It offers simple business checking, but for many small businesses, they don’t need anything more. Here’s what’s included with an Azlo checking account:
- No-fee checking account
- Free ATM access using Allpoint Network (55,000 ATMs)
- Invoice clients for free
- Debit card
- Bill pay, which includes option for mailing paper checks
- Connect your checking account to popular accounting software such as QuickBooks Online, Xero, and Wave.
- Accept credit card payments through Stripe, Square, or PayPal.
- Clients can send in paper checks for payment or use a bank transfer.
- Receive incoming wire transfers fee-free. Outgoing wire transfers are not available.
As you can see from the list above, Azlo is very business-oriented.
Some customers have reported that transfers with Azlo are slower than with other banks. Azlo lists that outgoing transfers can take 1-3 business days, and incoming transfers can take 4-5 business days. Mobile check deposits can take 1-6 business days to process. These processing times can certainly be a factor if you need fast processing for transfers and check deposits.
Note: In 2020, Azlo launched instant transfers as a solution to this issue. They advertise that you can move money between accounts instantly.
Azlo cannot send international transfers. They are working on adding this option. Although you can pull from an Azlo account using an international debit service.
Azlo is available in all 50 states. Azlo is not able to offer services to businesses involved in gambling, money services, privately-owned ATMs, sales of marijuana or its derivatives, precious metals, pawnshops, or cryptocurrency exchanges. It also can’t support limited partnerships or limited liability partnerships.
Azlo does have some limits on certain transactions. From their webpage these include:
- ATM withdrawals are limited to $1,000/day.
- Card purchases and over-the-counter cash withdrawals have a cumulative limit of $8,000/day and 30 unique card transactions/day.
- Transfers TO a linked account are limited to $300,000/day, and transfers FROM a linked account are limited to $100,000/day.
- Payments through bill pay are limited to $10,000/payment. Bank-to-bank (ACH) payments are limited to $300,000/day.
- Mobile check deposits are limited to $10,000/check and $20,000/month. Limit can be increased based on your Azlo account history.
One of the big features of Azlo for businesses is the ability to invoice from within the app/bank. This is one area that they have been consistently approving upon.
Today, you can send customized invoices, request payment (with multiple payment options - including bank transfer and credit card), and track the payment status.
This makes invoicing easy for small businesses and online entrepreneurs.
Azlo Pro is an upgraded subscription service designed to help you automate your business banking tasks and save you time. This is an upgrade to an Azlo Starter account that allows for advanced features, including:
- Unlimited Envelopes (this of these as sub-accounts)
- Advanced Invoicing
- Reduced Instant Transfer Fees
Envelopes are a cool offering that allows you to create sub-accounts that you can label for various goals. For example, you can set aside profits (say, if you follow Profit First), save for taxes, payroll, or any other business expense or goal.
Automation tools in Azlo Pro allow you to setup automatic transfers to your envelopes, or even setup recurring invoices.
Finally, instant transfer fees are reduced with Azlo Pro - dropping them 50% from Azlo Stater.
Azlo has a mobile app for both the iPhone and Android. On the Apple App Store, it has a 4.3/5 rating from 258 people and 4.1/5 rating from 298 people on the Google Play Store.
Customer service is available by email and phone. You can email Azlo at firstname.lastname@example.org. They reply within 1 business day. Phone service is available at 844-295-6466 from 6:30 am to 5:30 pm Pacific time Monday through Friday.
Are There Any Fees?
Nope. Azlo is all-free business checking. That begs the question — how do they make money? Azlo says it makes money by earning interest on checking deposits and from customers using the Azlo debit card.
Payment serviced from Stripe, Square, and PayPal do charge processor fees, but these are separate from Azlo.
How Does Azlo Compare?
There are a lot of online business bank accounts these days. While Azlo was one of the first, they're not the only - but they do compare really well to the other top accounts.
Here's how Azlo compares to other top business checking accounts:
How Do I Open An Account?
Accounts are opened online at https://azlo.com.
Given this is a business account, you're going to need both your personal information AND your business information. During the sign-up process, you'll be asked to enter your personal information (including SSN), as well as your business information (including all owners and their percentages).
You'll also be asked to provide business specifics, such as the industry you're in (they won't allow some industries), and your revenue figures.
Finally, you'll need to upload a copy of your ID, as well as your business formation documents (such as Articles of Incorporation, EIN information, and more).
Is My Money Safe?
Yes, Azlo uses bank-grade encryption on its website, and mobile and BBVA USA is a Member FDIC.
Is It Worth It?
It has potential, that's for sure.
For small businesses that have simple checking needs and want to accept online payments from customers, Azlo will do everything you need.
It has integrated invoicing and the ability to accept payment from credit cards and bank transfers, providing a great infrastructure for small businesses.
However, if you're looking for more, check out our list of the best business checking accounts here.
Azlo Bank Features
None (online-only bank)
55,000 Fee-Free ATMs via AllPoint Network
Customer Service Number
Customer Service Hours
6:30 am to 5:30 pm Pacific M-F
Mobile App Availability
iOS and Android
Accounts Held At BBVA, Member FDIC 19048
- Fees and Charges
- Customer Service
- Ease of Use
- Tools and Resources
- Products and Services
Azlo is an online business bank that is geared towards online entrepreneurs. They allow easy online banking, with online invoicing that accepts payments. Our Azlo review breaks down the pros and cons.
- Fee-free online business banking
- Integrated invoicing makes getting paid easy
- Online only, so no way to deposit cash
- Lack of 24/7 customer support
- Some customer complaints around invoicing and transfers
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.