Both Azlo and Novo are very good digital banks that have been helping small businesses and startups manage their business effectively. They specialize in business banking, and hence, provide a low or no-fee way to manage your business.
Due to their unparallel service delivery, we have decided to bring this Azlo vs Novo discussion.
These two business banks provide a variety of services to a business or corporation. Some services they offer include loans, credit, savings accounts, and checking accounts, all of which are tailored specifically to the business.
Although the two banks – Azlo and Novo are capable banks, taking a closer look under the table reveals some clear differences, similarities, and outstanding features that take them towards different clients.
So, the problem lies in choosing which of the banks best suits your need. I’ll highlight all the features of the banks in this Azlo vs Novo review. Keep reading!
What is Azlo?
Azlo is an online business bank that focuses mainly on small businesses. The system is designed to satisfy startups, founders, entrepreneurs, or freelancers who prefer a sole online bank, and to make entrepreneurship reachable to everyone.
Because it is an only online bank, you don’t have access to any physical location to transact. Azlo lets you use their 55,000 in-network ATMs, and provide seamless digital financial tools that can help you manage your finances. These business tools include Stripe, Square, Kabbage, and QuickBooks Online.
Also, due to its straight-to-the-point banking process, Azlo is able to maintain a cheap cost without the usual maintenance fee charged by commercial banks. It is a good choice for business owners with bad credit who use QuickBooks to manage their business as they require no initial deposit or ongoing balance.
Azlo partners with BBVA and does not offer its services to businesses like gambling, cryptocurrency, financial services, or cannabis.
What Is Novo?
Novo is an online business banking platform designed for business owners. The system offers its services to freelancers, startup owners, and small business owners to enable them to manage their business more effectively without going through the hassle of commercial banks.
Unlike Azlo, Novo does not provide in-network ATMs instead, they refund all ATM fees, making it easy for you to use any ATM of your choice.
Additionally, Novo offers a wide range of business tools, including Salesforce, HubSpot, Stripe, and Zendesk. It focuses on being a simple platform that uses third-party partners to provide some services.
Novo is not owned by any bank, but partners with Middlesex Federal Savings to provide modern age banking services to small businesses. International transactions included.
Azlo vs Novo: Who Is Winning?
Both Azlo and Novo are ideal digital banks offering services to small businesses. Although, they have a record of providing excellent services, a closer look at the banks reveal different features that gear them towards different clients.
They both have no physical branches, no cash deposits, and no monthly fee. Is this enough to justify the need for the two banks? We’d find out shortly.
The point is, there’s a contest – Azlo vs Novo and we are analyzing all features.
Azlo vs Novo: Distinct Features
|Easy Transfers from your account to your vendors or to your account.||No-fee banking|
|Manage Invoice instantly.||Easy sign-up|
|No credit history to open an account.||International money transfers in major currencies with TransferWise.|
|Integrates with Quickbooks, PayPal, Stripe, Kabbage, Xero, and lots more other tools.||New integrations with apps like Xero, Zapier, Slack, and TransferWise|
|Available in all 50 states||Available in all 50 states|
|Has 55,000 fee-free in-network ATM machines through the Allpoint network.||Has no ATM network but all ATM fees are reimbursed at the end of each month, and you can use any ATM.|
|Customer Support is available from Monday through Friday, 6:30 AM to 5:30 PM, Pacific time, by phone, and by email with a response time of one business day.||Customer Support is available from Monday through Friday, 9:00 AM to 6:00 PM, Eastern time, by phone, email, or through the app.|
|Is accessible through Android devices, 5.0 and up, and iOS devices, 11.0 and later. Includes a mobile check deposit of up to $40,000 per month.||You can link your account to digital wallets like PayPal, Google Pay, and others.|
|All account balances are FDIC insured up to $250,000 per depositor.||All account balances are FDIC insured up to $250,000 per depositor.|
|Azlo Envelopes is a budgeting tool to categorize and fund for savings toward a business goal.||It is accessible through Android devices, 5.0 and up, and iOS devices, 11.0 and later. Includes mobile check deposit.|
Pricing: Azlo vs Novo
Although both Azlo and Novo have similar pricing structures, Azlo wins this category because it is the only one that is really a free bank.
Novo has no monthly transaction fee but requires an opening deposit of $50 and charges $27 for insufficient funds.
Let’s take a look at the pricing structure below.
|Interest on Balance||None||None|
|Wire Transfer Fees||None||None|
|Insufficient funds charge||$0||$27|
|ATM Network||Has 55,000 in-network ATMs with BBVA Compass and Allpoint||No in-network ATMs; reimburses all ATM fees|
Azlo vs Novo: Account Types and Loans
Both Azlo and Novo does not offer deposit accounts like savings or certificates of deposit. They also don’t give loans or credit cards. So, let’s see what differentiates them.
Azlo only offers a business checking account. With this account, you receive a Visa business debit card that can be used fee-free at more than 55,000 in-network ATMs.
You can create personalized invoices and email them to your clients through the banking app. You can also accept card payments through third-party payment services, like PayPal, Square, and Stripe using the account.
Additionally, You can deposit checks using the Azlo mobile app within one to six business days. They offer free payments and standard transfers, as well as an unlimited number of transactions. There are no minimum balance requirements, and you can’t pay checks of any type.
Azlo business checking account has can transfer up to $2,000 per day, and $10,000 per month but it is optional.
Unlike Azlo, Novo offers a single free checking account for businesses. It has an opening fee of $50, after which there is no minimum balance requirement. There are no monthly fees or hidden maintenance fees.
The checking account can be used to transfer funds, mail checks, and accept incoming wires. It comes with a MasterCard business debit card that can be used anywhere and has a Bill Pay feature that you can use to pay bills and invoices electronically.
Novo does not have a third-party partner nor an in-network ATM. Instead, they reimburse you for the ATM fees at any ATM you use.
Novo single free checking account has a daily withdrawal limit of $1,000.
Azlo vs Novo: Pros and Cons
So far, we’ve discussed how unique the two banks – Azlo vs Novo have been in their years of operation. But, it’s just fair we see the downsides of using either of the banks.
Let’s start with their good sides below.
Pros: Azlo vs Novo
|Really a no-fee bank||Refunds all ATM fees|
|Has over 55,000 in-network ATMs||Works with Slack as an integrated tool|
|Has a lot of business tool integrations||Offers unique features like cash savings|
Cons: Azlo vs Novo
Here are the downsides to using either of these business banks.
|Doesn’t accept cash deposits||Requires an opening deposit of $50|
|Doesn’t offer cash savings||Has few business tool integrations|
Which One Should I Use? Azlo or Novo
If you are a small business owner with bad credit who also uses Quickbook to manage your business, then Azlo is a good choice for you. There is no minimum initial deposit and you don’t have to worry about your balance requirement.
On the other hand, if you are a business owner with bad credit who also conducts international transactions, then by all means I’d recommend Novo to you. They have the ability to effectively carry out the international transaction and there’s no fee for it.
You can click on the button below to visit the Azlo site and get started.
Click the button below to visit Novo and create your account.
The whole idea is by-passing the hassles of a commercial bank with a physical location for your business. These two banks – Azlo and Novo offer these features to you at little or no fee.
So if you are a business owner, you can as well do other things you love and manage your business easily.
This Azlo vs Novo article gives you all the information you need.
I hope this helps you make a good decision. And if there’s anything you’d like me to add, kindly let me know in the comment section.