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With @AzloNow and @simple shutting down I, like many small business owners, am now on the hunt for a best-in-class replacement. I’ve spent the past few days obsessing over options, so you don’t have to.
Here’s what I’ve found, a thread
1/25
Here’s what I’ve found, a thread
1/25
First, there are a ton options... most of which fall into one of two categories: physical banks and digital banks. You’ll see why I say “most”, later.
Physical banks won’t be the main focus here, but they do have their benefits.
2/25
Physical banks won’t be the main focus here, but they do have their benefits.
2/25
If you deal with cash, or value having a physical bank location to go to, then check out @Chase Complete Business Banking. Local credit unions are also great.
I, however, hope to never go to a bank branch again. So my focus here will be on digital banks.
3/25
I, however, hope to never go to a bank branch again. So my focus here will be on digital banks.
3/25
If you want the benefits of a digital bank, but need to be able to deposit cash, then check out @bluevine. They accept cash deposits via Walmart, Walgreens, etc.
Aside from that - I think they’re too new, and are missing features that I’m looking for.
4/25
Aside from that - I think they’re too new, and are missing features that I’m looking for.
4/25
Now – my main goal here was to find something as close to @AzloNow as possible, since I loved using them.
Banking was easy, deposit times were quick, and most importantly... support was helpful (which is huge for an online-only bank).
5/25
Banking was easy, deposit times were quick, and most importantly... support was helpful (which is huge for an online-only bank).
5/25
After scouring the web, I found that there are more neo-bank options than you could ever need. Some notable ones include:
@banknovo
@BankMercury
@brexHQ
@rhobusiness
@bluevine
@NorthOneBanking
@RadiusBank
@wisethenewbank
6/25
@banknovo
@BankMercury
@brexHQ
@rhobusiness
@bluevine
@NorthOneBanking
@RadiusBank
@wisethenewbank
6/25
After comparing each against my business needs, I narrowed it down to @banknovo, @BankMercury and @brexHQ which I’ll compare below.
7/25
7/25
. @banknovo seems to be the closest to Azlo. Check out their comparison here: http://get.banknovo.com/azlo
• No fees, except for overdrafts
• Refunds all ATM fees
• “Reserves” (Similar to Azlo Envelopes, except you only get one)
• Lots of integrations
• Great partner perks
8/25
• No fees, except for overdrafts
• Refunds all ATM fees
• “Reserves” (Similar to Azlo Envelopes, except you only get one)
• Lots of integrations
• Great partner perks
8/25
. @BankMercury gets my first impression rose 
Everything about their interface is beautiful.
• No fees, except for sending wires
• Gorgeous app and web interface
• Easiest to navigate and use
• Separate checking and savings accts
• Virtual cards
• API access
9/25
Everything about their interface is beautiful.• No fees, except for sending wires
• Gorgeous app and web interface
• Easiest to navigate and use
• Separate checking and savings accts
• Virtual cards
• API access
9/25
. @brexHQ is different. It acts like a checking account but you can toggle a % of your deposits into a money market acct. It’s a sort of hybrid checking/savings/investment acct, with credit card-like perks.
• No fees
• Robust expense functions
• Earn points for spending
10/25
• No fees
• Robust expense functions
• Earn points for spending
10/25
Now, for the last phase of this thread... Direct comparisons by feature/topic.
Keep in mind, this is Twitter – so everything is going to be overly simplified. Check out their websites for more details.
11/25
Keep in mind, this is Twitter – so everything is going to be overly simplified. Check out their websites for more details.
11/25
FEES
@banknovo: No fees, except for overdrafts
@BankMercury: No fees, except for sending wires
@brexHQ: No fees, except for standard brokerage fees on the investment side of the account. If you use it purely as a checking account, then there aren’t any fees (really)
12/25
@banknovo: No fees, except for overdrafts
@BankMercury: No fees, except for sending wires
@brexHQ: No fees, except for standard brokerage fees on the investment side of the account. If you use it purely as a checking account, then there aren’t any fees (really)
12/25
ATMs
@banknovo: Refunds all ATM fees (including international)
@BankMercury: Fee-free access to 55,000 Allpoint ATMs
@brexHQ: Cannot be used at ATMs (weird, I know)
13/25
@banknovo: Refunds all ATM fees (including international)
@BankMercury: Fee-free access to 55,000 Allpoint ATMs
@brexHQ: Cannot be used at ATMs (weird, I know)
13/25
SIGNING UP
@banknovo: 9 mins to apply, approved in 2 days
@BankMercury: 10 mins to apply, approved in 30 mins
@brexHQ: 4 mins to apply, approved instantly
14/25
@banknovo: 9 mins to apply, approved in 2 days
@BankMercury: 10 mins to apply, approved in 30 mins
@brexHQ: 4 mins to apply, approved instantly
14/25
CUSTOMER SERVICE
All have phone, live chat and email available at the following hours
@banknovo: 9am-6pm EST, M-F
(9hr window)
@BankMercury: 8am-6pm PT, M-F
(10hr window)
@brexHQ: 5am-10pm PT, M-F (17hr window) and 5am-8pm on weekends
15/25
All have phone, live chat and email available at the following hours
@banknovo: 9am-6pm EST, M-F
(9hr window)
@BankMercury: 8am-6pm PT, M-F
(10hr window)
@brexHQ: 5am-10pm PT, M-F (17hr window) and 5am-8pm on weekends
15/25
CARDS
All come with Debit Cards that work with Apple Pay/Google Pay
@banknovo: MasterCard, no Virtual Cards yet
@BankMercury: MasterCard, and has Virtual Cards
@brexHQ: MasterCard (with Visa available upon request), and has Virtual Cards
16/25
All come with Debit Cards that work with Apple Pay/Google Pay
@banknovo: MasterCard, no Virtual Cards yet
@BankMercury: MasterCard, and has Virtual Cards
@brexHQ: MasterCard (with Visa available upon request), and has Virtual Cards
16/25
FDIC INSURED
Yes, all are insured up to $250,000
@banknovo: Through Middlesex Federal Savings bank
@BankMercury: Through Evolve Bank & Trust
@brexHQ: Through various partner banks (my account shows up as being through Radius Bank)
17/25
Yes, all are insured up to $250,000
@banknovo: Through Middlesex Federal Savings bank
@BankMercury: Through Evolve Bank & Trust
@brexHQ: Through various partner banks (my account shows up as being through Radius Bank)
17/25
INTERNATIONAL USE
No foreign transaction fees – and they all use the MasterCard or Interbank exchange rate (no markup).
@banknovo: Reimburses intl. ATM fees
@BankMercury: Doesn’t charge intl. ATM fees (but also doesn’t reimburse)
@brexHQ: Can’t be used at ATMs
18/25
No foreign transaction fees – and they all use the MasterCard or Interbank exchange rate (no markup).
@banknovo: Reimburses intl. ATM fees
@BankMercury: Doesn’t charge intl. ATM fees (but also doesn’t reimburse)
@brexHQ: Can’t be used at ATMs
18/25
INTEGRATIONS
All three integrate with @Plaid and a variety of other native integrations. You should be able to use them with almost any accounting/banking software.
19/25
All three integrate with @Plaid and a variety of other native integrations. You should be able to use them with almost any accounting/banking software.
19/25
PERKS/REWARDS
@banknovo: Partner perks worth “over $5,000”
@BankMercury: They have several, but not as many as the other two.
@brexHQ: Partner perks worth “up to $150,000”. You’ll also earn points based on spending, kind of like you would on a credit card.
20/25
@banknovo: Partner perks worth “over $5,000”
@BankMercury: They have several, but not as many as the other two.
@brexHQ: Partner perks worth “up to $150,000”. You’ll also earn points based on spending, kind of like you would on a credit card.
20/25
There are some other things that they all do, such as:
• No minimum balances
• Unlimited transactions
• Mobile check deposits
• Easy ACH transfers
• Mailed checks/bill pay
• Schedule recurring payments
• Great mobile apps
• Solid fraud protection/security
21/25
• No minimum balances
• Unlimited transactions
• Mobile check deposits
• Easy ACH transfers
• Mailed checks/bill pay
• Schedule recurring payments
• Great mobile apps
• Solid fraud protection/security
21/25
In summary...
@banknovo is the most direct alternative to Azlo. They have more banking-focused features than the others, and are the best option for those that use ATMs frequently. They have received some negative reviews in the past, but seem to be making improvements.
22/25
@banknovo is the most direct alternative to Azlo. They have more banking-focused features than the others, and are the best option for those that use ATMs frequently. They have received some negative reviews in the past, but seem to be making improvements.
22/25
Summary (cont)...
@BankMercury is my current favorite, and could hold a MasterClass on clean user experiences. They’re the best option for having a separate checking and savings acct. Their only downside (for us) is that they don’t reimburse international ATM fees.
23/25
@BankMercury is my current favorite, and could hold a MasterClass on clean user experiences. They’re the best option for having a separate checking and savings acct. Their only downside (for us) is that they don’t reimburse international ATM fees.
23/25
Summary (cont)...
@brexHQ has the best support, which is huge for online banka. Their investment feature is unique, and they’re the best option for companies wanting the perks of a credit card, but the functionality of a checking account. Downside is you can’t use ATMs.
24/25
@brexHQ has the best support, which is huge for online banka. Their investment feature is unique, and they’re the best option for companies wanting the perks of a credit card, but the functionality of a checking account. Downside is you can’t use ATMs.
24/25
Hopefully this helps those of us dealing with @AzloNow closing. If you you have questions, drop them below! All of the banks mentioned are pretty active on Twitter, and can probably chime in to help.
25/25
25/25
