3 Best Credit Unions for Small Business Banking in 2025

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Best Credit Union for Small Business 2020

Key Takeaways

  • Credit unions often offer lower fees, better interest rates, and flexible lending terms.
  • They provide personalized service and easier access to business credit.
  • Navy Federal, Financial Resources, and Sound Credit Union are our top choices.
  • Other options include Alliant, Consumers, America First, and Digital Federal.
  • Small community banks can also offer lower fees and flexible terms.
  • Research and compare options to find the best fit for your business.

As a small business owner or founder, where you choose to do your banking can have a major impact on your long-term operations. And, when researching the best bank or credit union for small businesses, you may have realized that you would rather work with a credit union. Now, let’s look at the top credit unions for small business banking. 

What you’ll find here: 

So, let’s get to it. 

First, Are Credit Unions Better Than Banks? 

There’s a longstanding debate about whether banks or credit unions are “better.” And, it’s important to understand the difference to answer this question. A bank is a for-profit institution and a credit union is a nonprofit organization that provides comparable financial services. So, what are the advantages of credit unions? 

At most credit unions, the shareholders are the members while banks funnel their profits to up the chain to its owners. This means that there is more opportunity for members to save on services and earn a larger percentage of total interest accrued with savings accounts and other investments. 

As a credit union member, you typically end up with lower interest rates and fees (a major plus). On the flip side, major banks typically have more branch locations where customers can do business and invest more in apps and convenience services. So, you could say that which is the best is a matter of preference. 

But, I have a tie-breaker: credit unions have less stringent and often flexible qualification terms for credit. You can’t walk into a bank like Wells Fargo and negotiate the terms of business banking fees, loans, or credit cards. At a credit union, more than not, you can because credit union underwriters usually work in-house and can modify terms and conditions of business and individual financial services. 

So, I say that credit unions are in-fact better than banks. Now, let’s move forward. 

But, Are Credit Unions Better for Business Accounts? 

Best Bank for Small Business

Aside from the general advantages above, there is another aspect of business banking with credit unions worth considering. When you bank with a credit union, you can leverage the perks above when obtaining business credit. For this reason, we prefer to work with credit unions. Alternatively, small community banks can be better for businesses than large banks. 

How to Leverage Business Credit to Transform Your Life 

Now, the Best Credit Unions for Small Business 

You should have a solid understanding of why or why not a credit union might be best for your small business banking. And, here are the top credit unions to join. 

With tons of free ATMs sprinkled throughout the United States and several other countries, Navy Federal Credit Union was created for members of the armed forces, DoD, or the National Guard. While you don’t necessarily have to be an active member to join, you must have ties to the military. So, if you are an active member, veteran, or a spouse, parent, grandparent, sibling, child, or grandchild of someone who qualifies, you can qualify for membership. 

If you are not a service member, you will have to apply in-person at a branch location. Once you are approved for a personal account, you can then apply for a business membership. And, Navy Federal has excellent offers for businesses.

  • 3 types of checking accounts (Basic, Plus, & Premium)
  • 3 types of savings accounts (Basic and Jumbo Money Market & Certificate)
  • Real estate, vehicle, and term loans
  • Business lines of credit 

Navy Federal is one of the best credit unions with the lowest rates and fees. Minimum deposits for business savings accounts start as low as $100. And, transaction fees range from $0 to $0.25. And, all accounts earn dividends. 

2. Financial Resources Credit Union

With 13 branch locations in New Jersey and New York, Financial Resources Credit Union has been the top SBA Lender in New Jersey since 2013. So, you know their business financial services are dependable.   

Here’s what you can leverage with Financial Resources Credit Union:

  • 2 types of checking accounts
  • 3 types of savings accounts (Business Purple, Money Market, & Certificates)
  • Real estate, equipment, and term loans
  • Lines of credit 

So, whether you’re investing in real estate or you simply want checking and savings accounts to process your business finances, Financial Resources gives you options. Here, terms are flexible and you can get expedited approval on SBA-backed loans because the institution is a preferred lender. 

3. Sound Credit Union

With 29 locations in the Puget Sound area of Washington State, Sound Credit Union is self-labeled “Washington’s Favorite Credit Union.” And, they stand out from most financial institutions in more than one way. 

For one, they cater to cannabis businesses, which isn’t common. Next, they offer low interest rates, cashback options on certain loans, and they do a lot to support the local community. Furthermore, they have over 5,000 shared branch locations and 30K+ free ATMs nationwide. 

And, businesses can take advantage of the following:

  • Checking accounts
  • Savings and certificate accounts
  • Cannabis (I-502 Analysis) business checking accounts 
  • Business loans
  • Business credit cards 

In addition, with Sound CU, you can access a full suite of business services that includes terminals and point of sale systems, eCommerce payment solutions, mobile card readers, payment acceptance, gift card, reward, and incentive programs, and mobile apps and software. The institution’s tech is as advanced as you can get with most major banks. 

+Honorable Mentions

Obviously, these three credit unions are only a small drop in the ocean of options. So, in case you aren’t able to select one of these three, I want to share four more credit unions that you can research yourself: 

Why choose a credit union instead of a bank?

Compared to a major bank, a credit union or small local community bank is likely to offer lower fees, increased savings, and more lenient qualification terms for lending. 

What are the disadvantages of credit unions?

Typically, credit unions run operations from their own funds, so they might offer less in the way of mobile apps, online banking features, and other conveniences. But, they still have many valuable perks. 

Are credit unions good for small business?

Credit unions can be beneficial for your small business. They offer lower fees and interest rates, personalized service, a local focus, easier access to credit, and the opportunity for relationship building. Research and compare different credit unions to find the one that suits your specific business needs.

Which bank is best for small businesses?

A small local community bank or credit union can be the best choice for small business banking. Fees are typically lower than those at major banks and lending qualification terms have more wiggle room. These institutions tend to have more control over their terms and conditions.  

How do I choose a bank for my company?

First, create a list of local small community banks and credit unions in your area. Then, call each institution on your list and ask about business checking and savings options as well as underwriting terms for business loans and lines of credit. Finally, choose the option that is the best fit for your operations and goals. 

Final Thoughts

The above-listed credit unions offer the best financial services for businesses. If you want your operations to run smoothly, you can’t go wrong with one of these choices. But, do your homework to make sure you choose the best institution to fit your needs.

To find out which banks and credit unions we’re currently working with to obtain lines of credit up to $100K in as few as 30 days, join Business Credit Workshop today. 

Can You Open a SoFi Business Account? SoFi at Work Review

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SoFi Business Account SoFi at Work

So, you’re looking to open a business account…No doubt SoFi® has come up on your radar, especially if you already have a personal account with them. Maybe you’re launching a new company or you’ve been operating awhile and need financial products. 

Either way, you’re here because you wanna know what business services you can get. Well, SoFi® doesn’t offer traditional business checking or savings accounts, but they do have a cool product called SoFi at Work®. And, they offer business funding — Let’s talk about both. 

This is what’s in store: 

Now, let’s get poppin! 

What is SoFi®? 

SoFi business account

SoFi® is a bank known for its personal checking, savings, and loans. With personal loans ranging from $5,000 to $100,000 and fixed rates from 8.99% APR to 29.49% APR, members can consolidate high-rate debt or fund projects. But, the institution offers a much wider variety of financial products.

SoFi® personal loans come with no fees—no origination fees, late fees, or prepayment penalties—and flexible repayment terms from 2 to 7 years. Plus, with options for student loan refinancing, private student loans, mortgages, investments, insurance, and more, SoFi® provides broad solutions to meet a spectrum of financial needs. 

Today, we’re going to focus on their business offers: SoFi at Work® and small business funding.  

You might also like: An Unbiased LendingClub Review for Borrowers and Investors 

Company Overview

SoFi business account review

Before we explore how you can leverage SoFi® as a business owner. Let’s learn a bit more about the company itself. 

SoFi®, aka Social Finance, Inc., is a San Francisco-based, public, for-profit company with headquarters scattered across the U.S. The company was founded in 2011 by Mike Cagney, Dan Macklin, James Finnigan, and Ian Brady. At the time, these guys were graduate students at Stanford. 

The current CEO of SoFi® is Anthony Noto, who served as the Chief Operations Officer of Twitter until 2018. Before that, he was the Co-Head of Global TMT Investment Banking at Goldman Sachs—The man is experienced in the right ways. 

Is SoFi a real bank account?

According to Glassdoor, a majority of employees are satisfied with the company. 62% of employees would recommend them to a friend, and 77% approve of Noto as the CEO. While this isn’t the most enthusiastic rating I’ve seen on Glassdoor, at 3.6 stars, the team seems to have a generally positive experience in-house…this says a lot.

How credible is SoFi?

SoFi® is verified with a 4.6-star rating on Trustpilot, which is impressive for a financial offer. 82% of the more than 8,104 reviewers give the bank 5 stars. According to this, account holders are even more satisfied with the platform than staff, which is everything. 

Open a sofi business account

Some loyal members will go so far as to say the only people leaving negative reviews of SoFi® are those who may be doing shady trade with their account. But, one legitimate potential downside is that it’s an online-only bank, which usually infers limits on cash deposits. In sum, even Redditors have nice things to say. 

sofi business account reddit

Now, depending on how ethically-conscious you are, you may want to know that SoFi® filed a lawsuit against the Department of Education in March 2023. According to NASFAA, Their stance was that the Biden administration’s extended pause on student loan repayment was unlawful and caused harm to their business. However, they withdrew the lawsuit when the bipartisan ceiling debt deal was signed into place and a clear timeline for payment reopening was presented.  

All in all, I think SoFi® appears to be a great bank for personal financial products. But, I always recommend you do your due diligence before you sign-on to any offer. Now, let’s explore exactly what they can offer small business owners. 

You might also like: Here’s How to [Actually] Get Business Credit With Just an EIN +More Options 

SoFi at Work® Features

SoFi business account login

Again, SoFi® doesn’t offer business checking or savings accounts (yet). However, this may change in the future—one Reddit moderator for the company said that business banking is a common request and insinuated that the company might be mulling over the idea…But, they do offer something called SoFi at Work®. 

Is SoFi financially stable?

In a nutshell, SoFi at Work® is an employee benefits platform from SoFi®. 

As a business owner, SoFi at Work®  can be a valuable resource for your employees’ financial well-being. With this program, you can provide a range of perks to support your team in managing their finances. 

For starters, your employees can access various financial products like: 

  • 529 college savings 
  • Emergency savings 
  • Retirement products
  • Student loans 
  • Personal loans
  • Home loans

Moreover, SoFi at Work®, offers financial education resources and access to financial planners, giving your employees the tools they need to achieve financial freedom and reduce stress. The program also includes contribution benefits like student loan and 529 contributions, which can serve as attractive incentives.

And, they do it all in one dashboard — you can make it easier for your staff to save for education, plan for retirement, get financing, or prepare for unexpected expenses. 

By offering financial benefits, you can demonstrate your commitment to supporting your employees’ financial well-being, which can lead to workplace satisfaction and loyalty within your team. 

You might also like: Gusto Review: Let’s Really Evaluate This Famed Payroll Platform 

1. Student Loan Verification & Repayment

Sofi business account benefits

In mid 2023, SoFi at Work® rolled out a cool new thing called Student Loan Verification (SLV) to help you and your employees tackle student loan debt while still saving up for retirement. Basically, Congress passed SECURE 2.0 in 2022, which lets employers match student loan payments with contributions to retirement plans. 

So, SLV makes it super easy for you to link up those matching contributions with your employees’ loan repayments. It’s all about dealing with the impact of student loan debt on retirement savings, which has been a big issue lately. 

By teaming up with financial groups and record keepers, SoFi at Work® handles the nitty-gritty to make sure eligible loan payments are verified and retirement contributions are sorted. 

You might also like: Is the National Debt Relief Program Legit? The Honest Answer 

2. 529 College Savings Program  

Sofi business account opening

The SoFi at Work 529 College Savings Program offers a tax-advantaged investment opportunity for employees, demonstrating your commitment to supporting their families’ financial futures—By investing in a 529 plan, staff can potentially see greater gains over time while enjoying the benefit of federal tax-free earnings. 

The program provides a low-cost and hassle-free way for employees to save, with automatic payroll deductions and no extra administrative burden for you as the employer. With SoFi at Work handling the setup and management, including plan design and reporting, your team can easily link and contribute to existing 529 plans. 

You might also like: How to Raise Money for Real Estate Investment: A Beginner’s Guide 

3. Emergency Vault™ Savings 

sofi business savings account interest rate

The SoFi at Work® Emergency Vault™ is a comprehensive emergency savings program designed to alleviate financial stress for both you and your employees. It provides powerful financial tools, knowledge, and support to help employees build emergency savings effectively. 

With easy setup, automated processes, and stress-free administration managed by SoFi at Work, the Emergency Vault ensures a resilient workforce with reduced financial stress and improved mental well-being. Additionally, the program includes activity reporting for program evaluation and active engagement to enhance employee benefit awareness. 

4. Education Assistance Benefits

Sofi business savings account

The education assistance benefits platform by SoFi at Work ® offers a comprehensive solution for employers who want to support their employees’ educational needs. This platform consolidates various educational benefit and contribution programs into one user-friendly interface—this grants streamlined access for both employers and employees. 

With a focus on speed, cost-effectiveness, and compliance, the platform offers: 

  • End-to-end education assistance
  • Digital plan design
    Account administration

You can leverage SoFi at Work® to provide low-cost solutions for funding student debt, tuition expenses, and future education investments. 

SoFi® Small Business Funding 

sofi business account fees

As a small business owner, SoFi’s® small business loans marketplace offers you a streamlined and efficient way to access the capital you might need to grow your business—You can easily see personalized loan offers without worrying about impacting your credit score, which allows you to explore your options freely. 

They provide convenient access to loans up to $2 million with same-day approval potential.  Terms and fees will vary based on the lender(s) you’re matched with. 

Business loan offers include: 

  • Equipment loans
  • Working capital
  • Payroll financing
  • Startup financing
  • Expansion loans 

With this type of loan, you typically pay a factor rate in place of an interest rate – these loans are typically much more expensive than traditional business loans in the long run. 

However, they are convenient. You can sometimes pay back factored loans as a percentage of daily sales. 

You might also like: No-Doc Business Loans: Get Funds Without Proof of Income 

Application Requirements 

SoFi business account requirements

When you apply for a loan through the SoFi® marketplace, the platform will ask for some basic contact information before they prequalify you (which should have no impact on your credit score). 

There will be a soft pull to your personal credit report during the application process. SoFi doesn’t seem to check business credit. 

Gather the following info before you apply: 

  • Name, address and contact info
  • Business name, address, and info
  • Type of business (sole proprietorship, LLC, etc.)
  • Business industry info
  • Credit score range

You will need to provide permission for access to your credit report, but this should be a soft pull. Once you’re matched with a lender, you’ll still have to apply (think of Credit Karma’s® referral program, but with business loan offers). And, this is when your actual FICO credit score will likely be pulled.   

You might also like: A Deep-Dive National Funding Review: Should You Accept an Offer? 

Frequently Asked Questions 

Is my money safe in SoFi Bank®?

Yes, your money is safe with SoFi Bank®—as safe as in any other bank. It’s FDIC-insured, offering protection for your deposits up to the maximum amount allowed by law.

What bank is SoFi® associated with?

SoFi® was granted a national bank charter by the Office of the Comptroller of the Currency (OCC) in January 2022. In February 2022, SoFi® acquired Golden Pacific Bancorp, the parent company of Golden Pacific Bank®.

Does SoFi® have a business account?

Yes, SoFi offers business accounts tailored for small business owners via SoFi at Work® (an employee benefits platform) and their business funding platform, Relay.™ They do not offer business checking or savings accounts. 

What is the downside of SoFi®?

While SoFi® offers competitive rates and features, it may have a narrower range of products compared to traditional banks, and eligibility requirements for some services can be stricter. Plus, they currently have no business banking. 

Does SoFi® have a business card?

No, SoFi® does not have a business credit card. They do provide a personal credit card with cashback and travel rewards, no annual fees, and expense tracking tools.

Final Takeaway

While SoFi doesn’t offer traditional business checking or savings accounts, it provides financial products for business owners through SoFi at Work® and its small business funding platform. 

SoFi at Work® offers a range of financial products and educational resources to support employee financial well-being. It could be pretty cool for the right company. 

The small business funding platform provides streamlined access to loans of up to $2 million with possible same-day approval. However, the loans are likely to come with factor rates instead of interest rates, which can make them more expensive in the long run. 

While SoFi® may have a narrower range of products compared to traditional banks, its innovative approach and generally high consumer opinion make me think the company is reliable overall. 

Ready to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

Centier Bank Review: Is it Ideal for Business Owners too? 

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Centier Bank Review

Last year, Centier Bank was named on Forbes’ list of best-in-state banks in Indiana, and their account holder ratings tend to be great. But, I wanted to know more about their offer as it applies to businesses, so I did the deep dive. 

If you’re a business owner, your bank account is a fundamental asset – you need to know you’re banking at the right institution, especially if you plan to apply for credit. 

So, is this where you should be banking? Let’s find out. 

Here’s what’s in store: 

So, let’s jump in! 

What Makes a Business Bank Account so Significant? 

You probably already know that a business bank account is important because it keeps your business money separate from your personal cash. Naturally, it makes you look pro in front of clients and keeps the taxman happy. 

Plus, you get access to cool business services like loans and credit cards. It’s convenient too with online banking. And, it helps build your business’s credit history, which is awesome for getting loans or sweet deals from suppliers. 

And, it can protect your personal stuff if things go south with your business. While some contractors and solopreneurs opt to use one account for business and personal transactions, the institution you bank with is definitely a big deal for any business!

Now, what you may not know is that your relationship with your bank is one of the most powerful assets you can nurture when you want substantial lines of credit. So, let’s find out if Centier has the right stuff. 

Recommended: This is How to Build Business Credit Fast [Step-by-Step Guide]   

What Kind of Bank is Centier? 

Centier Bank is a family-owned bank that primarily operates in the state of Indiana, USA. It’s considered a regional bank with a strong focus on community banking. As a family-owned institution, it often emphasizes personalized service and community involvement. 

Centier Bank provides a range of financial services, including: 

  • Personal banking 
  • Business banking
  • Loans
  • Credit services
  • CDs and IRAs

Its community-oriented approach sets it apart from larger, national banks, making it a more personal and local choice for customers in Indiana.

Centier Bank Review Yelp

In our workshops, I typically recommend that business owners bank away from bigger banks. I often cite community banks and credit unions as the best places to open business accounts. For the record, I’m also a fan of many regional banks.

Recommended: 3 Best Credit Unions for Small Business Banking

Centier Bank Company Overview

Henry Schrage founded Centier Bank in 1895, and the company has been registered in the state of Indiana since 1937 – The institution has been around for over a century. So far, the Schrage family still stands behind their “not for sale” promise to account holders and the community. 

I suspected that, after some digging, I might find that the company had been sold, in part, to someone outside the family…many times, marketing teams take plenty of liberty with their messaging. Fortunately, this time, that’s not the case. The current President and Director of Centier is Michael E. Schrage, Henry Schrage’s great grandson. 

Centier Bank Reviews BBB

In my experience, this level of transparency is quite rare, and it impresses me. The Schrage’s even opened a museum that details the history of Centier in Whiting, Indiana (about a 40 minute drive from the bank’s headquarters in Merrillville). 

Centier is the state of Indiana’s largest privately-owned bank, so the offer falls somewhere on the midline between big bank and community credit union. 

And, just for fun, here’s an image of a Minecraft build of the Centier Bank tower and lobby in Gary, Indiana by u/WillofIam.

Centier Bank Reviews Reddit

Recommended: Low-Risk NAICS Codes +Best SIC Codes for Business Credit in 2023 

Centier Bank Business Offer Summary

If you’re thinking of conducting any business banking with Centier, you need to know about more than the company size and leadership. So, let’s explore some details about the financial products. 

Business Banking Products

Centier Bank Business Checking Account

Centier Bank offers two business checking account options. 

The MyBiz Checking account is well-suited for small to mid-sized businesses. It provides features like free first 400 transactions, a business debit card, and various digital banking features, including account management and bill payments. Notably, this account does not have a monthly fee.

For businesses requiring Automated Clearing House (ACH) transfers and domestic Wire Transfers, the MyBiz Plus Checking account is an option. It has the same features as MyBiz Checking but includes ACH Origination and Wire Origination for a monthly fee of $15. 

These accounts cater to various business sizes and operational requirements, making Centier Bank a versatile choice for business banking needs.

Centier Bank Business Savings Account

Centier also offers a business savings account. It’s a no-frills business savings account designed to help businesses grow their savings while keeping costs in check.

The Commercial Savings account offered by Centier Bank is a straightforward option for businesses looking to save. To avoid the $3 monthly fee, you’ll need to maintain a minimum balance of $1,000 – This account earns monthly interest if the minimum balance is maintained, provides online access, and is FDIC insured, ensuring the safety of deposited funds. 

Centier Bank’s savings account interest rate is not disclosed in their advertising because it’s variable for the Commercial Savings accounts. However, personal accounts can earn up to 5%, so the amount is likely to be somewhere in this realm. Connecting your savings account to your checking account will impact the rate, as will the number of transactions going through your checking account each month. 

Recommended: Dun & Bradstreet / How to get a DUNS Number 

Online & Mobile Banking

How do I check my Centier balance?

Centier Bank’s business online and mobile banking offers a range of features to facilitate efficient banking for businesses:

  • Nationwide ATMs – Access to a wide network of ATMs.
  • ACH & wire – Facilitates electronic fund transfers between institutions.
  • Unlimited checks – No restrictions on check usage.
  • Mobile deposit – Allows depositing multiple checks through the mobile app.
  • Bill pay – Provides secure 24/7 bill payment services.
  • Manage cards – Easily handle card-related tasks.
  • Manage alerts – Customizable notification settings.
  • Money management – Tools to track expenses and financial goals.
  • Sub-user access – Control online banking permissions.
  • Quicken® and Quickbooks® integration – Convenient data export to popular financial software programs (in addition to Autobooks™).
  • Mobile banking app – 24/7 access to banking services.
  • Digital wallet – Compatibility with various mobile payment options like Google Pay and Apple Pay.

These services aim to streamline business banking, but specific terms and fees may apply depending on the chosen features.

Recommended: 6 Best Fintech Credit Cards to Apply for (Consumer & Business) 

Autobooks™ 

Centier Bank App

Autobooks™ is Centier’s bespoke digital payment solution for small businesses.

Features include:

  • Receive payments directly in your online and mobile banking.
  • Accept credit cards, debit cards, and ACH transfers.
  • Create custom digital invoices with your logo.
  • Easily monitor all transactions in one place.
  • Automate bookkeeping entries and access financial reports.
  • Receive expertise from Centier’s Business Banking team.

This solution can simplify payment processing and invoicing, accessible in your Mybiz Business dashboard and mobile banking. A transaction fee applies for card-based and ACH transactions after the first two months free trial.

The transaction fee for Autobooks™ is as follows:

  • 3.49% of the transaction amount for card-based transactions.
  • 1% of the transaction amount for ACH.

It’s important to note that there are no equipment costs or per-item charges associated with Autobooks.

Recommended: This is How to Leverage Business Credit to Transform Your Life 

Business Funding Offers

Centier Bank Business Credit Card

Centier Bank also offers a variety of business loans and lines of credit: 

  1. Term loans – These provide extended working capital with various terms and repayment choices, making them suitable for real estate acquisition, equipment purchase, and expansion.
  2. Lines of credit – Seasonal and revolving lines of credit offer short-term working capital to supplement cash flows, aiding in financing seasonal expenses and supplier discounts.
  3. Letters of credit – These assist in guaranteeing payment to suppliers and establishing credit with new vendors, whether for local or global trade.
  4. Middle market loans – Available for businesses with financing requirements from $1,000,000 to $115,000,000+, providing a diverse lending solution.
  5. Small business loans – Assistance with navigating Small Business Administration (SBA) loan options is available to help businesses find the most suitable option.

The terms for these Centier’s funding options vary. You can find our more by reaching out to a Centier banker in your area. 

Recommended: 6 Best Business Credit Cards for Entrepreneurs: Fuel Your Growth

Centier Bank Commercial Card

Centier Bank Credit Card

Centier Bank’s Commercial Card offers a range of benefits for your business. With this card, you can earn monthly cash back rebates, which are deposited directly into your Centier Business Checking account. 

The best part? – There are no membership or monthly service fees, and monthly payments are automatically debited from your business checking account for added convenience. 

You can also: 

  • Manage your cards
  • View account activity and statements
  • Run audit reports online
  • Issue employee cards
  • Monitor and control spending

Additionally, you can rest easy knowing that Mastercard provides protection against unauthorized charges if your card is ever lost or stolen. 

Recommended: Have You Heard About the Free Stripe Cashback Corporate Card? 

Frequently Asked Questions

What type of bank is Centier? 

Centier Bank is a full-service regional bank based in Indiana, offering a wide range of personal and business banking services, including checking and savings accounts, loans, credit cards, and more. It is a community-focused bank with a strong local presence.

Is Centier Bank FDIC insured? 

Yes, Centier Bank is FDIC insured. Your deposits with Centier Bank are insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum allowable limit, providing a high level of security for your funds.

What is the cut off time for Centier bank? 

The cut-off time for Centier Bank may vary depending on the specific transaction or service. It is advisable to contact your local Centier Bank branch or their customer service for precise cut-off times related to your banking needs.

How long does it take for a deposit to go through Centier? 

The processing time for deposits at Centier Bank can vary depending on the type of deposit and the specific transaction. Electronic transfers and direct deposits typically clear within a business day. For detailed information regarding a specific deposit, contact Centier Bank directly for accurate processing times.

Final Thoughts

In summary, Centier Bank offers a strong choice for business owners. They provide a range of business banking services, including tailored checking and savings accounts, funding options, and the Autobooks™ solution for payment processing.

As a family-owned regional bank in Indiana, Centier emphasizes community involvement and personalized service. Their online and mobile banking services offer convenience and flexibility.

The Commercial Card allows businesses to earn cash back rebates without monthly fees, making it a beneficial choice. Centier Bank is also FDIC insured, ensuring the safety of your funds.

Overall, if you’re a business owner in Indiana, Centier Bank is a solid and community-focused banking option to consider.Interested in learning how to get up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!   

What’s the Best Credit Card for a Small Construction Business? +TIPS

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Best credit card for small construction business

Taking control of your finances is vital for small construction businesses. And, guess what? A business credit card can be a game-changer. Here, we’re diving into the world of credit cards tailored specifically for small construction businesses. We’ll uncover the top contenders, highlight their awesome features, and even tackle those burning questions you have about credit cards for contractors, independent contractors, and self-employed folks. 

But first, let me give you a sneak peek of the cards…since that’s what you came here for! 

Introducing the best business credit cards for small construction businesses:

Amex Business PlatinumCapital One Spark Cash SelectBrex Corporate Card Chase Ink Business Unlimited
Key Benefits:Robust rewards program and expense managementFlexible rewards and business management toolsTailored for startups with no personal guaranteeWide range of card options and rewards

Note, that these are the most popular credit cards available from big banks. And, while I don’t have anything against them, you can sometimes obtain a lot more credit (hundreds of thousands of dollars) when you have a relationship with a small community bank or credit union — which is precisely what we teach at Business Credit Workshop. 

Recommended: This is How to Leverage Business Credit to Transform Your Life 

Let’s dive in a bit deeper to learn more about each card above, then explore some information and advice that can help you get even more from your business credit profile. Get ready to level up your financial game!

Here’s what’s in store: 

Now, let’s dive in. 

Best Credit Cards for Small Construction Businesses

When it comes to selecting the best credit card for your small construction business, it’s a good idea to explore major cards that are designed to cater to small business owners with operations like yours. Before we get into the tricks of the trade (business credit), see what each of these top cards has to offer. 

1. American Express Business Platinum

Best small business credit card for construction

The Business Platinum Card from American Express is a credit card designed for businesses. It has an annual fee of $695. By spending $15,000 on eligible purchases within the first 3 months, you can earn 130,000 Membership Rewards Points. This offer is subject to availability and may not be available if you leave the webpage and return later.

With the Business Platinum Card, you can earn points on your purchases. You’ll earn 5X points on flights and prepaid hotels booked on AmexTravel.com, 1.5X points on eligible purchases in key business categories and on eligible purchases of $5,000 or more everywhere else, and 1X points on other eligible purchases.

The card also offers various benefits. You can get statement credits for select purchases, such as $200 back semi-annually for U.S. purchases with Dell Technologies, $90 back per quarter for purchases with Indeed, $150 back per year for select business subscription purchases with Adobe, and $10 back monthly for select purchases with U.S. wireless phone service providers.

Additionally, the card provides access to the Global Lounge Collection, offering access to more than 1,400 airport lounges across 140 countries. You can receive up to $200 in airline fee credits per year, enjoy benefits like Clear membership, and get 35% points back when using points for eligible flights booked through Amex Travel.

Other perks include hotel benefits, premium car rental privileges, and various travel insurances. The card also offers cash flow flexibility with a Pay Over Time option and has no preset spending limit. Expense management features include employee cards, QuickBooks integration, online statements, account alerts, and a year-end summary.

Recommended: Amex Business Checking Review: What You Need to Know…Really 

2. Capital One Spark Cash Select

Best credit card for construction business

The Spark 1.5% Cash Select card is an excellent business credit card offered by Capital One. With this card, you can earn unlimited 1.5% cash back on every purchase for your business, without any limits or category restrictions. It’s a great way to maximize your rewards and get some extra cashback.

The best part? There’s no annual fee for this card, so you can enjoy the big rewards and cash bonus without any additional costs. Capital One also offers additional cash-back rewards of 5% on hotels and rental cars booked through Capital One Travel, adding even more value to the card.

Redeeming your cash-back rewards is easy too. You can cash them in for any amount at any time, and they don’t expire for the life of the account. It’s a flexible and convenient way to enjoy the benefits of your hard-earned rewards.

In terms of the interest rate, the variable APR for purchases ranges from 18.24% to 24.24%, depending on your creditworthiness. As always, it’s important to manage your credit responsibly and pay off your balances in full to avoid any interest charges.

The Spark 1.5% Cash Select card also comes with a range of benefits to make managing your business easier. You can conveniently manage your accounts online, provide employee access, enjoy travel services, set up automatic payments, and benefit from $0 fraud liability in case your card is lost or stolen. Additionally, you’ll receive year-end summaries for simplified budgeting and tax time, and the option to assign an account manager to handle purchases and payments.

When it comes to applying for this card, the process is quick and straightforward. It only takes about 10 minutes to complete the application, and you’ll receive a decision within seconds. Just make sure to have the necessary information on hand, such as the legal names, addresses, and Social Security Numbers of all business owners, as well as your business’s legal name, address, and tax ID number.

The Spark 1.5% Cash Select card has received positive reviews from customers, with an overall rating of 4.4 out of 5 stars based on 946 reviews. The majority of reviewers highly recommend this card, which speaks to its value and benefits.

Recommended: What are the Best Unsecured Business Credit Cards for Startups? 

3. Brex Business Corporate Card

Best credit card for independent contractors

Accepted worldwide, the Brex Corporate Card provides both physical and virtual cards on the reliable Mastercard network. And with the highly rated 5-star app available on iOS and Android, you can manage your card effortlessly from your phone. Features like Apple Pay integration, card cancellation, and spend monitoring are all conveniently accessible in one place.

What sets the Brex Corporate Card apart is its rewarding nature. Earn up to 7x back on your spending and redeem your rewards for cash back, credits, or even billboards. This enables you to maximize your benefits and get more value from your expenses.

With credit limits tailored to your business, you can enjoy a card limit that suits your needs based on financial factors such as revenue or funding raised. This flexibility ensures that your card aligns with your business’s financial capabilities.

The Brex Corporate Card is not just a single-purpose card; it caters to various business needs. Enable spend for travel, procurement, and more with worldwide card acceptance. Additionally, Brex offers specialized cards for travel and entertainment expenses, vendor expenses, purchase cards, benefits cards, and more. The flexibility to customize spend limits for specific purposes ensures that your policies are enforced with every card swipe.

Expense management is simplified with the Brex Corporate Card. It automatically collects itemized receipts compliant with IRS or local tax laws, generates memos, and categorizes expenses to the right general ledger and/or project. Real-time expense tracking allows you to monitor card limits and expenses in real-time, increasing accountability. It’s an all-in-one solution that streamlines your expense reporting process.

Best credit card for handyman

Brex offers local cards in over 20 currencies, allowing you to conduct operations locally wherever you do business. The comprehensive global features enable you to manage your company’s credit limit, subsidiary-specific limits, expenses, and billing in one console, reducing risk and increasing control. By issuing cards in employees’ local currencies and enabling subsidiaries to pay statements from their local bank, you can avoid intercompany transactions and foreign exchange fees.

Recommended: Brex Card Review: Is This Corporate Card Offer Too Good to be True? 

4. Chase Ink Business Preferred

Chase ink business preferred credit card for construction

Chase’s Ink Business Unlimited® Credit Card might be the perfect credit card solution for your business. With the Ink Business Unlimited card, you can enjoy a range of benefits designed to maximize your rewards and simplify your financial management.

With the Ink Business Unlimited card, you’ll earn unlimited 1.5% cash back on every purchase made for your business. Whether it’s office supplies, equipment, or other business expenses, you can earn cash back on all of your transactions. Plus, there’s no annual fee, ensuring that you can enjoy the benefits without any additional costs.

To give you even more value, the Ink Business Unlimited card offers a 0% introductory APR for 12 months on purchases. This allows you to make business purchases and pay them off over time without accruing interest. After the introductory period, the variable APR will be between 18.24% and 24.24%, based on your creditworthiness.

Redeeming your rewards is a breeze with the Ink Business Unlimited card. You can choose to redeem your cash back rewards for cash, gift cards, travel, and more through Chase Ultimate Rewards®. This flexibility allows you to use your rewards in a way that suits your business needs.

Another great feature of the Ink Business Unlimited card is the option to add employee cards at no additional cost. These employee cards not only help you manage your expenses but also enable you to set individual spending limits for each employee. This allows you to keep track of spending while giving your employees the ability to earn rewards on their purchases

Finally, for those who frequently use Lyft, the Ink Business Unlimited card offers an exciting benefit. Earn a total of 5% cash back on Lyft rides through March 2025. This includes an additional 3.5% cash back on top of the 1.5% you already earn on travel purchases, making it a valuable perk for business travelers.

Recommended: Chase Ink Business Preferred Credit Card: A Deep Dive Analysis 

Most Useful Credit Card Features for Small Construction Businesses

Can you use credit card for contractors?

As I said before, the cards above are just some of the offers that are great for small construction businesses like yours. And, there are virtually hundreds of credit cards you might apply for, based on your stage in business, credit profile, and your financial health. 

I always recommend you do your due diligence (which you’re doing now — good job!) to find the right card for your situation. Still, there are some super valuable credit card features that you should be looking for.  

When it comes to credit for your construction business, you can get the most from a card with the following features: 

  1. Robust expense tracking — Construction businesses deal with many expenses that require effective management. When choosing a credit card, prioritize those with handy expense-tracking features. Look for cards that provide detailed transaction descriptions, spending categories, and downloadable reports. These tools will simplify the task of monitoring and analyzing your expenses, making your bookkeeping process a breeze.
  2. Flexible credit limits — Construction projects come in all shapes and sizes, each with its unique scale and cost. To meet the ever-changing financial requirements, it’s crucial to have a business credit card with a flexible credit limit. This flexibility ensures that you have the necessary purchasing power to cover expenses like materials, equipment, and other project-related costs. Having a credit card with a flexible credit limit allows you to adapt to the varying financial demands of your construction projects effectively.
  3. Rewards on construction-related spending — When searching for a credit card for your construction business, keep an eye out for rewards or cash-back programs specifically tailored to construction-related spending. Some cards offer enhanced rewards for purchases made at hardware stores, home improvement retailers, or building material suppliers. By maximizing these rewards, you can offset costs and enjoy additional benefits. It’s a smart way to make the most out of your business expenses while you get more value from your card.
  4. Introductory offers — You’ll find that many business credit cards come with enticing introductory offers that can be quite valuable for your construction business. These offers may include bonus rewards points, statement credits, or even waived annual fees for the first year. Taking advantage of these introductory perks can provide you with significant value, especially when you’re starting or expanding your construction business. It’s a great way to give your business a financial boost and maximize the benefits of your credit card.
  5. Expense management tools — Managing expenses effectively is of utmost importance for construction businesses. When choosing a credit card, it’s essential to look for one that offers comprehensive expense management tools. These tools can include handy features like mobile apps, receipt capture capabilities, and integration with accounting software. By utilizing these tools, you can streamline the process of tracking expenses, monitor your finances in real time, and seamlessly manage your financial operations. It’s a smart way to stay on top of your expenses and ensure efficient financial management for your construction business.
  6. Business-specific benefits — Certain credit cards provide extra perks specifically designed for construction businesses. These benefits can be quite advantageous and may include discounted rates on equipment rentals, exclusive access to construction industry events or trade shows, or special partnerships with suppliers offering favorable rates or exclusive deals. These tailored perks are aimed at supporting and enhancing the operations of construction businesses, providing valuable advantages that can contribute to their success.

Remember, the best business credit card features for your construction business may vary depending on your specific needs and preferences. Evaluate your business’s spending patterns and requirements to choose a credit card that offers the most relevant and valuable features for your construction operations.

How to Build Business Credit to Access More Funding

Did you know that you can actually build business credit in as little as 30 to 90 days? And, with a perfect business credit score, you can access higher amounts of funding? Business credit is a great channel to grow and scale your business, invest, and pay for emergencies. 

In brief, here’s how to build business credit fast: 

First, you need to form your business. Establish a proper business entity, choose a neutral business name and category, and decide on the best method to establish your business entity.

Next, it’s important to get your company “business credit ready.” Set up a physical address, obtain necessary business insurance and licenses, establish an online presence, list your business in relevant directories, and open a business bank account.

Then, you’ll want to network with local banks. Attend local Chamber of Commerce events or network online to build relationships with bankers and financial professionals. Research financing programs offered by local banks and credit unions.

Recommended: ​​3 Best Credit Unions for Small Business Banking in 2023 

After that, set up business credit Profiles: Establish business credit profiles, such as a PAYDEX score from Dun & Bradstreet (D&B), by obtaining a DUNS number. Monitor your Equifax and Experian business credit scores for accuracy using services like Nav.

Finally, you have to develop small tradelines of credit and net 30 accounts that report your on-time payments to business credit bureaus. Consider using gas cards and store cards, ensuring that payments will be reported.

By following these steps, you can lay the foundation for a strong business credit profile and access better funding options for your business.

Recommended: 41+ Companies That Help Build Business Credit [Beyond Net 30 Vendors] 

Frequently Asked Questions

Can I get a business credit card with a 1099?

Yes, you can get a business credit card with a 1099. Many credit card issuers consider 1099 income as eligible for credit card applications. However, specific requirements may vary among different credit card providers. A 1099 is not like an EIN and will not qualify you for business credit on its own. It’s always best to check each lender’s individual policies.

Is being an independent contractor the same as owning a business?

In short, no, but only because most independent contractors operate as an individual. However, independent contractors and self-employed individuals can obtain business credit if they create a business entity and structure their businesses properly. 

Do business credit cards verify income?

Yes. Most business credit lenders verify income. There are a few outliers, but your income and/or assets will almost always play into a credit decision. Some lenders look at cash flow and revenue while others might look at collateral (cash on hand) during the underwriting process. 

What is the 5/24 rule?

The 5-24 rule is a guideline used by Chase and some other credit card issuers. It states that if you’ve opened five or more credit card accounts within the past 24 months, you may be ineligible for certain Chase credit cards.

Conclusion

Picking the perfect credit card for your small construction business can work wonders for your financial management and score you some awesome perks. We’ve got your back with options like American Express, Capital One, Brex, and Chase, all geared toward meeting your unique business needs.

But hold up, there’s more to the credit card game! We’re here to demystify credit cards for contractors, independent contractors, and self-employed folks. We’ll answer your burning questions and equip you with the knowledge you need to make savvy financial decisions for your growing business.

But hey, getting a credit card is just the first step. If you’re serious about leveling up your small construction business and snagging up to $100,000 in business credit fast, we’ve got a killer recommendation. Join Business Credit Workshop and tap into our expertise. We’ll teach you insider strategies and techniques to skyrocket your business credit journey. Get ready to take charge of your finances and make some serious waves in the construction industry!

Want to learn how to obtain up to $100K in business credit for your small construction business in as few as 30 days? Join Business Credit Workshop today.

Bluevine Review: Free, High Yield Small Business Checking! Are They Serious?

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Bluevine Business Checking Review

I’ve been really excited to review Bluevine since so many people have asked me about it. This is a free small business checking account offer that earns 50X the national average interest with no monthly fees or minimum deposits. Of course, they can’t possibly cater to every business owner… Can they?

That’s what we’ll explore here.   

Now, let’s fire away!

Bluevine Business Checking Overview

Bluevine offers free, single-user business checking accounts that can earn 2% interest on up to $100K with qualifying activity. There are no minimum deposits or NSF fees, which is incredible. 

One standout feature that Bluevine doesn’t seem to advertise much is the ability to give your bookkeeper access to your account without sharing your dedicated login information — this can come in handy!

Bluevine login

To qualify for interest accrual, account holders must meet at least one of the following requirements: 

  • Spend $500 with your Bluevine debit card in a calendar month OR
  • Receive or deposit $2.5K via ACH, mobile deposit, wire transfer, or via a merchant payment processor (not ATM). 

Bluevine uses the MoneyPass ATM network, with 37K locations nationwide. So, if you’re super rural, you may not be able to access a surcharge-free ATM. In this case, you would pay $2.50 for every ATM transaction. 

While most services are free online and within the MoneyPass network, Bluevine charges $4.95 for all cash deposits made at an ATM. This might be steep for a business that makes multiple cash deposits, but online businesses wouldn’t be affected much. 

There are no limits to the number of transactions that can be made in a Bluevine account, but cash transfers are limited to $1.5K per transaction, $2K per day, and $7.5K per month.  

ProsCons
Free checking with no monthly feesNo joint accounts
2% interest on balances up to $100KMinimum requirements to collect interest
No minimum deposits$7.5K maximum monthly cash transfers
Sub-accounts with dedicated account numbers$2.50 fee for out-of-network ATMs
Unlimited, fee-free transactionsNo branch access (ATM-only)
No NSF fees$4.95 fee for cash deposits

So, a Bluevine checking account seems like a fantastic option for certain businesses. The offer seems to be catered to accountants, bookkeepers, freelancers, and other service businesses that primarily conduct digital transactions. 

Bluevine review Reddit

Naturally, there are businesses that Bluevine isn’t going to work well for. 

For one, partnerships might not be a great fit, since only one account holder is permitted for each account. Next, super rural businesses without easy access to MoneyPass ATMs might end up paying quite a bit in surcharges (assuming you would need ATM access).  Finally, this offer is simply not well-suited for businesses that need to deposit more than $7.5K in cash monthly, as that’s where Bluevine maxes out. 

Fun Fact: Bluevine checking is powered by Coastal Community Bank, which is also the servicer for the X1 credit card. 

Bluevine’s Line of Credit

Bluevine offers lines of revolving credit up to $250K, with rates as low as 4.8%, serviced by Celtic Bank.  Once approved, you can get access to funds quickly. Note that the advertised interest rate is “simple interest,” which means compounding isn’t accounted for, and the low 4.8% is based on a 26-week repayment plan. 

Bluevine loan

You can apply for a line of credit online in minutes. Bluevine uses Plaid to connect to your bank account and analyze cash flow. To qualify, you must have been in business in the U.S. for at least 6 months, have at least $10K in monthly revenue, and have a personal FICO score of 625 or higher. 

Bluevine reviews

According to at least one satisfied lendee, you cannot apply for a Bluevine loan using your Bluevine checking account, which seems a little wonky. Hopefully, they will update their lending platform to work with their own bank at some point in the future. But, as of now, there doesn’t seem to be a workaround. 

If you apply and are approved for a Bluevine line of credit, you can choose to wire transfer funds for access within a few hours and a fee of $15. Alternatively, you can choose an ACH deposit, which can get your funds to you as soon as the next business day (however, in some cases this can take a few days). 

Recommended: Meet Celtic Bank: A Humble Brand With an Enormous Reach 

Bluevine’s Bill Pay

If you have the banking information for your payees, you can add them manually in your Bluevine account dashboard. I feel like online check services like Checkbook.io might be easier to use, since you only need an email address and name to deliver payments. But, bill pay is a nice feature for any bank account. 

Moreover, you can connect Bluevine to Quickbooks to view income and expenses from your checking account dashboard. 

Bluevine Bank

Bill pay funds are held by Silicon Valley Bank, a trusted FDIC-insured institution. All-in-all, I think Bluevine’s bill pay options are competitive. 

Bluevine Company Overview

Bluevine Inc. was co-founded in July 2013 by Eyal Lifshitz, Moti Shatner, and Nir Klar in Redwood City, California. The company started as an invoice factoring company, offering capital loans from $5K to $50K with “cash in as fast as 1 day.” They exited the factoring game and announced their free checking account offer in early 2020.  

I found this gem from 2014 in the Wayback Machine: 

Bluevine capital

Frequently Asked Questions

What happened to Bluevine?

There are a few rumors floating around that Bluevine is not accepting new applications. This is not the case — Bluevine is accepting new applications for lines of credit and new bank accounts. The rumor that they were closed may have started when PPP funding ended, as Bluevine was an approved lender for the Paycheck Protection Program. 

Is Bluevine accepting new applications?

Yes! Despite the hearsay, Bluevine is currently accepting applicants for business checking accounts and lines of credit. 

Does Bluevine run a credit check?

Yes, Bluevine runs a credit check for applicants looking for a line of credit. For approval, applicants must have a FICO score of 625 or higher. 

Does Bluevine do a hard pull?

For businesses organized as an LLC, Bluevine does not do a hard pull, so applicants’ credit will not be negatively impacted. 

What bureau does Bluevine pull from?

Bluevine has a partnership with Experian, Equifax, and Dun and Bradstreet, and reports on-time payments to all three. 

Does Bluevine affect credit score?

Since they report payments to business credit bureaus, on-time payments to Bluevine will have a positive impact on your credit score.  

Does Bluevine charge a fee?

The only fees Bluevine charges for checking accounts are ATM fees for cash deposits. Most ATMs within the MoneyPass network are surcharge-free for Bluevine account holders. 

How much can I withdraw from Bluevine?

The maximum amount you can withdraw from Bluevine is $1,500 per transaction, $2,000 per day, and $7,500 per month

Is Bluevine a direct lender?

No. Bluevine’s lines of credit are serviced through Celtic Bank. 

Who owns Bluevine?

Bluevine was founded by Eyal Lifshitz, Moti Shatner, and Nir Klar, who still currently own and operate the company. 

What credit score does Bluevine use?

Bluevine uses applicants’ FICO scores to determine creditworthiness. 

Is Bluevine FDIC insured?

Bluevine checking accounts, loans, and bill pay funds are FDIC insured through the respective banks that service these offers (Coastal Community Bank, Celtic Bank, and Silicon Valley Bank).  

How many customers does Bluevine have?

As of February 2022, Bluevine had 450K customers. 

The Verdict: Is Bluevine Legit? 

Yep! This business checking offer is legit, and I would go as far as to say that I recommend it… for some business owners, namely accountants, freelancers, and other entities that conduct mostly digital banking. However, if you move a lot of cash through your company, or you have more than one owner, Bluevine probably isn’t your best option. 

As far as Bluevine’s line of credit, I do trust offers from Celtic Bank, but I’m not the biggest fan of these fast-cash-type offers that use the owner’s personal FICO score to determine creditworthiness. Instead, I like to teach business owners to obtain credit using their business credit. What I do like is that Bluevine reports payments to D&B. So, with responsible payments, a Bluevine loan can help you build business credit.  

If you’d like to learn how to obtain up to $100K in business credit in as few as 30 days, join Business Credit Workshop today.

Azlo Bank Review: Deep Dive Into Features, Competition, Fees, & More

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Azlo bank review

Anyone who knows me will tell you I’m a die-hard fan of credit unions for business banking. As a rule, I recommend owners use small community banks and credit unions for business checking. So, I even surprised myself when I fell intrigued with Azlo Bank. After reading the wildly mixed reviews, I had to do a write-up. 

Today, we’re going to analyze the online-only business banking offer from Azlo. Here’s what’s in store: 

Read on to get the full scoop before you go sign up all willy-nilly (choosing a business checking account is a huge decision). 

Update: On January 7, 2020, Azlo bank announced to users that their parent bank, BBVA US, has made the strategic decision to close Azlo. They stated that nothing would happen to existing accounts right away, and that they were letting users know early. This is not good news, but we are hopeful that they will find a new bank to service their offer.

Update: As of Fall 2022, Azlo has not reopened. Users looking for a similar offer might consider Novo or Bluevine instead.

Azlo Business Checking Account Overview 

Azlo is an online-only business banking offer designed for freelancers, entrepreneurs, small businesses, and non-profits. Their core offer is a forever-free, no-fee checking account that can be managed from home. And, for $10 per month, you can access advanced invoicing and budgeting features as well as premium content and accountant access. 

Who Owns Azlo Bank? 

Azlo is owned by BBVA, the US subsidiary of Banco Bilbao Vizcaya Argentaria, based in Madrid and Bilbao, Spain. Publicly-owned BBVA branches are located throughout the world. The current CEO Is Javier Rodríguez Soler, who was named to the position in 2019. 

Javier has been with the company since 2008, has a strong background in investments and corporate development, and appears to be plenty qualified. 

Where is Azlo Located? 

Azlo’s official headquarters are in San Francisco. In addition, they have offices in Portland, Los Angeles, Birmingham, and New York City.

Azlo bank address

Is Azlo Bank Safe? 

One of the top queries business owners have about this banking offer is whether or not it’s safe. The best indicator of funds safety in the United States is insurance through the Federal Deposit Insurance Corp (FDIC). Through this protection, if a bank fails, the US government assures that your money is safe. 

FDIC insurance currently grants protection for $250K in deposits per account per financial institution. 

Is Azlo Bank FDIC Insured? 

If you peek in at the FDIC’s institution directory, you won’t find Azlo on the list of insured banks, which might scare you off. But, Azlo is insured through their partner bank, BBVA. In other words, your funds will be protected if, for some reason, the bank fails.  

Is Azlo FDIC insured?

What You Really Get With Azlo Business Banking

Up to this point, you might still be wondering what’s so special about this offer. 

“C’mon, Joe.  There are plenty of online checking account offers that sound just like this one. What’s the big deal?” 

Am I right? 

Now, let’s explore the essence of Azlo’s magic so you can find out how it lured me in. 

Some of the standard features of a free account are: 

  • Unlimited transactions
  • $0 minimum balance
  • $0 overdraft fees
  • Acccesss to 55K no-fee ATMs

But, that’s not all. Below, you’ll find more about what makes this offer stand out. 

Hassle-Free Online Checking Account Application 

You can apply for a banking account with Azlo in less than five minutes. You’ll need your Articles of Organization or other official business license, your photo ID, social security number, and your business’ EIN. Rather than gather hard copies of everything and drive or fax them to a banker, you can simply upload your documents directly from the online application. 

Once you’ve submitted the app, Azlo will review and you’ll get an email when you’ve been approved. Expect the approval process to take between 2-3 business days. 

Convenient & Flexible Initial Deposit 

It can take some time to transfer operations from one bank to another. In some cases, most of your funds can already be tied up, which makes large initial deposits inconvenient. You won’t have that issue with Azlo. 

In fact, the first deposit into your Azlo business bank account can be as little as $10 or as much as $1K. 

Unlimited Direct Invoicing

Rather than use a separate invoicing platform, with an Azlo account, you can send unlimited invoices to customers and clients without leaving your banking dashboard. 

Azlo login

You can personlize your invoices with your company name, brand logo, and custom fields. In addition, you can save client information to draft and create future invoices in just a few clicks. See more about advanced options in the Azlo pro section below. 

Azlo Envelope for Budgeting

One of the first accounting lessons you learn in business is to set money aside for your taxes. A digital envelope makes it easy by automating your savings. 

When you configure your account, you can select an amount to set aside as a percentage. With each deposit, this amount will then be saved into an envelope. When you need to spend the money, simply select your envelope and release the funds for instant access. 

Affordable Instant Transfers 

Most features of an basic Azlo banking account are free, however one very common elective feature will come with a fee: instant (ACH) transfers. To send money out of your account instantaneously will cost $2 and to receive it will cost 2% of the total transaction. 

So, for a $200 instant transfer into your account, you’ll pay $4, which is a pretty competitive rate. Pro users will pay less. 

Business Tools & Integrations

It’s always smart to make sure your business tools play well with one another. Azlo has partnered with several brands so users can integrate their banking seamlessly with the tools they already use. My best guess it that they will continue to roll-out more partnerships as demand increases. 

How is Azlo business account integrations

As of today, you can connect an Azlo bank account with Bench, BigCommerce, Coterie, FreshBooks, Gusto, PayPal, Quickbooks, Shopify, Square, Stripe, Thimble, and Xero. 

Azlo Pro Features 

For $10 per month, you can upgrade to leverage some additional features. In many cases, these features can save money that might otherwise be spent on external tools and software. 

  • Advanced Invoicing – Enable the ability to schedule and automate invoicing to clients and customers. 
  • Unlimited envelopes – In addition to setting money aside for taxes in your first envelope, you can put funds into multiple envelopes, say for large purchases, payroll, and other expenses. 
  • Azlo envelopes goals – Set budgeting goals and automatically schedule allocation into the appropriate corresponding envelopes. 
  • Accountant access – Give your accountant direct access to your account without sharing your personal login information. 
  • Reduced instant transfer fees – Pro users pay half the amount for instant transfers at just $1 for outgoing funds and 1% for incoming funds. 
  • Premium content – You’ll also be able to access gated content that includes in-depth guides about business management, marketing, advertising, and financial management. 

For many companies, the pro offer is worth at least $10 in software savings alone. If you have the need for any of the above features, it’s definitely worth checking out. 

Azlo Business Account FAQs

There are still over a handful of common questions unanswered. Let’s address them. 

Does Azlo accept Zelle?

While Azlo can be connected to third-party platforms, Zelle does not allow uers to pay with business debit cards. 

Does Azlo have a debit card?

Yes, an Azlo card is a Visa debit card that can be used anywhere Visa is accepted. 

Does Azlo work with PayPal?

Yes, you can connect an Azlo account to PayPay, Stripe, or Square. And, clients and customers can pay Azlo invoices with PayPal. 

How do you deposit cash into Azlo?

To deposit cash into an Azlo account, you will need to deposit it into a linked bank account, then transfer the funds to your Azlo baking account. 

How many accounts can you have with Azlo?

You can open one Azlo account per business. To open multiple Azlo accounts, you will need to connect them to multiple legal business entities.  

Does Azlo have checks?

Azlo does not offer personal checks. Checks printed by using an Azlo account number and routing number will not work. To pay expenses by check from an Azlo account, you can use a third-party partner to send a mailed check. 

Azlo Business Banking Competitor Analysis 

I always encourage readers and Business Credit Workshop members to shop around before they make a financial decision. Since Azlo isn’t your only option, let’s see how they compare to the other top offer in thier niche (Note: I was going to add Seed.co to this list, but they have some growing to do before they can really compete). 

Azlo Bank vs Novo Bank

Initial Deposit Required$10$50
Direct InvoicingYesNo
Automated Budgeting (Envelopes)YesNo
Business Tool Integrations127
ATM FeesFree at BBVA Compass & Allpoint ATMsRefunds All ATM Fees
NSF Charges$0$27
Business FinancingStreamlined Kabbage Business LoansNo
Business Tool SavingsNoCash Savings with Merchants Like Stripe, Google Cloud, Quickbooks, & More

In a nutshell, Azlo has an amazing offer that wins on several fronts — $0 non-sufficient funds fees, invoicing, and envelopes, as a few examples. But, Novo offers some impressive cash savings worth looking at. 

Final Takeaway: Should You Open an Azlo Account? 

If you’ve made it this far and you still like what you hear, yes, I recommend you look into opening an Azlo account for business checking. However, if you’re interested in learning how to build business credit and access up to $100K in funding within 30 days, I recommend a different type of account. Join the Business Credit Workshop today to learn more.

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