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. 

Should You Open a Business Account at Gesa Credit Union?

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Gesa Credit Union

When it comes to banking, Gesa Credit Union is like a friendly neighbor who’s always there for you. Unlike big banks, Gesa is all about community, putting members first and focusing on what really matters–financial well-being. 

If you live in the Pacific Northwest, they may be able to provide you with business credit solutions tailored to your needs, whether it’s a credit card, loan, or savings account. 

So, in this review, we’re diving into Gesa’s lineup of business-friendly offerings, from rewards on credit cards to flexible loans and savings options. Let’s find out if Gesa is a good match for your business banking needs. 

This is what’s in store: 

Now, let’s dive in!

What is Gesa Credit Union?

Gesa credit union login

Gesa Credit Union is a member-owned financial institution. It serves the financial needs of individuals and businesses, especially small businesses. 

This credit union was founded in 1953 by a group of General Electric supervisors. Since then, it has grown into one of the largest credit unions in Washington state. Gesa’s mission is to serve its members and communities by providing affordable financial products and services. This includes a strong commitment to supporting local businesses and community development.

Gesa credit union routing number325181248

Gesa Credit Union is dedicated to helping small businesses thrive. They understand that small businesses are vital to the local economy and community. 

Hence, the credit union offers a range of products and services for small business owners:

  • They offer a variety of business checking and savings accounts to meet different needs.
  • Gesa participates in Small Business Administration (SBA) loan programs, providing access to funding with favorable terms.
  • Their treasury management services help businesses manage their cash flow efficiently.
  • Gesa offers term loans and lines of credit to help businesses finance operations and growth.
  • They provide business Visa cards with competitive rates and rewards.

Gesa Credit Union focuses on keeping money within the community, supporting local schools, organizations, and businesses. When you bank with Gesa, you help support these local initiatives and contribute to the overall well-being of the community.

Recommended: 3 Best Credit Unions for Small Business Banking in 2024 

Locations Served

Gesa credit union near me

Gesa Credit Union serves businesses primarily in Washington state, with branches in Richland, Pasco, Kennewick, Walla Walla, Moses Lake, Yakima, Wenatchee, Pullman, Spokane, Puyallup, Seattle, Tacoma, Kirkland, Lynnwood, and Bremerton. Additionally, they have a branch in Post Falls, Idaho.

To enhance accessibility, Gesa offers extensive online services, including online and mobile banking through their “Gesa to Go” app. Members can manage accounts, transfer funds, pay bills, and deposit checks remotely. 

Plus, Gesa Credit Union is part of the CO-OP Financial Services Network, the second largest branch network in the U.S. This allows Gesa members to access almost 200 locations in Washington State and conduct banking at credit unions nationwide. Additionally, members have access to over 77,000 surcharge-free ATMs across the country, which ensures convenient banking wherever you are.

You might also like: A Complete Northwest Registered Agent Review & Analysis 

Membership and Eligibility

How to become a Gesa credit union member

To become a business member of Gesa Credit Union, the business must meet certain eligibility criteria. Businesses qualify if they are located in Washington state, or select counties in Idaho and Oregon.

Specifically, these counties in Idaho include Benewah, Bonner, Boundary, Clearwater, Idaho, Kootenai, Latah, Lewis, Nez Perce, and Shoshone. In Oregon, eligible counties are Clackamas, Clatsop, Columbia, Gilliam, Hood River, Morrow, Multnomah, Sherman, Umatilla, Union, Wasco, and Washington. 

Additionally, businesses owned by individuals who live, work, worship, or attend school in these areas, or those who have a close relative who qualifies, can also join.

Here’s what you’ll need to do: 

  1. Make sure your business is located in the eligible regions of Washington, Idaho, or Oregon.
  2. Open a personal checking or savings account with Gesa.
  3. Prepare key business details, including the business name, address, and tax identification number.
  4. Owners or authorized signers should be ready to provide personal identification (e.g., driver’s license) and verification information as per Federal requirements to combat terrorism and money laundering.
  5. Visit a local Gesa branch or call their customer service to begin the membership process.
  6. Inform the representative that you are interested in opening a business account.
  7. Fill out the necessary membership application forms.
  8. Provide all required documentation and identification for both the business and its owners or authorized signers.
  9. Make an initial deposit into your new business account.

And, voila! As long as you meet the eligibility criteria, the process of becoming a member is no different than opening any other business bank or credit union account. 

You might also like: Unlock Business Success with Oregon Community Credit Union 

Business Financial Products and Services

From business banking to credit, loans, and beyond, here’s what Gesa Credit Union offers in the way of small business financial products.

1. Business Banking/Checking

Gesa Credit Union Business Checking

Gesa Credit Union offers a range of business checking accounts to meet a variety of small business checking needs. 

Each checking account comes with: 

  • Free access to online banking 
  • Automated and online bill pay
  • Competitive rates 

Here’s a side-by-side comparison of their business checking accounts. 

Analysis Business CheckingValue Business CheckingVersatile Business Checking
Ideal ForBusinesses with high monthly transaction volumes.Small businesses with a lower volume of transactions.Businesses with moderate account activity.
Costs & FeesCharges based on account activity.No fee per deposited or cleared check if 100 or fewer checks presented monthly.No fee per deposited or cleared check if 200 or fewer items presented monthly.
RequirementsLow $100 minimum deposit to open.Low $100 minimum deposit to open.Low $100 minimum deposit to open.
Daily balance of $5,000 required to waive monthly service fee.
AdvantagesEarns credit back based on balance.
Can use earned credits to offset service fees.
Includes Cash Management Services.		No monthly service charges.Flexibility and freedom for your business.

Gesa Credit Union shows support of small business growth through its tailored business checking accounts. They also have options tailored to nonprofits and municipalities. See their website for details. 

You might also like: Amex Business Checking Review: What You Need to Know…Really 

2. Business Credit Cards

Gesa Credit Union Business Credit Cards

Gesa Credit Union offers two business credit card options designed to meet the diverse needs of business owners. Both cards provide business owners with the ability to manage expenses efficiently while enjoying additional perks such as enhanced security features and separation of business and personal finances.

The Gesa Business Visa® Credit Card provides flexibility, convenience, and security, enabling easy separation of business and personal finances. With variable rates ranging from 14.74% to 26.99% APR, this card offers instant purchasing power and 24/7 member service support. 

Similarly, the Gesa Business Visa® Rewards Card is ideal for businesses seeking to earn cash back on everyday purchases. Featuring variable rates between 19.24% and 28.99% APR, this card offers 1.5% cash back for net purchases, along with the same benefits of instant purchasing power and 24/7 member service support. 

Recommended: Corporate vs Business Credit Card: What’s the Difference? 

3. Business Loans 

Gesa Credit Union Business Loans

Gesa Credit Union offers various types of business loans tailored to meet the diverse needs of local small businesses. Gesa is well-known for its over 50 years of SBA lending experience, local decision-making, and commitment to prompt customer service. 

The SBA loan programs available through Gesa include: 

  • The 7(a) Business Loan
  • Express Lines of Credit
  • 504 Loan
  • CAP Lines

These programs offer low down payment requirements and longer terms, making them popular choices among small business owners. The loans can be used for various purposes such as acquiring an existing business, purchasing, constructing, or renovating owner-occupied commercial real estate, financing long-term working capital, purchasing vehicles and equipment, and refinancing debt.

 The 7(a) Business Loan, in particular, offers terms up to 10 years for business acquisitions, equipment, and working capital, and up to 25 years when commercial real estate is involved. Loan amounts can go up to $5 million, providing businesses with the financial flexibility they need to thrive. 

And, Gesa provides Business Term Loans and Lines of Credit with competitive interest rates, local decision-making, and personalized service from experienced commercial lenders. 

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

4. Business Savings & Investment Opportunities 

Gesa Credit Union Commercial Savings Account

Gesa Credit Union’s Business Savings Accounts are ideal for those seeking competitive rates and overdraft protection for checking or money market accounts. With a balance of just $100 to open and maintain the account, businesses can benefit from competitive rates that ensure their funds are working for them—You can earn 0.04% APY when you maintain a minimum balance of $500 each month.  

Additionally, the low monthly service charge can be waived based on the aggregate average daily balances in all other Business Accounts, providing flexibility and cost savings.These accounts also offer online banking access for convenient account management and ensure membership as a business account member.

Business Certificates are perfect for businesses looking for higher-yield, fixed-rate savings accounts for excess funds. 

Gesa credit union CD rates for business

With terms ranging from 3 to 60 months, you can choose the option that best suits your financial goals. Interest is compounded and paid monthly and at maturity, allowing businesses to maximize their earnings. Plus, certificates can be used as collateral to secure a loan at a competitive margin, providing added flexibility. 

5. Treasury Management Services 

Gesa Credit Union Merchant Services

Gesa offers a comprehensive suite of Treasury Management services tailored to streamline business operations and maximize financial efficiency. 

These services include:

  1. Online and mobile banking
  2. Online bill pay
  3. Sweeps (Automatic funds transfers to investment products)
  4. ACH services 
  5. Wire transfers
  6. Merchant services
  7. Merchant Deposit Capture (MDC)
  8. Electronic Federal Tax Payment System (EFTPS)

These Treasury Management services are designed to simplify financial processes, enhance cash flow management, and provide flexibility and convenience for businesses. And, Gesa’s dedicated Treasury Management Officers are available to assist with inquiries and provide personalized support to optimize business banking experiences. 

Recommended: What’s the Best Payment Processor for a Small Business? Really 

6. Gesa Mobile App 

Gesa Credit Union mobile app

Gesa digital banking mobile app is available on Google Play and the iOS app store. Users rave about Gesa Credit Union’s mobile app for its convenience and user-friendly interface. With the app, you can handle all your banking needs on the go – from transferring money between accounts to depositing checks and even applying for loans or credit cards. 

Plus, Fast Balances lets you check your account snapshots without logging in. While some users have reported minor issues like slow loading times or search limitations, overall, Gesa’s app is a hit among members, making managing your finances a breeze wherever you are.

Gesa Credit Union Customer Service

Gesa credit union phone number

Gesa’s member contact center, available Monday through Saturday, provides personalized assistance via phone and email, addressing various inquiries related to new accounts or loans, online banking, debit/ATM cards, account inquiries, stop payments, payments by phone, telephone banking, and general Gesa information. 

Gesa credit union reddit

In addition to traditional communication channels, Gesa also offers Live Chat support, available Monday through Saturday from 9:00 am to 5:00 pm Pacific Time—This feature enables quick access to assistance for inquiries such as branch locations, account balances, payment due dates, loan payment help from Gesa accounts, and general credit union questions. 

Plus, Gesa recognizes the importance of feedback from its members and encourages business members to share their suggestions, appreciation, or concerns through the member feedback form. 

Gesa credit union sign in

This shows that they’re probably committed to continuously improving their services and ensuring that business members’ voices are heard and valued.

Overall, Gesa Credit Union offers a pretty robust customer service framework.

Gesa Credit Union Community Involvement

Is Gesa or Hapo better?

When you bank with a credit union that supports the local community, your funds contribute to initiatives that matter most to your small business customers. 

Thankfully, Gesa Credit Union is committed to giving back to the community. 

In 2022, they gave $3.8 million to local communities, including $630,000 in scholarships to local students and $1 million to local schools through their Affinity Card Program—These efforts extend to financial education, having reached over 55,000 participants since 2015 through various programs and seminars.

You might also like: Should You Open a Navy Federal Credit Union Business Account? 

Frequently Asked Questions

What does Gesa Credit Union stand for? 

In 1953, the General Electric Supervisor’s Association (GESA) established Gesa Federal Credit Union to serve the exempt employees of the Hanford contractor.

Does Gesa use Zelle? 

Yes, Gesa offers the option for members to enroll in services provided by Zelle.

How much can you withdraw from Gesa ATMs? 

You can withdraw up to $1K in a single day from an ATM, provided that your account has enough funds available.

Are accounts with Gesa Credit Union insured? 

Yes, accounts with Gesa Credit Union are insured as Gesa is federally insured by the National Credit Union Administration (NCUA).

Does Gesa have a minimum balance on business accounts?

Yes, Gesa Credit Union has minimum balance requirements. To open a business checking account, there is a $100 requirement. And, a daily balance of $5K is required to waive the monthly service fee. The minimum to open a business savings account is $100, and you must maintain a minimum balance of $100 to avoid a service fee. Finally, to earn Annual Percentage Yield (APY), a minimum daily balance of $500 must be in the account each day.

Conclusion

Gesa Credit Union offers business members personalized service, competitive rates, and a range of financial products and services tailored to meet their needs. 

While its limited branch network and membership eligibility criteria may pose some challenges, Gesa’s commitment to supporting small businesses and involvement in the community set it apart. As a federally insured institution, Gesa provides security and peace of mind for deposits, and its participation in networks like CO-OP Financial Services expands access to surcharge-free ATMs and branches nationwide. 

However, while Gesa offers a ton of financial literacy resources, they don’t seem to have dedicated business financial education—while this isn’t a dealbreaker, I think it’s certainly worth mentioning. 

Do you want to learn how to obtain up to $100K in business credit 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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