Best business banking for SaaS? why I'm going to Novo bank (and no more Azlo...)
After Azlo bank made it public that they would be shutting down, like many others have been forced to look else where for their business banking needs. If you are still in the market or not quite convinced, I am quite enjoying Novo bank so far!
Like Azlo, Novo bank is free for pretty much everything. No fees except for certain things like "insufficient funds". So free is always nice :)
Novo bank hits some serious wickets for me (any many others in the SaaS world):
- FDIC insured and backed by a real US bank.
- Modern interface (including great mobile apps)
- Handy integrations (including Stripe, Shopify, Zapier, QuickBooks, and more)
- Free debit card included (it's a MasterCard, so you know its widely accepted)
- Access to ATMs (including refunds on ATM fees )
My Favorite feature: "Reserves"
Ohh and let me not forget about their "reserves" features. It is sort of like a bucket inside your business bank account. You can set aside money into these "reserves" to effectively remove it from your available spending. These reserve buckets are very commonly used to help allocate and set aside money for important big purchases like new equipment or TAXES. Ohh taxes.
I have been using Novo for a little bit now, and I am thoroughly enjoying it! If you are in the market for an Azlo replacement (or a great online bank for a Software business) I highly recommend Novo bank
You can sign up here if you want:
https://banknovo.com/r/azlo/f8ca233d
(this is an affiliate link. we both get $25. win, win!)
If you don't want to use that link then that's cool too. You should still check out Novo bank!!
https://banknovo.com
Be careful with Novo, I had an account with them once and they randomly closed it.
Ooohhh no. What happened? How long ago was this?
Did they ever give you a reason? They sent you your money though right?
It was about a year ago, I was working on starting a local business with my wife. We didn't have much money in the account since the location wasn't open yet and I used it to send a couple of checks for rent for the office. I guess because our balance was low and I sent a couple of checks they didn't want to do business with us.
This is all they said "Upon further review of your banking relationship, we have determined that unfortunately we cannot continue to provide you with a business bank account."
Yes, they did send us a check with the remaining balance.
cool. thanks for sharing and appreciate the link. :)
Sure thing. Their service is seriously awesome!