I looked into this as an option, and it's worth mentioning - if you need email aliases, you'll need a Business 365 account, not a Personal 365 account.

The Basic (lowest tier) Business account is roughly same price as the personal 365 account, but I believe they are completely different services. If you have an existing personal 365 account, I don't believe there is a seamless switchover to a business account. You will need to create a business account separately.