Bluevine Business Checking

Bluevine is an online business bank that offers multiple business services. The BlueVine business checking account is a solid offering that comes with a strong interest rate and minimal fees.

Beyond its checking account, Bluevine offers other services, including a line of credit. This Bluevine business banking review will cover everything you need to know about the bank.

Pros

• Earn 2.0% APY on your balance up to $250,000 (and 4.25% APY for Premier Customers on balances up to $3 million)
• Create up to 5 free sub-accounts (6 total accounts) for increased control and flexibility over business budgets
• FDIC insurance up to $3 million through Coastal Community Bank
• No minimum deposit or balance requirements
• No monthly service fees, non-sufficient funds fees, transaction fees, or ATM fees at MoneyPass ATMs
• Quick and easy new account opening that takes as little as 60 seconds
• Shared account access capabilities (securely invite authorized users for task delegation)
• Sending payments to 32 different countries in 15 different currencies

Cons

• Online-only banking
• Cash deposits limited to $500 per deposit, $2,000 per day. Service fee of up to $4.95 per deposit.
• High revenue requirement for small business line of credit

Bluevine Business Checking Overview

• Minimum opening deposit requirement: $0
• Minimum balance requirement: None
• Monthly fee: $0
• ACH Fees: None
• APY: Earn 2.00% interest on account balances up to and including $250,000. Terms apply
• Transactions: Unlimited
• ATM fees: $0 for in-network ATMs
• Transaction fees: $0
• Deposit fees: $4.95 (at Green Dot locations)
• Bonus: None

Bluevine's New Premier Tier Business Checking Overview

• Minimum opening deposit requirement: $0
• Minimum balance requirement: None
• Monthly fee: $95 or a $100,000 balance and $5,000 debit spend on debit card to waive the monthly fee
• ACH Fees: None
• APY: Earn 4.25% interest on account balances up to and including $3 million. Terms apply
• Transactions: Unlimited
• ATM fees: $0 for in-network ATMs
• Transaction fees: $0
• Deposit fees: $4.95 (at Green Dot locations)
• Bonus: None

How Does BlueVine Business Banking Work?

A business bank account is essential for small and large businesses alike. Even for contractors who might not technically need a business bank account, separating your personal and business finances can make tracking your company’s progress easier and save you from big headaches come tax time.

The Bluevine Business Checking account is an online-only FDIC-insured account through Coastal Community Bank. You can set up an account in just a few minutes, and access your account online with either a browser or the mobile app (for iOS and Android phones).

There’s no opening balance requirement to get started. However, BlueVine reviews your business details to make sure you need to meet these minimum requirements:

• Own a small business
• Be at least 18 years old
• Be a U.S. citizen or resident with a verifiable address in the U.S.
• Your business can’t be in the adult entertainment, gambling, weapons and firearms, or illegal substances industries

How to Open a Bluevine Business Checking Account

Opening a Bluevine business account can be accomplished online or through the Bluevine app. This service is accessible to business owners across all 50 states, including the District of Columbia. To qualify, you must meet the following criteria: be at least 18 years of age, hold U.S. citizenship, or be a resident with a valid U.S. address (excluding P.O. Boxes). However, please note that certain types of businesses may face restrictions.

What You Need To Open An Account

To initiate the process of opening a Bluevine business account, you'll be required to furnish essential details pertaining to yourself and your business. Additionally, the specific documentation needed may vary depending on your business entity type. Here's a breakdown of the requisite information and documentation:

• Personal Information: First and last name, Residential address, Mobile phone number, Date of birth, and Social Security number (for individuals who own 25% or more of the company)
• Business Information: Business name, Type of entity (e.g., LLC, corporation), Physical business address, Business phone number, Indication of your annual revenue, Industry, and Employer Identification Number (EIN) or tax ID
• Required Documentation: The necessary documentation can vary according to your business type but may encompass items such as articles of incorporation, certificate of formation, Doing Business As (DBA) documentation, and/or partnership agreements.

Typically, Bluevine business checking applications are reviewed within a span of three business days. Upon approval, you can proceed to activate your account, request your Bluevine debit card, and fund your account as needed.

How to Earn Interest With Bluevine Business Checking Account

Bluevine business checking accounts offer an annual percentage yield (APY) of 2.00% (and 4.25% for Premier Customers on balances up to $3 million and there is no additional requirements to earn interest) on balances up to $250,000, as long as you fulfill one of the two monthly conditions:

• Make $500 in purchases using your Bluevine business debit card.
• Receive at least $2,500 in customer payments, which can be deposited into your Bluevine business checking account via ACH transfer, wire transfer, mobile check deposit, or directly from your payment processor.

Benefits of a BlueVine Business Checking Account

There are lots of reasons to sign up for a BlueVine business checking account.

Earn Interest and Avoid Fees

Many business checking accounts either don’t offer any interest or offer a low rate, but only if you have thousands (or tens of thousands) in your account. With the Bluevine Business Checking account, you can earn 2.0% annual percentage rate (APY) on balances up to $250,000.

It’s a lower rate than you may find with a personal, high-interest checking account. However, those accounts often have additional requirements, such as making a certain number of purchases with your debit card each month. They’re also not business accounts, which could be important if you run an LLC or corporation rather than a sole proprietorship.

You can also save money by avoiding pesky fees that some business checking accounts charge. For example, a business account might only let you make 100 to 200 free transactions per month. Once you hit the limit, you may have to pay a fee each time you use your debit card, write a check, or make certain types of deposits into the account.

Bluevine charges three main fees — $15 for outgoing domestic wires ($25 + 1.5% for International Wires), $10 for Same-day ACH, and $30 for express debit card replacement shipping. These fees are reduced for Premier customers.

With Bluevine, there are no:

• Monthly or annual service fees
• Non-sufficient funds fees
• Incoming wire fee
• Transaction fees
• Fees for your first two checkbooks

You still have to watch out for third-party fees, though. For example, you can use the account's debit card to withdraw cash without paying ATM fees at over 38,000 MoneyPass ATMs, or by getting cash back when making a purchase. However, other ATM operators may charge you a fee.

Financing Options

If you sign up for a Bluevine checking account, your business will get access to multiple different financing options including lines of credit and Paycheck Protection loans. You can use these loans and lines of credit, like business credit cards, to improve your business’ cash flow or to invest in your company to help it expand.

Depending on the size of your business, you can get a Bluevine line of credit for up to $250,000 in just minutes. The interest rates are highly reasonable and there are no fees or maintenance costs to keep the line of credit open.

When you apply, Bluevine credit will examine your business to make sure it’s eligible for a loan. You need to have been in business for at least six months, have a FICO score of 625 or higher and have $40,000 or more in monthly business revenue.

Bill Pay Tools

Bluevine offers easy bill payment tools that you can use to send money to your suppliers and other companies. You can send funds by wire, ACH, or even have Bluevine mail a check on your behalf.

The bill payment tool is accessible from both the Bluevine website and mobile app and you can choose to send money directly from your account balance or use a credit card. Bluevine already has 40,000+ popular businesses set up so you can easily send payment but you can also set up payees on your own and sync with your business’ Quickbooks for easy payments. And tracking.

International Payments

Bluevine Business Banking now allows international payments for your business: send payments to 32 countries in 15 currencies.

These countries include: United Kingdom, China, Mexico, Canada, India, Israel, Japan, Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, and Spain.

Customers can easily send funds through their Bluevine dashboard between the hours of 8 am to 5 pm ET every business day.

Payments sent in US dollars are $25/payment, and payments sent in foreign currency are $25 + 1.5% of the payment.

Where Bluevine Business Checking Stands Out

• No Fees: This account comes with no monthly fees, non-sufficient funds charges, or ACH payment fees. Moreover, there are no minimum opening deposit requirements, daily balances, or monthly commitments. It offers unlimited fee-free transactions and provides free ATM access at all MoneyPass locations across the U.S.
• High-Yield APY: BlueVine's business checking account offers a competitive advantage by providing a high Annual Percentage Yield (APY) of 2.00% on balances up to $250,000, without demanding daily or monthly minimum balances. To earn interest, meeting either the debit card or customer payment requirement is necessary. Up to $3 Million in FDIC Insurance: Customers of BlueVine's business checking account automatically receive up to $3 million in FDIC insurance coverage through Coastal Community Bank and other institutions in the IntraFi sweep network. This innovative service spreads deposits across multiple banks, exceeding the standard $250,000 per depositor, per account limit while centralizing fund management.
• Comprehensive Online Banking Tools: BlueVine equips you with essential online banking tools to streamline your financial operations. Features include mobile check deposit, support for recurring and one-time payments, and seamless integration with accounting software like QuickBooks Online, Wave, and FreshBooks. Furthermore, you can effortlessly connect with third-party applications such as PayPal, Stripe, and Expensify.

Where Bluevine Business Checking Falls Short

• Limited Cash Handling: Bluevine Business Checking, being an online-only account, may not suit businesses heavily reliant on cash transactions. With no physical bank branches, you won't have the option to withdraw specific denominations, obtain change, or deposit cash directly. To deposit cash, you can utilize Green Dot services available at over 90,000 stores, including select Walmart, 7-Eleven, CVS, and Walgreens locations. Keep in mind that there could be a service fee of up to $4.95 per deposit, and deposit limits may vary depending on the store. However, there are no fees for other deposit methods like ACH transfers or incoming wires. Additionally, you can conveniently deposit checks using the mobile app at no cost.
• Cash Deposit Fees and Limits: Bluevine imposes a $4.95 fee, charged by Green Dot, for each cash deposit made at their designated locations. Moreover, Bluevine sets rather restrictive limits for cash deposits, allowing only $500 per deposit and capping daily deposits at $2,000. If your business frequently deals with cash transactions, you might want to explore alternatives like NBKC business accounts or LendingClub Tailored Checking, both of which permit unlimited fee-free cash deposits through compatible ATMs.
• No Joint Accounts or Employee Debit Cards: Bluevine lacks support for joint business accounts, which may pose challenges for businesses with multiple owners, such as partnerships or multi-member LLCs. Some other business accounts, like Relay business checking, offer joint ownership and the ability to issue up to 50 virtual debit cards. In contrast, BlueVine only provides one business debit card, typically issued to the account creator.
• Limited Weekend Support: While Bluevine extends its customer service hours on weekdays (from 8 a.m. to 8 p.m. EST, Monday through Friday), it doesn't offer phone support during weekends. Although Bluevine maintains a comprehensive online help center, business owners seeking real-time assistance may experience delays, especially on weekends. If you require round-the-clock customer service, you might consider Axos Business Checking, which provides 24/7 customer support (though it doesn't earn interest).

When Bluevine Is a Good Fit

• Businesses seeking an interest-earning account without balance requirements: Bluevine stands out for its absence of maintaining balance requirements and offers an attractive 2.0% APY on qualifying accounts with balances up to $250,000. This makes it an excellent choice for Limited Liability Companies (LLCs) and single-owner startups, positioning it as one of the top business checking accounts for LLCs and preferred bank accounts for self-employed professionals.
• Single-owner startups in search of a fee-free online-only business checking account: Bluevine presents an appealing option as it does not impose monthly fees, minimum opening deposit prerequisites, or transaction charges. It's a top-recommended choice for startups and is particularly noted for its leading role in providing free business checking accounts.
• Businesses in need of expedited funding approval: Bluevine offers a straightforward and swift application process for its line of credit product, ensuring businesses can access the necessary funding within a single day. This feature contributes to its recognition in our guide to the top small business lines of credit.
• Business owners requiring subaccounts for financial separation: Bluevine offers the flexibility of up to five subaccounts, simplifying the tracking of budgets and expenses.
• Business owners looking to enhance business software integration: Bluevine's compatibility with a variety of software, including QuickBooks, Xero, Wave, Expensify, Wise, and Square, facilitates streamlined business operations.
• Business owners aiming to grant account access to their team: Bluevine enables the addition of authorized users to the account, promoting collaborative management of bills and business tax payments.

When Bluevine Is Not a Good Fit

• Your business frequently handles cash deposits: Bluevine allows cash deposits through Green Dot, but these deposits come with a fee of $4.95 per item and are capped at $2,000 daily. In such cases, you might want to explore Chase, which boasts numerous physical branches.
• Your business involves multiple signers, each needing a debit card: Bluevine permits only one signer and one debit card per account. If your business necessitates multiple debit cards for owners and authorized signers, Bank of America may be a more fitting choice, as they offer the flexibility to issue business debit cards to multiple individuals.
• You're considering opening business money market accounts or applying for Small Business Administration (SBA) loans: Bluevine currently offers solely a business checking account and a line of credit. If you require a broader range of banking products, you might want to explore First Internet Bank Business Checking, as they offer a diverse array of products.
• You aim to earn interest on business funds exceeding $250,000: Bluevine does offer an attractive 2.0% APY, subject to meeting certain conditions, but this applies only to balances up to $250,000. If your business maintains funds exceeding this threshold and seeks competitive interest rates, you may want to consider Mercury. Mercury provides a competitive rate through its Treasury product for funds surpassing $500,000.

How Bluevine Business Checking Stacks Up

Bluevine Business Checking presents an array of features with minimal fees, a noteworthy advantage. Many business checking accounts either offer minimal interest or none at all, making Bluevine's competitive interest rate a valuable asset, particularly for businesses maintaining larger balances.

However, Bluevine operates without physical branches, making it less suitable for business owners who prefer in-person banking services. Nevertheless, it compensates for this limitation by offering various avenues for managing funds, including ATMs, cash deposits, and mobile access, potentially eliminating the need for in-person visits to a bank. It's worth noting that if your business frequently handles cash deposits, the Green Dot cash deposit fee may be a drawback.

Given that Bluevine exclusively provides a single business checking account, you might find it necessary to maintain accounts with multiple banks to address all your business requirements. While centralizing your bank accounts can be more convenient and potentially come with relationship benefits, the array of perks and fee waivers offered by Bluevine Business Checking may outweigh the inconvenience of multiple accounts, making it a compelling choice.

Bluevine vs. Chase Business Checking Account

Chase provides three business checking options: Chase Business Complete Banking®, Chase Performance Business Checking®, and Chase Platinum Business Checking℠. Each of these checking options carries a substantial monthly service fee and includes limits on the number of free transactions and cash deposits allowed per month. However, all three accounts offer the possibility of having the monthly fee waived if you maintain the required average combined balance.

In contrast to Bluevine, Chase offers comprehensive business banking services, encompassing savings accounts, business credit cards, lending solutions, retirement accounts, and other essential business services. For business owners seeking to streamline their banking within a single institution, Chase could be the preferred choice. Nevertheless, it's important to note that Chase's monthly fees and transaction limits might pose challenges for many business owners. While it is possible to avoid these issues by meeting fee waiver requirements and staying below transaction limits, opting for Bluevine means you can sidestep concerns about fees altogether.

Evolution of BlueVine

BlueVine, since its inception, has significantly evolved and expanded its suite of services, fundamentally transforming the landscape of financial services for small businesses. Initially focusing on invoice factoring, BlueVine quickly identified the need for more comprehensive financial solutions within the SME sector. This realization led to the expansion into business lines of credit and, later, small business checking accounts, thereby providing a more holistic financial service offering.

Unique technological features distinguish BlueVine, including its proprietary platform that leverages machine learning algorithms to streamline the application and approval processes for its financial products. This technology enables rapid decision-making, allowing businesses to gain access to funds swiftly, a critical factor for the cash flow-sensitive SME sector.

Furthermore, BlueVine's integration capabilities, allowing for seamless connectivity with various accounting software, and its intuitive online dashboard for managing finances, underscore its commitment to leveraging technology to enhance user experience and operational efficiency. Through continuous innovation, BlueVine has not only expanded its services but also reinforced its position as a technological leader in the fintech space, catering to the dynamic needs of small businesses.

Bottom Line

When you’re choosing a bank account for your business, it’s important to make sure that the bank you work with is a good fit for you.

BlueVine bank is a strong choice for many business owners thanks to its lack of fees and minimum deposit requirements. Any business can open an account with BlueVine to get started with business banking.

However, it’s important to keep in mind that BlueVine is a purely online bank. If you’re running an online business, this won’t be a problem for you. However, if you’re running a business that does a lot of in-person transactions, especially ones involving cash, BlueVine may not be a good fit.

While BlueVine allows for cash deposits, you need to use Green Dot to make those deposits, which incurs a fee of $4.95 per cash deposit. That can add up quickly. If you’re running a cash-heavy business, you might be better off with a bank that has physical branches and accepts cash deposits.