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The day-to-day operations of small businesses should be facilitated, not hindered, by the checking account they use. For some people, Bluevine Business Checking might be the answer. In 2013, the internet banking platform was established, and it now provides a Bluevine Business Checking account that has limitless transactions, low fees, as well as a long list of other beneficial features.
In this Bluevine Business Checking review, we look at everything it has to offer business owners and how it stacks up to the competition, so you can determine if it’s the right choice for you.
Bluevine Bank Review
In comparison to other business checking options, Bluevine is very convenient and inexpensive. A competitive interest rate implies extra revenue for small firms, particularly if you keep bigger amounts in your Bluevine Business Checking account, as many business current accounts either pay no interest or a small amount of interest.
As we will see in this Bluevine review, Bluevine Bank doesn’t have physical locations, therefore it’s not a good fit for company owners who would rather conduct financial transactions in person. You may never set foot in a bank again with all the convenient cash deposits, ATMs, and smartphone access it provides.
The Green Dot bank deposit charge might be a deal breaker for businesses that often deposit large sums of cash. As Bluevine bank only provides one business current account, you may have to open up accounts at other institutions to meet the varying demands of your company. It's more convenient to have all your banking needs met by the same institution, and there may even be perks to your relationship with the bank for doing so.
Even yet, Bluevine Business Checking's bonuses and absence of fees might justify the hassle. Before we move on, it might interest you to find out that Bluevine is one the best small business banks in Virginia.
Pros
- Reasonable interest rate
- Huge ATM infrastructure
- There’s no required minimum balance when establishing an account
- There’ll be no limits placed on the number of transactions
- Authorization to write checks and two complimentary checkbooks
- Deposits may be withdrawn easily
- There’s no regular cost, and just a small number of extra costs
Cons
- Cash deposit fees
- There are no actual locations for this branch
- Monday through Friday is the only time you can reach the Bluevine customer service
- No monetary reserves
- Mobile banking app with low ratings
| Bluevine Bank | Features |
| Overdraft Charges | $0 |
| Forms of Accounts | Business checking and business loans |
| Cash Deposits | $4.95 |
| Annual Percentage Yield | 1.50% on balances up to $100,000 |
| Fees Charged by ATMs | $0 in-network,$2.50 out of network |
| Monthly charges | $0 |
| Wire Transfer | $15 |
| Required Minimum Deposit | $0 |
| Transactions | Unlimited |
Bluevine Business Banking at a Glance
Although it's standard for online company current accounts to have no fees and allow for an unlimited number of transactions per month, Bluevine bank goes above and beyond with their free high-yield Bluevine Business Checking account.
One of the highest interest rates for business checking accounts is 2.00%, which is what Bluevine bank pays on holdings up to $100,000. We’ll discuss later in our Bluevine review how one can qualify for this interest. In addition, Bluevine Business Checking account members may make cash deposits, although at a cost, unlike other online-only accounts.
Launched in 2013, Bluevine bank is a financial technology startup that only introduced Bluevine Business Checking accounts in 2019. Coastal Community Bank handles its banking needs, and money held there is protected by up to $250,000 by the FDIC.
For Whom the Bluevine Business Checking Is Best For
Businesses who value minimal overhead, the freedom to conduct unlimited transactions as they desire without incurring additional fees, and the opportunity to earn interest on their excess funds may find Bluevine Business Checking to be an ideal option.
Bluevine Business Checking seems to be a good option to consider if your company doesn't make regular cash deposits and you aren't too worried about having access to traditional banking services.
Bluevine Business Checking Fees
When you're trying to manage a company and turn a profit, every penny counts. There are no monthly service charges or minimum balance requirements with Bluevine Business Checking. There are benefits like:
- There’s no obligatory minimum balance
- There’s no obligatory minimum deposit amount
- There’s no ongoing charge
- No fines for insufficient funds
- There are no monthly limits on the number of transactions you may make with your account
- Although Bluevine bank doesn’t provide any other accounts, you may easily move money into and out of your Bluevine Business Checking account from any other bank
- With access to over 37,000 surcharge-free MoneyPass ATMs, you'll never have to worry about an unexpected bank cost
Every ATM withdrawal made with a Bluevine card other than a MoneyPass Automated teller machine, with which Bluevine bank has a partnership, will incur a $2.50 fee.
Bluevine Business Checking Features
This Bluevine review shows just one account type available on Bluevine bank, however, the options are extensive. If you have a balance in your Bluevine Business Checking account between $0 and $100,000, you’ll receive a competitive 2.00% APY from the bank. (Interest isn’t paid on balances in excess of $100,000.)
Either $500 in monthly purchases made with the Bluevine Business Debit Mastercard or $2,500 in monthly customer payments received via wire transfer, ACH transfers, mobile check deposit, or directly from the vendor payment processing provider are required to maintain the 2.00% APY on the Bluevine Business Checking account.
Vendor Services
This part of our Bluevine review will show the advantages of the Bluevine Business Checking account in regard to make supplier payments easy. You, as the owner of a small business, have access to a wide variety of payment options, including electronic funds transfers, wire transfers, and checks.
You can use your Bluevine Business Checking account to pay bills online, either once or on a regular basis. If you set up a recurring payment, you'll be able to see the exact date that your payment will be received by the recipient.
You can choose from one of the 40,000 registered vendors on Bluevine's website, or add your own. As per our Bluevine Business Checking review, The online payment system accepted by Bluevine bank also accepts credit card payments.
Transactions
As noted earlier in our Bluevine Business Checking review, Bluevine bank is an internet banking service, hence it doesn’t have physical locations where customers may see a banker in person. Yet, a number of other transaction methods remain open to users owing to integration with other financial systems.
A Bluevine Business Debit Mastercard and two complimentary checkbooks are included with every Bluevine Business Checking account. Via a collaboration with the MoneyPass ATM network, Bluevine bank members get access to more than 38,000 charge-free ATMs throughout the United States.
This Bluevine Business Checking review highlights their relationship with Green Dot which is very strategic. Small company owners don't have to worry about not being able to make cash deposits due to the absence of physical locations.
Almost 90,000 retail outlets throughout the United States accept cash deposits at the register for processing. We’ve observed that one of the downsides of this service is deposit charges. Please be aware that the Green Dot cash deposit fee might be as high as $4.95. Green Dot may potentially impose daily limitations on cash deposits.
Safety
Bluevine bank prides itself on being a financial technology firm rather than a traditional bank. Coastal Community Bank, Member FDIC, is a partner in Bluevine's financial services. Any funds you deposit into your Bluevine Business Checking account at Coastal Community Bank are insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum allowed by law.
Mobile App
Bluevine's mobile app gives checking clients the convenience of digital check deposits and the ability to handle a variety of other banking needs. With this software, company owners may track their cash flow and manage their Bluevine Business Checking accounts from any location. For more information on the mobile app, check out the Bluevine Business Checking reviews for mobile app feedback.
Business Loans
Larger purchases may be made with the help of a company line of credit of up to $250,000. Loans have interest rates as low as 4.8 percent. Also, that approval may happen in as little as a few minutes.
Minimum requirements include a credit score of 600, a monthly income of at least $10,000, and a firm that has been established or in operation for a minimum of six months in the United States. Bluevine should reach a lending decision when you answer a few more questions and provide access to your most recent bank statements.
If you're looking for a business loan but have terrible credit, Bluevine Business Checking may not have a solution for you. Research your best possibilities with some other reviews for loans with bad credit.
How to Open a Bluevine Business Checking Account
A Bluevine Business Checking account may be created through either the web interface or the mobile app.
Everyone applying is required to be at least 18 years of age as well as a citizen or legal permanent resident of the United States with a current, permanent, physical address in the United States.
Need to Open an Account
In order to set up a Bluevine Business Checking account, you’ll need to provide certain personal and company information. Also, depending on the kind of company organization being formed, applicants may be required to submit additional paperwork. The following section of our Bluevine Business Checking review covers the requirements:
- Business Information: Identifying data pertaining to a business, including but not limited to the business's name, physical location, organizational type, and phone number. Don't forget to include your company's gross income, primary industry, and tax ID or EIN.
- Important Paperwork: Documents such as articles of incorporation, certificates of formation, DBA filings, and partnership agreements may be required depending on the kind of firm.
- Personal Data: Name, surname, residential address, cell phone number, DOB, and SSN are all examples of personal data. Each shareholder with a stake of 25% or more must provide the following information.
Bluevine Business Checking account applications submitted to Bluevine are normally evaluated within three working days according to our research while writing this Bluevine review. After your application is accepted, you may proceed to set up your account, purchase your Bluevine debit card, and add funds.
How to Earn Interest With Bluevine Business Checking
If you reach any of the following monthly thresholds, your Bluevine Business Checking account's 2.00% APY will apply up to a maximum of $100,000.
It doesn't matter whether you're using an ACH transfer, mobile check deposit, wire transfer, or direct deposit from a payment processor to get $2,500 in client payments through the company's Bluevine Business Checking account, you're good to go.
How to Access Your Money With the Bluevine Business Checking Account
There are a few alternatives available to those who utilize a Bluevine Business Checking account for deposits and withdrawals. We found that these options were worth mentioning in our Bluevine Business Checking review.
Deposit Options
Clients may fund their Bluevine Business Checking account in four primary ways:
- Deposit cash at any Green Dot retail store to use with your Bluevine Business Checking account. But, keep in mind that there will be a fee associated with each deposit.
- Users of the Bluevine bank app may deposit checks using their smartphones.
- Bluevine bank doesn’t assess a fee for accepting wire transfers, but the sending financial institution almost certainly will.
- Money may be moved into a Bluevine Business Checking account from another bank account by linking the two.
Withdrawal Options
Deposits may be made into the Bluevine Business Checking account using cash to get access to their business debit card which can be utilized at any of the well over thirty-eight thousand MoneyPass ATMs in the United States to withdraw cash without incurring any fees.
Customers should count on paying a fee if they use an ATM that’s not part of their network. Bluevine Payments is another option for making outright cash transfers to other people or businesses.
Is Bluevine Trustworthy?
Bluevine hasn’t been involved in any high-profile scandals. Bluevine has an A+ rating with the Better Business Bureau. A high rating from the BBB shows a firm is trustworthy in its advertising, listens to its customers, and takes their concerns seriously. Yet a firm’s A+ rating with the BBB doesn't mean your interactions with them will go well.
Alternatives to Bluevine Business Checking
Maybe after reading this Bluevine Business Checking review, you’re still curious about other options. Sit tight because this Bluevine review has got you covered in the following section.
Novo
Like Bluevine, Novo solely provides business checking accounts, making it a competitive option. There are no hidden costs or expenses of any kind associated with utilizing the service after you've signed up.
Each overdraft will cost you $27, which is a lot more than Bluevine's $5 fee that’s mentioned earlier. But, there’s no minimum balance requirement, and the bank will reimburse your ATM costs regardless of where you use them.
Novo's mobile app makes it simple to do banking on the move. The app is available for download on both Android and iOS smartphones. If you want to fund your Novo account with cash, you'll be disappointed to learn that it won't accept deposits of any kind.
Pros
- A handheld program
- Gives back the whole ATM cost
- No minimum balance or monthly charges
Cons
- A lack of savings accounts
- Overdraft charges
- Unable to make a bank deposit
Lili
Lili ups the ante by providing a complimentary tax optimizer to avoid either paying too much or too little in taxes. You may prepare for tax time without any unpleasant shocks by setting away money automatically. The program also assists in categorizing expenditures, both private and professional, to better determine tax deductibility.
For the most part, using Lili won't cost you a dime, and there's no minimum commitment necessary to join up. Yet, bigger organizations may not be comfortable with the monetary limits placed on deposits and withdrawals. All attempts to send money through wire transfer via Lili will also fail.
Lili provides the option of opening a savings account specifically for the aim of funding a large purchase.
Using Lili's free version doesn’t result in any interest being earned on your funds.
If our Bluevine review has inspired you to go for Lili, choose Lili Pro because you’ll earn 1% interest or have access to benefits like overdraft protection. The monthly fee of $4.99 for this service ought to be covered by interest earnings.
Pros
- No service fees
- No minimum balance required
- Capable of putting aside funds for later use
- Effective tax planning
Cons
- The use of wire transfer is prohibited
- The interest rate on the free account is 0%
- To use Lili's premium features, you must become a paying subscriber
Axos
With Axos, you may open not just a company checking account, but also a personal savings account or a savings account for your business. This is in contrast to what we have seen in this Bluevine Business Checking review since Bluevine has only one type of account.
Neither opening nor maintaining a simple business account with them will cost you anything, and there’s no required minimum amount. When using an ATM outside your country, this account will cover the cost.
Even if the interest rate is fairly low at 0.20%, business owners are able to participate in a savings account. A $25,000 initial deposit is required to start a premium savings account, however, the annual percentage yield (APY) remains the same regardless of the amount of the deposit.
The truth is that Axos has rather average prices overall. Even certificate of deposit (CD) rates have landed at 0.20%, not exactly enticing. If you choose, you may use Axos to open a savings account or a checking account for yourself.
Pros
- Reimbursement of any & all domestic ATM fees
- One may choose from a variety of checking account types
- There’s no minimum balance or service charge for basic checking accounts
Cons
- Poor CD interest rates
- Poor interest rates for corporate savings accounts
- Some bank accounts have minimum deposit requirements that are rather high
Bluevine Business Banking Review – Frequently Asked Questions
For more information on Bluevine Business Checking, please refer to the following list of Frequently Asked Questions. After reading this Bluevine review, if you still have questions, check them out to see if they're answered there.
Is Bluevine Legit?
The quick response is "yes." Bluevine is a technological firm specializing in the banking industry. Celtic Bank, an FDIC-insured Utah-chartered bank, extends its Bluevine line of credit.
A Bluevine Business Checking account is available via Coastal Community Bank. As per Crunchbase, which keeps tabs on startups, the private business has garnered $769.2 million in investment.
How Much Can I Withdraw From Bluevine?
Cash withdrawals from ATMs, cash advances at POS, and over-the-counter cash advances are all subject to a collective daily maximum of $2,000. Fees and reduced withdrawal restrictions may be imposed by ATM operators, retailers, and partner banks. Withdrawing cash from a MoneyPass ATM doesn't cost you anything more.
Is Bluevine FDIC Insured?
Having its banking done with The Bancorp Bank means that Bluevine is FDIC-insured (FDIC certificate number 35444). In the event of a bank collapse, funds deposited in FDIC-insured accounts at Bluevine are safeguarded upwards of 250,000 dollars for each depositor.
Bottom Line on Bluevine Business Banking
In addition to earning interest on balances up to $100,000 and low monthly maintenance costs, the Bluevine Business Checking account is a wonderful choice for small enterprises. Just this account earns interest on your balance, making it the top business checking account.