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Bluevine Business Checking Review: Pros, Cons, & Pricing

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Small business owners need banking solutions that cater to their daily operations, and Bluevine Business Checking could be the ideal choice for them. Established in 2013, Bluevine Bank provides a digital platform with a plethora of advantageous features such as unlimited transactions and affordable fees. 

In this evaluation, we will delve into the various aspects of Bluevine Business Checking and compare it with other comparable products. This will enable you to make an informed decision regarding whether or not it’s the right fit for your business.

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Bluevine Review – Our Verdict

The Bluevine Business Checking account provides numerous features at an affordable rate, which implies additional income for business owners who keep considerable amounts in the account. It’s hard to find a business checking account in Indiana that pays such a competitive rate, as many of these accounts either don’t pay interest or offer very minimal interest.

Since Bluevine Bank has no physical locations, it isn’t the ideal choice for the business owner who needs to perform banking in person. However, it offers enough alternatives for managing finances with automated tellers, cash deposits, and smartphone access, so it’s possible you would never have to enter a bank again.

You may find that having only a single business checking account can be inconvenient. You may have to open up accounts at multiple banks to meet all of your business needs. 

However, the Bluevine Business Checking account does have some advantages outlined in the Bluevine Business Checking reviews, such as no associated fees, that could make it worth the effort.

Pros

  • Access to cash deposits
  • Check-writing privileges and two free checkbooks
  • Earns competitive interest rate
  • Extensive ATM network
  • No minimum opening deposit or balance requirements
  • No monthly fee and few other fees
  • Unlimited transactions

 Cons

  • Customer service only available on weekdays
  • Fee for cash deposits
  • Lower rated mobile banking app
  • No physical branches
  • No savings account
BlueVine logoBluevine

Features
Monthly Fee$0
Overdraft Fees$0
Minimum Deposit
$0
TransactionsUnlimited
APY
2% to 4.25%
Outgoing Wires$15
ATM Fees
$0 in-network,$2.50 out of network
Cash Deposits
$4.95
Account TypesBusiness checking and business loans

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Bluevine Business Banking at a Glance

Traditional online business checking accounts generally don’t require any monthly fees and don’t limit the number of transactions. Bluevine Business Checking reviews indicate that the bank takes it a step further by providing a no-cost high-yield business account. 

A Bluevine review shows that this account offers one of the most competitive interest rates of any company checking account, up to a balance cap of one hundred thousand dollars. Additionally, customers of Bluevine Bank have the option of earning cash deposits, although this service comes with an additional fee.

Bluevine Business Checking, a company that focuses on financial technology, opened its doors in 2013 and began offering corporate checking services in 2019. Customers’ banking requirements are serviced by Coastal Community Bank, and the Federal Deposit Insurance Corporation guarantees every account up to a maximum of $250,000.

Which Bluevine Business Checking Account Is Best

Companies looking to keep their costs low, undertake transactions without worrying about extra costs, and generate interest on any unused funds should certainly consider the Bluevine Business Checking account. A Bluevine review of their Business Checking account can help companies make the right decision. 

If your business doesn’t have to deposit cash regularly and you don’t necessarily need face-to-face banking services, Bluevine Business Checking should be part of your banking choices to consider.

Bluevine Business Checking is most beneficial and includes these positive Bluevine Business Checking reviews for the following types of small business proprietors.

  • Want a free business checking account that earns interest
  • Bluevine Business Checking fees
  • Only need one business debit card
  • Prefer to manage the majority of their finances online
  • Don’t need access to a physical branch

For companies trying to make money, bank charges can be a real source of stress. Bluevine Business Checking account might be the perfect solution since it eliminates many of the typical fees. This account offers:

  • Bluevine Business Checking offers unlimited transactions with no fees and easy fund transfers between your accounts and other institutions
  • No non-sufficient fund fees
  • No minimum balance requirement
  • No ATM fees at more than 37,000 MoneyPass ATMs nationwide
  • No minimum deposit requirement
  • No monthly service fee

If a person uses an ATM that’s not affiliated with MoneyPass, which is a partner of Bluevine Business Checking for ATM services, Bluevine Bank will charge them a fee of $2.50 for the transaction.

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Bluevine Business Checking Features

To earn a yearly return of 2.00%, you must invest $500 per month with your Bluevine Business Debit Mastercard. As an alternative, you can also receive $2,500 each month from customers in your Bluevine Business Checking account through ACH, wire transfer, mobile check deposit, or from your merchant payment processor.

Vendor Services

When you read a Bluevine review, you’ll see that having a Bluevine Business Checking account makes making payments to vendors easy. As a small business owner, you can choose several payment methods, including ACH transfers, wire transfers, and checks. 

You can use your Bluevine Business Checking account to make one-off payments for your invoices or set up automated payments every month for even more convenience. If you set up a regular payment system, you can ensure that you don’t miss a payment deadline, as you can monitor when the funds are delivered to the recipient.

Bluevine Bank offers a web-based list of 40,000 documented stores, and you can supplement it with additional stores if necessary. The online payment system provided by Bluevine Bank also allows customers to pay with credit cards.

Transactions

Bluevine Bank doesn’t have any physical locations that customers can visit for their banking needs. Yet, customers still have access to a range of transaction options due to their collaboration with other financial institutions. 

The Bluevine Business Checking account provides two complimentary checkbooks and a Bluevine Business Debit Mastercard at no additional charge. Additionally, due to their alliance with the MoneyPass ATM network, Bluevine bank users can use any of the around 38,000 fee-free ATMs in the United States.

Business owners can use Bluevine Business Checking to execute money transfers, even without their own branches, thanks to their alliance with Green Dot. To finish the transfer, they must take the cash payment to the checkout at any of the 90 thousand stores in the USA that are part of the program, as outlined in the Bluevine review. 

It should be noted that Green Dot applies a fee of $4.95 for each transfer made through their service. Green Dot also reserves the right to set daily limits on cash deposits.

Safety

As Bluevine Bank isn’t a traditional banking institution, it has formed an alliance with Coastal Community Bank, an FDIC-member institution, to provide banking services to its customers. All Bluevine Business Checking accounts at Coastal Community Bank are entitled to FDIC insurance coverage up to the maximum amount as per the law.

Mobile App

Bluevine reviews indicate that Individuals with a checking account with Bluevine Bank can use the business’s mobile app, making it possible for them to deposit checks remotely and complete other common tasks. By taking advantage of this app, owners of small businesses can manage their finances and keep track of their cash flow while they’re away from the office.

Business Loans

As per the Bluevine reviews, it’s possible to draw on a business credit line of up to $250,000 for major purchases, potentially qualifying for an interest rate as low as 4.8%. Approval for this line of credit could be granted in a few minutes.

To be approved for a loan from Bluevine Bank, your FICO score must be no lower than 600, and you must receive a minimum of $10,000 each month from your business, which must have been operating in the US for at least six months. 

Upon supplying the necessary information, including responses to additional questions and access to bank statements, Bluevine Business Checking will assess the loan. If you have a low credit score and are considering applying for a small business loan, reviewing the best options currently available is recommended.

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How to Open a Bluevine Business Checking Account

Business owners located in any of the 50 states or the District of Columbia can set up an account with Bluevine Business Checking either online or through the Bluevine Bank mobile app

This service, called Bluevine Business Checking, requires the proprietor to be at least 18 years old, a citizen of the United States, or have a valid US address (not a P.O. Box). Certain types of businesses aren’t eligible due to certain restrictions.

What You Need to Open an Account

When applying for a Bluevine Bank business account, you must provide some essential information about yourself and your business. The documents that need to be submitted are determined by the type of organizations you’re running.

  • Personal information: The full name, mailing address, contact number, date of birth, and Social Security number. Anyone who holds a quarter or more of the company’s stock must give this data.
  • Business information: You must provide the business name, type of legal entity, physical location, and contact phone number. Furthermore, you must indicate your annual income, sector, and identification number for taxes or Employer Identification Number. 
  • Required documentation: The types of paperwork necessary for a business to operate will depend on its organization, but can include contracts between partners, articles of incorporation, certificates of formation, and/or documents for operating under a “Doing Business As” name.

It usually takes three business days for the Bluevine of your application for business checks. Once approved, you can enable your account, purchase a Bluevine Debit card, and deposit funds into your account.

How to Earn Interest With Bluevine Business Checking

Bluevine offers 4.25% of APY on balances up to $3 million. To earn an annual percentage yield (APY) of 2.00% on balances up to and including $100,000 in your Bluevine Business checking account, you must meet either of the two conditions set out each month.

  • Clients can deposit up to $2,500 into the bank account linked to your Bluevine Enterprise via ACH transfer, wire transfer, mobile check deposit, or through your payment processor.
  • Use your Bluevine Bank business debit card to purchase $500.

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How to Access Your Money With the Bluevine Business Checking Account

Individuals who possess the Bluevine Business Checking Account have multiple options when it comes to transferring funds into and out of the account.

Deposit Options

There are four main ways customers can deposit money into their Bluevine Business Checking Account:

  • Account transfer: People with a Bluevine Business Checking Account can connect it to other banking institutions and transfer money into their Bluevine Account.
  • Check deposit: Clients may use Bluevine’s mobile app to deposit checks into their accounts.
  • Wire transfer: Bluevine Business Checking doesn’t have any fees for incoming wire transfers, however, the financial institution that sends the money normally does.
  • Cash: If you have a Bluevine Business Checking Account, you can put money into it at any retail shop that’s part of the Green Dot network. However, it’s important to remember that there’s a fee associated with every deposit made.

Withdrawal Options

Bluevine Business Checking Account holders can access a business debit card that can be used for cash withdrawal from one of the more than 38,000 MoneyPass ATMs across the US without any expense. This is apart from the conventional ways of obtaining money from a checking account, such as writing checks and performing wire transfers.

Whenever people use an ATM different from one in their bank, they can expect to pay extra. Additionally, a Bluevine Business Checking review reveals Payments, where customers can transfer money to somebody else without using Bluevine Bank.

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Is Bluevine Trustworthy?

At present, there are no public disagreements surrounding Bluevine Business Checking. The Better Business Bureau has given the company an A+ score, indicating that Bluevine is honest in its marketing, deals with customer dissatisfaction quickly, and is fair in its operational procedures. This is a positive Bluevine Business Checking review.

Even if a company has a great rating on the Better Business Bureau (BBB), it doesn’t guarantee that your dealings with them will be problem-free. It’s still a good idea to look for reviews online or ask some Bluevine Business Checking reviews amongst your relatives and friends before finally deciding to work with them.

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Alternatives to Bluevine Business Checking

Novo

Novo is a well-known competitor to Bluevine Bank, and as depicted in Bluevine Business checking reviews, and only offers checking accounts for business dealings. Joining Novo is totally free of charge, and there are hardly any costs associated with using any part of the website. This makes it an attractive option when considering a Bluevine review.

If you exceed your limit, you will be charged a fee of $27, which isn’t the situation at Bluevine Bank as per the Bluevine Business Checking review. On the other hand, you don’t have to keep up a base month-to-month sum, and the bank will repay your ATM expenses regardless of the spot of your withdrawals.

Novo’s mobile app makes it easy to keep up with your finances no matter where you are. It can be downloaded onto phones and tablets that use either Android or iOS. However, unlike many of its competitors, Novo doesn’t allow you to deposit physical money into your account.

Pros

  • Refunds all ATM fees
  • Mobile app
  • Zero monthly fees or minimum balance required

Cons

  • No savings accounts
  • Cannot deposit cash
  • Fee for overdrawn accounts

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Lili

Lili increases the level of service and beats the Bluevine Business checking by offering a free tax optimization that ensures the user doesn’t pay too much or too little in taxes. You can ensure a certain amount of money is saved for tax season so you’re not surprised.

Additionally, the program can assist in distinguishing between personal and business expenses, which can make deductions easier.

Joining Lili requires no payment or a minimum deposit, and most of its services can be used for free. However, there are some financial limitations regarding deposits and withdrawals, which could be a problem for larger companies. Also, Lili doesn’t provide the option to process wire transfers.

With Lili, you can open a savings account to set aside money for a major purchase in the future. However, when using the free version of the platform, the funds stored in the account will not be eligible for interest.

Individuals who desire to gain a 1% return or access supplementary abilities such as overdraft assurance may consider Lili Pro. This service requires a monthly rate of $4.99, but it should more than make back the money spent through the profits it generates.

Pros

  • Can place money in savings buckets for future use
  • Tax optimizer
  • No minimum balance or monthly fees

Cons

  • No wire transfers
  • Several features are locked behind Lili’s paid membership
  • No APY in the free account

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Axos

Axos isn’t only limited to providing checking accounts for companies, but it also offers savings accounts and accounts for individuals. There’s no cost to set up or maintain the basic business account, and there’s no requirement to sustain a minimum balance. This type of account will reimburse any fees associated with ATMs, no matter your global location.

Business owners have the option of starting a savings account, but the rate of interest isn’t very attractive, being only 0.20%. Even if you can set up a premium savings account with an initial deposit of $25,000, the annual percentage yield remains unchanged.

It’s true that Axos doesn’t have the most competitive prices in the industry. The interest rate on CDs is also rather low at 0.20%, giving customers a little incentive to invest in one. However, Axos does offer services for setting up individual checking and saving accounts.

Pros

  • No monthly maintenance fees or balance requirement for basic checking
  • Unlimited domestic ATM fee reimbursements
  • Several checking account options

Cons

  • Low APY on business savings accounts
  • CD rates aren’t great
  • Some accounts require high deposits

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Bluevine Business Checking Review – Frequently Asked Questions 

This article contains an array of queries that have been asked frequently in regards to Bluevine Business Checking. If, after reading this analysis, you have any remaining queries, you can find the appropriate answers within the subsequent segments.

Is Bluevine Legit?

Bluevine Business Checking is a company that focuses on financial technology and is partnered with Celtic Bank, which is based in Utah and is a participant of the Federal Deposit Insurance Corporation (FDIC). Additionally, customers of Bluevine are granted access to Coastal Community Bank’s business checking account.

According to Crunchbase, a database that monitors start-up companies, the private firm has raised an impressive $769.2 million in funding. The Bluevine Customer Service is top-notch and easy to access.

How Much Can I Withdraw From Bluevine?

Every day, the maximum amount of cash that can be taken out from Automated Teller Machines (ATMs), returned at a point of sale, or obtained from a financial institution is $2,000.00. However, it’s worth noting that individual shops, banks, and ATM providers may impose their own limits and fees on such withdrawals. With MoneyPass ATMs, on the other hand, no fee is charged when withdrawing cash.

Is Bluevine FDIC Insured?

Bluevine Business Checking is safeguarded by the Federal Deposit Insurance Corporation (FDIC) due to its connection with The Bancorp Bank (FDIC certificate No. 35444).

According to the Bluevine Business checking review, if customers place money into a bank that’s FDIC-insured through Bluevine, their funds will be protected up to a maximum of $250,000 for each individual depositor, regardless of the type of account, in case Bluevine Bank collapses as a financial establishment.

Bottom Line on Bluevine Business Checking

According to a review of Bluevine, this account is highly recommended for small businesses with less than 100 employees. It offers low maintenance costs and even rewards interest on balances up to $100,000. In fact, according to Choose’s compilation of the best business checking accounts, Bluevine is the only account that provides interest on balances.

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