December 31, 2021

BlueVine Business Checking Review

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BlueVine offers free business checking with a high interest rate. But what's the catch? Is it right for your business? Read on for the full review.

Overall Score

3.8

Checking

4.5

Customer Service

3.5

Mobile App

2.0

Fees

5.0
5-point scale (the higher, the better)

Pros and Cons

  • High interest rate
  • $0 monthly fee
  • 2 free checkbooks
  • No joint accounts
  • No savings
  • Poor app ratings

Bottom Line

Free account with interest for basic business checking needs

The BlueVine business checking has no monthly service fees or minimum balance requirements.

And even better, it offers a higher interest rate than most high-yield savings accounts.

But there are also downsides to be aware of. Read on to see if BlueVine makes sense for your business.

What is BlueVine?

Founded in 2013, BlueVine is a fintech company that offers services to help small businesses grow and manage their money. It offers small business loans, invoice factoring, and a free business checking account.

BlueVine is not a bank. It partners with Coastal Community Bank to provide FDIC insurance up to $250,000.

Who BlueVine Business Checking is Best For

  • Small business owners who are the sole owner of their business.
  • Those looking for a free business checking account to keep business finances separate.
  • Those who don't need in-person banking services.

BlueVine Business Checking Pros & Cons

Pros:

  • No monthly service fees
  • 0.6% on balances up to $100,000; 0% APY on balances over $100,000
  • No fees at 38,000+ MoneyPass ATMs
  • Unlimited free transactions
  • Two free checkbooks
  • No insufficient funds fee
  • Able to deposit cash at Green Dot

Cons:

  • No multiple owners on an account
  • Online only; no physical branches
  • Fees for cash deposits
  • Poorly reviewed app
  • No savings account or reserves

How to Get Started With BlueVine

Opening a BlueVine business checking account is straightforward and takes just a few minutes.

To qualify, you must:

  • Be a small business owner
  • Be at least 18 years old
  • Be a U.S. citizen or resident with a U.S. address

BlueVine does not accept the following industries: adult entertainment, gambling, weapons and firearms, illegal substances, and virtual currency.

You'll be asked to provide some general business information, including:

  • Name, email, and phone number
  • Number of employees in your business
  • Approximate annual business revenue
  • Years in business
  • Industry

BlueVine claims that most customers can open an account in just one minute. As BlueVine reviews your application, it may take a few days to start transactions.

In some cases, BlueVine may request additional verification in the form of an EIN confirmation letter from the IRS.

BlueVine Business Checking Fees

BlueVine's goal is to make business banking affordable and accessible to all. There is:

  • No monthly service fees
  • No minimum balance requirements
  • No overdraft funds fee
  • No negative balance fee
  • No ATM fees at 38,000+ MoneyPass ATMs
  • Free Mastercard debit card

Some fees you may encounter are:

  • $15 for outgoing wire transfers
  • $30 for express card replacement
  • Up to $2.50 out-of-network ATM fee
  • $4.95 fee to deposit cash at Green Dot

BlueVine Business Checking Features

BlueVine is loaded with tons of great features to help small business owners manage their money.

Unlimited transactions
You can make unlimited payments and transactions via ACH or domestic wire transfers. This is great if you pay vendors or employees.

No-fee ATM access
You get free access to over 38,000 MoneyPass ATMs across the U.S. MoneyPass ATMs are at convenient places like 7-Eleven, your local grocery stores, and banks. But if you go out-of-network, there may be a withdrawal fee from the owner.

Mobile check deposits
Deposit your checks for free from anywhere with just your smartphone. The limit is $20,000 per 30-day period.

Cash deposits
You can deposit cash at over 90,000 Green Dot locations (usually at your local pharmacies and grocery stores). There is a $4.95 service fee to deposit cash. Green Dot has a limit of $500 per cash deposit. And BlueVine has a $7,500 limit in cash transfers each calendar month.

Free checks
You get 2 free checkbooks when you open the Business Checking account. This is a nice perk if you need to write paper checks.

BlueVine Business Checking Requirements

To apply for a BlueVine business checking accounts, you must fulfill the requirements below:

  • Be a small business owner
  • Be at least 18 years old
  • Be a U.S. citizen or a resident with a verifiable U.S. address
  • Must not be in following industries: Adult Entertainment, Gambling, Weapons and Firearms, Illegal Substances, Virtual Currency

Reasons to Not Use BlueVine

BlueVine's business account does a lot of things right, but there are some downsides too.

No multiple owners
You cannot add another owner or get employee debit cards. If your business grows, that could become a problem. You may need to switch to another bank that meets your growing needs.

Poor app ratings
An unreliable app could be a big reason to stay away. The BlueVine app has only 1.9 stars on the Apple App Store and 2.5 stars on Google Play. There are dozens of poor reviews about the app crashing, login not working, and transfer/check deposit failures.

Since business owners often need to bank on the go, we hope BlueVine is taking steps to improve their app.

Fees to deposit cash
BlueVine makes it convenient to deposit cash by partnering with Green Dot. But it costs $4.95 for each deposit. And there is a limit, so it may take multiple deposits if you have a lot to deposit. BlueVine is not ideal for businesses that deal with a lot of cash.

No physical branches
As an online-only bank, you need to be completely comfortable with handling all your banking needs online. You can't walk into a branch to get help or create a personal relationship.

BlueVine Customer Service

You can reach BlueVine by phone or email through their online message form.

BlueVine's phone number and hours are:

  • Banking and Lending: (888) 216-9619
    Mon - Fri, 8am - 8pm (ET)
  • Paycheck Protection Program: (650) 338-4012
    Mon - Fri, 8am - 6pm (ET)

Is BlueVine Safe?

You can trust that your money is safe. BlueVine's Business Checking is provided by Coastal Community Bank. This bank is a member of FDIC, which insures your deposits up to $250,000 in case the bank fails.

In addition, BlueVine keeps your account safe with data encryption and multi-factor authentication.

How long does it take for BlueVine to approve checking account? BlueVine's approval process takes between one to three business days, during which they review your application and documents.

Other BlueVine Services

BlueVine started out as a platform that offers easier financing for small businesses. Services include:

Line of credit
You can get a revolving line of credit up to $250,000, with interest rates starting from 4.8%. There are no monthly service fees or account opening fees.

You can apply from your dashboard and receive funds as quickly as a few hours. This lets you access funding whenever you need it. As you pay off your balance, your line of credit is replenished.

To qualify, you need at least 6 months in business, a 600 FICO credit score, and $10,000 in monthly revenue.

Invoice Factoring
Waiting to be paid can seriously disrupt your cash flow and prevent you from moving forward. Invoice Factoring is a service for B2B businesses that lets you get an advance on outstanding invoices.

You can get 85%-90% of the money upfront. Once the invoices are paid, you'll get the rest (minus fees).

To qualify, you need at least 3 months in business, a 530 FICO credit score, and $10,000 in monthly revenue.

How BlueVine Compares

Here's how BlueVine Business Checking compares against other popular online business accounts:

BlueVine vs Novo
Novo Bank is a digital bank catering to entrepreneurs and small business owners. It doesn't offer any interest. But you can add users to the account and get multiple debit cards, so it may be good if you have a business partner(s).

What sets Novo apart is its integrations with popular business software, like QuickBooks, Slack, Xero, Shopify, and Stripe. Plus, it offers thousands of dollars of discounts on business services (for example, $20,000 in free possessing with Stripe).

There are no monthly service fees or minimum balance requirements. The minimum to open is $50.

BlueVine vs Kabbage
One of the differences is that you don't get free paper checks with Kabbage. But a cool feature is that you can set up to 5 Reserves. These let you set aside funds for specific goals.

Kabbage also offers a line of credit with lower rates than BlueVine. It even has credit card payment processing coming soon. Kabbage could be a great choice if you're looking for multiple services under one roof.

BlueVine vs Lili
Lili is designed for freelancers. It's a mixed-use personal and business checking account. You can apply with just your SSN.

Lili makes it easy to sort your transactions as a work expense or personal expense. And you can also automatically set a portion of your income to a tax savings account.

Another cool feature is that you can get your direct deposit payments up to 2 days earlier.

There are no monthly fees or minimum balance requirements.

Bottom Line: Is BlueVine Right for You?

BlueVine offers a great checking product for solo small business owners looking for a free, no-fuss account.

One of the biggest benefits is the high interest rate. It's a great way to grow your money a little. Plus, you get perks like free incoming wires and paper checks.

However, the downsides could be pretty significant too. Think about whether you can deal with them. It's important to carefully compare banks to find the right fit for your business.

Anna G is a contributing writer at CreditDonkey, a credit card comparison and reviews website. Write to Anna G at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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