Updated April 13, 2022

Bluevine Business Checking Review

Ad Disclosure: This article contains references to products from our partners. We may receive compensation if you apply or shop through links in our content. You help support CreditDonkey by using our links. (read more)

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.

Bluevine
Business Checking - Up to 1.5% APY

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
  • Poor app ratings
  • Fees to deposit cash

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

  • If you want to earn interest on your business funds.
  • If you need to deposit cash and/or write checks for your business.
  • If you don't need in-person banking services.

Bluevine Business Checking Pros & Cons

Pros:

  • No monthly service fees
  • 1.5% on balances up to $100,000 with monthly eligibility requirements; 0% APY on balances over $100,000
  • No fees at 37,000+ MoneyPass ATMs
  • Unlimited free transactions
  • Two free checkbooks
  • No insufficient funds fee
  • Able to deposit cash at Green Dot
  • Add multiple users with different access levels
  • 5 free sub-accounts

Cons:

  • Online only; no physical branches
  • Fees for cash deposits
  • Poorly reviewed app

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:[1]

  • No monthly service fees
  • No minimum balance requirements
  • No overdraft funds fee
  • No negative balance fee
  • No ATM fees at 37,000+ 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.[2]

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.[3] 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.

5 free subaccounts
You can create up to 5 free subaccounts with their own dedicated account numbers. The best part is that they are eligible to earn interest too (on up to $100k in combined balance across all your accounts).

Additional users
You can add additional users to your account. There are three different access levels: administrator (full access), authorized user (limited access), and accountant (read-only access).

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.

Poor app ratings
An unreliable app could be a big reason to stay away. The Bluevine app has only 1.8 stars on the Apple App Store and 2.7 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. Bluevine, Inc. is an accredited business with the Better Business Bureau.[4]

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.[5]

Other Bluevine Services

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

Line of credit[6]
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.

Bluevine partners with FundThrough to offer this service.

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.

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 prossessing 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 you can set up to 5 Reserves (vs. just 2 for Bluevine).

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.

References

  1. ^ Bluevine. Account Fees, Retrieved 2/16/2022
  2. ^ Bluevine. Deposit Account Agreement and Disclosures: Mobile Check Deposit, Retrieved 2/16/2022
  3. ^ Bluevine. Green Dot Services, Retrieved 2/16/2022
  4. ^ Better Business Bureau. Bluevine Inc. BBB Rating & Accreditation, Retrieved 4/8/2022
  5. ^ Bluevine. Your Business Checking Account Application Process, Retrieved 2/16/2022
  6. ^ Bluevine. Line of Credit, Retrieved 2/16/2022
Bluevine

Business Checking - Up to 1.5% APY

  • 1.5% APY on your balance up to $100,000 for customers that meet monthly eligibility requirements
  • $0 minimum opening deposit
  • $0 monthly service fee
Novo

Powerfully Simple Business Banking

  • $0 monthly service fee
  • $50 deposit to unlock all features
  • Unlimited ATM fee rebates
Banking services provided by Middlesex Federal Savings F.A.; Member FDIC

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.

Read Next:

Best Business Checking Account

Best Business Checking Account

Business Checking Account Promotions

Business Account Promotions

Best Free Business Checking for Freelancers and Side Hustlers

Best Free Checking for Freelancers

Novo Review

Novo Review

Lili Review

Lili Review

Best Bank for Small Business

Best Bank for Small Business

Compare:

Leave a comment about Bluevine Business Checking Review?



Square Payroll Review

Square Payroll

Square Payroll is one of the cheapest payroll services, starting at $5 per payee per month. Read on to see if it's a good fit for your business.

About CreditDonkey
CreditDonkey is a credit card comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

†Advertiser Disclosure: Many of the offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.

*See the card issuer's online application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.

CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.

About Us | Reviews | Deals | Tips | Privacy | Do Not Sell My Info | Terms | Contact Us
(888) 483-4925 | 680 East Colorado Blvd, 2nd Floor | Pasadena, CA 91101
© 2022 CreditDonkey Inc. All Rights Reserved.