Updated June 28, 2022

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.

Bluevine
Business Checking - Up to 2.0% 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
  • Fees to deposit cash
  • No physical branches

Bottom Line

Free account with interest for basic business checking needs

The Bluevine business checking account 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 a free checking account with interest and line of credit for small businesses.

Though Bluevine is an online-only bank, it offers traditional banking features too, like cash deposits and free checkbooks. This makes Bluevine a good option even for small physical businesses.

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 Account Pros & Cons

Pros:

  • No monthly service fees
  • 2.0% 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 per year
  • No insufficient funds fee
  • Accept cash deposits at Green Dot
  • 5 free sub-accounts
  • Add multiple users with different access levels
  • Compatible with Quickbooks

Cons:

  • Online only; no physical branches
  • $4.95 fee for cash deposits
  • Poorly reviewed app

How to Get Started With Bluevine

Opening a Bluevine business banking 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, business address, 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 / non-sufficient fund fees
  • No ATM fees at 37,000+ MoneyPass ATMs
  • Free Bluevine Business Debit Mastercard
  • No incoming wire fees

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 for cash deposits at Green Dot

How to Earn Interest on Bluevine Checking Account

The biggest attraction of the Bluevine Business Checking Account is the high interest rate. You can earn 2.0% on balances up to $100,000 with monthly eligibility requirements; 0% APY on balances over $100,000.

You can earn the high APY if you do one of the following:[2]

  • Spend $500 per month with your Bluevine Business Debit Mastercard, OR
  • Receive $2,500 per month in customer payments. This can be via ACH, wire transfer, mobile check deposit, or directly from your merchant payment processing provider.

Cash deposits will not qualify towards the $2,500 requirement.

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 transactions and payments via ACH or domestic wire transfers.

No-fee ATM access
You can withdraw cash fee-free at 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.[3]

Cash deposits
You can make cash deposits at over 90,000 Green Dot locations. They're usually at your local pharmacies and grocery stores. There is a $4.95 service fee.

Green Dot has a limit of $500 per cash deposit.[4] And Bluevine has a $7,500 limit in cash transfers each calendar month.

Free paper checks
Many business checking accounts don't give you free checks. But Bluevine gives you two free checkbooks each year. This is a nice perk if you write paper checks to employees and suppliers.

5 free subaccounts
You can create up to 5 free subaccounts. Each one has its own dedicated account number - giving you up to a total of 6 free checking accounts. This is useful if you want to bill or pay vendors from a specific bank account.

The best part is that money in the subaccounts is eligible to earn interest too (on up to $100k in combined account balances).

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

Bill pay with credit cards
Bluevine gives you the option to add credit cards to your account and pay bills with that. This gives you some float time before your next credit card due date.

You can even pay a vendor who doesn't accept credit card, and Bluevine can process it as ACH.

Bluevine Business Checking Requirements

To apply for a Bluevine business checking account, 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

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]

Reasons to Not Use Bluevine

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

Cash deposit fees
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
You need to be completely comfortable with online banking only. 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 Business Checking account is provided by Coastal Community Bank. This bank is FDIC insured, which protects 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.[6]

Bluevine Business Line of Credit

Bluevine started out as a platform that offers fast and simple small business financing. It offers line of credit up to $250,000, with interest rates starting from 4.8%.[7] 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 credit line is replenished.

When you draw on your credit line, you have 6 or 12 months to repay it with fixed monthly or weekly payments. But there's no prepayment penalty.

To qualify, you need at least 6 months in business, a 625 FICO credit score, and $10,000 in monthly revenue.[8]

Bluevine Line of Credit is not available in North Dakota, South Dakota, Nevada, Puerto Rico, and US Territories.

Bluevine used to offer invoice factoring directly, but it now partners with FundThrough to offer this service. This lets you get an advance on outstanding invoices so you can keep the cash flow moving.

How Bluevine Compares

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

Bluevine vs Novo
Novo Bank is an online bank account 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 processing with Stripe).

There are no monthly service fees or minimum balance requirement. The minimum deposit is $50 to access all features.

Bluevine vs Kabbage
One of the differences is that you don't get free paper checks with Kabbage. But there are no monthly eligibility requirements to earn the APY.

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.

FAQ

Does Bluevine have a routing number?
Yes, Bluevine's routing number is 125109019.

How do you add cash to Bluevine?
You can add cash to your Bluevine business bank account at Green Dot locations with Reload @ the Register. Just simply hand the cashier the money and ask them to load it to your BlueVine Debit Mastercard.

How long does it take for Bluevine to deposit money?
Cash deposits at Green Dot can be available in your account within 10 minutes. ACH transfers from external bank accounts usually take 3-5 business days. And check deposits via the Bluevine mobile app can take up to 6 business days.

How many Bluevine business checking accounts can I have?
All account holders can add up to 5 free subaccounts, for a total of 6 Bluevine checking accounts.

Is Bluevine business checking FDIC insured?
Yes, Bluevine is partnered with Coastal Community Bank to provide FDIC insurance up to $250,000 per depositor.

Bottom Line: Is Bluevine Right for You?

Bluevine offers one of the best small business checking accounts on the market. It has no monthly maintenance fees, but comes packed with features.

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. How you can earn interest on your Bluevine Business Checking account, Retrieved 7/8/2022
  3. ^ Bluevine. Deposit Account Agreement and Disclosures: Mobile Check Deposit, Retrieved 2/16/2022
  4. ^ Bluevine. Green Dot Services, Retrieved 2/16/2022
  5. ^ Bluevine. Your Business Checking Account Application Process, Retrieved 2/16/2022
  6. ^ Better Business Bureau. Bluevine Inc. BBB Rating & Accreditation, Retrieved 4/8/2022
  7. ^ Bluevine. Line of Credit, Retrieved 6/27/2022
  8. ^ BlueVine. Line of Credit Qualifications and Eligibility, Retrieved 7/8/2022
Bluevine

Business Checking - Up to 2.0% APY

  • 2.0% APY on your balance up to $100,000 for customers that meet monthly eligibility requirements
  • $0 minimum opening deposit
  • $0 monthly service fee
Banking services provided by Coastal Community Bank, Member FDIC
Novo

Free Business Checking

  • $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.

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