May 31, 2022

Is Bluevine Safe and Legit?

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Bluevine provides banking products for small business owners in the digital age. But is it safe and legit? Read on to find out.

Bluevine is a fintech company that provides banking services for small businesses. They offer checking accounts, bill pay solutions, lending, and more - all in one easy-to-use platform.

But is Bluevine safe and legit?

In this detailed guide to the popular digital banking platform, we'll tell you everything you need to know to decide for yourself.

Is Bluevine Secure?

Although Bluevine isn't technically a bank, all Bluevine deposits are FDIC-insured up to $250,000 per depositor, thanks to their partnership with Coastal Community Bank.[1]

Bill pay and credit card funds are held by Silicon Valley Bank, also a member of the FDIC.[2] Their Flex Line of Credit is offered in partnership with Celtic Bank, a Utah-chartered Industrial Bank.

Bluevine also keeps your account safe with data encryption, multi-factor authentication, and the ability to freeze any card that gets lost.[3]

Bluevine has an A+ rating from the Better Business Bureau.[4]

Not sold on Bluevine? Check out your options in our guide to the best Bluevine alternatives to find the right fit for your small business banking needs.

How Does Bluevine Work?

As mentioned above, Bluevine isn't a bank, though it works with multiple banks to provide many of its services.

Bluevine is actually a fintech company, sometimes referred to as a neobank, that provides banking services as an alternative to traditional brick-and-mortar banks.

Designed with small business owners and freelancers in mind, Bluevine offers a range of useful services, including:

  • An interest-bearing business checking account, with no monthly fees and subaccounts
  • A business line of credit with short approval times
  • A bill pay feature that allows you to pay your bills via check, ACH bank transfer, or credit card

Bluevine was founded in 2013 by Eyal Lifshitz and Nir Klar, and is headquartered in Redwood City, California. They have offices around the world, including in Salt Lake City, Utah, Jersey City, New Jersey, New Orleans, Louisiana, Tel Aviv, Israel, and Bar-Lev Israel.

Bluevine Features

Now that we've covered Bluevine in broad strokes, let's take a deeper look at the main features they offer: their business checking account, business lending, and bill pay feature.

Bluevine Business Checking
Bluevine's main offering is a business checking account. Like many of its competitors, it charges no monthly fees and has no minimum balance requirements.

Users also get unlimited transactions - deposits and payments - at no extra cost.

But where the Bluevine business checking account really stands out is the generous interest it pays, which you can qualify for in two ways:[5]

  • Spend at least $500 with your Bluevine Business Debit Mastercard per month (in-store, online, as well as through digital payment platforms), OR
  • Receive $2,500 or more in payments from customers to your Bluevine Business Checking account (via ACH bank transfer, wire transfer, mobile check deposit, or your merchant payment processor)

The Bluevine Business Checking account comes with a Bluevine business debit card, provided in partnership with Mastercard.

You can also create up to two subaccounts for easy budgeting, with unlimited transactions, instant internal transfers, and the same high interest rate as the primary account.

Users can also integrate their account with QuickBooks Online to save time on bookkeeping.

Can you use Bluevine card at an ATM? While Bluevine doesn't have its own ATMs, users get access to the MoneyPass network, which has over 37,000 ATMs in the United States.

Bluevine Business Loans
With the Bluevine line of credit, you can get approved for credit lines up to $250,000 at fairly low interest rates. Applying takes just a few minutes.

You can borrow as much as you need, and only pay for as much as you use. Since it's a revolving credit line, it will replenish along with your repayments.

How do you know if you qualify? Here's what you need:

  • FICO score over 600
  • 6 months or more in business
  • At least $10,000 in monthly revenue
  • Operating or incorporated in an eligible U.S. state

Provide your personal and business details and year-to-date bank statements or a bank connection to apply.

There are no prepayment penalties or monthly fees.

Bluevine Bill Pay
Bluevine Bill Pay makes it easy to pay your bills on time.

Schedule automatic payments through the Bluevine dashboard, sync with QuickBooks, and add payees manually or choose from a list of over 40,000 registered payees.

You can make payments directly from your Bluevine Business Account or by credit card, and decide whether your payee receives their money via ACH bank transfer, check, or wire transfer.

Depending on the payment method, payments can take anywhere from 1 - 7 business days to be delivered.[6]

Bluevine Payments is automatically integrated with your Bluevine Business Checking account.

What Does Bluevine Charge?

The Bluevine Business Checking account has refreshingly few fees. Here's what you can expect:[7]

  • No monthly fee
  • Free unlimited transactions
  • two free checkbooks per year
  • No minimum balance
  • No required deposit to open
  • No fees for incoming or outgoing ACH bank transfers
  • No fees for check deposits
  • No fees for incoming wire transfers

You will have to pay a $15.00 outgoing wire transfer fee, which is standard for the industry, and cash deposits will incur a fee of $4.95.

While you can access all of Bluevine's in-network ATMs free of charge, there is a $2.50 out-of-network ATM fee.

If you need a replacement debit card, there is a $30.00 fee that gets you express shipping in 1-2 days.

Bottom Line

Bluevine is a safe and legit business banking option for small business owners, freelancers, and startup founders. It provides services comparable to many of its competitors, with no monthly fees.

The main feature to recommend Bluevine is the interest it offers on its Business Checking Account, which is significantly higher than the national average, and not a feature offered by many similar services.

Where you may find it lacking is in-app integrations, which can be found in greater variety with other account providers.

References

  1. ^ FDIC. BankFind: Coastal Community Bank, Retrieved 5/12/2022
  2. ^ FDIC. BankFind: Silicon Valley Bank, Retrieved 5/12/2022
  3. ^ "Your Account Security": Bluevine, 2022.
  4. ^ "Bluevine, Inc.": BBB, 2022.
  5. ^ Bluevine. How do I earn interest?, Retrieved 5/12/2022
  6. ^ Bluevine. How long do my payments take to process?, Retrieved 5/12/2022
  7. ^ "Account Fees": Bluevine, 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

Jeremy Harshman is a creative assistant at CreditDonkey, a credit card comparison and reviews website. Write to Jeremy Harshman at jeremy.harshman@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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