Bluevine Business Checking Review 2023

Many checking accounts from online-only banks and fintech providers charge transaction fees and lack a required minimum balance to avoid them. However, Bluevine’s checking account stands out in a competitive, crowded marketplace by charging no transaction or monthly fees and offering qualified accounts a high interest rate of 2.0% annual percentage yield (APY) on balances up to $100,000. Bluevine also has an easy application process and competitive technology, which extends to its line of credit product if you need additional business financing.

Bluevine Business

What We Like

• No monthly fee
• No transaction fees
• High interest rate at 2.0% for qualified account holders

What's Missing

• $4.95 fee for depositing cash at Green Dot locations
• No other business deposit accounts
• Only one debit card is issued per account

Features

• Free debit card, mailed within ten business days of application approval
• Two free checkbook orders per year
• Integrates with QuickBooks Online, Wave, and Xero
• Connects with business payment solutions, including Square, Wise, Venmo, and Expensify
• Live customer support from dedicated professionals
• Line of credit available

Visit Bluevine Bank

How Bluevine Stacks Up With Its Competitors

	Annual Percentage Yield (APY)	Cash Deposit Fee	ATM Fee	Minimum Opening Deposit
Business Checking	2.0% on balances up to $100,000	$4.95 per deposit; accepted at Green Dot locations	None at 38,000-plus MoneyPass ATMs nationwide	None
	Visit Bluevine*
Do More BusinessTM Checking	0.50% for accounts with a $10,000 average daily balance	No cash deposits accepted	None; refunds up to $10 per month in ATM fees	None
	Visit First Internet Bank
Business Checking	N/A	None; cash is deposited through money orders/cashier’s checks	Refunds all ATM fees	None
	Visit Novo*

×

	Annual Percentage Yield (APY)	Cash Deposit Fee	ATM Fee	Minimum Opening Deposit
Business Checking	2.0% on balances up to $100,000	$4.95 per deposit; accepted at Green Dot locations	None at 38,000-plus MoneyPass ATMs nationwide	None
	Visit Bluevine*
Do More BusinessTM Checking	0.50% for accounts with a $10,000 average daily balance	No cash deposits accepted	None; refunds up to $10 per month in ATM fees	None
	Visit First Internet Bank
Business Checking	N/A	None; cash is deposited through money orders/cashier’s checks	Refunds all ATM fees	None
	Visit Novo*

*Providers are financial technology (fintech) platforms backed by and FDIC-insured through a supporting bank partnership (Coastal Community Bank for Bluevine and Middlesex Federal Savings for Novo).

When Bluevine Is a Good Fit

• Businesses that don’t need a physical branch location: Bluevine, a fintech bank and one of our best small business checking accounts, welcomes business owners whose needs are met by an online-only bank.
• Businesses who want an interest-earning account with no balance requirement: Bluevine doesn’t have monthly fees and offers 2.0% APY on balances up to $100,000 if you meet the qualifying criteria. This is why it’s part of our list of the best free business checking accounts.
• Single-owner startups looking for a fee-free business checking account from an online-only financial provider: Bluevine has no minimum balance requirement, monthly fees, and minimum opening deposit and is one of our top-recommended banks for startups.
• Single-owner limited liability companies (LLCs) wanting only a checking account: Bluevine has a high-yield business checking account, which is why it landed a spot in our roundup of the leading business checking accounts for LLCs.
• Businesses seeking fast approval for funding: Bluevine offers a quick and simple application process for its line of credit product, where businesses can get the funding they need easily within a day. This is among the reasons it’s included in our guide to the top small business lines of credit.
• Business owners who need subaccounts to separate finances: Bluevine offers up to five subaccounts, allowing you to track your budgets and expenses better.
• Business owners who want to maximize business software integrations: Bluevine connects with QuickBooks, Xero, Wave, Expensify, Wise, and Square, helping you streamline your business operations.
• Business owners looking to share account access with their team: You can add authorized users to your account to help you manage your bills and pay your business taxes.

When Bluevine Is Not a Good Fit

• You deposit cash frequently: While Bluevine allows cash deposits through Green Dot, deposits cost $4.95 per item and are limited to $2,000 daily. You may want to consider Wells Fargo or Capital One for their numerous brick-and-mortar branches.
• Your business has multiple signers who each need a debit card: Since Bluevine allows only one signer and one debit card per account, you may opt for Wells Fargo or Bank of America, where business debit cards can be issued to owners and other authorized signers.
• You’re looking to open business money market accounts or apply for Small Business Administration (SBA) loans: Bluevine provides only a business checking account and a line of credit for now. You can check out Live Oak Bank, First Internet Bank, or Axos Bank for their wide array of products.

Check out our roundup of the best small business banks for additional recommendations if your small business meets one or more of these scenarios.

Bluevine Business Checking Overview

Bluevine Business Checking Requirements

Applying for Bluevine’s business checking account is relatively simple. You can visit the Bluevine website to open a business bank account.

You need to:

• Be at least 18 years old
• Be a small- or medium-sized business (SMB) owner
• Have a verifiable address in the United States
• Not be in the following industries: adult entertainment, gambling, weapons and firearms, illegal substances, and virtual currency

You’ll need to provide personal information, such as your name, address, Social Security number, mobile number, and date of birth. You’ll also be asked for business information, like your entity type, business name and address, work phone number, annual revenue, industry, and EIN or Tax ID. Proof of identification is also required.

Here are the additional Bluevine business checking requirements according to business type:

• Sole proprietorship: Doing business as (DBA), assumed, fictitious, or trade name certificate
• General or limited partnership: Signed partnership agreement; owners with 20% or more share of the business will need to provide personal information and declare the percentage of business ownership
• Corporation/LLC/limited liability partnership (LLP):
  • Articles of organization, certificate of organization, or certificate of formation (for LLC)
  • Articles of incorporation, certificate of incorporation, or certificate of formation (for corporation)
  • Owners with a 20% or more share of the business will need to provide personal information and declare the percentage of business ownership

Upon providing information about you and your business, your application will be submitted for approval by Bluevine. While Bluevine asks to allow up to three business days for review, most approvals are made in about 24 hours. Upon approval, Bluevine will ask you to sign an account agreement. Once that’s done, you’ll be able to fund and access the account.

Before opening an account, see our step-by-step guide on how to open a business bank account. It includes a free downloadable checklist of required documents.

Bluevine Business Checking Features

Bluevine’s Business Checking account offers a high interest rate, a debit card, integration with accounting software, the ability to create subaccounts, and more.

Earning Interest

Bluevine Business Checking provides a 2.0% APY on balances of up to $100,000. To qualify for this high return, you’ll need to fulfill one of two requirements:

1. Make $500 or more in purchases each month using the Bluevine Business Debit Mastercard.
2. Receive $2,500 per month in payments into a checking account or subaccounts via ACH, wire transfer, mobile check deposit, or your merchant payment processing provider. This threshold can be met with any combination of incoming payment types or sources.

Note that the above-mentioned transactions must post to your account or subaccounts before the month’s end to be eligible for interest earnings—and the requirements must be met each month. Interest is paid out every 1st of the following month if you meet any of the two requirements.

Debit Card

Bluevine provides each business checking account with one Mastercard business debit card, mailed to you within 10 days of account opening. Expedited shipping at one to two business days is available for a $30 fee.

No additional cards are provided nor can additional debit cards be purchased. Your debit card can be used to make purchases wherever MasterCard is accepted. It additionally serves as your ATM card for the account.

It’s important to note that if you own a larger business and provide debit cards to multiple employees for purchases, Bluevine only issues one debit card per business—and only for your main Bluevine Business Checking account.

Bluevine doesn’t charge fees at any of the 37,000-plus MoneyPass ATMs nationwide. There’s an ATM surcharge of $2.50 for usage outside of the MoneyPass network, plus any applicable ATM operator fees. The no-fee withdrawal limit is currently set at $2,000 daily. For cash deposits, you can head to 90,000-plus Green Dot retail locations. The current deposit limit is $2,000 daily, and a $4.95 fee per item applies.

Bill Payment

Bluevine offers the ability to pay your bills online. An added benefit, if you’re in a cash crunch, is that Bluevine allows you to link your credit card to pay bills for an added fee of 2.9% per transaction. However, payments made by ACH, ePayment, or a mailed check from Bluevine aren’t subject to a fee. In addition to one-time payments, Bluevine allows for recurring payments on a weekly, biweekly, or monthly basis, at no cost.

Accounting Software Integrations

Bluevine’s Business Checking account integrates with leaders in the accounting software space—Xero, QuickBooks, and Wave. Bluevine includes a tutorial that lists which actions in QuickBooks sync with Bluevine.

Subaccounts

Businesses that need to maintain separate accounts to track expenses will like Bluevine’s ability to create subaccounts. Bluevine Business Checking allows up to five no-fee subaccounts. Each has its own account number and almost all of the same basic functionality as the main checking account. You can also order separate checkbooks for any of your subaccounts. However, the subaccounts don’t allow you to deposit cash and also lack a debit card.

But if you need a payroll account or a specific type of expense account that doesn’t require you to deposit cash or use a debit card, subaccounts will be a great feature to utilize. The combined balances of the subaccounts will be considered in calculating your monthly interest, which will be applied to your primary account.

Note that only the Business Checking account owner is permitted to open a subaccount. However, once it’s opened, additional users can access the account and perform different transactions.

Mobile App

Bluevine Business Checking customers can use Bluevine’s mobile app, which allows them to make check deposits and execute transactions as needed while on the go. Note that check deposits can only be done through the app. Also, Bluevine allows its customers to connect to third-party tools such as Square, Venmo, and Expensify.

Reviews for the app are excellent, and it received the same 4.6 out of 5 rating on both App Store and Google Play. Users rated it positively for its simple interface and responsive customer service support, but some gave lower ratings for encountering login issues.

Customer Service

Bluevine Business Checking account holders can contact customer service by calling the toll-free number (888) 216-9619, available from Mondays to Fridays from 8 a.m. to 8 p.m. Eastern time. You can also send a message to support@bluevine.com or fill out the contact us form. In addition, Bluevine has live customer support from dedicated professionals. If you need additional resources, see the Help Center and guides to help you navigate your online account.

Other Bluevine Business Products

Line of Credit

Bluevine also offers a really good business line of credit that regularly ranks among the best small business lines of credit in our surveys. Bluevine’s line of credit application process is easy to use, and it generally approves and funds within one day. Repayment terms can be monthly or weekly and can extend out to a year. Bluevine will approve lines of credit up to $250,000 for business owners who have been in business for as little as six months. It also offers rates as low as 4.8%.

Bluevine Business Checking Pros & Cons

Bluevine Business Checking is a good account for many different types of businesses. Those that don’t need a physical branch and can conduct their business online can appreciate Bluevine’s high interest rate and the ability to separate a main checking account into subaccounts to help manage their business more efficiently. However, Bluevine’s biggest drawback is that businesses are charged $4.95 per cash deposit. If you need to deposit cash often, it’s best to open an account with a bank that has brick-and-mortar branches.

Bluevine User Reviews

Bluevine has a 4.3 out of 5 rating on Trustpilot. Users rated it positively for its fast lending process, competent customer service, great interest rates and financing terms, and user-friendly mobile app. Meanwhile, others had issues with the mobile deposit lag, monthly limit on deposits, lack of customer support, slow ACH transfers, and lengthy hold on check deposits.

Alternatives to Bluevine Business Checking

If your business needs fee-free cash deposits, several debit cards, multiple signers, and a brick-and-mortar branch network, you’ll have to look elsewhere. Here are three options that we recommend:

• Chase is best for businesses needing to make cash deposits. The full-service bank has nationwide presence in 48 states.
• First Internet Bank is best for businesses that like banking online, don’t need to deposit cash, and want access to more bank products, such as business savings and several lending options.
• Affinity Plus Federal Credit Union is best for businesses looking for a credit union and that want to earn points for deposits, loans, and purchases.

Bottom Line

Bluevine Business Checking offers a good selection of features and very few fees. If your business doesn’t need to deposit cash and traditional branches to conduct business, Bluevine is a great option. It also is a good choice for businesses that may need an unsecured line of credit for working capital and want the convenience of using the same provider for both borrowing and banking.