Bluevine Business Checking Review 2022
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
Tom has 15 years of experience helping small businesses evaluate financing and banking options. He shares this expertise in Fit Small Business’s financing and banking content.
This article is part of a larger series on Business Banking.
Many checking accounts from online-only banks and financial technology (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 1.50% annual percentage yield (APY) on balances up to $100,000. Bluevine also has an easy application process and competitive technology.
BlueVine Business
What We Like
- No monthly fee
- No transaction fees
- High interest rate for qualified account holders
What's Missing
- Fee for depositing cash
- 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 and Xero
- Connects with business payment solutions, including Stripe, PayPal, and Expensify
- Live customer support from dedicated professionals
- Line of credit also available
Note: Bluevine is a business fintech platform backed by Federal Deposit Insurance Corp. (FDIC)-insured Coastal Community Bank.
When Bluevine Is a Good Fit
Bluevine Business Checking is one of our recommendations for the best small business checking account because of its high interest rate and because it has no transaction fees. We recommended Bluevine for the following businesses:
- Businesses that don’t need a physical branch location and can conduct their banking online
- Small businesses that want an interest checking account without a balance requirement
- Single-owner startup businesses and limited liability companies (LLCs) that only need a checking account
- Companies that may need subaccounts to separate their finances, such as separate accounts for payroll and general operations
When Bluevine Is Not a Good Fit
While Bluevine Business Checking is a good solution for many business needs, it may not be the best choice for your business in any of the following scenarios:
- Your business has multiple signers that each need a debit card. Bluevine only allows one signer and one debit card per account.
- You need to deposit cash on a consistent basis. You may want to consider Wells Fargo or Capital One if this is the case. Bluevine partners with Green Dot for cash deposits, charging $4.95 per deposit.
- Your company prefers to keep reserve monies in a savings or money market account. Bluevine doesn’t offer a savings account—Axos may be a better option.
If your small business meets one or more of these scenarios, check out our guide to the best small business banks for additional recommendations.
Bluevine Business Checking Overview
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
Automated Clearing House (ACH) Fees | None |
Wire Transfer Fees | $15 for outgoing—incoming are free |
ATM Fees | Free at MoneyPass locations nationally, $2.50 plus for nonnetwork ATM use |
Cash Deposits | $4.95 fee per transaction, available through Green Dot retail locations |
APY | 1.50% on balances of up to $100,000, once qualifications are met |
Applying for Bluevine’s business checking account is relatively simple. Bluevine will need the following to open an account:
- Proof of identification: This can be verified either through supplementary documents like your driver’s license or your social security number.
- Business information: This will include information about your business such as address, EIN, and articles of incorporation or operating agreement.
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.
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 1.50% APY on balances of up to $100,000. To qualify for this high return on your money, you’ll need to fulfill one of two requirements:
- Make $500 or more in purchases each month with the account’s debit card
- Receive $2,500 per month in payments into the account via ACH, wire transfer, mobile check deposit, or directly from your merchant payment processing provider. This threshold can be met with any combination of incoming payment types or sources.
Debit Card
Bluevine provides each business checking account with one MasterCard business debit card, mailed to you within ten days of account opening. 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. Bluevine doesn’t charge fees at any MoneyPass ATM nationwide. There’s an ATM surcharge of $2.50 for usage outside of the MoneyPass network, plus any applicable ATM operator fees.
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 checking account.
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%. However, payments made by ACH, e-payment, 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 Integration
Bluevine’s Business Checking account integrates with leaders in the accounting software space: Xero, QuickBooks, and Freshbooks all easily sync with Bluevine. Bluevine includes a tutorial that lists which actions in QuickBooks will sync over to Bluevine and vice versa. Features like this help Bluevine rank as our overall best checking account for LLCs.
Subaccounts
Businesses that need to maintain separate accounts to track expenses will like Bluevine’s ability to create subaccounts. Each subaccount has its own account number and almost all of the same basic functionality as the main checking account. 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.
Other Features
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. Bluevine’s app is available for both Android and iOS mobile devices. Note that check deposits can only be done through Bluevine’s app. Also, Bluevine allows its customers to connect to third-party tools such as PayPal, Expensify, and Stripe.
Other Bluevine Business Products
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.
Bluevine Business Checking Pros & Cons
Bluevine Business Checking is a good business account for many different types of businesses. Businesses 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, the biggest drawback with Bluevine is that businesses are charged $4.95 per cash deposit. A less expensive workaround can be to purchase a money order and then deposit that into your Bluevine check account.
| PROS | CONS |
|---|---|
| 1.50% APY is among the highest interest rates for business checking accounts | $4.95 per cash deposit transaction |
| Subaccounts allow you to track expenses easily | Subaccounts and multiple individuals are ineligible for debit cards |
| No transaction limits or minimum balance requirements | No physical branch locations |
Alternatives to Bluevine Business Checking
Bluevine’s Business Checking might not be ideal for every business, as there are some limits to what the account offers, most notably the limit of one debit card per checking account. If your business needs to utilize multiple debit cards, multiple signers, a brick-and-mortar branch network, or needs to deposit cash without fees, there are other small business checking accounts available for you to consider.
Bank | Best for |
|---|---|
Businesses that need to make cash deposits and desire a full-service bank | |
Businesses that like banking online, don’t need to deposit cash, and want to earn interest on their deposits | |
Businesses that prefer using a credit union over a bank |
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 doesn’t need traditional branch banks to conduct business, Bluevine is a great option for you to consider. 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.
