If your business needs an online-only business checking solution, Bluevine and First Internet Bank are worth checking out. Bluevine’s standard business checking account lets qualified accounts earn a competitive annual percentage yield (APY) of 1.3% on balances of $250,000 or less, which is significantly higher than the national average. Bluevine also offers subaccounts, allowing small businesses to manage their accounts better.
First Internet Bank’s checking account, Do More BusinessTM Checking, has a lower APY (0.50% on an average daily balance of $10,000 or more) but provides a much more comprehensive business banking product selection. First Internet Bank also offers high-yield business savings accounts, money market accounts, certificates of deposit (CDs), and lending products, such as lines of credit, Small Business Administration (SBA) loans, and real estate loans. Furthermore, it provides robust treasury management and merchant services.
Here’s a summary of what each provider is best for:
- Bluevine
- First Internet Bank: Best for businesses wanting fee-free full-service online banking
Bluevine vs First Internet Bank Business Checking Quick Comparison
 Standard Business Checking |  Do More BusinessTM Checking | |
|---|---|---|
| Required Opening Deposit | None | $100 |
| Required Balance Minimum | None | $10,000 average daily balance to earn interest |
| Transaction Limit Before Fees | None | None |
| Automated Clearing House (ACH) Fees | None | None |
| Domestic Wire Transfer Fees | Incoming: $0 Outgoing: $15 | Incoming: $15 Outgoing: $20 |
| International Wire Transfer Fees | Incoming: N/A Outgoing: $25, sending United States dollars (USD) international payments | Incoming: $15 Outgoing: $50 |
| ATM Fees | None at MoneyPass locations nationally, plus a $2.50 fee for nonnetwork ATM use | None; reimburses up to $10 per month in ATM fees |
| Cash Deposited | $4.95 fee per transaction, available through Green Dot retail locations | N/A |
| APY | 1.3% on balances of $250,000 or less, if qualifications are met | 0.50% on average daily balances of $10,000 or more |
| Our Reviews | Bluevine business checking review | First Internet Bank business checking review |
| Open an Account | Visit Bluevine | Visit First Internet Bank |
Standard Business Checking | Do More BusinessTM Checking | |
|---|---|---|
| Debit Card | Free debit card, mailed within 10 business days of application approval | Free debit card, with first replacement card free ($5 per additional replacement) |
| Physical Checks | Two free checkbook orders per year | Available through Deluxe and other providers |
| Accounting Software Integrations | QuickBooks, Wave, and Xero | QuickBooks |
| Business Payment Integrations | Includes Stripe, PayPal, Wise, Venmo, and Expensify | Zelle |
| Customer Service | Live customer support from dedicated professionals Toll-free: (888) 216-9619 Mondays to Fridays, 8 a.m. to 8 p.m. Eastern time Email: support@bluevine.com | Phone and email support from dedicated professionals Toll-free: (888) 873-3424 Hotline: (317) 532-7900 Mondays to Fridays, 7 a.m. to 9 p.m. ET Email: bank@firstib.com |
| Other Products Available | Premium accounts, lines of credit, and credit card | Money market accounts, savings, CDs, and lending products |
| Our Reviews | Bluevine business checking review | First Internet Bank business checking review |
| Open an Account | Visit Bluevine | Visit First Internet Bank |
When To Use
- You want to earn competitive APY on checking deposits: Bluevine’s standard checking account offers an APY of 1.3% on qualifying balances of $250,000 or less. First Internet Bank only offers 0.50%, with an average daily balance requirement of $10,000 to earn interest.
- You use domestic wire transfers regularly: Under Bluevine, domestic incoming wire transfers are free, whereas domestic outgoing transfers cost $15. Meanwhile, First Internet Bank charges $15 for incoming wire transfers and $20 for outgoing domestic wire transfers.
- You want the ability to make subaccounts: Bluevine lets you create up to five subaccounts under a main checking account, for a total of six accounts. First Internet Bank doesn’t offer this feature.
To learn how Bluevine’s business checking stacks up against other popular providers, read our comparison guides:
- You need a wide selection of lending products: First Internet Bank offers SBA lending, lines of credit, term loans, commercial real estate lending, and public financing. Meanwhile, Bluevine’s only lending product is its business line of credit.
- You want your out-of-network ATM fees reimbursed: First Internet Bank offers up to $10 in reimbursement fees for out-of-network ATM fees while Bluevine does not have the option for ATM reimbursement.
- You want to integrate your savings accounts with your checking accounts: Bluevine only offers business checking accounts, whereas First Internet Bank checking accounts can integrate with high-yield money market accounts and regular savings accounts.
- Your business handles cash regularly: Although Bluevine allows cash deposits through Green Dot retail locations, there is a $4.95 fee per deposit. Meanwhile, First Internet Bank doesn’t support cash deposits. Cash-intensive businesses should choose Bank of America, which accepts up to $7,500 in fee-free deposits per month. Check our Bank of America Business Checking review to learn more about its checking account advantages.
- You rely on ATM withdrawals: Bluevine charges a $2.50 fee for every out-of-network ATM transaction, plus operator fees. Although First Internet Bank reimburses ATM fees monthly, it only covers up to $10. Businesses wanting access to a wide selection of ATM networks can save money on ATM fees by choosing Novo, which reimburses all ATM fees each month. Our review of Novo Business Checking provides details about its fee-free features.
- You want help with tax preparation: Neither Bluevine nor First Internet Bank offers tax planning and tax preparation assistance. The fintech solution Found offers tax tools that help you automatically set aside income for taxes. It also uses your banking data to give you real-time estimates of what you owe in tax. Learn more about its benefits through our Found business checking review.
You can also look into our list of the best small business checking accounts if your small business meets the above scenarios.
Bluevine vs First Internet Bank Business Checking Features
| Bluevine | First Internet Bank | |
|---|---|---|
| OVERALL RATING | 3.5 ★ | 2.7 ★ |
| FDIC Insurance | ★★★★★ | ★★★★ |
| Cash Deposits | ★★ | 0 |
| Reserve Accounts | ★★★ | 0 |
| Bank Network & ATM Availability | ★★★ | ★★★★ |
| Payment & Accounting Software Integrations | ★★★★★ | ★★ |
| APY Earnings | ★★★★ | ★★ |
| Treasury Management Services | ★★ | ★★★★ |
| Wire Transfer Fee Savings | ★★★ | ★ |
| ATM Fee Savings | ★★★ | ★★★★ |
| Physical Check Availability | ★★★★ | ★★★ |
| Customer Service | ★★★★ | ★★★★ |
| Additional Products | ★★★★ | ★★★★ |
| Rating Explanation:★★★★★ 5: This feature enhances your banking experience at no cost.★★★★ 4: This feature has a few minor drawbacks/limits or comes at a slight cost.★★★ 3: This feature has a few drawbacks/limits or comes at a slightly high cost.★★ 2: This feature has a few major drawbacks/limits or comes at a high cost.★ 1: This feature has major drawbacks/limits.0: This feature is unavailable. | ||
After comparing First Internet Bank vs Bluevine business checking in terms of features, we noticed that Bluevine offers a larger set of useful tools. While First Internet Bank’s features are useful and affordable, the bank lacks support for cash deposits and reserve accounts, two things Bluevine also offers.
FDIC Insurance
Bluevine: 5 out of 5
Thanks to a partnership with Coastal Community Bank and other program banks, Bluevine accounts provide FDIC insurance up to $3 million. Visit Bluevine’s sweep network information for a list of participating program banks.
First Internet Bank: 4 out of 5
Like the majority of bank accounts, First Internet Bank’s Do More Business Checking provides FDIC insurance up to $250,000.
Cash Deposits
Bluevine: 2 out of 5
To deposit cash in your Bluevine Business Checking account, you need to transact at a Green Dot retail location. Each deposit has a service fee of $4.95.
First Internet Bank: 0 out of 5
First Internet Bank doesn’t support cash deposits.
Reserve Accounts
Bluevine: 3 out of 5
With Bluevine, you can open up to five free subaccounts with your main Bluevine Business Checking account. Each subaccount has its own dedicated account number.
First Internet Bank: 0 out of 5
First Internet Bank doesn’t provide subaccounts.
Bank Network & ATM Availability
Bluevine: 3 out of 5
Bluevine Business Checking account holders can transact at around 40,000 MoneyPass ATMs for free.
First Internet Bank: 4 out of 5
First Internet Bank’s users can transact at any ATM without bank fees, but ATM operators may collect surcharges.
Payment & Accounting Software Integrations
Bluevine: 5 out of 5
With Bluevine, you can access various payment processing apps, such as Stripe, PayPal, Wise, Venmo, and Expensify. It also integrates with accounting software, QuickBooks, Wave, and Xero.
First Internet Bank: 2 out of 5
QuickBooks and Zelle are compatible with First Internet Bank’s Do More Business Checking account.
APY Earnings
Bluevine: 4 out of 5
Bluevine Standard Business Checking users can earn 1.3% APY up to $250,000—as long as they meet one or more of the following monthly activity requirements:
- Spend at least $500 in one month using your Bluevine Business Debit Mastercard
- Receive $2,500 per month in customer payments
First Internet Bank: 2 out of 5
First Internet Bank’s Do More Business Checking account holders must maintain a $10,000 daily balance to get 0.50% APY. Interest is uncapped.
Treasury Management Services
Bluevine: 2 out of 5
Bluevine provides bill pay, ACH, and wire services.
First Internet Bank: 4 out of 5
First Internet Bank offers ACH and wire transfer services, remote deposit capture, bill pay, zero balance accounts, sweep services, merchant services, and fraud prevention tools.
Wire Transfer Fee Savings
Bluevine: 3 out of 5
Under Bluevine, incoming domestic wire transfers are free, but outgoing domestic wire transfers cost $15. Also, it doesn’t accept international wire transfers, but you can make international business payments. A flat fee of $25 is collected for each international payment, but sending payments in foreign currencies costs $25 plus an extra 1.5% of the payment amount in USD.
First Internet Bank: 1 out of 5
First Internet Bank doesn’t offer free wire transfers. It charges $15 for all inbound wires, $20 for outbound domestic wires, and $50 for outbound international wires.
ATM Fee Savings
Bluevine: 3 out of 5
Using MoneyPass ATMs lets Bluevine customers save on ATM fees but transacting at an out-of-network ATM costs $2.50. Additional surcharges from third-party operators may apply.
First Internet Bank: 4 out of 5
First Internet Bank collects no ATM fees, but operators may charge a fee for using their ATMs. Every month, the bank reimburses ATM fees up to $10.
Physical Check Availability
Bluevine: 4 out of 5
Bluevine Business Checking account holders can order two free checkbooks each year. Each extra checkbook costs $18.22, plus taxes and shipping.
First Internet Bank: 3 out of 5
First Internet Bank’s online banking system is limited to personal checks. Clients can order their business checks through Deluxe by contacting (800) 328-7205 from 7:30 a.m. to 8 p.m. Central time. However, clients can also choose other check providers.
Customer Service
Bluevine: 4 out of 5
Bluevine offers email and live customer support using a toll-free number Mondays to Fridays from 8 a.m. to 8 p.m. ET.
First Internet Bank: 4 out of 5
First Internet Bank customers can contact the bank through its toll-free number or hotline, available Mondays to Fridays from 7 a.m. to 9 p.m. ET. They can reach customer support on Saturdays from 9 a.m. to 3 p.m. ET.
Additional Products
Bluevine: 4 out of 5
Bluevine also offers premium accounts, Bluevine Plus and Bluevine Premier. The monthly fees are waivable if you meet the required average daily balances and minimum debit card spending. These accounts offer higher APYs and discounts on same-day ACH fees and outgoing wire transfers.
You can also apply for a Bluevine line of credit if you meet the minimum qualifications. Additionally, Bluevine extends an invitation if you qualify for a Bluevine Business Cashback Mastercard. The card has no annual fee and earns unlimited 1.5% cash back on all business purchases. You can access Mastercard perks and exclusive discounts to QuickBooks Online, McAfee Intuit products, and more.
First Internet Bank: 4 out of 5
Multiple business banking products are available at First Internet Bank. You can open money market accounts, business savings, CDs, SBA loans, commercial real estate loans, lines of credit, and term loans.
Once you decide on a provider, check out our guide on
how to open a business bank account
, which includes a free downloadable checklist of required documents.
Bluevine vs First Internet Bank Business Checking User Reviews
| Bluevine | First Internet Bank | |
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User-published feedback revealed that Bluevine users reported higher satisfaction than First Internet Bank users. Bluevine clients gave positive feedback on customer service, and many said that they found the application process for Bluevine’s business checking account easy and convenient. However, some reviewers mentioned that checks take a long time to clear and that accounts were closed without explanation.
Meanwhile, First Internet Bank customers were mostly dissatisfied. However, most comments discussed products outside business checking, such as CDs, money market accounts, and loans. While some liked the bank’s competitive money market interest rates, others left low ratings because of their poor experiences with bank-initiated CD closures. There was also a complaint about the change in loan rates while the client was about to sign the loan paperwork.
Bottom Line
If you’re considering opening a business bank account, Bluevine’s Standard Business Checking and First Internet Bank’s Do More BusinessTM Checking accounts are great online-only account options. Comparing First Internet Bank vs Bluevine business checking accounts, both have no monthly fees and transaction limits.
The standard Bluevine business checking account is an excellent product for business owners wanting to earn competitive APY on checking deposits and maximize the benefits of subaccounts. However, if access to lending, savings products, and treasury management services is a priority, First Internet Bank would best meet your needs.
User review references:
[1]Trustpilot | Bluevine
[2]Trustpilot | First Internet Bank
[3]WalletHub | First Internet Bank
