This article is part of a larger series on Business Banking.
If your business is looking for an online banking solution for small business checking needs, Bluevine and First Internet Bank are great providers. Though similar, the two offer very different sets of strengths. Bluevine Business Checking lets qualified accounts earn a competitive interest rate of 2.0%, a rate higher than what most providers offer.
Although First Internet Bank’s checking account, Do More Business Checking, has a lower interest rate of 0.50%, it holds an edge over Bluevine when it comes to product offerings. Aside from business checking, it 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.
Here is a summary of what each provider is best for:
- Bluevine*: Best for businesses looking for a fee-free, digital-only checking account that earns interest at competitive rates
- First Internet Bank: Best for businesses wanting fee-free full-service online banking
*Bluevine is a financial technology (fintech) platform backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership with Coastal Community Bank.
Bluevine vs First Internet Bank Business Checking Quick Comparison
When To Use Each
When To Use an Alternative
- Your business handles cash on a regular basis: Although Bluevine allows cash deposits through Green Dot retail locations, there is a $4.95 fee per deposit. First Internet Bank, on the other hand, 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.
- 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.
- You want help with tax preparation: Neither Bluevine nor First Internet Bank offers tax planning and tax preparation assistance. The fintech solution Lili comes with a Tax Optimizer feature that lets businesses set aside income for taxes automatically. It also helps businesses fill out their Schedule C forms.
Bluevine vs First Internet Bank Business Checking Account
Bluevine Business Checking and First Internet Bank’s Do More Business Checking are digital-exclusive checking accounts with minimal fees, and both allow wire transfers. Under Bluevine, all incoming wire transfers are free, while outgoing wire transfers cost $15. First Internet Bank charges $15 for incoming wire transfers, $20 for outgoing domestic wire transfers, and $50 for outgoing international wire transfers.
Both banking solutions are online-only and have no brick-and-mortar branches. However, Bluevine allows cash deposits through Green Dot retail locations, and each costs $4.95. First Internet Bank doesn’t support cash deposits.
Neither account charges monthly fees. Bluevine has no balance requirements while First Internet Bank requires an average daily balance of $10,000 to earn interest.
Bluevine vs First Internet Bank Business Checking Account Overview
First Internet Bank
Businesses that want a free, digital-only, interest-bearing checking account
Businesses that want fee-free full-service online banking
$10,000 average daily balance to earn interest
Interest on Balances
2.0% APY on balances up to $100,000 once qualifications are met
Bank Network & ATMs
Free at MoneyPass locations nationally, $2.50 plus for non-network ATM use*
Free; operator fees are reimbursed for up to $10 each month*
Accounting Software Integrations
QuickBooks and Xero
QuickBooks and Xero
Business Payment Integrations
Includes Stripe, PayPal, and Expensify
Up to five subaccounts
Open an Account
*Third-party operator fees may also apply.
Where Bluevine requires no opening deposit and minimum balance for earning interest, First Internet Bank has a minimum opening deposit requirement of $100 and an average daily balance requirement of $10,000 to earn interest.
Our list of best small business checking accounts named Bluevine the best account for earning interest on deposits. Account holders can earn interest at an APY of 2.0% by meeting one or more of the following activity requirements:
- Spend $500 or more a month with Bluevine Business Debit Mastercard issued by Coastal Community Bank.
- Receive $2,500 per month in customer payments into your account via ACH, wire transfer, mobile check deposit, or directly from a merchant payment processing provider.
However, Bluevine accounts stop earning interest on balances over $100,000. One advantage First Internet Bank holds over Bluevine is that its accounts lack a maximum balance and will continue earning interest even after reaching balances of more than $100,000.
First Internet Bank’s checking account, which is also on our roundup of the leading small business checking accounts for offering full-service online banking, has few standout features in and of itself. However, choosing it gives account holders access to a number of useful banking solutions, including savings accounts, CDs, and lending products—products many online banks lack.
Bluevine vs First Internet Bank Business Checking Account Costs
First Internet Bank
Criteria to Waive Monthly Fee
Cash Deposit Fee
$4.95 fee per transaction, available through Green Dot retail locations
There are very few fees for both Bluevine and First Internet Bank. Neither checking account charges a monthly maintenance fee nor imposes a limit on transactions. Naturally, neither charges any transaction fees.
Bluevine lets customers deposit cash through Green Dot retail locations, and cash deposits cost $4.95 per item. First Internet Bank doesn’t support cash deposits.
First Internet Bank vs Bluevine Business Checking Account Sample Scenario
First Internet Bank
Out-of-Network ATM fees
(5 transactions x $3.08*) – 10 = $5.41
5 transactions x ($2.50 + $3.08*) = $27.90
Possible Total Fee
*The average ATM surcharge from the ATM owner in 2021 was $3.08, per Bankrate’s 2021 checking account and ATM fee study.
A Bluevine account holder would spend $27.90 per month on average if they made five monthly out-of-network ATM transactions, while a First Internet Bank account holder making the same number of monthly out-of-network ATM transactions would only spend $5.41. This is because First Internet Bank charges no out-of-network ATM fees and reimburses up to $10 worth of ATM fees per month.
If you’re considering opening a business bank account, the Bluevine Business Checking and First Internet Bank Do More Business Checking accounts are excellent choices, especially for businesses that want to conduct their banking activity online for an affordable price.
If your business wants to maximize its earning potential and doesn’t need banking products outside of checking and lines of credit, Bluevine and its high-yield checking account would be a good fit. However, if you don’t mind earning interest at a lower rate and want access to an extensive list of business banking services, First Internet Bank and its wide selection of checking, savings, and lending products may meet your needs.