Bluevine vs First Internet Bank Business Checking 2023: Which Is Better for You?

If your business needs an online-only business checking solution, Bluevine and First Internet Bank are worth checking out. Bluevine lets qualified accounts earn a competitive annual percentage yield (APY) of 2.00% on balances of $250,000 or less, which is significantly higher than the national average.

First Internet Bank’s checking account, Do More Business Checking, has a lower APY (0.50% on average daily balance of $10,000 or more), but provides a much wider business banking product selection. It 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.

Here’s a summary of what each provider is best for:

Bluevine*: Best for businesses looking for a fee-free, digital-only checking account that earns APY 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

Terms
Features


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: $0 Outgoing: $15	Incoming: $15 Outgoing: $50
ATM Fees	Free at MoneyPass locations nationally, plus a $2.50 fee for nonnetwork ATM use*	None; reimburses up to $10 per month in ATM fees*
Cash Deposits	$4.95 fee per transaction, available through Green Dot retail locations	N/A
APY	2.00% on balances of $250,000 or less, if qualifications are met	0.50% on average daily balances of $10,000 or more
Review	Read our Bluevine review	Read our First Internet Bank review
Open an Account	Visit Bluevine	Visit First Internet Bank

*Third-party operator fees may also apply.


Debit Card	Free debit card, mailed within 10 business days of application approval	Free debit card, mailed within 10 business days of application approval
Physical Checks	Two free checkbook orders per year	Available through Deluxe
Accounting Software Integrations	QuickBooks and Xero	QuickBooks and Xero
Business Payment Integrations	Includes Stripe, PayPal, and Expensify	Zelle
Customer Service	Live customer support from dedicated professionals	Phone and email support from dedicated professionals
Invoicing Products	N/A	N/A
Other Products Available	Lines of credit	Money market accounts, CDs, and lending products
Review	Read our Bluevine review	Read our First Internet Bank review
Open an Account	Visit Bluevine	Visit First Internet Bank

When To Use

You want to earn competitive APY on checking deposits: Bluevine offers an APY of $2.00% 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 wire transfers regularly: Under Bluevine, all incoming wire transfers are free, whereas all outgoing transfers cost $15. Meanwhile, First Internet Bank charges $15 for incoming wire transfers, $20 for outgoing domestic wire transfers, and $50 for outgoing international 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.

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 to earn uncapped interest: Bluevine stops earning interest on balances above $250,000, whereas First Internet Bank has no limit on earning interest.
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 on a regular basis: 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.
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 has a Tax Optimizer feature that lets businesses automatically set aside income for taxes. 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, each costing $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

	Bluevine	First Internet Bank
Best For	Businesses that want a free, digital-only, interest-bearing checking account	Businesses that want fee-free full-service online banking
Opening Deposit	None	$100
Minimum Balance	None	$10,000 average daily balance to earn interest
APY	2.00% APY on balances of $250,000 or less once qualifications are met	0.50% on balances of $10,000 and above
Bank Network & ATMs	Free at MoneyPass locations nationally, $2.50 plus for nonnetwork 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	Zelle
Reserve Accounts	Up to five subaccounts	None
Open an Account	Visit Bluevine	Visit First Internet Bank

*Third-party operator fees may also apply

While Bluevine has no minimum balance for earning APY, First Internet Bank has a minimum average daily balance requirement of $10,000 to earn interest.

Our list of the best small business checking accounts named Bluevine the best account for earning interest on deposits. Account holders can earn an APY of 2.00% 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’s APY of 2.00% stops applying to balances greater than $250,000. First Internet Bank, on the other hand, earns 0.50% APY uncapped.

Additionally, while First Internet Bank’s Do More Business Checking has few standout features, the provider offers access to a number of useful banking solutions, including savings accounts, CDs, and lending products—products many of today’s online banks lack.

Bluevine vs First Internet Bank Business Checking Account Costs

	Bluevine	First Internet Bank
Monthly Fee	None	None
Transaction Fee	None	None
Cash Deposit Fee	$4.95 fee per transaction, available through Green Dot retail locations	N/A

There are very few fees for both Bluevine and First Internet Bank. Neither checking account has monthly maintenance fees or transaction limits. Naturally, neither account charges 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

Fees

	First Internet Bank	Bluevine
Out-of-Network ATM fees	5 transactions x ($2.50 + $3.14*) = $28.20	(5 transactions x $3.14*) – $10 = $5.70
Possible Total Fee	$28.20	$5.70

*The average ATM surcharge from the ATM owner in 2022 was $3.14, per Bankrate’s 2022 checking account and ATM fee study.

A Bluevine account holder would spend $28.20 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 $5.70. This is because First Internet Bank charges no out-of-network ATM fees and reimburses up to $10 worth of ATM fees per month.

First Internet Bank vs Bluevine User Reviews


Users Like	Easy application process Good customer service	Good interest rates Responsive customer service
Users Dislike	Mobile check deposits limited to $50,000 per month Closes accounts without explanation	Unable to commit to promised terms

On Trustpilot, Bluevine has a rating of 4.3 out of 5 stars, with a total of more than 7,100 reviews. Customers are mostly satisfied with Bluevine’s services. Many reviews praised the ease of the application process for both business checking accounts and lines of credit. However, a few reviewers complained that the bank had closed or denied their accounts without due explanation.

Meanwhile, First Internet Bank was rated 2.4 on Trustpilot, though it only has fewer than 10 reviews. On WalletHub, it has around 250 reviews and a rating of 3.7 out of 5 stars, and reviews indicate that the bank has a history of being unable to follow through with advertised banking and loan terms.

For example, a few customers were forced to cash out their five-year CDs at lower interest rates after the bank had dropped its offerings before the agreed-upon maturity date. Other customers experienced applying for loans advertised with low interest rates, only for the bank to change terms after pre-approval.

Bottom Line

If you’re considering opening a business bank account, Bluevine’s Business Checking and First Internet Bank’s Do More Business Checking accounts are great online-only account options. The business checking account of Bluevine is an excellent product for business owners wanting to earn competitive APY on checking deposits. However, if having access to lending and savings products is a bigger priority, First Internet Bank would be better at meeting your needs. Both accounts have no monthly fees or transaction limits.