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. It also offers subaccounts, allowing small businesses to manage their accounts better.
First Internet Bank’s checking account, Do More Business 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. 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. Further, it extends robust treasury management and merchant services.
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 and multiple subaccounts
- First Internet Bank: Best for businesses that want fee-free full-service online banking
For business owners that prefer a traditional bank, we recommend:
- Chase: Best for national availability, easy-to-waive monthly fees, and suite of additional banking products
*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
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Required Opening Deposit | None | $100 | None |
Required Balance Minimum | None | $10,000 average daily balance to earn interest | None |
Transaction Limit Before Fees | None | None | 20 monthly, then 40 cents per transaction |
Automated Clearing House (ACH) Fees | None | None | $25 for first 25 items per month, 15 cents per item above 25 per month, $2.50 return fee |
Domestic Wire Transfer Fees | Incoming: $0 Outgoing: $15 | Incoming: $15 Outgoing: $20 | Up to $35 for outbound, up to $15 for inbound |
International Wire Transfer Fees | Incoming: N/A Outgoing: $25 plus 1.5% of transaction; sending United States dollars (USD) international payments | Incoming: $15 Outgoing: $50 | Up to $50 for outbound, up to $15 for inbound |
ATM Fees | $3 per transaction at any non-Chase domestic ATM, plus ATM operator fees; $5 per transaction internationally plus third-party fees | ||
Cash Deposited | $4.95 fee per transaction, available through Green Dot retail locations | N/A | $2.50 per $1,000 after you deposit $5,000 in a billing cycle |
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 | N/A |
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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) | Free debit card, mailed within 10 business days of application approval |
Physical Checks | Two free checkbook orders per year | Available through Deluxe and other providers | Cost varies depending on type of checks ordered |
Accounting Software Integrations | QuickBooks, Wave, and Xero | QuickBooks | QuickBooks, FreshBooks, and other leading accounting software |
Business Payment Integrations | Includes Stripe, PayPal, and Expensify | Zelle | BigCommerce |
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 Saturdays, 9 a.m. to 3 p.m. ET Email: bank@firstib.com | Live customer support online or in bank branch locations |
Other Products Available | Lines of credit | Money market accounts, savings, CDs, and lending products | Business savings, certificates of deposit (CD), lending products, credit cards, merchant services, and collection service |
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When To Use
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 | |
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OVERALL RATING* | 3.2 out of 5★ | 2.5 out of 5★ |
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 | ★★★ | ★★★★ |
*The overall score is reflective of the features of the account and not the overall quality of the financial provider. A feature not offered by a provider earns zero stars, which is averaged into the overall rating. | ||
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.
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.
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.
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.
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.
Bluevine: 4 out of 5
Bluevine Business Checking users can earn 2.00% APY up to $250,000 as long as they meet the qualifying conditions.
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.
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, Check Positive Pay and ACH debit block/ filter
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.
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.
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.
Bluevine: 4 out of 5
Bluevine offers email and live customer support using a toll-free number from Mondays to Fridays, 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 from Mondays to Fridays, 7 a.m. to 9 p.m. ET. They can reach customer support on Saturdays from 9 a.m. to 3 p.m. ET.
Bluevine: 2 out of 5
Small business owners can apply for a Bluevine line of credit if they need additional business funding. They must meet the minimum qualifications. The application is subject to approval.
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, Small Business Administration (SBA) loans, commercial real estate (CRE) loans, lines of credit, and term loans.
Once you decide on a provider, checkout our guide on how to open a business bank account, which includes a free downloadable checklist of required documents.
First Internet Bank vs Bluevine Business Checking User Reviews
Bluevine | First Internet Bank | |
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Users Like |
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Users Dislike |
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On Trustpilot1, Bluevine has a rating of 4.2 out of 5, from around 7,200 reviews. A lot of clients gave positive feedback on customer service. They also appreciated the ease of application for Bluevine’s business checking account and line of credit. However, some reviewers mentioned that checks take a long time to clear and that accounts were closed without explanation.
Meanwhile, First Internet Bank has a 2.4 rating out of 5 from fewer than 10 reviews on Trustpilot2. On WalletHub3, it scored 3.7 out of 5 from about 250 reviews. While some gave high ratings on its competitive money market interest rates, others left dismal comments on CD closures initiated by the bank before the maturity period ended. 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 Business Checking and First Internet Bank’s Do More Business 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 business checking account of Bluevine 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 are a priority, First Internet Bank would best meet your needs.
User review resources:
1Trustpilot | Bluevine
2Trustpilot | First Internet Bank
3WalletHub | First Internet Bank
