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Entrepreneurs who own small businesses should have a bank account that enables them to continue their operations, rather than limiting them. The Bluevine Business Checking account might be the right fit for a business bank in California.
Established in 2013, the online banking service offers a Bluevine Business Checking account with no limit on transactions, low charges, and a wide range of other advantageous characteristics.
To assist you in selecting if Bluevine Business Checking is the best choice for you, we’ve evaluated all its offerings to business owners and also how it stands up against other similar services in this Bluevine Business Checking review.
Bluevine Bank Review – Our Verdict
There are minimal costs and a ton of features with Bluevine Business Checking. A business checking account that offers such a competitive rate implies more money for small firms, particularly if you maintain higher balances in your Bluevine Business Checking account. Many business current accounts will either not pay interest or pay interest at a very low rate.
This Bluevine review of Bluevine Bank has established that it’s not an ideal choice for business owners who prefer face-to-face banking as it has no physical branches. It offers multiple methods to manage finances, such as ATMs, mobile access, and deposits of money, so you may not even have to go to a bank. However, the expense of the Green Dot deposit could be off-putting for businesses that make a lot of cash deposits.
Bluevine Bank only has one option when it comes to business checking accounts, so you may need to look elsewhere if you need more than one account to meet your financial needs. It may be simpler to keep all of your accounts under the same institution, and it could even bring some advantages to your relationship with the bank. Despite this, Bluevine Business Checking can still be worth the effort thanks to its benefits and lack of fees.
Pros
- Making financial transactions using hard cash
- Having access to a broad network of ATMs
- It’s not essential to have either a minimum initial deposit or a minimum balance
- The ability to compose drafts and two complimentary check register books
- Secure a beneficial rate of interest
- Limited extra costs and no fee on a monthly basis
- No limit on the number of transactions
Cons
- Making a payment of money upfront
- No accounts with interest-earning capability
- Bluevine customer service is only available on weekdays
- No physical locations
| Bluevine Bank | Features |
| Transactions | Unlimited |
| Annual Percentage Yield (APY) | 1.50% on balances up to $100,000 |
| Wire Transfers | $15 |
| Minimum Deposit Amount | $0 |
| Monthly Fee | $0 |
| ATM Charges | $0 in-network,$2.50 out of network |
| Cash Deposits | $4.95 |
| Account Types | Business checking and business loans |
| Overdraft Fees | $0 |
Bluevine Business Banking at a Glance
For the most part, Bluevine Business Checking accounts are free of fees and offer unlimited transactions. However, the Bluevine Business account takes it a step further by providing a high-yield account at no cost. Offering one of the best rates for a commercial current account, Bluevine Bank rewards users with an interest rate of two percent on balances up to $100,000.
Later in our Bluevine review, we’ll go over the requirements necessary to qualify for this interest. It’s also possible for Bluevine Business Checking members to deposit money, however, this will come with a fee, unlike most online accounts.
In 2013, the emerging financial technology business, Bluevine Bank, was created, and six years later, they began offering Bluevine Business Checking accounts. Furthermore, Coastal Community Bank provides banking services and all accounts are insured up to $250,000 through the Federal Deposit Insurance Corp.
Who Bluevine Business Checking Is Best For
Companies who want to maintain their costs low, perform an unlimited number of transfers with no worries over fees, and gain interest from their extra funds may consider Bluevine Business Checking to be a beneficial option.
If your business doesn’t have a frequent requirement for cash deposits and you aren’t too concerned having physical banking services, then Bluevine Business Checking should be on your list of considerations.
Bluevine Business Checking review points to the fact that the most suitable small business owners to gain maximum advantage from Bluevine Business Checking accounts are those who are hoping to find a business checking account that doesn’t charge any fees and offers interest. They prefer to conduct a lot of their financial tasks via the internet and to them only one business debit card is necessary. Moreover, they don’t require a brick-and-mortar location
Bluevine Business Fees
Bank charges can be quite a nuisance, especially for businesses that are seeking to expand. Bluevine Business Checking has taken a step to reduce the burden by eliminating certain fees and minimums. As a result, it offers the following advantages:
- It’s not necessary to maintain a minimum balance
- It’s not essential to make a minimum down payment
- With the Bluevine Business Checking account, you have access to an unlimited amount of transactions per month, free of charge
- Across the whole of the United States of America, there are more than 37,000 MoneyPass ATMs and there’s no charge to use them
- There’ll be no penalties for not having enough money
- There are no recurrent charges on a monthly basis
When withdrawing money from an ATM that’s not a part of the MoneyPass network, Bluevine Bank charges a fee of $2.50.
Bluevine Business Checking Features
They only accept a single account but they provide a remarkable scope of features. Their Bluevine Business Checking account provides an appealing annual percentage yield (APY) of 2.00% on deposits up to, but not beyond $100,000. (Funds greater than $100,000 don’t generate interest.)
In order to qualify for the 2.00% APY, a minimum of $2,500 in customer payments must be deposited into the Bluevine Business Checking account each month. Deposits can be made through ACH, mobile check deposit, wire transfer, or through the merchant payment processor. Additionally, $500 may be spent every month using the Bluevine Business Debit Mastercard.
Vendor Services
Bluevine Business Checking makes it easy to pay suppliers. As a business proprietor, you have multiple modes of payment available to you, such as ACH, wire transfer, and checks. You can pay bills on an individual basis or set up automated payments for enhanced ease.
Bluevine Business Checking can be used to ensure on-time payments, which provides the user with the knowledge of when the payment will reach the recipient.
Bluevine Bank provides access to a list of 40,000 registered vendors online, and the ability to add additional suppliers when needed. Bluevine Banks’ online payment system and credit card payments are also available.
Transactions
As we pointed out in our Bluevine Business Checking review, Bluevine Bank is a web-based banking system and there are no physical branches that people can go to for help. Nevertheless, from our analysis of Bluevine Bank, customers still have many options for transactions due to the partnerships it has with other banking networks.
When you open a Bluevine Business Checking account, you receive a complimentary Bluevine Business Debit Mastercard and two checkbooks. Additionally, customers of Bluevine Bank can access a network of over 38,000 fee-free ATMs in America.
Despite the fact that there are no Bluevine Bank branches, small business owners have the opportunity to deposit money with the company. This is made possible by the collaboration with Green Dot, which is discussed in the Bluevine Business Checking review. It’s worth noting that customers can make cash deposits in more than 90,000 U.S. retail stores. To complete the transaction, they just need to bring the funds to the checkout counter.
It’s important to be aware that there is a fee of up to $4.95 for any cash deposits made with Green Dot. Additionally, certain daily limits established by Green Dot may also be applicable.
Safety
Unlike a traditional bank, Bluevine Bank is a provider of financial technology. In collaboration with Coastal Banking Institution, a member of the Federal Deposit Insurance Corporation (FDIC), Bluevine provides banking services. All Bluevine Business Checking accounts are given FDIC protection up to the maximum allowed amount by Coastal Community Bank.
Mobile App
Checking customers of Bluevine can access its mobile application, which allows them to do everyday transactions and deposit checks with their mobile devices. The app also allows entrepreneurs to keep track of their Bluevine Business Checking accounts and profits from any place. To find out what others have said about the Mobile app, you can look at the Bluevine Business Checking reviews.
Business Loans
When it comes to significant expenses, you have the option of utilizing your checking account in addition to a corporate credit line that has a maximum of $250,000. The interest rates are as low as 4.8%, and approval could occur promptly, as demonstrated in our Bluevine review.
To be eligible for a loan from Bluevine, you must have a FICO score of at least 600, have earned at least $10,000 in the last month, and have been managing a business based in the US for a minimum of 6 months. After you’ve answered a few more questions and submitted recent bank statements, Bluevine will determine your eligibility for the loan.
If you’re considering getting a loan for your business with poor credit, our Bluevine Business Checking review doesn’t provide any answers. You should look into other reviews for loan options for those with poor credit.
How to Open a Bluevine Business Checking Account
It’s possible to establish a Bluevine Business Checking account over the internet or by means of the Bluevine mobile application. Owners from each US state and the District of Columbia are able to take advantage of it.
In order to be eligible, you must be 18 years of age or older, a US citizen, or a lawful inhabitant of the United States (not a P.O. Box). Certain types of businesses have restrictions.
What You Need to Open an Account
To successfully create a Bluevine Business Checking account, it’s necessary to give out details about yourself and your company. Depending on the type of business, additional documents may be needed to meet the criteria indicated in the Bluevine Business Checking review.
- Depending on the type of business, documents required may include partnership contracts, articles of organization, formation certifications, and Doing Business As (DBA) forms.
- For the firm, the details required are its name, structure, physical address, and contact number. Additionally, the yearly salary, area of business, and tax ID or Employer Identification Number must also be provided.
- Individuals are required to submit their full name, home address, contact number, date of birth, and social security number to the company if they possess 25% or more of the entire business. This is classified as a person's private details.
Generally, it takes around three working days for Bluevine Business Checking accounts to become approved. This was what we found out while we were studying Bluevine in detail for our Bluevine review. After being given the thumbs up, customers can ask for a debit card, switch on the account, and then add money to it.
How to Earn Interest With Bluevine Business Checking
Bluevine Business Checking accounts offer an annual percentage yield (APY) of 2.00% on balances up to $100,000 when at least one of the two monthly criteria is achieved.
- It’s feasible to deposit $2,500 in client payments into the Bluevine Business Checking account via ACH transfer, mobile check deposit, wire transfer, or direct deposit from your payment processor.
- Obtain the Bluevine corporate debit card to complete a transaction of $500.
How to Access Your Money With the Bluevine Business Checking Account
Those who have a Bluevine Business Checking account have a few different options for putting money in and taking money out. We felt that it was important to point out these possibilities in our Bluevine review of this type of account.
Deposit Options
Individuals who have a Bluevine Business Checking account have the choice of four different ways to deposit money into their accounts.
Clients of the Bluevine Business Checking account are able to link external bank accounts and transfer money into these accounts. It’s also possible to deposit cash at any store that’s part of the Green Dot network when using a Bluevine Business Checking account. Nonetheless, it’s essential to be aware that a fee is charged for each deposit.
It’s possible for customers to electronically put payments into their Bluevine Banking accounts by utilizing the bank's mobile application, as documented in our assessment of Bluevine. Bluevine Bank doesn’t impose a fee for incoming wire transfers, however, the financial organization originating the transaction will most likely charge a fee.
Withdrawal Options
Besides the usual ways of taking out money from a checking account, such as wire transfers and checks, those who have Bluevine Business Checking accounts are also given a business debit card that can be used for free cash withdrawals from any of the more than 38,000 MoneyPass ATMs located all over the US.
As mentioned earlier in this evaluation of Bluevine Business Checking, customers should be prepared to pay a charge for any ATM withdrawals from outside the network. Additionally, there’s a feature called Bluevine Payments that allows users to transmit funds directly to other individuals.
Is Bluevine Trustworthy
Bluevine has no unresolved conflicts, which is why the Better Business Bureau has given them an A+ rating. Companies with a top score from the BBB are known to have honest advertisements, effective resolution of consumer issues, and transparency regarding their operations.
Even though a great score from the Better Business Bureau doesn't guarantee that your experience with a company will be satisfactory, it's still worth researching Bluevine by asking those close to you and checking out Bluevine reviews online.
Alternatives to Bluevine Business Checking
If you're still curious about other possibilities after reading this assessment of Bluevine Business Checking, we've got you taken care of in the following part of our study of Bluevine.
Novo
Bluevine is not the only one offering business accounts. Novo is another great option with very few expenses linked with its services and registration comes at no charge.
In comparison to Bluevine, there’s always a fee of $27 for overdrafts. There’s no requirement for a minimum balance for the month, yet the bank will reimburse any ATM costs no matter the whereabouts.
It’s effortless to do banking with the Novo app that’s available for both iOS and Android phones. However, Novo doesn’t offer the option of depositing physical cash in one's account.
Pros
- All expenses associated with ATM usage will be reimbursed
- It’s not required to pay any kind of minimal sum or monthly charges
- Mobile app
Cons
- It’s not required to pay any kind of minimal sum or monthly charges
- No cash deposits
- Fee for bank accounts that have been overdrawn
Lili
By enlisting the assistance of a tax optimizer to help avoid either over or underpaying, Lili raises the bar. This allows customers to save money without surprises when filing taxes. Additionally, the program helps identify business and personal costs, so customers can accurately deduct these expenses.
Most of the services provided by Lili are free of cost and anyone can become a member without having to pay a fee or meet a certain minimum requirement. However, there are certain financial limitations when it comes to making deposits and withdrawals that may not be suitable for larger businesses. In contrast to our Bluevine, Lili doesn’t offer the option of wire transfers.
When you create a profile on Lili, you can use it to save money. Unfortunately, when using the free version of Lili, you’ll not receive any interest on money deposited.
If you were encouraged to join Lili after reading our Bluevine review, you may choose Lili Pro if you desire to gain an interest rate of 1% or if you want access to added features such as overdraft protection. The $4.99 charge for this plan would just be covered by the interest earned.
Pros
- No charges on a monthly basis or a need to maintain a certain amount in the account
- Tax optimization
- Having the capacity to set aside money for future utilization in containers
Cons
- There’s no annual percentage yield associated with the complimentary account
- No banking transactions conducted electronically
- Certain characteristics are exclusively available to those who have a Premium membership with Lili
Axos
Axos provides a variety of accounts, including individual and corporate accounts, in addition to business checking accounts. There’s no fee for setting up or keeping the basic business account, nor is there a required minimum amount. All ATM fees incurred when using this account are also covered. This is different from the account type provided by Bluevine, which we examined in our Bluevine Business Checking review.
Despite interest rates on savings accounts being minuscule at 0.20%, business owners can still take part in them. The APY is the same even if one is able to open a high-end savings account that requires a hefty primary deposit of $25,000.
Pros
- There’s no need to maintain a certain amount of money in a basic checking account and there are no fees to cover monthly
- There’s no limit to the number of times customers can receive a refund for domestic ATM fees
- There are a few options when it comes to opening a checking account
Cons
- Business savings accounts that offer low annual percentage yield (APY)
- Low yields on certificates of deposit (CDs)
- A considerable amount of money needs to be deposited into certain bank accounts.
Bluevine Business Banking Review – Frequently Asked Questions
People tend to ask many inquiries about Bluevine Business Checking. After reading this Bluevine review of the service, you’ll be able to find the answers to any further questions you may have.
Is Bluevine Legit?
Bluevine is a company specializing in financial technology. Celtic Bank, which is licensed by Utah and has FDIC membership, is the issuer of the Bluevine line of credit.
By means of Coastal Community Bank, the business additionally offers a Bluevine Business Checking account designed for small companies. Per Crunchbase, a platform that follows startups, the privately owned business has acquired $769.2 million in investments.
How Much Can I Withdraw From Bluevine?
A daily limit of $2,000 is set for money taken out of ATMs, cash back at shops, and transactions made in person. Fees and restrictions on cash withdrawals may be determined by ATM providers, businesses, and other organizations. MoneyPass ATMs offer cash withdrawals without any additional charges.
Is Bluevine FDIC Insured?
The Federal Deposit Insurance Corporation (FDIC) has insured deposits made into a Bluevine account up to $250,000 per account holder. This protection is provided by The Bancorp Bank, which holds the FDIC certificate number 35444.
Bottom Line On Bluevine Business Banking
Businesses with limited capital may find Bluevine Business Checking to be a suitable option due to the reduced charges and the possibility of gaining interest on the funds up to the amount of $100,000.
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