The place you bank matters, especially if you’re a small business. Bluevine is a trusted fintech company that offers online checking with no monthly or daily balance requirement. Their competitive interest rates, nationwide availability, and ability to let accountholders deposit cash make them an excellent option for small business owners across the country.
Keep reading to learn more about Bluevine Business Banking, their fees, financial products, why we like it, and what we think they can improve. We’ll even point out some alternatives if you decide they’re not for you.
What is Bluevine?
Bluevine is a fintech company founded in 2013 to help people finance their small businesses. In 2020, they branched out to offer business checking accounts.
Bluevine’s business checking account doesn’t charge any maintenance or transaction fees, which is perfect for a small business budget. You will also earn interest on your checking balance up to $100,000, which is a great way to make your capital go even further.
Despite being relatively new on the scene for business banking, Bluevine provides a lot of value in the form of high-interest rates and no fees. Plus, they let you deposit cash and use checks for free. This is a unique and essential feature for business owners who need access to petty cash.
However, as a 100% online financial institution, Bluevine won’t appeal to people who prefer to do their banking at a branch. They also won’t be a great option for those who want more than one bank account option.
Is Bluevine Legit?
You worked hard to earn your small business’s profit, so you must ensure that your money is safe. Luckily, Bluevine is a reputable, honest, and insured organization that will look after your money like it’s their own.
Bluevine provides its financial products through Coastal Community Bank, an FDIC-insured bank that protects your deposits up to $250,000. They also utilize data encryption and multi-factor authentication to prevent anyone besides you from accessing your bank account.
The Better Business Bureau also gives Bluevine an A+ rating, and they have a 4.4-star rating through Trustpilot. These ratings signify that Bluevine customers are satisfied with their customer service and business practices.
Bluevine has two main products for small business customers: business checking accounts and lines of credit.
Bluevine’s checking accounts allow you to accrue APY on balances up to $100,000 and even allow you to deposit cash, which is relatively rare for online banks. For customers who require financing, they offer lines of credit between $5,000 and $250,000 for those with credit scores of 650 or above.
Ultimately, Bluevine’s financial products are best for small business owners who want a free checking account that earns competitive interest, prefers to manage their finances online, and deposit less than $7,500 in cash each month.
Business Checking Account
Bluevine only has one account option, which is bad news for those looking for a business savings account or a specialized checking account. However, their business checking account is quite competitive.
One of the best features of Bluevine’s business checking account is the impressive interest rate you’ll earn on your balance.
Earn 2.00% APY on your account balance up to $100,000 as long as you meet two monthly requirements:
- You spend at least $500 with your Bluevine business debit card.
- You receive at least $2,500 in customer payments into your Bluevine business checking account.
Bluevine’s business checking account offers checking without any fees. This means you don’t need to pay maintenance fees to keep your account up and running. You also won’t be hit with transaction fees when you make any payments or transfers or ATM fees when you have any in-network ATMs.
While Bluevine is relatively fee-free, they do charge a replacement fee if you lose your debit card. You will also need to pay a $15 wire fee if you make an outgoing wire transfer.
One of the unique features of Bluevine’s business checking account is that it allows you to deposit cash at in-network ATMs. Because Bluevine doesn’t have any branches, you will need to visit one of the 90,000 Green Dot retailers in the U.S. (like CVS, Walgreens, Walmart, and more) to deposit or withdraw cash. However, you will need to pay a $4.95 deposit fee through Green Dot, so cash-heavy businesses may prefer a bank account with local branches.
Bluevine Business Checking
- Monthly fee: $0
- Minimum opening deposit: $0
- Highlights: Highest APY; Best for growing businesses
- Mobile banking: Bluevine is online-only and has a great mobile banking app
Line of Credit
If you need financing for operating costs, Bluevine offers some excellent options for business loans.
Bluevine offers invoice factoring and a line of credit for customers seeking business financing. Each of these financing options offers competitive rates and loan amounts, and Bluevine is consistently ranked as one of the best picks for small-business loans.
Bluevine has partnered with FundThrough for invoice financing, so all you need to sign up are a specific business, tax, and government documents. They have relatively low requirements for invoice factoring, but a line of credit will require applicants to provide more information about their credit and business health.
Bluevine’s revolving line of credit is the more popular of the two financing options, but it comes with stricter requirements for approval.
You will need to:
- Have been in business for at least three years.
- A FICO score of 650 or higher.
- Earn regular revenues above $40,000 each month.
If you meet the above requirements, you can be approved for a line of credit between $5,000 and $250,000 in as little as five minutes. There are no monthly fees to open and maintain a line of credit, and your interest can be as low as 4.8%.
Once approved for a line of credit, funds will appear in your account within hours. You can repay them on a weekly or monthly schedule spanning six to 12 months. As you make payments on your line of credit, the balance will replenish so that you can borrow against it as you need.
Many features set Bluevine banking services apart from other online banks. Here are the qualities of Bluevine Business Banking that we think are important to consider before banking with them.
No Monthly Fees
You won’t pay any transaction, NSF, or ACH monthly fees when you bank through Bluevine. With other banks, you may pay as much as $30 monthly and $500 in a minimum opening balance. You will only be on the hook for a $15 wire fee, $4.95 cash deposit fee, and $2.50 out-of-network ATM fee.
High-yield Interest Rate
Bluevine business checking accounts earn 2.00% APY on all balances up to $100,000, which is unique in the business banking world. To earn Bluevine’s impressive interest rate, you must meet their monthly requirements: spending at least $500 on your Bluevine Business Debit Mastercard or receiving at least $2,500 in customer payments to your Bluevine checking account or sub-account.
Ability to Make Cash Deposits
It is relatively common for online banks not to allow cash deposits. After all, it becomes increasingly challenging to find ways to add cash to your account without a branch location. Luckily, Buevine is partnered with Green Dot, a third-party ATM service located across the country. You will have to pay a cash deposit fee, but at least you’ll be able to withdraw or deposit petty cash easily.
Ability to Sync to Banking Tools
What’s the use of online banking if you can’t connect to other technologies? With Bluevine, you can use all the tools to streamline your finances. This includes QuickBooks Intuit, PayPal, and more. You will not only be able to sync your transactions and deposits, but you’ll be able to plan your business’s finances better.
Available in 50 States
It can sometimes be hard to find financial technologies with access to your state, especially if you live in states like Alaska or Hawaii. You don’t need to worry about that with Bluevine because they are available for customers in all 50 states.
Bluevine has stellar customer service that can help you with your account when needed. You can reach their customer support team through email or the customer resource center. The only issue with Bluevine’s customer support is that they are only available on weekdays.
You can contact Blueline’s customer service teams at the numbers and times below:
Banking and Lending:
Mon – Fri, 8 a.m. – 8 p.m. (EST)
Paycheck Protection Program:
Mon – Fri, 8 a.m. – 6 p.m. (EST)
Getting Started & Eligibility
Getting started with Bluevine Business Banking is simple and can be done entirely online.
The only eligibility requirements are that you must be at least 18 years old, a legal U.S. citizen or resident with a valid address, and own a small business in an industry other than adult entertainment, firearms, or illegal activities.
To sign up for a Bluevine business account, you will need to create an online account, provide some basic info about yourself, and provide some documentation and information about your business. Here are some steps that you can follow to get started:
- Select the “Get Started” button.
- Select “Begin Application” for the business checking or the business line of credit.
- Provide the entity type, first and last name, email, and password.
- Enter your business information and click “Next.” This information will include:
- Business name
- Phone number
- Social Security number or employer identification number (EIN)
- Entity type
- Annual revenue
- Enter your personal information and click “Next.” This information will include:
- Full name
- Home address
- Phone number
- Date of birth
- Social Security number
- Percentage of ownership
- Submit application
It typically takes about 24 hours for Bluevine to review new business applications. However, you may wait between three to five business days to hear back regarding your application’s status.
If you’ve been approved, you will need to review and accept your account terms before you may access and fund your account.
Pros and Cons of Bluevine
There are many advantages and disadvantages to banking with Bluevine Business Banking. Here are what we believe to be the most important factors to consider before opening an account with Bluevine.
- No fees, minimum opening deposit amounts, or balance requirements
- Unlimited transactions
- 1.5% APY on all balances up to $100,000
- Ability to deposit cash through in-network ATMs
- Available in every state
- A fee of $4.95 when you deposit cash into a Green Dot ATM
- No joint accounts, making it difficult for businesses with multiple owners
- No branch locations
- Only offer one Bluevine Business debit card
- No customer service on weekends
Alternatives to Bluevine
Freelancers or solo entrepreneurs looking to manage their finances will love Lili for its financial management tools and ability to integrate with accounting and business software.
Lili offers high-yield savings, no fees for checking, and no minimum opening deposit for business customers. They also have tools that make them especially useful for freelancers or solopreneurs, such as a Schedule C generator and invoicing software. Unfortunately, great features like this are only included in the Pro version, which costs $4.99/month.
If you’re looking for another online bank that doesn’t charge fees and offers high-interest rates for checking, Kabbage is for you.
Like Bluevine, Kabbage does not charge monthly checking or transaction fees for its banking services. You’ll also earn a competitive interest rate (1.1% APY) on your checking balance up to $100,000. This is less interest than Bluevine, but it is still significant compared to most business checking accounts.
Like the other financial institutions mentioned, Novo doesn’t charge monthly checking fees or minimum opening deposits. However, it offers unique features compared to other online platforms.
While it only offers fee-free business checking, Novo offers members some hefty discounts on business services like accounting and website hosting. One of the most significant discounts includes $500 savings when you integrate with Stripe.
Frequently Asked Questions
Is Bluevine a legit bank?
Yes, Bluevine is a legitimate financial institution. They have served nearly half a million customers and have an A+ rating with the Better Business Bureau and a 4.4-star rating through Trustpilot.
What bank is Bluevine under?
Bluevine’s banking services are provided through Coastal Community Bank, a member FDIC institution with deposits insured up to $250,000.
Does Bluevine have a minimum balance?
No, Bluevine business checking accounts do not have a minimum balance requirement or monthly maintenance fees.
Does Bluevine connect to PayPal?
Yes, Bluevine can connect to PayPal and other financial technologies, like QuickBooks, Stripe, and more.