Bluevine Business Checking Review

Pros

• $0 fees
• High APY on business checking
• No minimum deposit or account minimum
• Unlimited transactions
• Free ATM network

Cons

• No savings account
• No loans
• Fees for cash deposits

What Is Bluevine?

Bluevine is a financial technology company that partners with Coastal Community Bank to offer lending options and business banking services to small businesses. Bluevine business checking includes an interest-bearing checking account with an APY well above the national average, earning it a spot on our best online business bank accounts list.

Bluevine is a financial technology company, not a bank, that was founded as a financing option for small businesses. Bluevine partners with Coastal Community Bank to provide business checking and lines of credit. You’ll find high-interest earning rewards, FDIC insurance, and a handful of other business checking features with Bluevine.

Services Offered By Bluevine

Bluevine offers a competitive rewards checking account. While there’s no savings account option with Bluevine, Bluevine does offer small business lending in the form of Bluevine lines of credit.

Bluevine Rewards & Perks

Bluevine Business Checking offers strong perks for an online checking account. Bluevine offers up to 2.0% APY on balances up to $250,000. Bluevine’s APY earning cap is significantly higher than other high-yield checking options, like Lili Bank which caps out at $100,000.

In addition to high APY, you’ll find travel benefits as well as periodic rewards. Pay for rental cars using your Bluevine debit card and you’ll receive automatic car rental insurance. You’ll also be able to access global emergency services, 24/7. As an example of periodic rewards, last December customers were entered to win cash prizes just by using their Bluevine debit cards.

Bluevine’s impressive rewards get a 3.6/5 star rating for this section because there aren’t any cashback rewards. Some business checking accounts, like LendingClub, offer both APY and cashback.

Bluevine Business Checking’s Premier plan gives access to up to 4.25% APY, but there’s a potentially hefty monthly fee for this earning level.

Bluevine Business Checking Fees & Pricing

Bluevine has a simple, competitive fee structure that earns it 4.1/5 stars for this section. Essentially, there are no monthly fees for the basic plan, no penalties for slipping below a required minimum balance, no limits on the number of free transactions allowed, no fees for ACH payments, and no penalty for NSF transactions.

Still, it wouldn’t be entirely accurate to say that you won’t find any fees with Bluevine. While Bluevine touts the fees it doesn’t charge, we give it credit for also stating upfront the few fees you can expect to incur.

For example, while incoming domestic wire payments are free, you’ll pay $15 for outgoing wires. You may face out-of -network ATM fees. There’s a $4.95 cash deposit fee. And if you lose your debit card and order a new one, you’ll be charged $30 for express shipping.

Bluevine Business Checking does offer a Premier plan where you can earn up to 4.25% APY and have access to priority support, among other perks, for $95/month (the fee has the potential to be waived).

Bluevine Eligibility Requirements

Bluevine business banking services are aimed at small business owners, and the company doesn’t throw up unnecessary barriers. Applying is done completely online, with applications generally reviewed within 24 hours and approval taking anywhere from three to five business days.

Bluevine eligibility requirements listed on the website include the following:

• Small business owners aged 18+
• Verifiable US address

Bluevine services are not available to small businesses in the following industries: adult entertainment, gambling, weapons and firearms, illegal substances, and virtual currency.

Notably, you won’t have to share your credit score. Bluevine advertises that a business account with this bank is a good way to build your small business credit and work toward building a credit profile that can help you qualify for loans. All in all, BlueVine gets a 3.7/5 star rating for eligibility.

Bluevine Features

Bluevine Business Checking supports many transaction types, has decent transaction limits, and offers many standard online banking features. If you’re looking for finance management features and accounting integrations, Bluevine Business Checking will leave you wanting, which is why we dropped the company’s score for this section to 3.6/5 stars.

However, the features that Bluevine offers are impressive, and the unlimited, low-fee transactions are a nice touch.

Here are some of Bluevine’s Business Checking features:

• Debit Card
• 2.0% – 4.25% APY
• Unlimited transfers
• ATM withdrawals
• Cash deposits
• Wire transfers
• ACH transfers
• Up to $3M in FDIC insurance
• Mobile check deposit
• Accounts payable
• Multiple sub-accounts

Transactions Limits

Users are allowed an unlimited number of incoming ACH or direct deposits from an external financial institution. In addition, you can make unlimited transactions to your Bluevine account via the website or mobile app, but those transfers cannot exceed $5,000 per calendar month. There’s no limit on free incoming wire transfers, and while there’s no limit to the number of checks you can deposit, you’ll be allowed only up to $20,000 per 30-day period. Similar limitations apply to debit card transactions: unlimited daily use totaling up to $10,000 in daily transactions and unlimited POS cashback of up to $2,000 per day. You can make unlimited ATM cash withdrawals, capped at $2,000 per day.

Transaction Processing Timelines

Finally, like every banking services provider, Bluevine puts some limits on the availability of funds deposited into your account. Here is a quick overview of some of those limits:

Bluevine Business Checking Application Process

Bluevine Business Checking has a simple, transparent application process that scores a 4.0/5 star rating. The only qualm we have is that Bluevine doesn’t give any information on how long the application process timeline takes.

Before starting the online application, gather the most common forms of documentation required for opening a business bank account. What you need will depend on how your business is structured.

Bluevine Sales & Advertising Transparency

Overall, Bluevine has good sales practices and discloses a good amount of information about its Business Checking product, though there could be more information available about the application process timeline. The company’s social media presence could also be stronger and more helpful for customers.

Overall, customers are satisfied with the company’s sales ethics, resulting in a 3.9/5 star rating for this section.

Bluevine Customer Service

Bluevine offers a decent number of customer service forms and a very detailed knowledge base. There isn’t a dedicated support representative, and customer reviews are a bit of a mixed bag regarding the service they received, but the self-service support options are solid, earning Bluevine a 4.3/5 star rating overall for this section.

Bluevine Business Checking User Reviews

Bluevine, Inc. is an accredited business with the Better Business Bureau and has an A+ rating there. Because Bluevine is a small business lender, it’s difficult to find reviews specific to just Bluevine’s Business Checking services, but the company has a solid reputation with relatively positive customer reviews across the board.

It is worth noting that many of the negative reviews regarding Bluevine pertain to PPP loans, which are separate from business banking services.

Negative Bluevine Reviews & Complaints

• Accounts closed without warning
• Unexplained holds on funds
• Weak fraud protections
• Glitchy mobile app

Positive Bluevine Reviews

• Helpful customer service
• Low fees
• Fast approval
• Easy-to-use mobile app
• Good access to funding

Is Bluevine Business Checking Safe?

Although Bluevine itself is not a bank, it partners with Coastal Community Bank, member FDIC, to provide Bluevine business banking services. Under FDIC protections, amounts deposited in Bluevine checking are insured to the legal maximum.

Multifactor authentication (MFA) is required for Bluevine accounts and cannot be turned off. Every time you log in from a new device, you’ll have to enter a code sent to your registered mobile number. Bluevine also makes it easy to freeze your debit card using your account dashboard. You can also call the company’s toll-free number to lock your card.

How Does Bluevine Business Checking Compare To The Competition?

Picking a business bank is a big decision. We think Bluevine is a great choice for many reasons. Here’s a quick look at how Bluevine stacks up against some top competing checking accounts in three key categories:

Final Verdict: Is A Bluevine Business Checking Account Worth It?

Bluevine Business Checking is a great checking account option for businesses. With low fees, unlimited transactions, and incredibly high APY for a checking account, a Bluevine Business Checking account has a lot going for it.

It’s true that Bluevine doesn’t offer a savings option, but in our opinion, the interest-bearing checking account is an excellent substitute, especially with its high APY.

Bluevine is not a good fit if you need a savings account, send a large number of outgoing wire transfers, or if you want a large number of financial management banking features or accounting integrations.

If you want to see how Bluevine Business Checking compares to other banks or if you’re looking for an alternative, here are some of the other best online business bank accounts as well as the best business savings accounts.

Business Banking Review Methodology

Merchant Maverick has been researching and reviewing business banking services since 2015. Our writers have tested over thirty different banking products, including checking accounts, savings accounts, employee spending cards, and more. In each review, we evaluate rates and fees, services, rewards, features, eligibility requirements, application process, sales and advertising transparency, customer service, and user reviews.

Read more about how we rate business banking products.

When comparing different banks and banking services, we consider many data points, including the ease and transparency of the account application process, account fees, sales ethics, minimum deposit requirements, and revenue, time in business, and credit score requirements. Our lists of the best banking services include only those we’ve deemed worthwhile from multiple vantage points, and often share qualities such as widespread accessibility across fifty states, valuable rewards, numerous transaction options, and competitive APY.

We spend an average of 10-15 hours researching and updating each one of our lists, making sure the banking services included meet our internal standards for quality and reputation.

The Merchant Maverick Seal of Approval 🏆

Bluevine	Apply Now

After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see Bluevine for yourself.

The Merchant Maverick Seal of Approval 🏆

Bluevine	Apply Now

After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see Bluevine for yourself.

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