Bluevine Business Checking Review 2023

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

Services Offered By Bluevine Business Checking

Bluevine business checking is a standout banking option for businesses of all types and sizes. Bluevine’s high APY interest-checking account lets you earn a higher-than-average APY as long as you meet basic eligibility requirements. Does Bluevine offer more than high APY to its customers? This full Bluevine business checking review will help you decide.

Spoiler: We think Bluevine is one of the best small business bank accounts available. And we’re ready to tell you why. But first, a little Bluevine background information.

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, member FDIC, to provide business checking and lines of credit. Small businesses that deposit their funds with Bluevine Checking have FDIC insurance for up to $250,000 per depositor.

Bluevine operates online exclusively and has no physical branches, so it’s a good fit only for those small businesses that are comfortable banking through their computers and the Bluevine mobile app.

Bluevine stands out from many of its competitors in that it offers small businesses a chance to earn a higher-than-average interest rate via its interest checking account. Bluevine currently provides 2.0% on balances of $250K and under. To qualify for that rate, you’ll need to spend $500/month on your Bluevine debit card or receive $2,500/month in customer payments to your Bluevine account via ACH, wire transfer, mobile check deposit, or your payment processor.

To decide whether this is the right bank for your small business, keep reading this complete Bluevine banking review to learn more about these banking services and more:

• Interest checking account
• Up to five subaccounts with designated account numbers
• Dedicated logins for team members
• Debit Mastercard
• Fee-free MoneyPass ATM network
• Mobile app
• Access to lines of credit
• Live support options
• Global payments
• Mobile check deposit
• Bill pay
• Unlimited free incoming domestic wires
• Unlimited ACH transfers
• Free checks
• Cash deposits

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 competitor banks in three key categories:

Bluevine Bank Rewards & Perks

You certainly can find business banking services that offer a wider range of perks and rewards. However, the limited number you’ll find with Bluevine Bank can be valuable. Here’s what you can expect:

• High APY: While you can’t open a savings account or buy a certificate of deposit to earn interest from Bluevine banking, you will receive a high interest rate on your checking balance up to $250K. At the time of this review, that rate is 2%, which is many times higher than the current national average for interest checking accounts.
• Cashback Rewards: Use your Bluevine Mastercard debit card to earn up to 4% cash back on purchases at 50,000+ merchants. That includes travel, hotels, and restaurants. You can also earn up to 20% back on select business services. Fuel purchases earn 1% cash back.
• Travel Benefits: 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.
• Access To Loans: As a Bluevine customer, you’ll be eligible for financing from Bluevine. While having a business checking account with Bluevine does not explicitly improve your chances of being approved for a loan, building a credit and transaction history with Bluevine means your application will be easy to evaluate.
• Lines Of Credit: You can open a line of credit for up to $250K, with a funding decision available in as little as five minutes. Bluevine doesn’t charge any fees for opening or maintaining your credit line or any fees for prepayment and closing the account. Your credit line replenishes as you pay down your balance over a typical term of 6 or 12 months. To qualify, you’ll need a FICO score of 625+ and 24 months in business. Bluevine’s line of credit is aimed at businesses operating or incorporated in eligible US states that have at least $40,000/month in revenue.
• Free Checks: As long as you have a balance in your account, you can order two free books of checks each year.
• Periodic Rewards: Bluevine appears to offer limited-time rewards to its customers. For example, last December customers were entered to win cash prizes just by using their Bluevine debit cards.

Bluevine Business Checking Fees & Pricing

Bluevine Bank has a simple fee structure. Essentially, there are none or at least no recurring fees. That means no monthly fees, 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 Bank. 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 you can use your Bluevine debit card with no fees at any of the 120,000 MoneyPass ATMs, you’ll pay Bluevine $2.50 if you go out-of-network, and you may also be charged a fee by the ATM owner. While incoming domestic wire payments are free, you’ll pay $15 for outgoing wires. And if you lose your debit card and order a new one, you’ll be charged $30 for express shipping.

The only fee that could cause the typical small business owner ongoing pain is the $4.95 you can expect to pay for making a cash deposit at one of the Bluevine-affiliated Green Dot retail locations. The fees could add up if your sales are heavy on cash because there’s a $500/deposit limit (and a $2,000 daily limit).

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

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.

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.

Bluevine Banking Features

Bluevine banking includes a relatively complete set of tools for running a small business, with a couple of exceptions. For one, while Bluevine’s Mastercard debit card works fee-free at thousands of ATMs and can be used for paying bills, users won’t be able to receive additional debit cards for employees to use.

And while Bluevine can connect small businesses with access to the capital they may need to grow via lines of credit, you won’t be able to rely on Bluevine for merchant services that enable your business to process credit and debit card payments.

That might not matter as much if your business operates primarily online, rather than relying on in-person sales because you’ll depend on a payment gateway. And if you’re looking for the best way to process online payments, you have a lot of great options to choose from! But if you’re doing a lot of face-to-face selling, you’ll need to explore the best POS systems to keep up with your business needs.

Let’s take a closer look at a few of these features:

• Debit Card: Although Bluevine does not maintain its own ATM network, a partnership with MoneyPass allows Bluevine customers to access 120,000+ ATMs without fees. Venture outside that network and you could see a $2.50 transaction fee per use.
• Access To Credit: Bluevine offers its customers access to lines of credit. Bluevine currently does not offer SBA loans.
• 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.
• Cash Deposits: Not every online bank accepts cash deposits. Through a partnership with Green Dot Services, Bluevine customers can deposit cash at 90,000+ retail locations nationwide, using their debit card or by purchasing a MoneyPak. Expect to pay a retail service fee of $4.95 per deposit, with a limit of $500 cash per deposit and a $2,000 daily limit.

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 Customer Service

As an online bank, Bluevine banking does not offer any options for in-person customer support. However, this business banking services provider stands out from the competition by offering users various other means of live customer support. Here are some options:

• Phone: Phone support is available Monday-Friday, 8 AM-8 PM ET.
• Email: Send non-urgent questions and requests via detailed email message.
• Help Center: Find dozens of articles on the Bluevine website, arranged by commonly searched topics, or search for your terms.
• Social Media: Bluevine maintains active accounts on Twitter, Facebook, LinkedIn, and Instagram. However, not all posts on those sites are specific to Bluevine business banking services.

Bluevine Bank Reviews & Customer Complaints

Bluevine, Inc. is an accredited business with the Better Business Bureau and has an A+ rating there. A total of 168 customer reviews give the company a composite 1.25/5 star ranking, with 224 complaints over the past three years. Many of the recent negative reviews seem to pertain to PPP loans, which are separate from business banking services.

Bluevine fares better on Trustpilot, with a 4.2/5 star composite rating based on 7,219 reviews. More than 80% of the Bluevine reviews on Trustpilot are 5-star reviews. These reviews are a mix of Bluevine banking and lending options.

As an online bank, Bluevine offers a strong mobile app. The reviews for both the iOS and Android versions of Bluevine’s app are good, with 4.6/5 stars on the Apple App Store and 4.3/5 stars on the Google Play Store. Both versions have been reviewed by 1,000+ users.

Positive Bluevine Bank Reviews

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

Negative Bluevine Bank Reviews

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

Is Bluevine Bank 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.

Final Verdict: Is Bluevine Checking Worth It?

With Bluevine’s interest checking, you won’t have any minimum deposit or account minimums to worry about. You will have an unlimited number of fee-free transactions, although you’ll need to be mindful of daily and monthly caps on the amounts of those transactions. Bluevine has no monthly fees, and our Bluevine review found that the few fees that apply — for cash deposits, outgoing wires, out-of-network ATM usage, and card replacement — were straightforward and reasonable.

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. In fact, we include Bluevine on our list of the overall best business savings accounts.

With easy-to-access lines of credit, Bluevine stands ready to provide the capital your small business might need to grow. For that reason, we are pleased to include Bluevine business checking on our list of the best bank accounts for LLCs.

The only potential red flag we see is the hefty $4.95 fee for cash deposits. With a $500/cash deposit limit and a $2,000 daily cash deposit limit, Bluevine customers could be paying nearly $20 a day to deposit cash. However, these limits and fees are very common, easily discovered, and clearly outlined, leaving it to business owners like you to evaluate the impact and decide if this is the right option for your business banking needs.

If you’re still working to define your banking needs, we have a resource that can help. Check out our step-by-step guidelines for choosing the right business bank account. After reading these suggestions, you just might decide that Bluevine is the business bank you need.

Bluevine Banking FAQs

The Merchant Maverick Seal of Approval 🏆

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

The Merchant Maverick Seal of Approval 🏆

BlueVine Bank	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 Bank for yourself.

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