Bluevine Business Checking Review - Is It the Right Choice?

Small company owners ought to have access to bank accounts that are helpful to them in the course of their daily transactions, and Bluevine Business Checking could be the solution for them.

This 2013-established online Bluevine Banking system provides a number of benefits including limitless transactions and affordable costs. It’s also one of the best small business banks for Connecticut. In order to help you decide if Bluevine Business Checking is the best option for your company, this research will examine all of its features and how they stack up against those of comparable products.

 

 

Bluevine Review – Our Verdict 

The Bluevine Business Checking account offers a wealth of amenities at a competitive price, resulting in extra money for business owners who maintain sizable balances in the account. Finding a business checking account that offers such a cheap rate is challenging because many of these accounts either don't pay interest at all or pay it at a very low rate.

Bluevine Bank isn’t the best option for company owners that need to do banking in person because it has no physical facilities. But, it provides enough options for handling funds, such as cash deposits, automated tellers, and smartphone access, that you might never need to go inside a bank again. For businesses that often make cash deposits, Green Dot's fee may act as a barrier.

You can discover that having only one company checking account is cumbersome after conducting a Bluevine review. To accommodate all of your company demands, you might need to create accounts at various banks. Nevertheless, the Bluevine Business Checking account has a few benefits like no additional fees, that might make the effort worthwhile.

Pros

• Access to cash deposits
• Unlimited transactions
• No minimum opening deposit or balance requirements
• Earns competitive interest rate
• Check-writing privileges and two free checkbooks
• No monthly fee and few other fees
• Extensive ATM network

Cons

• Lower rated mobile banking app
• No savings account
• Fee for cash deposits
• No physical branches
• Customer service only available on weekdays

 

 

 

Bluevine Business Banking at a Glance

Web-based business checking accounts often don't have any monthly fees or transaction limits. Bluevine Business Checking reviews show that the bank goes above and above by offering a cost-free high-yield business account.

According to a Bluevine review, this account provides among the most attractive interest rates of any business checking account, toward a balance limit of $100,000. Members of Bluevine Bank also have the choice to make cash deposits, albeit this service is charged extra.

A business that specializes in financial technology called Bluevine Business Checking opened its doors in 2013 and started providing corporation checking services in 2019. Coastal Community Bank provides banking services to customers, and every account is covered by the Federal Deposit Insurance Corporation up to a limit of $250,000 per account.

 

 

Who Bluevine Business Checking Is Best For

Businesses should give the Bluevine Business Checking account serious consideration if they want to keep expenses down, conduct transactions without worrying about additional fees, and earn interest on any unused money. Businesses can make the best choice by reading this Bluevine review of Business Checking accounts.

Bluevine Business Checking should be one of your banking options to take into consideration if your company doesn’t frequently require cash deposits and you don’t want face-to-face banking services.

For the following categories of small company owners, Bluevine Business Checking is highly advantageous and contains these good Bluevine Business Checking reviews.

• Want a free business checking account that earns interest
• Prefer to manage the majority of their finances online
• Bluevine Business Checking fees
• Don’t need access to a physical branch
• Only need one business debit card

Bank charges may be a significant cause of stress for businesses seeking to generate money. As Bluevine Business Checking does away with many customary fees and minimums, it can be the ideal alternative. This statement provides:

• No minimum deposit requirement
• No minimum balance requirement
• The Bluevine Business Checking account also allows unlimited transactions each month with no fees (although Bluevine Bank offers no other accounts, you can quickly transfer funds in and out of your checking accounts at other financial institutions)
• No monthly service fee
• No non-sufficient fund fees
• No ATM fees at more than 37,000 MoneyPass ATMs nationwide

Those who use an ATM that’s not connected to MoneyPass, a provider of ATM services and a collaborator of Bluevine Business Checking, will be charged $2.50 by Bluevine Bank for the transaction.

 

 

Bluevine Business Checking Features

You must use your Bluevine Business Debit Mastercard to make an investment of $500 every month in order to receive an annual return of 2.00%. In addition, you may get $2,500 each month from clients in your Bluevine Business Checking account by ACH, wire transfer, mobile check deposit, or merchant payment processor.

Vendor Services

You can tell from reading Bluevine reviews that paying suppliers is simple when you have a Bluevine Business Checking account. You have a variety of payment options as a small company owner, including ACH payments, wire transfers, and checks.

You may set up automatic payments each month for even more ease or use your Bluevine Business Checking account to make one-time payments for your bills. You can avoid missing a payment deadline if you set up a regular payment system since you can keep track of when the money is transferred to the receiver.

A list of 40,000 documented stores is provided online by Bluevine Bank, and you can add to it if required. Customers can use credit cards to make payments using Bluevine Bank's online payment system.

Transactions

Customers may still access a variety of transaction alternatives even if Bluevine Bank doesn’t have any physical locations where they can go for their banking requirements thanks to their partnership with other financial institutions.

A Bluevine Business Debit Mastercard and two free checkbooks are also included with the Bluevine Business Checking account. Also, customers of Bluevine Bank have access to the approximately 38,000 fee-free ATMs located across the United States thanks to their partnership with the MoneyPass ATM network.

Due to their partnership with Green Dot, business owners may utilize Bluevine Business Checking to make money transfers even without having their own branches. According to the Bluevine review, all consumers need to do to complete the transfer is submit the upfront payment to the register at any of the 90,000 participating businesses in the USA.

It should be reminded that each transfer performed via Green Dot's service is subject to a $4.95 cost. Moreover, Green Dot has the ability to impose daily caps on cash deposits.

 

 

Safety

While Bluevine Bank isn’t a conventional bank, it has partnered with Coastal Community Bank, a bank that’s a member of the FDIC, to offer banking services to its clients. Bluevine Business Checking accounts are eligible for FDIC insurance coverage up to the legal maximum.

Mobile App

According to Bluevine Bank customer reviews, those who have checking accounts with the company may utilize the company's mobile app to do typical chores like check depositing from a distance. Small company owners may use this software to manage their accounts and monitor their cash flow when they aren’t at work.

Business Loans

According to the Bluevine reviews, a company credit line of up to $250,000 can be used for large expenditures and may be eligible for an interest rate as little as 4.8%. In a matter of minutes, this line of credit may be approved.

Your FICO score needs to be at least 600 in order for Bluevine Bank to accept you for a loan, and your company must pay you at least $10,000 per month and have been doing business in the US for a minimum of six months if you want to qualify.

Bluevine Business Checking will evaluate the loan after receiving the required details, including answers to further inquiries and access to bank statements. Review the finest choices that are currently accessible if you have a poor credit score and are thinking about seeking a startup business loan.

 

 

How to Open a Bluevine Business Checking Account

Any business owner in the District of Columbia or any of the 50 states can open a Bluevine Business Checking account online.

The owner of this service, Bluevine Business Checking, must be a minimum of 18 years of age, a US citizen, or possess a legal US address (not a P.O. Box). Due to some limitations, some companies aren’t eligible.

What You Need to Open an Account

You must supply certain crucial details about yourself and your business when requesting a Bluevine Bank account. The paperwork that must be provided depends on the kind of business you’re operating.

• Personal Information: The required information includes the entire name, mailing address, phone number, date of birth, and social security number. Anybody who owns 25% or more of the company's equity is required to provide this information.
• Business Information: The name of the company, its legal status, physical address, and phone number are all required. You must also provide your yearly income, industry, and tax identification number or employer identification number. 
• Required Documentation: Agreements between associates, documents of incorporation, certificates of formation, and/or documentation for using a "Doing Business As" name are some examples of the paperwork needed for a business to function, depending on the form of organization.

Bluevine reviews applications for business checks in three working days. After your application is accepted, you may activate your account, get a Bluevine debit card, and make deposits.

 

 

How to Earn Interest With Bluevine Business Checking

You must fulfill one of the two requirements listed each month in order to get the 2.00% annual percentage yield (APY) on balances up to and including $100,000 in your Bluevine Business Checking account.

• Make a $500 purchase using your Bluevine Bank corporate debit card
• Customers may wire, ACH, mobile check deposit, or use your payment processor to deposit up to $2,500 into the bank account associated with your Bluevine business

How to Access Your Money With the Bluevine Business Checking Account

The Bluevine Business Checking account holder has a variety of choices for moving money into and out of the account.

Deposit Options

Customers can deposit money into their Bluevine Business Checking account using four major methods according to the Bluevine business checking review:

• Check Deposit: Customers may deposit checks into their accounts using the Bluevine mobile app.
• Cash: Cash is accepted at any retailer that’s part of the Green Dot network if you have a Bluevine Business Checking account. It’s crucial to keep in mind, nevertheless, that each deposit is subject to a charge.
• Wire Transfer: Bluevine Business Checking doesn’t charge a fee for receiving inbound wire transfers, but the sending banking institution typically levies one.
• Account Transfer: Individuals who have a Bluevine Business Checking account have the option of linking it to other financial institutions and doing so.

 

 

Withdrawal Options

Holders of Bluevine Business Checking accounts get access to a business debit card that may be used to withdraw money for free from any of the more than 38,000 MoneyPass ATMs located around the US. This is in addition to the more traditional methods of getting cash out of a checking account, by writing checks and sending wire transfers.

People can expect to pay more if they use an ATM that’s not located at their bank. In addition, an examination of Bluevine Business Checking revealed a feature called Payments that enables users to send money to another person without utilizing Bluevine Bank.

Is Bluevine Trustworthy

There aren't any ongoing public disputes over Bluevine Business Checking at the moment. With an A+ rating from the Better Business Bureau, Bluevine has proven to be honest in its operational practices, honest in its marketing, and fast to address consumer complaints. 

A company's stellar Better Business Bureau (BBB) rating doesn’t ensure that your interactions with them will go well. Before choosing, it’s still a good idea to read internet reviews or ask around among your family and friends for some Bluevine Business Checking reviews.

 

 

Alternatives to Bluevine Business Checking

Novo

According to evaluations of Bluevine Business Checking accounts, Novo, a well-known rival of Bluevine Bank, solely provides checking accounts for business transactions. There are almost no fees involved with utilizing any aspect of Novo, and joining is completely free. Due to this, it’s a desirable choice when thinking about a Bluevine review.

Bluevine Bank doesn’t impose a $27 fee if you go over your limit. On the other hand, you aren’t required to maintain a certain monthly amount, and the bank will cover your ATM fees wherever you make your withdrawals.

No matter where you are, staying on top of your money is simple with Novo's mobile app. It may be downloaded on Android or iOS-powered smartphones and tablets. Unfortunately, Novo doesn’t permit you to add real money to your account, in contrast to its rivals.

Pros

• Refunds all ATM fees
• Mobile app
• Zero monthly fees or minimum balance required

Cons

• Fee for overdrawn accounts
• Cannot deposit cash
• No savings account

Lili

 

 

By providing a free tax optimization that makes sure the user is not paying too much or too little in taxes, Lili raises the bar for customer service and surpasses Bluevine Business Checking. So that you aren’t caught off guard, you might make sure that you have a specific amount of money set up for tax season.

Also, the software can help you differentiate between personal and corporate spending, which helps simplify deductions.

The majority of Lili's services may be accessed without cost, and there’s no minimum deposit or fee to join. Yet there are certain financial restrictions on deposits and withdrawals, which can be an issue for bigger businesses. Moreover, Lili doesn’t have the capability to handle wire transactions.

You may create a savings account with Lili in order to put money aside for a significant future purchase. 

Choose Lili Pro if you'd want to get a 1% return or access extra features like overdraft protection. The $4.99 monthly fee for this service should more than cover the cost thanks to the revenue it brings in.

Pros

• Can place money in savings buckets for future use
• No minimum balance or monthly fees
• Tax optimizer

Cons

• No APY in the free account
• Several features are locked behind Lili’s paid membership
• No wire transfers

Axos

 

 

Axos provides savings accounts and accounts for people in addition to checking accounts for businesses. The basic business account is free to open and maintain, and there’s no obligation to keep a minimum balance. Any ATM costs will be covered by this kind of account wherever you’re in the world.

Owners of businesses have the option of opening a savings account, but the rate of interest is just 0.20%, which isn’t very appealing. Even if you’re successful in opening a premium savings account with a $25,000 down payment, the yearly percentage yield doesn’t alter.

It’s true that Axos' pricing isn't among the lowest in the sector. Customers have little motivation to invest in CDs since the interest rate is so low (0.20%). Axos does, however, provide assistance with opening personal checking and savings accounts.

Pros

• Several checking account options checking
• Unlimited domestic ATM fee reimbursements
• No monthly maintenance fees or balance requirements for basic

Cons

• CD rates aren’t great
• Some accounts require high deposits
• Low APY on business savings accounts

 

 

Bluevine Business Banking Review – Frequently Asked Questions 

Some frequently asked questions about Bluevine Business Checking are answered here. If you still have any questions after reading this analysis, you may find the proper responses in the following sections.

Is Bluevine Legit?

Financial technology startup Bluevine Business Checking has a partnership with Utah-based Celtic Bank, a member of the Federal Deposit Insurance Corporation, and focuses on business checking accounts (FDIC). Moreover, Coastal Community Bank's business checking account is accessible to Bluevine clients.

Crunchbase, a database that tracks start-up businesses, reports that the private company has raised an amazing $769.2 million in the capital. Excellent and convenient client service is offered by Bluevine customer service.

How Much Can I Withdraw From Bluevine?

The daily cap on withdrawals from Automated Teller Machines (ATMs), returns at points of sale, and purchases from financial institutions are $2,000. But, it’s important to keep in mind that certain stores, banks, and ATM providers may place their own restrictions and charges on these withdrawals. Contrarily, there are no fees associated with cash withdrawals from MoneyPass ATMs.

Is Bluevine FDIC Insured?

Due to its affiliation with The Bancorp Bank, Bluevine Business Checking is protected by the Federal Deposit Insurance Corporation (FDIC certificate No. 35444).

According to the Bluevine Business Checking review, consumers who deposit money with a bank that’s FDIC-insured through Bluevine will have their money safeguarded up to a maximum of $250,000 per depositor, regardless of the kind of account, in the event that Bluevine Bank fails as a financial institution.

 

 

Bottom Line On Bluevine Business Banking

Bluevine Banking account is the best option for businesses with less than 100 employees because it requires little maintenance and pays interest on sums up to $100,000. This account is the only one that offers interest on the balance in choose's collection of the best business checking accounts.

 

 

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