Bluevine Review: Is Their Business Checking Right for You?

Businesses that store sizable sums in checking accounts might benefit from the Bluevine Business Checking account's many features and low monthly fee. Such a competitive rate is unusual for business checking accounts, most of which either do not pay interest or pay only a little amount.

For company owners who like face-to-face banking, Bluevine Bank isn't the best option because it lacks physical locations. But, there are sufficient alternatives to visiting a bank, such as automated teller machines, cash deposits, and smartphone access, that it's likely you'll never set foot inside a bank again.

 

 

Bluevine Review – Our Verdict

Bluevine Business Checking account can benefit from the account's many perks and low maintenance fee. Many corporate checking accounts either don't pay any interest at all or pay a pitiful amount, making a rare discovery.

Business owners that need to complete their banking in person will find that Bluevine Bank is not the best option, as it has no physical facilities. You may never set foot inside a bank again with all the options it provides for handling your money, such as ATMs, cash deposits, and mobile banking.

The fee that Green Dot applies to cash deposits may be off-putting to businesses.

If you're performing a Bluevine review, you could notice that it's not ideal to have only one company checking account. To cover all of your bases, it might be necessary to create accounts with many different financial institutions. But, the benefits of the Bluevine Business Checking account, as mentioned in the Bluevine Business Checking reviews, may be worth it.

Pros

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

Cons

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

 

 

 

Bluevine Business Checking at a Glance

Online business checking accounts often charge no maintenance fees and have no minimum balance requirement. Bluevine Business Checking reviews reveal that it goes above and above by also offering a no-fee high-yield business account.

According to a Bluevine review, with up to a $100,000 balance, this account has one of the best interest rates of any business checking account. Bluevine Bank offers its clients the opportunity to make cash deposits for a charge.

Bluevine Business Checking, a financial technology firm, launched in 2013 and now provides corporations with checking accounts starting in 2019. Coastal Community Bank is here to help you with all of your banking needs and your money is safe with us since your account is insured by the FDIC up to $250,000.

Which Bluevine Business Checking Is the Best

The Bluevine Business Checking Account is an excellent choice for businesses wishing to save money, conduct transactions without incurring additional fees, and earn interest on their spare cash. Reading the Bluevine reviews can help businesses make the best choice.

Bluevine Business Checking is an option to explore if your company does not need to make frequent cash deposits and does not require a high volume of other banking services.

Bluevine Business Checking, which has received rave ratings on our site, is ideal for the following categories of business owners.

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

Bank fees are a significant cause of anxiety for businesses seeking to turn a profit. Due to its lack of fees and low required balances, Bluevine Business Checking from Bank of America may be the best option. A few benefits of this account are:

• No minimum balance requirement

• No monthly service fee
• No minimum balance requirement
• No non-sufficient fund fees
• Unlimited transactions with no fees and transfer funds quickly between accounts at other financial institutions
• No ATM fees at more than 37,000 MoneyPass ATMs nationwide

A $2.50 fee will be assessed by Bluevine Bank for any ATM withdrawals made by customers of Bluevine Business Checking who use an ATM that’s not part of the MoneyPass network.

 

 

Bluevine Business Checking Features

Investing $500 per month on the Bluevine Business Debit Mastercard can bring you an annual return of 2.00%. Customers can also make monthly deposits of $2,500 by ACH, wire transfer, mobile check deposit, or your merchant payment processor into your Bluevine Business Checking account.

Vendor Services

A Bluevine review will show you how convenient it is to pay your vendors using your Bluevine Business Checking account. There are a number of options available to you as a business owner when it comes to receiving payments, such as ACH transfers, wire transfers, and cheques.

With a Bluevine Business Checking account, you may pay bills manually or set up recurring payments to be sent automatically each month. You may avoid late fees and penalties by scheduling frequent payments and keeping track of when the money reaches its destination.

The Bluevine Bank website features a list of over 40,000 verified locations, and you can always add more as needed. Credit card payments are accepted inside Bluevine Bank's online payment platform.

Transactions

Because of their partnerships with other banks, Bluevine Bank's customers still have access to a wide variety of transaction alternatives despite the lack of physical facilities where they may do their banking business.

If you open a Bluevine Business Checking account, you'll get two free checkbooks and a Bluevine Business Debit Mastercard at no extra cost. In addition, Bluevine Bank customers can use any of the roughly 38,000 fee-free ATMs located throughout the United States thanks to the bank's partnership with the MoneyPass ATM network.

Bluevine Business Checking's partnership with Green Dot allows business owners to send and receive funds without maintaining physical locations for the service. According to the Bluevine review, all that’s required to complete the transfer is for the recipient to bring the cash payment to the checkout of any of the 90 thousand participating businesses in the United States.

The $4.95 fee that Green Dot charges for each transaction is something to keep in mind. The amount of money you can put into your Green Dot prepaid card each day is up to the company's discretion.

Safety

While Bluevine Bank is not a conventional bank, it has partnered with Coastal Community Bank, which is a member of the Federal Deposit Insurance Corporation (FDIC), to offer its clients banking products and services. Coastal Community Bank's Bluevine Business Checking accounts are insured by the FDIC up to the legal maximum.

Mobile App

According to Bluevine reviews, customers with checking accounts at Bluevine Bank may utilize the company's mobile app to conduct remote check deposits and take care of other routine banking needs. Small company owners may use this software to monitor their accounts and cash flow even while they're not in the office.

Business Loans

Depending on your credit history, the Bluevine reviews suggest you may get an interest rate as low as 4.8% if you take up a business credit line of up to $250,000 to make some big purchases. This credit line application may be approved in as little as a few minutes.

A minimum monthly income of $10,000 must be received from your US-based business, and your company must have been in operation for at least six months before Bluevine Bank can consider you for a loan.

Bluevine Business Checking will evaluate your business loan application if you provide the required information, including answers to any further inquiries and access to your bank statements. Review the finest choices that are currently accessible if you want to apply for a business loan but have a poor credit score.

 

 

How to Open a Bluevine Business Checking Account

Bluevine Business Checking accounts can be opened by business owners in all 50 states and DC via the bank's website or mobile app. To use Bluevine Business Checking, the business owner must be at least 18 years old and a U.S. citizen or permanent resident (not a P.O. Box). Due to these limitations, only a limited number of firms will be accepted.

What You Need to Open an Account

You'll need to give some pertinent details about yourself and your company when applying for a business account at Bluevine Bank. Organizational nature dictates required paperwork.

• Personal information: Information requested includes full name, street address, phone number, birth date, and SSN. This information is required from everyone who owns twenty-five percent or more of the company's equity.
• Business information: Businesses need to have their names, legal structures, locations, and phone numbers listed. It's also important to provide information like your industry, EIN/tax ID, and yearly income.
• Required documentation: Depending on the kind of organization, a company may need various papers such as partnership agreements, articles of incorporation, formation certificates, and/or "Doing Business As" filings in order to get up and running.

Applying for company checks through Bluevine typically takes three business days for review. After your application has been processed, you may activate your account, buy a Bluevine debit card, and start funding it.

How to Earn Interest With Bluevine Business Checking

With a Bluevine business checking account, you may earn a 2.00% APY on balances up to and including $100,000 by fulfilling one of two monthly requirements.

• Put $500 on your Bluevine Bank for Business debit card and go shopping.
• Your Bluevine business may accept deposits from customers of up to $2,500 via ACH transfers, wire transfers, mobile check deposits, and payment processors.

 

 

How to Access Your Money With the Bluevine Business Checking Account

Bluevine Business Checking Account holders can access their money in a number of ways, both in and out of the country.

Deposit Options

Bluevine Business Checking Account holders may fund their accounts in four convenient ways:

• Account transfer: Customers with a Bluevine Business Checking Account can link it to their existing bank accounts at other financial institutions to move funds into their Bluevine account.
• Check deposit: Customers may utilize the Bluevine app on their mobile devices to deposit checks directly into their accounts.
• Wire transfer: Incoming wire transfers to your Bluevine Business Checking account are free of charge, however, fees may be assessed by the sending bank.
• Cash: Money may be deposited into your Bluevine Business Checking Account at any store that accepts Green Dot. Remember that there’s a charge for making a deposit, though.

Withdrawal Options

Customers with a Bluevine Business Checking Account have free access to over 38,000 MoneyPass ATM locations nationwide and a business debit card. This is in addition to the common practices of withdrawing money from a checking account, such as by means of checks and electronic transfers.

Customers should anticipate fees if they use an ATM from a different financial institution than their usual one. Furthermore, a Bluevine Business Checking review reveals that there’s a payments feature available to Bluevine Business Checking users, allowing them to send money to someone else without having to use Bluevine Bank itself.

 

 

Is Bluevine Trustworthy?

There are currently no known issues with Bluevine Business Checking that have been brought to light. Bluevine has an A+ rating with the Better Business Bureau, which suggests that the firm promotes itself honestly, handles consumer complaints well, and operates fairly. I found the online Bluevine Business Checking reviews to be satisfactory.

An A+ rating from the BBB is no assurance that your interactions with a firm will go well. Before agreeing to work with Bluevine Business Checking, it’s still a good idea to seek for reviews online or ask about Bluevine Business Checking reviews among your family and friends.

 

 

Alternatives To Bluevine Business Checking

Novo

Unlike Bluevine bank, which offers both personal and business checking accounts, Novo solely provides business checking. It doesn't cost anything to sign up for Novo, and utilizing the site is really cheap. Because of this, a Bluevine is likely to be less attractive.

According to the Bluevine Business Checking review, Bluevine Bank charges a $27 overdraft fee if you go over your limit. But, you are not required to hold a minimum monthly balance, and your ATM fees will be reimbursed by the bank no matter where your withdrawals are made.

The Novo mobile app facilitates convenient financial management on the go. You may get it on your Android or iOS smartphone or tablet. In contrast to its rivals, however, Novo does not support the deposit of actual currency.

Pros

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

Cons

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

 

 

Lili

By including a free tax optimization feature, Lili improves upon the already high quality of service and outperforms the Bluevine business checking in this respect. You may avoid unpleasant surprises around tax time by setting aside a certain sum of money. To further facilitate deductions, the software can also aid in differentiating between business and personal expenditures.

You may join Lili without giving them any money or making any sort of deposit, and you can utilize their services without spending a dime. Nevertheless, there are restrictions on making deposits and withdrawals, which may be an issue for more substantial businesses. Moreover, wire transfers are not an available option through Lili.

In order to save up for a future large purchase, you can create a savings account with Lili. Nevertheless, in the case of the free version of the service, account balances will not earn any income.

Lili Pro is an option for those looking for an extra 1% return or for features like overdraft protection. There’s a monthly fee of $4.99, but the service should more than cover its costs through revenue generated.

Pros

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

Cons

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

 

 

Axos

Axos offers more than just business checking accounts; they also have savings accounts and personal checking accounts for customers. The essential business account has no monthly service fees and requires no minimum balance to be open. No matter where in the world you go, you will never have to pay for using an ATM again with this sort of account.

There’s the possibility for business owners to open a savings account, although the rate of interest is rather low at 0.20%. With an opening deposit of $25,000, you may open a premium savings account with the same annual percentage rate.

It's true that Axos' pricing isn't the lowest you'll find. Customers have little reason to invest in CDs given the low-interest rate of 0.20%. If you want to open a checking or savings account for yourself, though, Axos can help you accomplish that as well.

Pros

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

Cons

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

 

 

Bluevine Business Checking Review – Frequently Asked Questions 

This page answers a wide variety of questions people have had about Bluevine Business Checking. If you still have questions after reading this analysis, they should be answered in the sections that follow.

Is Bluevine Legit?

Financial technology firm Bluevine has collaborated with FDIC-insured Utah-based bank Celtic Bank to provide its customers Bluevine Business Checking (FDIC). In addition, Bluevine gives its customers access to a business checking account with Coastal Community Bank.

Crunchbase, a website that keeps tabs on start-up firms, reports that the private company has amassed a whopping $769.2 million in the capital.

If you have any questions or concerns, you may easily contact the excellent Bluevine customer service.

How Much Can I Withdraw From Bluevine?

You are only allowed to withdraw $2,000 from ATMs, make cash refunds at registers, or get cash from banks each day. But, it's important to remember that different stores, banks, and ATMs may have different withdrawal limitations and costs. On the contrary, using MoneyPass ATMs is free of charge.

Is Bluevine FDIC Insured?

Due to its affiliation with The Bancorp Bank, Bluevine Business Checking has the protection of the FDIC (FDIC certificate No. 35444).

The Bluevine Business Checking review states that in the event of the Bluevine bank going out of business, clients' deposits upto $250,000 per depositor, per account type, are guaranteed by the Federal Deposit Insurance Corporation (FDIC).

Bottom Line on Bluevine Business Checking Review

According to the Bluevine review, this business bank is great for Hawaii businesses with less than 100 employees because of its low maintenance fees and high-interest rates (up to $100,000). This account is the only one on our list of the best business checking accounts that pay interest on the balance.

 

 

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