BlueVine vs Axos Business Checking Accounts

If you’re opening a new business bank account, you might consider both BlueVine and Axos. Both are popular online business banks, so it might be hard to decide on BlueVine vs. Axos.

Both companies have a variety of tools that make running a company easier. The drawback of both, like most online banks, is that dealing with cash can be difficult. However, online businesses and those that use cash very frequently should certainly consider both options.

BlueVine vs. Axos Business Checking Accounts Overview

Before you jump into the details of both accounts, it’s good to understand where both businesses come from.

BlueVine was founded in California in 2013 and aims to serve mostly small and medium-sized businesses. It’s grown significantly since 2018 to become a larger player in the space.

Axos was founded in 1999 as Bank of Internet USA. It offers personal banking services alongside its business banking.

Both companies offer powerful business banking features that we’ll break down here.

BlueVine Features

BlueVine was designed with online business owners in mind, so it caters many of its tools to small and medium-sized online companies.

Interest Checking

One of the first things that BlueVine advertises on its website is its interest checking account. All BlueVine checking accounts give business owners the chance to earn interest on their extra cash. At the time of writing, you can earn as much as 4.25% APY on balances up to $100,000. That can total as much as $1,500 each year.

To earn interest, you need to either spend $500 a month with your business debit card or receive $2,500 a month in customer payments.

Bill Payment

Every company has invoices to pay and BlueVine makes it as easy as possible to deal with paying those bills.

Through your BlueVine account, you can send ACH, wire, or check payments, all from one dashboard. You can use your business credit card to make payments through your account, which gives you the opportunity to rack up rewards.

Using this tool makes it easy to keep your bills in one place and lets you set up automated payments to make dealing with your bills easy.

Quickbooks Integration

Quickbooks is one of the most popular bookkeeping and account tools for small businesses, so BlueVine makes it easy to use Quickbooks alongside your checking account.

Business Lending

BlueVine offers business lending to its checking account customers. You can use a business line of credit (similar to a business credit card) to borrow as much as $250,000 at a time at relatively low interest rates. This gives your company the flexibility to get cash when it needs it without having to pay interest on a large loan every month.

BlueVine Bank Pros and Cons

BlueVine Business Checking Account Evolution

The BlueVine Business Checking account has evolved to offer a compelling mix of features tailored to meet the diverse needs of small businesses, setting itself apart in the fintech domain with its no-fee structure and high-yield interest opportunities. Initially, customers are attracted by the prospect of no monthly maintenance fees, no minimum balance requirements, and unlimited fee-free transactions, alongside free ATM access at MoneyPass locations nationwide. This foundational offering is augmented by a 2.00% APY on balances up to $250,000 for customers who meet certain monthly activity requirements, such as spending $500 with the BlueVine Business Debit Card or receiving $2,500 in customer payments through various means.

Further distinguishing itself, BlueVine introduced the Premier account option, catering to businesses seeking even higher yields and additional banking benefits. The Premier account boasts a 4.25% APY on balances up to $3 million, with the opportunity to waive the $95 monthly fee through meeting specific criteria, such as maintaining a $100,000 average daily balance and spending $5,000 monthly with the business debit card. This tier also offers perks like reduced fees for domestic and international wire transfers, same-day ACH transfers, and complimentary checks.

BlueVine's checking solutions are designed for digital-first users, offering seamless integration with accounting software like QuickBooks and Xero, and connectivity with payment solutions such as Stripe, PayPal, and Expensify. Despite its digital focus, one limitation is the absence of physical branches and the imposition of a fee for cash deposits, which are facilitated through GreenDot retail locations.

BlueVine's strategic approach to business banking, characterized by its blend of no-fee accounts, high interest yields, and robust online banking tools, underscores its commitment to supporting the financial health and operational efficiency of small businesses. With its expansion into Premier accounts, BlueVine continues to adapt and respond to the needs of its customers, offering scalable financial solutions within the competitive landscape of fintech providers.

Axos Features

Axos Bank gives business owners some other tools that may appeal.

Multiple checking options

Axos lets business owners choose from two checking accounts: the basic business checking and the business interest checking accounts.

The basic account is, like the name implies, basic. It offers typical business checking tools but has no minimum balance requirements or monthly fees.

Business interest checking pays 1.01% APY on the account’s balance but has a few more fees to deal with. You’ll need $100 to open the account and need to maintain a $5,000 balance to waive the $10 monthly fee. However, there’s no spending requirement or payment requirement to earn the interest.

Savings accounts

If you want to keep your business’s extra cash set aside in a separate account, Axos offers multiple savings account options with minimum deposit requirements as low as $1,000.

However, these accounts offer lower interest rates than the interest checking account and can result in additional fees if you don’t maintain the required balance.

Merchant and payroll services

Businesses often need more than just banking services. It can be highly convenient if you get the other services you need from the same place.

That’s why Axos offers merchant services, including point-of-sale terminals and eCommerce tools to make it easy to accept payments for your company. You can also work with Axos to manage your company’s payroll, sending regular paychecks to your employees. Axos handles the paperwork, including compliance and tax filing.

SBA loans

If you need funding to help grow your business, Axos works with Centerstone SBA Lending to make it easy for customers to access the SBA loan program. These loans offer funding of $5 million or even more to help companies expand operations, buy equipment, or purchase real estate.

SBA loans are insured by the US government, which means they can often have low rates and easy approval compared to other types of loans.

Axos Bank Pros and Cons

Axos Business Checking Account Evolution

Axos Bank has tailored its business checking account offerings to cater to the diverse needs of businesses, ranging from startups to established enterprises. Their evolution in product offerings reflects a commitment to flexibility, digital banking ease, and fee minimization, which are crucial for modern businesses.

The Basic Business Checking account stands out for its lack of monthly fees and minimum opening deposit requirements, promoting accessibility and cost-effectiveness for small businesses. This account offers unlimited fee-free transactions, automatic refunds of all domestic ATM fees, and the convenience of cash deposits via MoneyPass and AllPoint ATMs. A notable attraction is the welcome bonus for new customers, subject to specific terms.

For businesses with more complex banking needs or those interested in earning interest on their balances, Axos offers the Business Interest Checking account. This account provides up to 1.01% APY, with interest tiers based on the account balance. It requires a $100 minimum opening deposit and a $5,000 average daily balance to waive the $10 monthly fee. Features include up to 60 remote check deposits per month and unlimited domestic ATM fee reimbursements, making it a competitive option for businesses looking to maximize their earnings on available funds.

Axos Bank has also introduced an Analyzed Business Checking account designed for large companies with high transaction volumes and complex banking needs. This account requires a deeper engagement with treasury management services and comes with a $15 monthly maintenance fee.

Across all account types, Axos Bank provides a suite of features like unlimited domestic ATM fee reimbursements, a variety of business banking services, and a digital banking platform that includes a mobile app rated highly for its intuitiveness and ease of use. The bank's integration with QuickBooks and ADP payroll services, alongside other business payment solutions, further emphasizes its focus on providing comprehensive business banking solutions.

Axos Bank's approach to business banking, with its emphasis on digital convenience, diverse account options, and competitive features, showcases its adaptation to the evolving needs of businesses in the digital age.

BlueVine vs. Axos Business Checking Accounts Comparison

BlueVine and Axos both offer great business checking accounts. Before you make a choice, it’s important to look at the basic fee structure and features of both to ensure it’s the right choice for your company.

Why Choose BlueVine Business Checking?

There are a few reasons you might pick BlueVine over Axos.

You have $250,000 or less in your bank account and want to earn competitive interest

If you have $250,000 or less in your bank account and want to earn competitive interest, BlueVine offers qualified accounts a up to 4.25% (otherwise 2.00%) APY on qualifying balances up to $250,000. In contrast, Axos Bank reduces its APY rate for higher balances.

Your business cannot maintain an average daily balance of $5,000

If your business cannot maintain an average daily balance of $5,000, BlueVine is a better choice. BlueVine has no minimum balance requirements, while Axos Business Interest Checking only waives the $10 monthly maintenance fee if accounts maintain an average daily balance of $5,000.

Your business makes more than 100 transactions per month

If your business makes more than 100 transactions per month, consider BlueVine. Axos Business Interest Checking provides only 100 fee-free transactions per month, charging a 50-cent transaction fee thereafter. BlueVine, on the other hand, has no transaction limits or fees.

Your company needs a line of credit

A line of credit is a flexible way to access extra cash when your company needs it. BlueVine gives every customer the option to apply for a line of credit at a relatively low interest rate. BlueVine offers revolving lines of credit, while Axos Bank primarily provides SBA 7(a) loans.

Why Choose Axos Business Checking?

Axos edges out BlueVine in a few key areas.

You make frequent ATM withdrawals

If you frequently make ATM withdrawals, Axos Bank may be a better choice as they refund all domestic ATM fees. BlueVine, on the other hand, charges a $2.50 fee for non-MoneyPass ATM withdrawals.

You want fee-free cash deposits

If you require fee-free cash deposits, Axos Bank offers this service at Allpoint and MoneyPass ATM networks. In contrast, BlueVine charges a substantial $4.95 fee per cash deposit.

You need access to a full range of banking services

If you need access to a comprehensive suite of banking services beyond checking and lines of credit, Axos Bank is the more suitable option. Axos Bank provides business savings accounts, money market accounts, CDs, merchant services, payroll services, SBA loans, and treasury management services, offering a broader array of financial solutions.

You cannot meet Bluevine’s activity requirements

Consider whether you can meet BlueVine's activity requirements. To qualify for BlueVine's highest interest rate, you must either make $500 worth of monthly debit card purchases or receive monthly payments totaling $2,500 through ACH, wire transfer, mobile check deposit, or payment processing. Axos Bank, on the other hand, earns APY on balances of $5,000 and above, regardless of your account's activity level.

Bluevine vs Axos User Reviews

BlueVine boasts a Trustpilot rating of 4.2, based on an impressive 7,400-plus reviews, while Axos Bank holds a Trustpilot rating of 2.2, derived from nearly 100 reviews. Both banks have received commendation for offering competitive APY rates compared to other financial institutions.

Satisfied BlueVine users have lauded the bank for its user-friendly website and easy navigation. Many have also expressed appreciation for the bank's responsive customer service.

However, some BlueVine customers have voiced concerns about extended wait times for money transfers and check deposits. Others reported occasional instances of entire checking accounts being placed on hold randomly, impeding normal access to their funds. Additionally, there were complaints about account closures occurring without prior notice or explanation.

In contrast, Axos Bank garnered predominantly negative feedback. Although a minority of customers praised the bank for its high APY rates and minimal fees, a significant portion expressed dissatisfaction with the bank's customer service, citing difficulties in reaching representatives and prolonged account setup processes.

It's important to note that Axos Bank offers both personal and business banking services, which may contribute to mixed reviews. BlueVine, on the other hand, exclusively provides business banking services, and its Trustpilot rating reflects its performance solely in the realm of business services.

Bottom Line

BlueVine and Axos are both great options for business owners that want to open a new checking account. Which one is best for you will really depend on a few small factors. Companies looking to earn interest on the cash might prefer BlueVine while those who can benefit from payroll or merchant services should consider Axos.

Before you open an account at either bank, make sure to consider all your options along with their pros and cons. That will help you choose the best bank account for your business.

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Frequently Asked Questions

1. What are the main differences between BlueVine and Axos business checking accounts?

BlueVine and Axos business checking accounts differ in their offerings, with BlueVine focusing on interest checking and business lending, while Axos provides a broader range of services, including merchant services and SBA loans.

2. Are there any monthly fees associated with these business checking accounts?

No, both BlueVine and Axos offer business checking accounts with no monthly fees, making them cost-effective options for businesses.

3. What factors should I consider when choosing between BlueVine and Axos for my business?

To make an informed decision, assess factors such as interest rates, additional services, fees, and loan options. Consider how these factors align with your business's financial needs and long-term goals.