Bluevine Bank vs. Chase Bank: Which One Is Right For My Business’s Needs?

Bluevine Bank vs. Chase Bank: Which One Is Right For My Business’s Needs?

What are you and only you the greatest expert at? Your personal and business’s banking needs! With so many comparable options out there, how do you meaningfully sit down and research which bank out there fits your exact needs?

Few take the time to actually put together a comparison of different banks – but that’s exactly what we decided to do. We crafted different blogs that break down each detail of two banks at a time, so all the research is already done for you.

We’re taking some time to discuss how Bluevine Bank compares to Chase Bank. They are both built with business banking in mind. They both also offer business loans. Chase Bank and Bluevine Bank are both fully digital banks, but Chase also has thousands of brick-and-mortar locations across the United States.

Quick Overview of Bluevine Bank vs. Chase Bank

Features Bluevine Chase
Availability Available only in the U.S. Available only in the U.S.
Standout Features Lines of credit available. High APY. Integrates with QuickBooks. Online bill pay. Up to 5 sub-accounts. Multiple types of checking and savings accounts available for personal and business banking. Accounts for children. Credit cards and loans available.
Fees None Multiple checking and savings accounts have varying monthly fees. Most can be waived if you meet requirements. The lowest is $4.95.
APY 4.25% on accounts if you meet the monthly debit transaction or deposit requirements Yes, but rates depend on your location.
Security FDIC Insured FDIC Insured
Card Doesn’t offer a credit card. Offers a business debit card with no cash back rewards. Yes, varying types of debit and credit cards with cash back rewards that are available for personal and business banking.
Mobile App Yes, available for Android and Apple. Also available on desktop. Yes, available for Android and Apple. Also available on desktop.

Bluevine Bank Features

Bluevine is an all-digital bank that offers business checking and lines of credit.

Banking

Their business checking was created with small businesses in mind. They have no monthly or overdraft fees and no minimum balance required. They feature a rather high-yield APY of up to 4.25% that is well above the national average. (They only offer this APY rate if you meet certain monthly debit transaction or deposit requirements.)

Their online small business banking also comes with online bill pay, the ability to create up to 5 sub-accounts with designated account numbers, the choice to create separate logins for different members of your team, and integrates with QuickBooks Online.

Bluevine also offers a business debit Mastercard. You can withdraw money fee-free at over 37,000 MoneyPass ATMS. In our research on their website, there was no mention of any cash back rewards in regards to their debit card.

Business Lines of Credit

Apart from business banking, Bluevine also offers lines of credit for businesses. They offer up to $250,000 with rates as low as 6.2% for qualifying businesses. You are able to draw the funds on demand, have access to revolving credit as your credit line replenishes as you make payments, and your credit limit grows with your business. In order to qualify for Bluevine’s business loans, your business needs to have a 625+ FICO score, been in business for over 2 years, and have a minimum $40,000 revenue per month.

Bluevine Bank User-Centric Example

Consider "Sophia's Catering," a small but growing catering business. Sophia switched to Bluevine for the high-yield APY and seamless QuickBooks integration, significantly easing her monthly financial reconciliations. The ability to create sub-accounts for different aspects of her business, from payroll to expenses, further streamlined her financial management, illustrating Bluevine's utility for similar small businesses.

Chase Bank Features

Chase Bank is a digital bank and mobile bank, but also has more than 5,100 physical branches nationwide, making it a brick-and-mortar bank, too. Chase Bank offers a variety of banking services: personal and business checking and savings accounts, home, auto, and commercial loans, personal and business debit and credit cards, and investing solutions.

To keep this on topic, we will mostly discuss their business personal and business checking that compares with Bluevine’s business checking.

Personal Banking

Chase Bank offers both a checking and savings account for personal banking.

They offer 5 different types of checking accounts available for individuals interested in personal banking to choose from.

  1. Chase Total Checking: This is a basic checking account that comes with standard features such as online banking, mobile banking, and access to over 16,000 ATMs and 4,700 branches. There is a monthly service fee of $12 for this account, which can become $0 if certain criteria are met.
  2. Chase Premier Plus Checking: This account offers all the features of the Total Checking account, plus a few additional benefits such as interest on your balances, no fees for using non-Chase ATMs, and free checks. There is a monthly service fee of $25 for this account, which can be waived, again, if certain criteria are met.
  3. Chase Secure Banking: With Chase’s Secure Banking checking account, there is no minimum balance requirement, no overdraft fees, you get a free debit card, and it has a low monthly fee of $4.95. (This amount cannot be waived with certain criteria met, unlike the first two mentioned.)

The next 2 checking accounts are meant for personal banking customers who may have needs that are greater than the average banker who just wants a simple account. There are two higher-end premium checking accounts available through Chase. They are:

  1. Chase Sapphire Checking: This account is designed for customers who maintain a higher balance in their account and want more personalized service. It offers all the benefits of the Premier Plus Checking account mentioned above, plus no fees for incoming wire transfers, no foreign exchange fees, and a dedicated customer service line. The monthly fee for this account is $25, but can be waived to $0 if certain deposit and balance criteria are met.
  2. Chase Private Client Checking: This is the ultimate checking account that Chase offers. It includes everything that the Sapphire account has, plus close collaboration with a dedicated Private Client Banker, a personal Business Banking Advisor, and discounted rates on home and auto loans.

All Chase checking accounts come with a debit card. Some come with cash back rewards if you meet purchase and transaction requirements.

Chase Bank also offers account options to younger populations: parent-owned accounts for children aged 6-17, parent co-owned accounts for kids ages 13-17, and accounts for college students ages 17-24.

Chase Bank offers savings accounts that can earn you interest on your balance (interest rate depends on where you live), automatic transfer with a Chase checking account, mobile banking, and up to 5 free transfers a month.

Business Banking

For businesses, Chase offers checking and savings accounts, loans, financing, retirement solutions, and debit and business credit cards. For brevity’s sake, we’ll mostly share about their checking and savings accounts.

Their business checking accounts include:

  1. Chase Business Complete Banking: This account is $0 per month if you meet criteria ($15/month if you don’t). You can make unlimited debit and ATM transactions, make up to $5,000 in cash deposits without a fee, and no hidden fees.
  2. Chase performance business checking: This account is also $0 monthly if you meet the criteria ($30 a month if you don't). You also get up to 250 transactions per month and unlimited electronic deposits and incoming wires.
  3. Chase Platinum Business Checking: This account is $0 if you meet requirements, $95 if you don’t. This account comes with up to 500 transactions per month at no charge. With a certain balance, you can receive a CPC relationship status and fee waiver.

Chase Bank offers two types of business savings accounts. They both can earn you interest, have automatic savings transfers enabled if you link it to a Chase checking account, and can have the monthly fee waived for both, if you have a qualifying Chase checking account.

Chase also offers a wide variety of debit and credit cards for businesses that come with cashback rewards and grow with your business by raising the credit limit.

Chase Bank User-Centric Example

"Jackson's Design Firm," a mid-sized agency, utilizes Chase for its comprehensive business banking solutions. The availability of Chase branches allows for easy deposit of client checks, while the diverse checking options offer scalability as the firm grows. The firm benefits from Chase's extensive credit and loan services, underpinning its expansion projects.

General Comparison of Bluevine Bank vs. Chase Bank

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Both Bluevine and Chase are digital and mobile banks that offer business checking and forms of credit. Their accounts both offer APY and their checking accounts are accompanied by debit cards.

Bluevine’s checking accounts and lines of credit are built strictly for businesses, while Chase offers both personal and business checking and savings accounts.

Chase also offers a vast suite of different types of credits for individuals and businesses.

While Bluevine offers a general line of credit to qualifying businesses, Chase offers specific loans for homes, cards, and commercial real-estate. Chase Bank also offers investment solutions.

Fees

Bluevine has no monthly, ACH, overdraft, or ATM fees at thousands of participating ATMS.

On most of Chases’s personal and business checking accounts, they offer a $0 monthly fee if you meet specific account requirements when it comes to transactions and balances. (If you don’t meet the requirements, then you are charged a monthly fee. The amount depends on which type of account you have.) However, their most basic checking account is $4.95 a month and can’t be waived. Chase Bank also has no ATM fees at thousands of ATMs nationwide.

Availability by Region

Bluevine is currently not available outside of the United States and they cannot accept or initiate international wires.

Chase Bank operates in over 60 countries, including the United States, Canada, and the United Kingdom.

Security

Both banks are FDIC insured. Bluevine accounts are FDIC insured up to $250,000 through a partner bank, Coastal Community Bank. Chase Bank is FDIC through itself.

Chase Bank offers multiple authentication checks, reports suspicious activity, and encryption technology.

With Bluevine, your account and personal information are secured with advanced authentication and data encryption.

Mobile App

Both Bluevine and Chase are digital/mobile banks and are available for both Android and Apple products. They both are also compatible with desktop. You can complete all of your banking tasks on their mobile apps.

Debit Cards

Both Bluevine’s and Chase’s checking accounts come with debit cards.

Bluevine offers fee-free withdrawals at over 37,000 Moneypass ATMs, with an out-of-network fee of $2.50 per transaction. Their debit card does not come with any form of cash back rewards.

Chase checking accounts come with debit cards. Certain checking accounts offer debit cards with cash back rewards. Cash back percentages depend on the level of account you have. Chase has more than 17,000 ATMs nationwide where you can make free withdrawals.

Credit Cards

Bluevine doesn’t currently offer a direct credit card. However, they do offer a line of credit for different large personal or business purchases up to $250,000 with interest rates as low as 6.2%. They also have an option for you to pay bills with a credit card through their app; you would just need to add your own credit card. If you pay a bill with a credit card through their app, there is a 2.9% fee per transaction.

Chase Bank has a wide suite available of different types of personal and business credit cards with cashback rewards.

Customer Service

Bluevine has phone and email listed as ways to reach them. Their phone lines are open M-F 8 AM - 8 PM EST. For email, they say they will “get back to you shortly,” so it is typical to expect a few hours wait time during regular business hours. No live chat is available.

Chase Bank offers specific phone lines for the different services they offer. You can also message them on their social media platforms. No live chat was mentioned on their website.

Both Bluevine and Chase have extensive help centers that includes in-depth guides and FAQs.

Why Choose Bluevine?

  • Up to 4.25% APY available with paid tiers; Standard has no fee
  • Unlimited transactions, no overdraft fees, and no fees on ACH payments or incoming wires
  • See More Highlights
  • Add up to 5 sub accounts each with designated account numbers
  • Get up to $3 million in FDIC insurance — that’s up to 12x the national average
  • Free & easy 100% online sign up (no minimum deposit)
  • Live customer support from dedicated professionals (A+ rated by BBB)
Year Founded Pricing BBB Rating APY
2013 No service fees A+ 4.25%

Bluevine was designed with business needs in mind. Within your checking account, you can create up to five sub-accounts, each with their own account number, for better categorizing according to your business’s needs.

They also offer a higher APY at up to 4.25% (an industry-leading percentage) for your checking account. However, you only receive this rate if you meet certain balance and transaction amount requirements. You must spend $500 a month using your Bluevine-issued debit card on qualifying purchases or receive $2,500 per month in customer payments into your Bluevine checking account or sub-accounts to qualify for the 4.25% APY. It states that if you do not meet these requirements, your account doesn’t yield any interest for that month. If you make a lot of purchases on certain things, and use your Bluevine checking account as your place where you deposit enough income, earning the 4.25% shouldn’t be an issue.

Bluevine also offers a revolving line of credit to qualifying businesses up to $250,000.

Bluevine seems like a good choice if you are a smaller business or are just starting out and want something simpler that has the potential to earn you a higher APY.

Why Choose Chase?

If you are an individual or business that needs greater options and a bank that scales with you, Chase Bank may be the best route for you. You can also access credit cards and loans through them. Their wide array of account choices—with scaled features each level you go up—is sure to fit your business’s growing needs. If you are looking for a wide variety of personal and business account choices, debit and credit cards, and loans, then Chase may be the right choice for you.

Bottom Line

smiling-laptop

The bottom line is you need to consider which bank’s features best match the needs of your business, no matter how big or small. Chase Bank offers a wide variety of services, while Bluevine is built for businesses.

If you would like to explore comparisons of other similar banks, check out our entire blog series to help you decide which digital bank best fits your own business’s needs. Go here to start reading.

About The Author

Author Avatar

Andy Chang

Founder of TheCreditReview

Andy Chang is the founder of TheCreditReview, a review site started in 2017 that is dedicated to helping consumers find the best companies in financial services. Andy is passionate about financial education and wellness, and helping others reach financial freedom. He consistently writes about topics ranging from credit to banking and lending.


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