BlueVine Business Checking 2023 Review
BlueVine is an online business bank that offers multiple business services. The BlueVine business checking account is a solid offering that comes with a strong interest rate and minimal fees.
Beyond its checking account, BlueVine offers other services, including a line of credit. This BlueVine business banking review will cover everything you need to know about the bank.
- Earn 2.0% APY on your balance up to $100,000
- Create up to 5 free sub-accounts (6 total accounts) for increased control and flexibility over business budgets
- FDIC insurance up to $250,000 through Coastal Community Bank
- No minimum deposit or balance requirements
- No monthly service fees, non-sufficient funds fees, transaction fees, or ATM fees at MoneyPass ATMs
- Quick and easy new account opening that takes as little as 60 seconds
- Shared account access capabilities (securely invite authorized users for task delegation)
- Online-only banking
- Potential $10,000 limit per 30-day period on mobile check deposits
- Up to $4.95 fee for depositing cash
How Does BlueVine Business Banking Work?
A business bank account is essential for small and large businesses alike. Even for contractors who might not technically need a business bank account, separating your personal and business finances can make tracking your company’s progress easier and save you from big headaches come tax time.
The BlueVine Business Checking account is an online-only FDIC-insured account through The Bancorp Bank. You can set up an account in just a few minutes, and access your account online with either a browser or the mobile app (for iOS and Android phones).
There’s no opening balance requirement to get started. However, BlueVine reviews your business details to make sure you need to meet these minimum requirements:
- Own a small business
- Be at least 18 years old
- Be a U.S. citizen or resident with a verifiable address in the U.S.
- Your business can’t be in the adult entertainment, gambling, weapons and firearms, or illegal substances industries
Benefits of a BlueVine Business Checking Account
There are lots of reasons to sign up for a BlueVine business checking account.
Earn Interest and Avoid Fees
Many business checking accounts either don’t offer any interest or offer a low rate, but only if you have thousands (or tens of thousands) in your account. With the BlueVine Business Checking account, you can earn 2.0% annual percentage rate (APY) on balances up to $100,000.
It’s a lower rate than you may find with a personal, high-interest checking account. However, those accounts often have additional requirements, such as making a certain number of purchases with your debit card each month. They’re also not business accounts, which could be important if you run an LLC or corporation rather than a sole proprietorship.
You can also save money by avoiding pesky fees that some business checking accounts charge. For example, a business account might only let you make 100 to 200 free transactions per month. Once you hit the limit, you may have to pay a fee each time you use your debit card, write a check, or make certain types of deposits into the account.
BlueVine only charges two fees — $15 for outgoing wires and $30 for express debit card replacement shipping.
With BlueVine, there are no:
- Monthly or annual service fees
- Non-sufficient funds fees
- Incoming wire fee
- Transaction fees
- Fees for your first two checkbooks
You still have to watch out for third-party fees, though. For example, you can use the account's debit card to withdraw cash without paying ATM fees at over 38,000 MoneyPass ATMs, or by getting cash back when making a purchase. However, other ATM operators may charge you a fee.
If you sign up for a BlueVine checking account, your business will get access to multiple different financing options including lines of credit and Paycheck Protection loans. You can use these loans and lines of credit to improve your business’ cash flow or to invest in your company to help it expand.
Depending on the size of your business, you can get a BlueVine line of credit for up to $250,000 in just minutes. The interest rates are highly reasonable and there are no fees or maintenance costs to keep the line of credit open.
When you apply, BlueVine credit will examine your business to make sure it’s eligible for a loan. You need to have been in business for at least six months, have a FICO score of 600 or higher and have $10,000 or more in monthly business revenue.
Bill Pay Tools
BlueVine offers easy bill payment tools that you can use to send money to your suppliers and other companies. You can send funds by wire, ACH, or even have BlueVine mail a check on your behalf.
The bill payment tool is accessible from both the BlueVine website and mobile app and you can choose to send money directly from your account balance or use a credit card. BlueVine already has 40,000+ popular businesses set up so you can easily send payment but you can also set up payees on your own and sync with your business’ Quickbooks for easy payments. And tracking.
Where the BlueVine Business Checking Account Fails
As an online-only account, BlueVine Business Checking probably isn’t a good fit if you have a cash-intensive business. While you can use MoneyPass ATMs to withdraw cash without paying fees, there are no bank branches where you can withdraw certain types of bills, get change, or deposit cash. You can deposit cash into your BlueVine account through Green Dot at over 90,000 stores, including participating Walmart, 7-Eleven, CVS, and Walgreens locations. However, there may be a service fee of up to $4.95 per deposit, and the deposit limit varies depending on the store. There’s no fee for other types of deposits, such as ACH transfers or incoming wires. You can also use the app to deposit checks for free. However, while there’s no limit to how many checks you can deposit, there may be a $10,000 cumulative deposit limit per 30-day period for mobile check deposits.
Is BlueVine Right for You?
When you’re choosing a bank account for your business, it’s important to make sure that the bank you work with is a good fit for you.
BlueVine bank is a strong choice for many business owners thanks to its lack of fees and minimum deposit requirements. Any business can open an account with BlueVine to get started with business banking.
However, it’s important to keep in mind that BlueVine is a purely online bank. If you’re running an online business, this won’t be a problem for you. However, if you’re running a business that does a lot of in-person transactions, especially ones involving cash, BlueVine may not be a good fit.
While BlueVine allows for cash deposits, you need to use Green Dot to make those deposits, which incurs a fee of $4.95 per cash deposit. That can add up quickly. If you’re running a cash-heavy business, you might be better off with a bank that has physical branches and accepts cash deposits.
Frequently Asked Questions
What Fees Should I Watch Out For?
Common business checking account fees include a potential monthly service fee, which you may be able to avoid by maintaining a certain balance. An excess transaction fee may apply if you have too many debits or credits going out of or into your account (some types of electronic transactions might not count). Branch-based business accounts may also charge cash handling fees if you deposit a lot of cash each month.
Who Qualifies for a Business Bank Account?
The qualification requirements will depend on the bank. Some banks may only work with business owners within certain industries. You may also need to have an employer identification number (EIN), which you can apply for and get for free even if you run a sole proprietorship.
How Can I Deposit Money Into My BlueVine Business Account?
The easiest ways to deposit money into the BlueVine online business account are with an electronic bank-to-bank transfer, direct deposit, or wire transfer.
Many online banks also have mobile apps you can use to deposit checks. Sometimes, you can deposit cash using in-network ATMs or third-party service providers. As a workaround, you may be able to buy a money order with cash and deposit it using your phone, but banks don't allow mobile deposits with money orders.
How Can I Pay Vendors, Contractors, and Employees?
Your online business checking account may come with a debit card and checks you can use for purchases and payments. You could also set up electronic transfers, and many accounts have a bill pay feature you can use to have the bank mail a check.
Is BlueVine Business Checking FDIC Insured?
Yes, BlueVine is fully insured by the FDIC, which means money in your BlueVine business checking account is covered. If BlueVine is unable to return money you’ve deposited, the FDIC will reimburse you for the amount lost, up to $250,000.
Is BlueVine a Good Business Checking Account?
Whether BlueVine is a good business checking account depends on your company’s needs. BlueVine offers many useful tools and features, but because it’s an online-only bank, it can be costly to deposit cash. It’s a great choice for online businesses or those that don’t use much cash but cash-heavy businesses will deal with a lot of fees to make deposits.
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