BlueVine Business Checking 2021 Review
BlueVine Business Checking Review: Best Overall Account For Small and Online Businesses
BlueVine launched in 2013 with an innovative online invoice factoring service, and then expanded with a business line of credit.
BlueVine's latest offering is an online checking account for small businesses, which stands apart from competitors with a high interest rate, unlimited free transactions, and few fees.
- No minimum deposit or balance requirements
- No monthly service fees, non-sufficient funds fees, transaction fees, or ATM fees at MoneyPass ATMs
- Earn 1.0% APY on your balance up to $100,000
- Quick and easy new account opening that takes as little as 60 seconds
- 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, you’ll need to meet the 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
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 1.0% 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.
The Main Drawback: Dealing with Cash
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.
Will an Online Bank Work for Your Business?
In many ways, the business banking landscape mirrors the consumer options.
There are large, traditional banks that have business bank accounts along with a variety of other products. If you want everything under one roof, a traditional bank may offer credit cards, merchant servicing, bank accounts, and loans. However, you may pay a premium as they often have high minimums, many fees, and give you low (or no) interest on your savings.
Smaller community banks and credit unions may be a better choice than traditional banks if you’re looking for a business checking account and want to visit a branch. Many have small business departments, and they may have better rates and fewer fees than large banks. However, smaller companies sometimes lack the infrastructure to support the latest technology.
Then, there are the relatively new online-only accounts. Like BlueVine, many online accounts have few fees and low or no balance requirements. However, you’ll want to compare some of the top business checking accounts to determine which will be best for your business.
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.
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