Bluevine Review: Guide to its Pros, Cons, & Fees

Small company entrepreneurs should have a current account that supports rather than restricts their ongoing activities. For some, Bluevine Business Checking could be the answer.

The 2013-founded online banking system provides a Bluevine Business Checking account with limitless transactions, low fees, and a long variety of other useful features.

In order to help you decide whether Bluevine Business Checking is the best option for you, we've examined all its offers and how it compares to the competition.

 

 

Bluevine Bank Review – Our Verdict

There are minimal costs and many features with Bluevine Business Checking. A business checking account that offers such a competitive rate implies more money for small firms, mainly if you maintain higher balances in your Bluevine Business Checking account. Many current business accounts will either not pay interest or interest at a very low rate.

In this Bluevine review, we’ll see how Bluevine Bank isn’t the best option for company owners that like in-person banking services since it lacks branches. You may never have to enter a bank again since it provides many options for managing your money via ATMs, smartphone access, and cash deposits. The Green Dot money deposit charge can put off businesses that often make cash deposits.

Bluevine Bank only provides one business checking account, so you could need accounts at several institutions to meet all your financial requirements. Having all your bank accounts in one place is more manageable, and having different accounts may have relational advantages. Yet, Bluevine Business Checking could be worth the trouble given its benefits and absence of costs.

Pros

• Endless transactions
• Obtains a favorable interest rate
• Using cash deposits
• An extensive ATM network
• Rights to write checks & two free checkbooks
• Minimal additional expenses and no monthly charge
• Neither a minimum initial deposit nor a balance is necessary

Cons

• Deposit of cash fee
• Only weekdays are accessible for Bluevine customer service
• No physical branches
• No savings account

 

 

 

 

Bluevine Business Banking at a Glance

Online Bluevine Business Checking accounts typically provide no charges and unlimited transactions, but Bluevine Bank raises the bar through its high yield. One of the greatest rates offered by company current accounts is offered by Bluevine Bank, which pays 2 percent interest on holdings up to $100,000. Coastal Community Bank offers banking services, and all accounts are covered up to $250,000 through the Federal Deposit Insurance Corp.

How one might be eligible for this interest will be covered in more detail later in our Bluevine review. Not to mention, we’ve also ranked Blevine as one of the best business banks in Indiana.

Who Bluevine Business Checking Is Best For

Bluevine Business Checking should be on your shortlist if your company doesn't usually need to deposit cash and you aren't very worried about having the convenience of in-person banking services.

The small company owners who will benefit most from Bluevine Business Checking accounts as those who:

• Like to do much of their financial management online
• Just a single business debit card is required
• Have no need for a physical branch
• Want a cost-free company checking account with interest

Bluevine Business Checking Fees

Bank fees may be a headache, particularly as you work to manage and grow your company. By getting rid of several standard fees and minimums, Bluevine Business Checking benefits businesses. It provides:

• No fines for insufficient funds
• Bluevine Bank doesn’t provide any additional accounts
• No minimum balance is necessary
• No ongoing monthly fees
• No minimum down payment is necessary
• With over 37,000 MoneyPass ATMs nationwide
• There’s no ATM fee

When using an ATM beyond the MoneyPass network, which collaborates with Bluevine to offer automated Banking services, Bluevine Bank does levy a $2.50 fee.

Bluevine Business Checking Features

Bluevine only allows one account, yet it has an incredible array of features. An interest-acquiring online company current account called Bluevine Business Checking account provides an attractive 2.00% APY on holdings amounting to but not exceeding $100,000. (Amounts greater than $100,000 don’t accrue interest.)

You must deposit $2,500 in monthly customer payments into the Bluevine Business Checking account through ACH, mobile check deposit, wire transfer, mobile check deposit, or straight from the merchant payment processing provider in order to receive the 2.00% APY. You may also spend $500 each month using their Bluevine Business Debit Mastercard.

Vendor Services

With Bluevine Business Checking, paying suppliers is comparatively simple. As a small company owner, you have access to a number of payment options, including ACH, wire transfer, and checks. This Bluevine review shows how it's to handle recurrent expenditure via your account. You may pay bills one time only or automate monthly payments for added convenience. 

You may prevent late payments by using Bluevine Business Checking to easily make regular payments, which lets you know when the money will arrive at the recipient.

Bluevine offers a list of 40,000 registered suppliers online, or you may add more as necessary. Using Bluevine Bank's online payment system and credit card payments are also possible.

 

 

Transactions

Bluevine Bank is a platform for internet banking, and no branches are open for in-person assistance. Yet, users still have a variety of transaction choices available to them due to collaborations with certain other financial networks.

A complimentary Bluevine Business Debit Mastercard plus a couple of complimentary checkbooks are included with Bluevine Business Checking account. Via a relationship with the MoneyPass automated teller machine, Bluevine Bank clients have access to more than 38,000 fee-free ATMs located across the United States.

Small company owners may still deposit funds with Bluevine despite the absence of Bluevine branches thanks to a collaboration with Green Dot, which is mentioned in this Bluevine Business Checking review. With over 90,000 partnering U.S. retail outlets, customers bring cash deposits straight to the register to finish the purchase. 

Be aware that each cash deposit at Green Dot is subject to a cost of up to $4.95. The daily restrictions set by Green Dot may also apply to cash deposits.

Safety

Bluevine Bank doesn't operate as a conventional bank. It's a provider of financial technologies. Via a relationship with Coastal Banking Institution, Member FDIC, Bluevine offers banking services. With every Bluevine Business Checking account, Coastal Community Bank offers FDIC protection up to the permitted limits.

Mobile App

Customers that use checking accounts have access to Bluevine's mobile app, which enables them to conduct daily transactions and perform mobile check deposits as required. With the app, small company owners may monitor their Bluevine Business Checking accounts and earnings growth from any location. 

Business Loans

For those large expenditures, you have the option of using your checking account in addition to a company line of credit with a limit of $250,000. There are interest rates as low as 4.8% here, and approval might happen quickly.

You must have a FICO score of at least 600, $10,000 in monthly revenue, and a minimum of 6 months of experience running a company incorporated or functioning in a US state. Bluevine will decide on your loan after asking you more questions and reviewing recent bank statements.

How to Open a Bluevine Business Checking Account

Your Bluevine Business Checking account may be created online or using the Bluevine app. Our Bluevine Business Checking review noted that company owners throughout all 50 states and the District of Columbia might use Bluevine Business Checking. 

You’re required to be at least 18 years old, a citizen of the United States or a legal resident of the United States to be eligible (not a P.O. Box). There are limitations on certain company kinds.

 

 

What You Need to Open an Account

To establish a Bluevine Business Checking account, you must supply some basic information about yourself and your company. Applicants may also be required to provide certain documents, depending on the sort of business company. The criteria are included in the following area of the Bluevine Business Checking review:

• The company's information: Which includes its name, legal form, physical location, and phone number. You must also provide your yearly income, industry, and tax ID or EIN.
• Documentation needed: Depending on the sort of company, this may contain partnership agreements, articles of incorporation, certificates of formation, doing business as (DBA) papers, etc.
• Personal Data: First and last names, residential address, cell phone number, birth date, social security number are examples of personal information. Each person holding 25 percent of the entire firm is expected to provide this information.

Applications for Bluevine Business Checking accounts are normally approved in three business days. After acceptance, you may order a Bluevine debit card, activate your account, and fund it.

How to Earn Interest With Bluevine Business Checking

If you achieve one of the two monthly criteria, you may earn 2.00% APY on balances amounting to $100,000 with Bluevine Business Checking accounts:

• Use the Bluevine Business debit card to make a $500 purchase
• ACH transfer, mobile check deposit, wire transfer, or direct deposit from your payment processor are all acceptable ways to deposit $2,500 in client payments

 

 

How to Access Your Money With the Bluevine Business Checking Account

Users of Bluevine Business Checking accounts have a few choices for deposits and withdrawals. Our Bluevine Business Checking review determined that these choices merited being noted.

Deposit Options

Customers have four different options for adding funds to their Bluevine Business Checking accounts:

Bluevine Bank will not charge a fee for receiving wire transfers. The sending institution almost certainly will. Any retail establishment in the Green Dot network allows cash deposits for the Bluevine Business Checking account. It's crucial to remember that there's a fee for each deposit.

Bluevine Business Checking account users can connect outside bank accounts and move funds into those accounts. Clients may use the Bluevine Bank mobile app to deposit checks, as seen in our Bluevine review.

Withdrawal Options

In addition to the standard methods of withdrawing funds from a checking account, such as wire transfers and writing checks, owners of Bluevine Business Checking accounts also receive a business debit card which can be utilized to make fee-free cash withdrawals from any of the over 38,000 MoneyPass ATMs located across the United States.

Customers can anticipate paying a fee for ATM withdrawals outside their network. Also, a function called Bluevine Payments makes sending money directly to other people possible.

Is Bluevine Trustworthy

There aren't any open disputes with Bluevine. A+ is the rating given to Bluevine by the Better Business Bureau. A firm with a high BBB rating will have truthful advertising, excellent customer complaint handling, and openness about business procedures.

A stellar BBB rating does not ensure that your interactions with a firm will be positive. You could still be interested in learning more about Bluevine through friends and relatives or by reading online Bluevine reviews.

 

 

Alternatives to Bluevine Business Checking

Perhaps after reading this Bluevine Business Checking review, you’re still interested in alternatives. Hold on because the next portion of our Bluevine review has you covered.

Novo

Similar to Bluevine, which solely provides current accounts for company use, Novo is a major competitor. There are relatively few costs associated with utilizing any component of the service, and registration is free.

In contrast to Bluevine, you'll always be charged a $27 overdraft fee. You aren't needed to maintain a minimum monthly amount and the bank reimburses all ATM costs, regardless of the location you access them.

Banking, while traveling is easy with the Novo mobile app. You cannot put any actual money into your account.

Pros

• Mobile application
• All ATM costs are refunded
• No minimum amount or monthly fees are necessary

Cons

• Charge for overdrawn accounts
• No savings account
• Can't deposit cash

 

 

Lili

Cooperation of a complimentary tax optimizer to avoid overpaying for underpaying, Lili increases the stakes. Because there are no unpleasant shocks when tax season rolls around, you may automatically put away money. The program also helps in categorizing business and personal costs, so customers know what to deduct.

There's no charge or minimum amount needed to join up. Nevertheless, there are certain financial restrictions on withdrawals and deposits that may not be suitable for bigger enterprises. Wire transfers cannot be carried out via Lili either, unlike what we've observed earlier in our Bluevine review.

Lili enables you to construct an account to save money for a large purchase.

Regrettably, no deposit money earns any interest when utilizing Lili's free version.

If our Bluevine review has motivated you to join Lili, consider selecting Lili Pro to earn 1% interest or have access to extra services like overdraft protection. This service's $4.99 monthly fee should cover its expenses only in interest.

Pros

• Able to save money in jars for future use
• No monthly fees or minimum balance
• Tax optimization

Cons

• No wire transactions
• Some features are only accessible to Lili's Premium members
• The free account has no APY

 

 

Axos

Axos offers personal and corporate accounts in addition to business checking accounts. There are no setup or maintenance costs for its basic business account, and there's no required minimum amount. Whatever ATM fees you pay wherever you go will be covered by this account. As Bluevine provides just one account type, Axos differs from what we saw in our Bluevine Business Checking review.

Although interest rates on savings accounts are extremely low at 0.20%, business owners may nonetheless participate. The APY remains the same even if you manage to create a premium savings account that has a steep $25,000 minimum beginning deposit.

In actuality, Axos' prices aren't that terrific overall. Even personal bank and savings accounts may be opened via Axos if one decides to do so.

Pros

• Unlimited refunds for domestic ATM fees
• Several possibilities for checking accounts
• Basic checking has no minimum balance requirement or monthly maintenance costs

Cons 

• Certain accounts need substantial deposits
• Poor CD interest rates
• Accounts with low APY for business savings

 

 

Bluevine Business Banking Review – Frequently Asked Questions 

After reading this Bluevine review, go through these to discover the answers to any remaining questions you may have.

Is Bluevine Legit?

Indeed, in a nutshell. The bank with a Utah state license and FDIC membership, Celtic Bank, issued the Bluevine line of credit.

Via Coastal Community Bank, the company also provides a  Bluevine Business Checking account for small businesses. According to the startup tracking website Crunchbase, the private business has received $769.2 million in investment.

How Much Can I Withdraw From Bluevine?

The total daily cap for cash withdrawals from ATMs, cash back at points of sale, and over-the-counter transactions is $2,000. ATM operators, businesses, and partner institutions may set cash withdrawal fees and limitations. 

Is Bluevine FDIC Insured?

FDIC insurance is provided by The Bancorp Bank for Bluevine (FDIC certificate Number 35444). Your funds are covered by the FDIC to a maximum of $250,000 for each depositor, per account ownership type, when you put cash into a Bluevine account that is FDIC-insured.

Bottom Line on Bluevine Business Banking

Small companies might choose Bluevine Business Checking because of its low fees and interest that may be earned on balances up to $100,000. This account offers interest on your balance on Select's list of the top business checking accounts.

 

 

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