BlueVine Business Checking: 2021 Review

This free, interest-earning account is well-suited for small-business owners who prefer to manage their finances online.

Randa KrissJun 23, 2021
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Editor's note, April 9, 2021: BlueVine has currently paused new business checking account applications. Small-business owners can visit the BlueVine website to join the waitlist and be notified when applications resume.

With no fees and unlimited transactions, BlueVine’s business checking account includes features that are common with online-only banks. The account stands out, however, because BlueVine allows you to earn interest on your account without having to maintain a monthly or daily balance requirement. Unlike the majority of online-only accounts, you also have the ability to make cash deposits.

BlueVine Business Checking is best for small-business owners who:

  • Want a free business checking account that earns interest.

  • Prefer to manage the majority of their finances online.

  • Only need one business debit card.

  • Deposit less than $7,500 in cash on a monthly basis.

  • Don’t need access to a physical branch.

Pros & Cons

Pros

  • No fees, no minimum opening deposit or balance requirements.

  • Unlimited fee-free transactions.

  • Earn 1% interest on account balance of up to $100,000.

  • Fee-free ATM access through MoneyPass network; ability to deposit cash through Green Dot network.

Cons

  • Not currently accepting incoming wire transfers.

  • Cash deposits at Green Dot locations incur a fee of up to $4.95 per deposit.

  • No joint accounts.

BlueVine Business Checking at a glance

Monthly fee:

$0

Minimum opening deposit requirement:

$0

APY:

1% on balances up to $100,000

Transactions:

Unlimited

Bonus:

None

BlueVine Business Checking
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How BlueVine Business Checking works

BlueVine is best known as an alternative lender that provides business financing. This business checking account is now offered in addition to BlueVine small-business loans. As BlueVine is not a bank, its banking services are provided by The Bancorp Bank, and all accounts are insured by the Federal Deposit Insurance Corp. up to $250,000.

You can apply for and open a BlueVine business checking account entirely online. To be eligible, you must be at least 18 years old and a U.S. citizen or a resident with a valid address.

To sign up for BlueVine business banking, you’ll be asked to create an online account and provide basic details and documentation about you and your business.

Generally, applications are reviewed within 24 hours; however, the process may take anywhere from three to five business days. After you receive approval from BlueVine, you’ll need to accept the account agreement and then you’ll be able to fund and access your account.

You’ll also receive your BlueVine business debit card in five to seven business days.

Once you’ve deposited $1 into your BlueVine business checking account, you’ll start earning 1% interest on your account balance, up to and including $100,000.

Overall, you’ll be able to manage your account using the online dashboard as well as using the BlueVine mobile app, available for both Android and iOS.

Where BlueVine Business Checking stands out

No fees: The BlueVine business bank account has no monthly fees, nonsufficient funds fees, or ACH payment fees, as well as no minimum opening deposit, monthly or daily requirements. In addition, this account includes unlimited fee-free transactions and fee-free ATM access at any MoneyPass location across the U.S.

High-yield APY: BlueVine Business Checking earns a 1% annual percentage yield on all balances up to $100,000 and, unlike most interest-earning accounts, does not require that you maintain a daily or monthly minimum balance to do so.

Cash deposits: Through BlueVine’s partnership with third-party service Green Dot, you can use your business debit card to deposit up to $7,500 in cash per month at over 90,000 locations throughout the U.S. Some of BlueVine’s competitors cannot accommodate cash deposits.

Online banking tools: The BlueVine business checking account includes all of the tools that you need to streamline your finances, including mobile check deposit and recurring and one-time payments. You can also sync transactions to accounting software, including QuickBooks Online, Wave and FreshBooks. In addition, you can connect to third-party tools such as PayPal, Stripe and Expensify.

Where BlueVine Business Checking falls short

No branch access: As an online-only business checking account, BlueVine does not include access to a physical branch. Although its account features overlap with those offered by many traditional brick-and-mortar banks, the ability to visit a branch can create a more personal customer experience.

Fee for cash deposits: You’ll be charged a $4.95 fee each time you deposit cash into your BlueVine account. Although BlueVine stands out among online-only business checking accounts for its ability to accommodate cash deposits, these fees can quickly add up if your business deals frequently in cash.

No joint accounts: BlueVine only allows a single user to be attached to an individual business checking account, which could be problematic for larger or multi-owner businesses. While some checking accounts issue business debit cards that can be used by employees or additional business owners, the BlueVine business checking account issues a single card.

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Monthly fee

$15 (multiple ways to waive)

Monthly fee

$0

Monthly fee

$0

Minimum opening deposit requirement

$0

Minimum opening deposit requirement

$0

Minimum opening deposit requirement

$0

APY

None

APY

None

APY

1.0% on balances up to $100,000

Transactions

Unlimited electronic deposits; 20 free teller and paper transactions per month.

Transactions

Unlimited

Transactions

Unlimited

Bonus

$300 sign-up bonus

Bonus

None

Bonus

None

Open account online

Yes

Open account online

Yes

Open account online

Yes

Branch access

Yes

Branch access

Kansas and Missouri only

Branch access 

No