Our Take
The bottom line:
With no monthly fees, an impressive APY and increased FDIC insurance coverage, Bluevine is a solid business checking option for digital-savvy business owners who don’t make regular cash deposits.
Bluevine Business Checking
Checking
Deposits are FDIC Insured
Monthly fee
$0
APY
2.00% With $0 min. balance for APY
Learn more
at Bluevine, Deposits are FDIC Insured
Pros & Cons
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Earn 2.00% interest on account balances up to and including $250,000. Terms apply.
- Access up to $3 million in FDIC insurance with Insured Cash Sweep.
Cons
- Cash deposits limited to $500 per deposit, $2,000 per day. Service fee of up to $4.95 per deposit.
- Fee for using out-of-network ATMs.
- No joint accounts or employee debit cards.
How does Bluevine compare?
Bluevine Business Checking | Chase Business Complete Banking℠ | Novo Business Checking |
|---|---|---|
Monthly fee $0 | Monthly fee $15.00 Waived with $2,000 minimum balance | Monthly fee $0 |
APY 2.00% With $0 min. balance for APY | APY N/A | APY N/A |
Bonus N/A | Bonus $300 Requirements to qualify | Bonus N/A |
Full Review
No fees and unlimited transactions are table stakes for online business checking accounts, but Bluevine business checking ups the ante with one of the best interest rates available from a business checking account:
Earn 2.00% interest on account balances up to and including $250,000. Terms apply.
It’s worth noting that Bluevine is a financial technology company, not a bank. Bluevine’s banking services are provided by Coastal Community Bank, which is insured by the Federal Deposit Insurance Corp. and participates in the Insured Cash Sweep program via the IntraFi network.
Thanks to that partnership, all Bluevine accounts automatically receive up to $3 million in FDIC insurance. That extra security can offer peace of mind to small-business owners concerned about the security of their deposits after multiple bank failures earlier in 2023.
While Bluevine enjoys the security of FDIC coverage through its banking partners, the account lacks other business banking functions. Most notably: Bluevine does not support joint accounts or employee debit cards — a must for many multi-owner companies. Making cash deposits can also be cumbersome, as Bluevine uses a third-party service (Green Dot) and there are various limits and fees to consider.
Bluevine business checking is best for small-business owners who:
- Want a free business checking account that earns interest.
- Have more than $250,000 in deposits and need an Insured Cash Sweep account.
- Prefer to manage the majority of their finances online.
- Only need one business debit card.
Need more than one business debit card? Consider the Grasshopper business account, which not only lets you have multiple cards — but offers 1% cash back on eligible debit purchases, too.
Bluevine business checking at a glance
Monthly fee: | $0. |
Minimum opening deposit requirement: | $0. |
APY: | Earn 2.00% interest on account balances up to and including $250,000. Terms apply. |
Transactions: | Unlimited. |
Bonus: | None. |
How to open a Bluevine business checking account
You can open a Bluevine business account online or via the Bluevine app. Bluevine business checking is available to business owners in all 50 states and the District of Columbia. To be eligible, you must be at least 18 years old and a U.S. citizen or a resident with a valid U.S. address (not a P.O. Box). Certain types of businesses are restricted. (Learn more here.)
What you need to open an account
You need to provide basic details about yourself and your business to open a Bluevine business account. Applicants also need to provide certain documentation, depending on their business entity type.
- Personal information: First and last name, home address, mobile phone number, date of birth and Social Security number. This information is required for anyone who owns 25% or more of the company.
- Business information: Business name, entity type, physical address and phone number. You also need to indicate your annual revenue, industry and EIN or tax ID.
- Required documentation: This varies by business type but can include articles of incorporation, certificate of formation, Doing Business As (DBA) documentation and/or partnership agreements.
Bluevine business checking applications are typically reviewed within three business days. Once approved, you can activate your account, order your Bluevine debit card and fund your account.
How to earn interest with Bluevine business checking
Bluevine business checking accounts earn
2.00%
APY on balances up to and including $250,000, provided you meet either of the two monthly requirements:- Spend $500 with your Bluevine business debit card.
- Receive $2,500 in customer payments into your Bluevine business checking account via ACH transfer, wire transfer, mobile check deposit or directly from your payment processor.
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 rivals some of the best business savings accounts with its high APY:
Earn 2.00% interest on account balances up to and including $250,000. Terms apply.
And unlike most interest-earning accounts, it does not require that you maintain a daily or monthly minimum balance to do so. You will, however, have to meet either the debit card or customer payment requirement to earn interest.Up to $3 million in FDIC insurance coverage: Bluevine business checking customers automatically receive up to $3 million in FDIC insurance coverage via Coastal Community Bank (Bluevine’s banking partner) and other banks in the IntraFi sweep network. This service spreads customer deposits across multiple banks — allowing business owners to gain FDIC insurance well beyond the standard $250,000 per depositor, per account — while still managing their funds through one financial institution.
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
Fees, low limits for cash deposits: While Bluevine customers can make cash deposits at Green Dot locations, you’ll get hit with a $4.95 fee (from Green Dot) for each deposit. And Bluevine has some pretty stingy limits, too: $500 per deposit and $2,000 per day. If your business makes frequent cash deposits, consider an NBKC business account or
LendingClub Tailored Checking
, which offer unlimited cash deposits, for no fee, via compatible ATMs. Can’t open joint accounts, issue employee debit cards: Bluevine doesn’t support joint business accounts, which could be a deal-breaker for businesses with more than one owner, such as partnerships or multi-member LLCs. Several other accounts do support joint ownership, though, including Relay business checking, which also allows you to issue up to 50 virtual debit cards. Bluevine will only issue one business debit card, and only to the person who set up the account.
No weekend support: Bluevine has extended customer service hours during the week (8 a.m. to 8 p.m. EST Monday through Friday), but there is no phone support available on the weekend. While Bluevine does have a robust help center online, business owners who need live support could be left waiting for days. If you desire round-the-clock customer service, consider Axos Business Checking, which offers 24/7 customer service (but does not earn interest).
Learn more
at Bluevine, Deposits are FDIC Insured