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Bluevine Business Checking Review: A High-Yield Account for Business Owners
This free, high-yield business account is well-suited for small-business owners who prefer to manage their finances online.
Senior writer | Small business banking and credit cards, Paycheck Protection Program, consumer spending, and household finances
Kelsey Sheehy is a NerdWallet authority on small business. Her work has appeared in The New York Times, The Washington Post, Nasdaq and MarketWatch, among other publications. Kelsey has appeared on the <a href="https://www.today.com/video/christmas-in-july-sales-to-take-advantage-of-now-64075333536">"Today"</a> show, <a href="https://www.nbcnews.com/nightly-news/video/tax-code-changes-leave-many-americans-with-unhappy-returns-1440385091860">NBC News</a> and <a href="https://abcnews.go.com/WNT/video/cost-smartphones-reaching-time-high-54166111">"ABC World News Tonight"</a> and has been quoted by the Los Angeles Times, CNBC and American Banker, among other publications. Email: <a href="mailto:ksheehy@nerdwallet.com">ksheehy@nerdwallet.com</a>.
Writer | Small business, business banking, business loans
Randa Kriss is a small-business writer who joined NerdWallet in 2020. She previously worked as a writer at Fundera, covering a wide variety of small-business topics including banking and loan products. Her work has been featured by The Washington Post, The Associated Press and Nasdaq, among others. Randa earned a bachelor's degree in English and Spanish at Iona College.
Ryan Lane is an editor on the small-business team and a NerdWallet authority on student loans. He spent more than a decade as a writer and editor for student loan guarantor American Student Assistance and was a managing editor for publisher Cell Press. Ryan’s work has been featured by The Associated Press, USA Today and MarketWatch, and he previously co-authored the U.S. News & World Report Student Loan Ranger blog. Email: <a href="mailto:rlane@nerdwallet.com”">rlane@nerdwallet.com</a>.
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Our Take
4.7
NerdWallet rating
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.
Earn 2.00% interest on account balances up to and including $250,000. Terms apply.
Businesses with substantial cash flow and deposits can earn even more (up to 4.25%) with Bluevine's premium accounts: Bluevine Plus and Bluevine Premier. Both premium accounts have hefty monthly fees that can be waived if you meet some lofty daily balance requirements.
Bluevine Plus costs $30 per month. The fee can be waived if you maintain an average daily balance of $20,000 or more and spend at least $2,000 per month with your linked debit card or your Bluevine credit card.
The Plus account pays 3% APY on balances up to $250,000. Customers also get discounts on some fees: Same-day ACH transfers drop from $10 to $8 each, domestic wires drop from $15 to $12 and international wires drop from $25 to $20. You'll also get five free checks per month, a savings of up to $7.50 (checks cost $1.50 each on the free plan).
If you qualify to waive the monthly fee, then Plus's higher interest rate should translate to several hundred additional dollars in your account each month. If not, think about how you use your existing business bank account. If you frequently send wire transfers or write checks, the reduced fees may offset the monthly cost.
Bluevine Premier carries a monthly fee of $95 — far more than other business bank accounts with monthly fees. But it earns a whopping 4.25% APY while also offering half-price domestic and international wires and same-day ACH transfers. Premier customers also get up to 20 free checks per month.
Should you upgrade? As with Plus, it's worth it if you’re confident you’ll consistently hit the requirements to waive the monthly fee: having an average daily balance of $100,000 and spending at least $5,000 on your business debit card or Bluevine credit card each month.
Otherwise, you’ll need to figure out if the account’s benefits offset its fee in the long run. For example, if you often send international wires, paying $12.50 for each instead of $25 would offset the monthly fee after roughly eight transactions each month. That savings plus the additional interest could make Premier worth the extra cost to your business.
While Bluevine's business checking accounts excel in some areas — namely low fees and high APY — they lack some basic business banking functions, which could be dealbreakers for some business owners.
Most notably: Bluevine does not support joint accounts and you're limited to four employee debit cards. Making cash deposits can also be cumbersome, as Bluevine uses third-party services (Green Dot and Allpoint) that come with limits and fees.
Note: While this review discusses Bluevine Plus and Premier, the pros, cons and corresponding star rating focus on Bluevine Standard.
Is Bluevine a bank?
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 coverage may offer peace of mind to small-business owners concerned about the security of their deposits after multiple bank failures in 2023.
supports easy, fee-free cash deposits via compatible MoneyPass and SUM Network ATMs. This account does have a monthly fee, though: $
10
; waived with an average monthly balance of $
500
. Meet the minimum balance requirement and you'll also earn 1% back on qualified debit card purchases.
Another thing to consider:
LendingClub Tailored Checking
earns a lower interest rate than Bluevine:
1.50% APY on balances up to $100,000 and 0.10% APY on all balances after that
.
🤓 Nerdy Tip
If you want to earn even more interest and don't need access to features like checks or a debit card, consider a business savings account. Our top pick earns
3.90%
and has no monthly fee.
Bluevine business checking at a glance
Bluevine Standard
Bluevine Plus
Bluevine Premier
Monthly fee:
$0.
$30; waived if you maintain an average daily balance of $20,000 and spend at least $2,000 on your Bluevine debit and/or credit card.
$95; waived if you maintain an average daily balance of $100,000 and spend at least $5,000 on your Bluevine debit and/or credit card.
Minimum opening deposit requirement:
$0.
$0.
$0.
APY:
Earn 2.00% interest on account balances up to and including $250,000. Terms apply.
Earn 3.00% APY on balances up to and including $250,000. Terms apply.
Earn 4.25% APY on balances up to and including $3 million. Terms apply.
Transactions:
Unlimited.
Unlimited.
Unlimited.
Other features:
Free incoming wire transfers.
Syncs with QuickBooks Online.
Discounted outgoing wires and same-day ACH payments.
Up to five free outgoing check payments per month.
All features included in Bluevine Standard.
Additional discounts on outgoing wires and same-day ACH payments.
Up to 20 free outgoing check payments per month.
All features included in Bluevine Standard.
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
Standard 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: Bluevine Standard 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 business bank 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 the high APY on its free account:
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.
Bluevine Plus, which costs $30 per month, pays 3.0% APY. And Bluevine Premier, which costs $95 per month, pays 4.25% APY. Both accounts offer ways to waive the monthly fee.
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: Bluevine business checking 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.
Sign-up bonus:
Earn a $300 bonus when you open a new Bluevine Business Checking account and meet eligibility requirements. Apply with referral code NW300.
To qualify, accountholders must add funds to their account within 30 days and meet at least one of the following eligibility requirements every 30 days for the next 90 days from account funding:
Deposit at least $5,000 from eligible merchant services to your Bluevine account.
Make at least $5,000 of outbound payroll payments from your Bluevine account using eligible payroll providers.
Spend at least $2,000 with your Bluevine Business Debit Mastercard® and/or Bluevine Business Cashback Mastercard®.
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 Green Dot deposits have some pretty stingy limits, too: $500 per deposit and $2,000 per day.
Bluevine customers can now make cash deposits at Allpoint+ ATMs, too. The daily limit at these locations increases to $5,500, but you'll still pay a fee of $1 plus 0.5% of the deposit amount. You can find Allpoint+ ATMs using the ATM locator on the Allpoint network's website.
Whichever network you use, cash deposits are capped at $7,500 each 30 days.
If your business makes frequent or high-volume cash deposits, consider an NBKC business account or
, which offer unlimited cash deposits for no fee at compatible ATMs.
Can’t open joint accounts: While you can add authorized users to your Bluevine business checking account, you can't open a joint business account. That 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 accounts are limited to five business debit cards — one for the accountholder and up to four employee debit cards.
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 — though that account does not earn interest.
Bluevine does not offer Zelle for business, so account holders cannot accept payments via Zelle. Bluevine business checking customers can accept payment via ACH, wire transfer or through other peer-to-peer payment services like Venmo or Cash App. Looking for a business account that offers Zelle for business? Consider Bank of America, U.S. Bank or Chase Business Complete Banking.