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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.
By Kelsey Sheehy, Randa Kriss
Last updated on September 19, 2024
Edited byRyan Lane
Fact checked and reviewed

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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.
Full review

Bluevine Business Checking

Checking
Deposits are FDIC Insured
Monthly fee
$0
APY
2.00% With $0 min. balance for APY
Bonus
$300 Requirements to qualify
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.
  • No fees at MoneyPass ATMs.
  • Free incoming wires and low outgoing wire transfer fees.

Cons

  • Fee for cash deposits.
  • Fee for using out-of-network ATMs.
  • Does not offer jointly-owned accounts.

How does Bluevine compare?

Bluevine Business Checking

Deposits are FDIC Insured

Novo Business Checking

Deposits are FDIC Insured

at Bluevine

at Chase

at Novo

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

$300

Requirements to qualify

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.
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.
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.

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. 
  • Don't need a joint business checking account.
Make frequent cash deposits?
LendingClub Tailored Checking
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®.
Advertisement

Bluevine Business Checking

Deposits are FDIC Insured

NerdWallet rating

5.0/5.0  

NerdWallet rating

4.7/5.0  

NerdWallet rating

4.5/5.0  

Monthly fee

$0

Monthly fee

$0

Monthly fee

$0

APY

1.30%

With $0 min. balance for APY

APY

2.00%

With $0 min. balance for APY

APY

2.00%

With $0 min. balance for APY

Bonus

N/A

Bonus

$300

Requirements to qualify

Bonus

N/A

at American Express National Bank

at Bluevine

at Grasshopper Bank

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 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
LendingClub Tailored Checking
, 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.

Learn more

at Bluevine, Deposits are FDIC Insured

Frequently Asked Questions

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