BlueVine Business Banking Review: Free Interest-Bearing Checking Accounts
It may not have all the services you’d find at brick-and-mortar banks, but you can’t beat BlueVine’s business checking.
Since 2013, BlueVine has made a name for itself in the business financing world. And now, in 2020, it’s branched out to offer business bank accounts. But are those checking accounts any good?
Well, we think so―and we’ll give you all the information you need to decide for yourself.
In this BlueVine review, we’ll explain how BlueVine’s checking account works, what we like about it, and why it might be the right bank for your small business. We’ll also point out some reasons BlueVine might not work for you and point you to some alternatives instead.
Let’s talk BlueVine business banking.
BlueVine has the best business checking account (for online banking)
We’ll put this simply: BlueVine offers our favorite checking account for business. That’s because―despite being a new player in the business banking world―BlueVine offers tons of value.
BlueVine business checking accounts don’t charge any fees, like monthly maintenance fees or transaction fees, so it will work with any business’s budget. You can earn interest on your BlueVine account balance, making it a good way to do more with your money.
And unlike some online banks for small business, BlueVine lets you deposit cash and use checks. So you get all the essential features you’d want from a checking account―for free.
Plus, since BlueVine is an online bank, it’s available in all 50 states.
Online banks aren’t for everyone, though. For example, if your business routinely handles lots of cash, you’ll probably find that a brick-and-mortar financial institution (either a bank or a credit union) offers more convenient—and potentially cheaper—cash depositing than BlueVine does.
Likewise, if you need banking beyond just a checking account (like a savings account, merchant services, a business credit card, payroll services), you’ll want to go with a feature-rich, probably brick-and-mortar, bank. BlueVine offers only checking accounts and business financing.
But if you just need a business checking account and you’re good with online banking, then we think you’ll love BlueVine’s free checking accounts.
So let’s dig deeper into the details.
BlueVine bank accounts
Like we said, BlueVine has just one type of business checking account. You won’t find any business savings accounts or specialized checking accounts.
Fortunately, that one checking account is quite nice.
BlueVine offers fee-free checking. That means you don’t pay a monthly maintenance fee to keep your account open and active. You don’t have to pay transaction fees on payments and transfers. And you don’t have to worry about ATM fees when using in-network ATMs. It’s all free.
Now, BlueVine doesn’t charge any fees for day-to-day use, but there are a couple fees you should know about. If you lose your BlueVine debit card, you’ll have to pay a small replacement fee. If you make an outgoing wire transfer, you’ll have a $15 wire fee.
|Feature||BlueVine business checking|
|1% on balances over $1,000|
|$0 for in-network ATMs|
|Open an Account|
Then there are cash deposit fees. Since BlueVine doesn’t have any branch locations, you’ll have to visit a Green Dot retail location (which you’ll find in stores like Walmart, CVS, Walgreens, and more) to deposit cash into your BlueVine checking account.
When you do, you’ll pay a $4.95 deposit fee. (So as we said above, cash-heavy businesses might prefer to stick to a bank with local branches.)
Even with those fees, BlueVine offers some of the cheapest business checking out there. And like we mentioned above, it gives you more perks than other free business checking accounts do.
Do a lot of spending from your business account? Your BlueVine checking account comes with a MasterCard debit card. You can use your debit MasterCard anywhere that accepts MasterCard.
For example, BlueVine lets you deposit cash (through Green Dot locations). Most online banks simply don’t accept cash deposits. And the banks that do allow for cash deposits require you to either mail in your cash or find a specific type of ATM. Green Dot locations are much easier to find, making it simpler for you to deposit money with BlueVine
BlueVine also lets you write checks from your accounts (and even gives you free checkbooks), while competitor Azlo simply doesn’t allow for checks.
Our favorite perk, though, has to be the interest you earn.
Interest-bearing checking from BlueVine
If you keep a balance of $1,000 or more in your BlueVine checking account, you’ll start earning interest on that balance.
Interest-bearing accounts are still relatively rare in the business banking world (probably because they weren’t even legal until a few years ago). But even among the interest-bearing accounts out there, BlueVine has the best.
Part of that is the amount of interest. BlueVine offers a 1% interest rate on your account balance. For reference, Axos Bank used to have our favorite interest-bearing checking account, and it offers 0.5% APY (annual percentage yield). BlueVine’s interest rate is twice as high.
It’s not just the great rate though. As we’ve been telling you, BlueVine offers an all-around great checking account. Most other interest-bearing checking accounts charge monthly maintenance fees and require high minimum account balances. BlueVine doesn’t.
Yes, you have to keep $1,000 in your account to earn interest. But if you don’t, you’ll still have a great free checking account.
In other words, BlueVine offers one of the best free business checking accounts and one of the best interest-bearing checking accounts. See why it’s our favorite source for business checking?
Other small-business products and services from BlueVine
Enough about checking for now. What else can you get from BlueVine?
As we said earlier, BlueVine doesn’t offer most of the products and services you’d find at other business banks. You won’t find any merchant services or business credit cards, for example.
If you need working capital, though, BlueVine offers some great business loan choices.
BlueVine currently offers two types of business financing: invoice factoring and a line of credit. (Pre-coronavirus, it also had a term loan, but we don’t know if that will come back.)
Each financing option offers competitive rates and loan amounts, especially for an online lender. In fact, BlueVine consistently ranks as one of our picks for the best small-business loans.
|Product||Loan min./max.||Lowest listed rate||Term||Get a loan|
|Invoice factoring||Up to $5 million||0.25%/wk.||N/A||Apply Now|
|Line of credit||$5,000/$250,000||4.8%||6–120 mos.||Apply Now|
BlueVine invoice factoring has pretty low borrower requirements (think a 530 credit score and just three months in business), while the line of credit has slightly higher criteria (a 600 credit score and six months in business). In either case, those loan requirements are much lower than you’d find at a traditional bank.
You can learn more about BlueVine’s invoice financing and lines of credit―and whether they’ll meet your financial needs―in our BlueVine loan review.
BlueVine customer reviews
Now you know our take on BlueVine. But let’s take a look at some customer opinions.
Generally speaking, BlueVine has great customer reviews. It’s got a 4.3 (out of 5) on Trustpilot,1 and more than 4 stars (out of 5) on the Better Business Bureau’s site.2
Now, pretty much all of those reviews deal with BlueVine’s financing rather than its banking services. That makes sense, given how new BlueVine’s business banking is. But it does mean that we can’t tell you whether or not actual customers like BlueVine bank accounts.
That said, we expect some of the financing reviews to apply to BlueVine’s banking services too. For example, many customers love BlueVine’s customer service, saying reps were helpful and quick to respond. They also liked the quick loan application process―and we assume BlueVine’s got a quick bank account application too.
So while we can’t tell you specifically what customers think of BlueVine banking (yet), overall BlueVine reviews suggest that you’ll have a good experience with BlueVine.
While BlueVine business banking may not offer the most products and services out there, it has a top-notch business checking account that we’d recommend to just about any business owner.
With zero monthly fees (and few other fees) and a relatively high interest rate, there’s plenty to like about BlueVine’s checking. If you handle lots of cash, you might prefer a traditional bank.
Otherwise, you’ll have a hard time finding a better business checking account.
Think a brick-and-mortar bank might serve your business better? Check out the best bank for small business in your state.
At Business.org, our research is meant to offer general product and service recommendations. We don’t guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services.