BlueVine Business Banking Review 2022

We’ve spent hours researching BlueVine and comparing it to other online and traditional banks. Here’s why this online bank still excites us.
Best checking account
BlueVine
BlueVine
3.2 out of 5 stars
3.2
Starts at
$0.00/mo. checking
  • Check
    No-fee checking accounts
  • Check
    Interest-bearing checking
  • Check
    Availability in 50 states
  • X
    No savings accounts

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Since 2013, BlueVine has made a name for itself in the business financing world. And in 2020, it branched out to offer business bank accounts. But are those checking accounts any good?

Well, we think so. In fact, it’s one of our favorite checking accounts for business. With virtually no fees, a super competitive interest rate, and nationwide availability, BlueVine checking has a lot going for it. Still, it’s not right for everyone, as BlueVine has no branch locations and just one bank account option.

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.

Strengths
Pro Bullet Interest-bearing checking
Pro Bullet No-fee checking accounts
Pro Bullet Availability in 50 states
Weaknesses
Con Bullet One checking account option only
Con Bullet No branch locations
Con Bullet No interest on balances $100,000

BlueVine bank accounts options and pricing

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.

BlueVine business checking account

FeatureBlueVine business checking
Min. opening deposit$0.00
Monthly fee$0.00
Monthly fee waivabile?N/A
APY1.5% on balances up to $100,000
ATM fees$0.00 for in-network ATMs
Transaction fees$0.00
Deposit fees$4.95 (at Green Dot locations)
Get started

Data as of 5/17/22. Offers and availability may vary by location and are subject to change.

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 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.

Info
Debit card
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). Many online banks for small business 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 some competitors simply don’t allow for checks.

Our favorite perk, though, has to be the interest you earn.

Get a better business bank account

Want affordable banking with great perks? With BlueVine, you can get a fee-free business checking account―and you can even earn interest on account balances over $1,000.

BlueVine banking features

The moment you deposit money into your BlueVine checking account, you’ll start earning interest on that balance. And you’ll keep earning interest on balances up to $100,000.

Interest-bearing checking 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 business accounts out there, BlueVine has the best.

Part of that is the amount of interest. BlueVine offers a 1.5% interest rate on your account balance. Kabbage offers 1.1% APY (annual percentage yield) on its free checking account. But BlueVine has a very, very competitive rate, and we think it offers a better account overall thanks to things like the free checkbooks and better customer reviews.

Note, though, that you can only earn interest on BlueVine account balances up to $100,000. So if you plan to keep hundreds of thousands in your bank account, BlueVine might not be the best bank to maximize your earnings. But for any business owner with a balance of less than $100,000? BlueVine lets you earn a great rate with a great 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?

BlueVine vs. competitor banks

While we do like BlueVine, it’s worth seeing how it compares to your other business banking options. In the table below, we show you how BlueVine stacks up against popular traditional and online business banks.

Bank
Checking monthly fee
Transaction fees
Earns interest?
Open an account
BlueVineBlueVine

$10.00/mo.

$0.00Yes
Bank of AmericaBank of America

From $16.00/mo. (waivable)

$0.45 each (200 included)

No
Kabbage

Kabbage

$0.00/mo.

$0.00

Yes
NorthOneNorthOne

$0.00/mo.

$0.00

No
US Bank

U.S. Bank

From $0.00/mo.

$0.50 each (125 free included)

No

Data as of 11/22/21. Offers and availability may vary by location and are subject to change.

As you can see, BlueVine offers cheaper checking than traditional banks (like Bank of America and U.S. Bank) as well as some online banks (like NorthOne). 

Plus, BlueVine earns interest on your account balance. Kabbage, another online bank, offers that perk too (as we discussed earlier). But BlueVine still stands out compared to most banks that don’t offer any interest on your checking.

So with the low costs and the big earnings, BlueVine looks pretty good compared to the competition.

BlueVine drawbacks

You can probably tell we like BlueVine a lot. We still want to be clear, though: BlueVine isn’t right for everyone.

Online banking

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.

Customer reviews

We’ll also tell you that BlueVine has somewhat mixed customer reviews. They’re mostly positive (it’s got a 4.4 out of 5 on Trustpilot1 and a 2.9 out of 5 on the Better Business Bureau’s site),2 but we did see some concerning stuff about account closures and freezes.

That said, BlueVine did just take some time off from accepting new customers to double-down on improving its product and customer service. So we hope to see fewer negative reviews moving forward. (We’ll keep an eye out, though.)

On the whole, though, BlueVine doesn’t have any big red flags. But it does have a few other products you might want to know about.

Best Small Business Banks
KeyBank
Best for cash businesses
Huntington Bank
Best one-stop shop
Citizens Bank
Best customer service
BlueVine
Best checking account
Learn more about our top brands.

Other small-business products and services 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

Line of credit

$5,000/$250,000

4.8% interest

6–12 mos.

Data as of 11/22/21. Offers and availability may vary by location and are subject to change.

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 higher criteria (a 600 credit score and two years 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.

The takeaway

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 small-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.

Related Content

Methodology

After digging deep into BlueVine’s bank account, we graded it on factors like its account fees, customer service, customer reviews, and more. We used those grades to calculate an overall score for BlueVine’s banking services and to see how it compared to other banks for business (both traditional and online ones).

BlueVine Business Banking FAQ

Is BlueVine legit and safe?

Yes, BlueVine is a legitimate and safe lender and bank for business. It’s served almost half a million business customers. And like we pointed out earlier, it has an excellent Trustpilot rating based on more than 6,000 reviews. You’re safe doing business with BlueVine.

What is BlueVine’s contact number?

You can reach BlueVine customer service at (888) 216-9619. Just make sure you call on a weekday between 8 a.m. and 8 p.m. ET.

Are there brick-and-mortar banks with free checking?

Yes, some brick-and-mortar banks offer free business checking, much like BlueVine. You can see some of our favorites―like Citizens, Huntington Bank, and US Bank―on our list of the best free business checking accounts

Does BlueVine offer PPP loans?

BlueVine did participate in the Paycheck Protection Program, but it no longer accepts new PPP loan applications.

Disclaimer

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.

Sources

  1. Trustpilot, “BlueVine.” Accessed November 22, 2021.
  2. Better Business Bureau, “BlueVine Capital, Inc.” Accessed November 22, 2021.
Chloe Goodshore
Written by
Chloe Goodshore
Chloe covers business financing and loans for Business.org. She has worked with many small businesses over the past 10 years, from video game stores to law firms. Those years watching frustrated business owners try to sift through their many options gave her a passion for breaking down complex business topics. She wants to help business owners spend less time agonizing over their businesses so they can spend more time running them.
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